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CytoMed Therapeutics Ltd

For the period ended Dec 31, 2024. Filed Apr 28, 2025.

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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2024 · Filed Apr 28, 2025

GDTC$0.86-2.4%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 20-F

(Mark One)

☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

For the fiscal year endedDecember 31,2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report: Not applicable

For the transition period from _______ to _______

Commission file number:001-41677

CytoMed Therapeutics Limited

(Exact name of Registrant as specified in its charter)

n/a

(Translation of Registrant’s name into English)

Republic of Singapore

(Jurisdiction of incorporation or organization)

1 Commonwealth Lane

#08-22

Singapore 149544

(Address of principal executive offices)

Choo Chee Kong

Chairman and Director

Phone:+65 6250 7738

Email: peterchoo@cytomed.sg

c/o CytoMed Therapeutics Limited

1 Commonwealth Lane

#08-22

Singapore 149544

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of classTrading SymbolName of exchange on which registered
Ordinary shares, no par value per shareGDTCThe Nasdaq Stock Market LLC

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or ordinary shares as of the close of the period covered by the annual report: As of December 31, 2024, there were 11,540,000 of the registrant’s ordinary shares, issued and outstanding.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒No

Note - Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒Yes ☐No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐Accelerated filer ☐Non-accelerated filer ☒
Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b) by the registered public accounting firm that prepared or issued its audit report.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐International Financial Reporting Standards as issued by the International Accounting Standards Board ☒Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes☒ No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

☐ Yes ☐ No

TABLE OF CONTENTS

Page
PART I1
ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1
ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE1
ITEM 3.KEY INFORMATION1
A.[RESERVED]1
B.CAPITALIZATION AND INDEBTEDNESS1
C.REASONS FOR THE OFFER AND USE OF PROCEEDS1
D.RISK FACTORS1
ITEM 4.INFORMATION ON THE COMPANY53
A.HISTORY AND DEVELOPMENT OF THE COMPANY53
B.BUSINESS OVERVIEW54
C.ORGANIZATIONAL STRUCTURE112
D.PROPERTY, PLANTS AND EQUIPMENT112
ITEM 4A.UNRESOLVED STAFF COMMENTS112
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS112
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES120
A.DIRECTORS AND SENIOR MANAGEMENT120
B.COMPENSATION125
C.BOARD PRACTICES127
D.EMPLOYEES129
E.SHARE OWNERSHIP131
F.DISCLOSURE OF A REGISTRANT’S ACTION TO RECOVER ERRONEOUSLY AWARDED COMPENSATION.131
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS131
A.MAJOR SHAREHOLDERS131
B.RELATED PARTY TRANSACTIONS132
C.INTERESTS OF EXPERTS AND COUNSEL134
ITEM 8.FINANCIAL INFORMATION134
ITEM 9.THE OFFER AND LISTING134
A.OFFERING AND LISTING DETAILS134
B.PLAN OF DISTRIBUTION134
C.MARKETS134
D.DILUTION134
E.EXPENSE OF THE ISSUE134
ITEM 10.ADDITIONAL INFORMATION135
A.SHARE CAPITAL135
B.CONSTITUTION OF THE COMPANY135
C.MATERIAL CONTRACTS135
D.EXCHANGE CONTROLS135
E.TAXATION135
F.DIVIDENDS AND PAYING AGENTS143
G.STATEMENT BY EXPERTS143
H.DOCUMENTS ON DISPLAY143
I.SUBSIDIARY INFORMATION143
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK143
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES144
PART II144
ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES144
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS144
A-D.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS144
E.USE OF PROCEEDS144
ITEM 15.CONTROLS AND PROCEDURES144
ITEM 16.RESERVED145
ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT145
ITEM 16B.CODE OF ETHICS145
ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES145
ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES145
ITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS145
ITEM 16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT146
ITEM 16G.CORPORATE GOVERNANCE146
ITEM 16H.MINE SAFETY DISCLOSURE146
ITEM 16I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS146
ITEM 16J.INSIDER TRADING POLICIES146
ITEM 16K.CYBERSECURITY146
PART III147
ITEM 17.FINANCIAL STATEMENTS147
ITEM 18.FINANCIAL STATEMENTS147
ITEM 19.EXHIBITS147

-i-

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This annual report contains certain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on our beliefs and assumptions and on information currently available to us, and include, without limitation, statements regarding our business, financial condition, strategy, results of operations, certain of our plans, objectives, assumptions, expectations, prospects and beliefs and statements regarding other future events or prospects. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe”, “expect”, “plan”, “intend”, “seek”, “anticipate”, “estimate”, “predict”, “potential”, “assume”, “continue”, “may”, “will”, “should”, “could”, “shall”, “risk” or the negative of these terms or similar expressions that are predictions of or indicate future events and future trends.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, the development of the industry in which we operate and the effect of acquisitions on us may differ materially from those made in or suggested by the forward-looking statements contained in this annual report. In addition, even if our results of operations, financial condition and liquidity, the development of the industry in which we operate and the effect of acquisitions on us are consistent with the forward-looking statements contained in this annual report, those results or developments may not be indicative of results or developments in subsequent periods.

Factors that may cause our actual results to differ materially from those expressed or implied by the forward-looking statements in this annual report include, but are not limited to, the risks described under “Risk Factors”. For example, factors that could cause actual results to vary from projected results include without limitation the following:

●our plans to develop and commercialize our product candidates;
●the initiation, timing, progress and results of our current and future pre-clinical studies and clinical trials and our R&D programs;
●our estimates regarding expenses, future revenue, capital requirements and needs for additional financing;
●our ability to successfully acquire or obtain licenses for additional product candidates on reasonable terms;
●our ability to establish and maintain collaborations and/or obtain additional funding;
●our ability to obtain regulatory approval for our current and future product candidates from the HSA and/or other relevant regulatory authorities;
●our expectations regarding the potential market size and the rate and degree of market acceptance of our current and future product candidates;
●our ability to fund our working capital requirements and expectations regarding the sufficiency of our capital resources;
●our intellectual property position;
●developments in and/or disputes concerning our intellectual property or other proprietary rights;
●our expectations regarding government and third-party payor coverage and reimbursement;
●our ability to compete in the markets we are in;
●the impact of government laws and regulations and liabilities thereunder;
●our need to hire additional personnel and our ability to attract and retain such personnel;
●developments relating to our competitors and our industry;
●we are incorporated in Singapore, and our shareholders may have more difficulty protecting their interests than they would as shareholders of a corporation incorporated in the United States; and
●other risk factors as discussed under the section titled “Risk Factors”.

Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

-ii-

DEFINITIONS

Unless otherwise stated in this annual report or the context otherwise requires, references to:

●“γδ TCR” are to gamma delta T-cell receptor;
●“A*STAR” are to the Agency for Science, Technology and Research of Singapore;
●“ACCA” are to the Association of Chartered Certified Accountants;
●“ACRA” are to the Accounting and Corporate Regulatory Authority of Singapore;
●“ACRA Code” are to the Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities;
●“ACTRIS” are to the Advanced Cell Therapy and Research Institute, Singapore;
●“Advertisement Regulations” are to the Health Products (Advertisement of Specified Health Products) Regulations 2016 enacted under the HPA (as defined below);
●“ANGELICA Trial” are to the Phase I trial to evaluate allogeneic NKG2DL-targeting chimeric antigen receptor-grafted gamma delta T cells (CTM-N2D) in subjects with advanced solid tumours or haematological malignancies;
●“ASX” are to the Australian Securities Exchange Ltd;
●“ATPL” are to Accelerate Technologies Pte. Ltd. (formerly known as ETPL);
●“BAS” are to building automated system;
●“BCMA” are to B-cell maturation antigen;
●“BMR” are to batch manufacturing records;
●“BNM” are to the Central Bank of Malaysia or Bank Negara Malaysia;
●“Board” or “Board of Directors” are to the board of directors of the Company;
●“BRCA” are to the Business and Research Collaboration Agreement entered into between the Company and SunAct Cancer Institute Private Limited on December 30, 2024.
●“CAR” are to chimeric antigen receptor;
●“CAR-T” are to chimeric antigen receptor-modified T cells;
●“CDCR” are to the Control of Drugs and Cosmetics Regulations 1984 of Malaysia, as amended;

-iii-

●“cGMP” are to current good manufacturing practice, a system for ensuring that products are consistently produced and controlled according to quality standards;
●“cGMP Facility” are to the Company’s current good manufacturing practice and processing facility located at 12 Jalan Permas 9/16, Bandar Baru Permas Jaya, 81750 Johor, Malaysia;
●“CGTP” are to Cell and Gene Therapy Products;
●“Clean Air Regulations” are to the Environmental Quality (Clean Air) Regulations 2014 of Malaysia;
●“Clinical Study Agreement” are to the Investigator-Initiated Clinical Study Agreement entered into between the Company and National University Hospital Singapore on March 10, 2023.
●“Clinical Trials Regulations” are to the Health Products (Clinical Trials) Regulations of 2016 enacted under the HPA (as defined below), which governs clinical trials of therapeutic products and applicable CTGTP (as defined below) that are not observational trials within Singapore;
●“Code” are to the Internal Revenue Code of 1986 of the United States of America, as amended;
●“Comptroller” are to the comptroller of income tax in Singapore;
●“Contract Manufacturing Organization” or “CMO” are to companies that provide drug development and drug manufacturing services to the companies in the pharmaceutical industry on a contract basis;
●“Contract Research Organization” or “CRO” are to companies that provide research support to the companies in pharmaceutical and biotechnology industries on a contract basis;
●“COVID-19” are to the worldwide novel coronavirus disease pandemic;
●“CRIS” are to the Consortium for Clinical Research and Innovation Singapore, a wholly-owned subsidiary of the Ministry of Health Singapore;
●“CRM” are to clinical research materials, which refer to any registered or unregistered therapeutic product, medicinal product, medicinal device, applicable CTGTP or placebo, that is manufactured, imported or supplied for the purpose of being used in clinical research, by way of administration to a trial participant in accordance with the research protocol or for a clinical purpose;
●“CRM Regulations” are to the Health Products (Clinical Research Materials) Regulations of 2016 enacted under the HPA (as defined below), which govern the import, manufacture and supply of clinical research materials for use in clinical research studies within Singapore;
●“CRS” are to cytokine release syndrome;
●“CTA” are to Clinical Trial Authorization, which is required prior to the initiation of a clinical trial of a therapeutic product;
●“CTGT” are to cell, tissue and gene therapy;
●“CTGTP” are to cell, tissue and gene therapy products;
●“CTGTP Regulations” are to the Health Products (Cell, Tissue and Gene Therapy Products) Regulations of 2021 enacted under the HPA (as defined below), which provide for regulating the manufacture, import, supply, presentation, registration, duties, and obligations of manufacturers, importers and other persons carrying out such activities as related to CTGTP in Singapore;
●“CTIL” are to Clinical Trial Import License in Malaysia;
●“CTM-N2D” are to CAR-gamma delta T cell proprietary product developed by our Group;

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●“CTM-GDT” are to allogeneic gamma delta T cell proprietary product developed by our Group;
●“CTM-MSC” are to allogeneic umbilical cord derived mesenchymal stem cells proprietary product developed by our Group;
●“CTX” are to Clinical Trial Exemption in Malaysia;
●“CytoMed Malaysia” are to CytoMed Therapeutics (Malaysia) Sdn Bhd, a company incorporated on December 18, 2013 in Malaysia (Company No. 201301044786 (1074609-M)) with its business address at No.12 Jalan Permas 9/16, Bandar Baru Permas Jaya, 81750 Masai, Johor, Malaysia, the manufacturing arm of the Group where a PIC/S GMP laboratory is located and which manufacturing capacity includes stem cells and cancer living medicine;
●“CytoMed Therapeutics”, “CytoMed” or “Company” are to CytoMed Therapeutics Limited, a company incorporated on March 9, 2018 in Singapore (Company Registration Number: 201808327H) with its registered address at 1 Commonwealth Lane, #08-22, Singapore 149544;
●“Director” are to the directors of the Company;
●“Director General” are to the Director General of Environmental Quality as referred to in the EQA;
●“DNA” are to deoxyribonucleic acid, a large complex macromolecule containing the genetic code and which is typically found in the nucleus of a human cell;
●“EA” are to the Employment Act 1955 of Malaysia, as amended;
●“DTC” are to Depository Trust Company;
●“ECEG 2016” are to the Ethical Code and Ethical Guidelines (2016 edition) published by the SMC;
●“EIS” are to the Employment Insurance System in Malaysia;
●“EISA” are to the Employment Insurance System Act 2017 of Malaysia;
●“EPFA” are to the Employee Provident Fund Act 1991 of Malaysia;
●“ESSA” are to the Employees’ Social Security Act 1969 of Malaysia;
●“ETPL” are to Exploit Technologies Pte Ltd (now known as ATPL);
●“EQA” are to the Environmental Quality Act 1974 of Malaysia, as amended;
●“Exchange Act” are to the Securities Exchange Act of 1934 in the United States of America, as amended;
●“FDA” are to the United States Food and Drug Administration;
●“Federal Reserve System” are to the central bank of the United States of America;
●“Financial Institution” is defined in the FX Notices as a person carrying out a financial business regulated under the laws administered by BNM and any person carrying out any other financial business as may be specified by BNM;
●“Financial Instrument” is defined in the FX Notices and FSA to include any agreement, including an option, a swap, futures or forward contract, whose market price, value, delivery or payment obligations is derived from, referenced to or based on, but not limited to, securities, commodities, assets, rates (including interest rates or exchange rates) or indices;
●“Foreign Exchange Notices” or “FX Notices” are to the notices issued by the BNM under the FSA and IFSA, which local and foreign investors are subject to;

-v-

●“FRS” or “SFRS(I) 9” are to the Singapore Financial Reporting Standard or the Singapore Financial Reporting Standard (International) 9, respectively;
●“FSA” are to the Financial Services Act 2013 of Malaysia;
●“gamma delta T-iPSCs” are to gamma delta T cells converted into iPSCs;
●“GCP” or “Good Clinical Practice” are to good clinical practice;
●“GMP” are to good manufacturing practice;
●“Group”, “We”, “Us” and “Our” are to the Company and its subsidiaries;
●“GST” means goods and services tax imposed pursuant to the Goods and Services Tax Act 1993 of Singapore;
●“Guidelines on CGTPs” are to the Guidance Document and Guidelines For Registration of Cell and Gene Therapy Products of Malaysia, issued under regulation 29 of the CDCR and effective on January 1, 2021;
●“GvHD” are to graft versus host disease;
●“HCSA” are to the Healthcare Services Act of Singapore;
●“Health Products Act” or “HPA” are to the Health Products Act 2007 of Singapore that regulates the manufacture, import, supply, presentation and advertisement of health products and of active ingredients used in the manufacture of health products within Singapore;
●“Health Sciences Authority” or “HSA” are to the statutory board under the Ministry of Health Singapore;
●“hESCs” are to human embryonic stem cells;
●“HME 2016” are to the Handbook on Medical Ethics (2016 edition) issued by the SMC;
●“HPA Order 2021” are to the Health Products Act (Amendment of First Schedule) Order 2021 of Singapore enacted under the HPA, an order in which a new category of health products, namely cell, tissue or gene therapy product, is included in the First Schedule of the HPA;
●“hPSCs” are to human pluripotent stem cells;
●“HSA Act” are to Health Sciences Authority Act 2001 of Singapore;
●“Human Biomedical Research Act” or “HBRA” are to the Human Biomedical Research Act 2015 of Singapore that regulates the conduct of human biomedical research, further regulates certain restricted human biomedical research, and prohibits certain types of human biomedical research;
●“IASB” are to International Accounting Standards Board;
●“ICA” are to the Industrial Co-ordination Act 1975 of Malaysia, as amended;
●“IFRS” are to the international financial reporting standards as adopted by the International Accounting Standards Board;
●“IFSA” are to the Islamic Financial Services Act 2013 of Malaysia, as amended;

-vi-

●“IL-2” are to interleukin-2;
●“IMCB” are to the Institute of Molecular and Cell Biology, a research institute of A*STAR launched on January 23, 1985 to develop and support the biomedical research and development capabilities in Singapore;
●“Incentive Plan” are to the 2023 Equity Incentive Plan of the Company, adopted on January 18, 2023 and effective as of April 18, 2023;
●“Income Tax Act” are to the Income Tax Act 1947 of Singapore;
●“iPSC” are to induced pluripotent stem cells;
●“iPSC-gdNKT” are to iPSC-derived gamma delta natural killer T cell product developed by our Group;
●“IPSC Depository” are to IPSC Depository Sdn. Bhd., a company incorporated on June 28, 2019 in Malaysia (Registration No. 201901022718 (1332047-T)) with its business address at No.12 Jalan Permas 9/16, Bandar Baru Permas Jaya, 81750 Masai, Johor, Malaysia, the holder of private blood bank license for provision of umbilical cord blood stem cell banking business issued by MOH Malaysia;
●“IRAS” are to the Inland Revenue Authority of Singapore;
●“ISAs” are to the International Standards on Auditing;
●“ISCA” are to the Institute of Singapore Chartered Accountants;
●“JOBS Act” are to the Jumpstart Our Business Startups Act of 2012 of the United States, as amended;
●“Johor Bahru By-Laws” are to the Trade, License, Business and Industrial (MBJB) By-Laws 2016 of Malaysia;
●“JSE” are to the Johannesburg Stock Exchange;
●“K562 cells” are to the human myelogenous leukemia cell line;
●“K562 Cell License for NK cell expansion” are to the license granted pursuant to the license agreement entered into between the Company and ATPL in December 2020;
●“Know-How License” are to the license granted pursuant to the license agreement entered into between Puricell and ATPL in October 2020;
●“LMC” are to the Landmark Medical Centre Sdn Bhd, a licensed private hospital located in Johor Bahru, Malaysia;
●“Lower-tier PFIC” are to an entity in which a PFIC owns equity interests in;
●“MA” are to the Medicines Act 1975 of Singapore;
●“Malaysian Ringgit” or “RM” or “Ringgit” are to the currency of Malaysia;
●“Management” or our “Management Team” are to our executive officers and Directors;
●“Marketing Authorization Application” or “MAA” are to an application submitted by a drug manufacturer seeking marketing authorization, that is permission from a medical regulatory authority to bring a medicinal product to the market;
●“Medicare” are to the national health insurance program in the United States of America;
●“mDR Convertible Loan” are to the convertible loan provided by mDR Limited to the Company pursuant to the convertible loan agreement dated December 10, 2019, as amended by the supplemental agreements dated December 31, 2021, January 3, 2022 and January 3, 2023, entered into between the Company and mDR Limited. On April 21, 2023, the mDR Convertible Loan was converted into 589,509 Ordinary Shares at approximately U.S.$1.89774 per share pursuant to the terms of the mDR Convertible Loan;
●“mGFP-γδ T” are to the gamma delta T cells subjected to electroporation using mRNA encoding mGFP;

-vii-

●“Ministry of Health Malaysia” or “MOH Malaysia” are to the Ministry of Health of the Malaysian Government;
●“Ministry of Health Singapore” or “MOH Singapore” are to the Ministry of Health of the Singapore Government;
●“MITI” are to the Ministry of Investment Trade and Industry of Malaysia;
●“mRNA” are to messenger RNA, a type of RNA that acts as a messenger that is read by ribosomes to build proteins;
●“MSCs” are to mesenchymal stem cells;
●“Nasdaq” are to The Nasdaq Stock Market LLC;
●“Nasdaq Listing Rules” are to the listing requirements of Nasdaq, as amended, modified or supplemented from time to time;
●“NDA” are to the new drug application to the HSA and/or other relevant health and regulatory authorities, through which formal proposal is made to the HSA and/or other relevant health and regulatory authorities for approval of a new drug;
●“NEOs” are to the Company’s named executive officers, being CHOO Chee Kong, Dr. ZENG Jieming and Dr. TAN Wee Kiat as at the date of this annual report;
●“NK cells” are to natural killer cells, a type of immune cell found in the human body;
●“NKG2D” are to natural killer group 2D receptor, a type of receptor typically found on the NK cell;
●“NKG2DL” are to natural killer group 2D ligands, a type of ligand typically expressed by tumor cells, enabling NK cells to activate and kill tumor cells;
●“NKG2Dz-γδT” are to gamma delta T cells grafted with NKG2DL-targeting CAR;
●“NKT” are to natural killer T cells;
●“NOL” means net operating loss;
●“NPCB” are to the National Pharmaceutical Control Bureau, Ministry of Health Malaysia;
●“NPRA” are to the National Pharmaceutical Regulatory Authority, Ministry of Health Malaysia;
●“Occupational Safety and Health Laws” are to the legislation, regulation and rules in respect of occupational safety and health in Malaysia;
●“OECD” are to the Organization for Economic Co-operation and Development;
●“Offering” are to the initial public offering of our ordinary shares consummated on April 18, 2023;
●“off-the-shelf” are to the manufacturing of the stated cell therapies in quantities, which utilizes either donor blood cells or iPSCs as starting materials, but not the limited patient’s own blood cells and no matching is required between such donor and recipient of the product;
●“one-tier system” are to the one-tier corporate tax system in Singapore;
●“OSHA” are to Occupational Safety and Health Act 1994 of Malaysia, as amended;
●“PA 1952” are to the Poisons Act 1952 of Malaysia, as amended;

-viii-

●“PAg” are to phosphoantigen, a type of small molecule that stimulates gamma delta T cells expressing Vγ9 and Vδ2 molecules;
●“Patent License” are to the license granted pursuant to the license agreement entered into between the Company and ETPL in June 2018, as varied by an addendum entered into in December 2020, second addendum entered into in September 2021, and third addendum entered into effective as of October 18, 2022;
●“PCID Regulations” are to the Prevention and Control of Infectious Diseases (Importation and Exportation of Human Remains, Human Tissues and Pathogenic Organisms or Substances) Regulations 2006 of Malaysia, as amended;
●“PDPA Malaysia” are to the Personal Data Protection Act 2010 of Malaysia, as amended;
●“PDPA Singapore” are to the Personal Data Protection Act 2012 of Singapore;
●“PFIC” are to passive foreign investment company;
●“PHFSA” are to the Private Healthcare Facilities and Services Act 1998 of Malaysia;
●“PHMCA” are to the Private Hospitals and Medical Clinics Act 1980 of Singapore;
●“PIC/S” are to the pharmaceutical inspection co-operation scheme;
●“PTAB” are to the Patent Trial and Appeal Board;
●“Puricell” are to Puricell Lab Pte Ltd, a 95% owned subsidiary of the Company;
●“QA” are to quality assurance;
●“QC” are to quality control;
●“R&D” are to research and development;
●“REJA” are to the Reciprocal Enforcement of Judgments Act 1958 of Malaysia;
●“Resident” is defined in the FX Notices as, among others, a body corporate incorporated or established, or registered with or approved by any authority, in Malaysia;
●“RNA” are to ribonucleic acid, a biological macromolecule that functions to convert the genetic information of DNA into proteins;
●“Sarbanes-Oxley Act” are to the Sarbanes-Oxley Act of 2002, as amended;
●“scFv” are to single-chain variable fragment, a technique used to produce a functional antigen-binding fragment on a cellular level;
●“Singapore National Healthcare Group Domain Specific Review Boards” are to the independent committee constituted of medical, scientific and nonscientific members who are empowered by the National Healthcare Group Chief Executive Officer, to review research involving patients, staff, premises, or facilities of National Healthcare Group institutions and all other institutions under its oversight.
●“SEC” are to the Securities and Exchange Commission of the United States of America;

-ix-

●“Securities Act” are to the Securities Act of 1933 of the United States of America, as amended;
●“SFRS(I)” are to the Singapore Financial Reporting Standard (International);
●“SGX-ST” are to the Singapore Exchange Securities Trading Limited;
●“SIC” are to the Securities Industry Council of Singapore;
●“SID” are to the Singapore Institute of Directors;
●“Singapore Companies Act” are to the Companies Act 1967 of Singapore;
●“Singapore Laboratory” are to the Company’s property located at 1 Commonwealth Lane, #08-22, Singapore 149544, with intended use as an office and research laboratory;
●“Singapore Medical Council” or “SMC” are to the statutory board under the Ministry of Health Singapore which regulates the practice of medicine in Singapore;
●“Singapore Take-over Code” are to the Singapore Code on Take-overs and Mergers;
●“SOCSO” are to the Social Security Organization Fund of Malaysia;
●“Stamp Duties Act” are to the Stamp Duties Act 1929 of Singapore;
●“TCR” or “TCRs” are to T cell receptors;
●“UK” are to the United Kingdom;
●“United States” or “U.S.” are to the United States of America;
●“VStock” are to V Stock Transfer, LLC, the transfer agent and registrar of the Company;
●“U.S. Board of Governors” are to the governing body of the Federal Reserve System in the United States of America;
●“U.S. GAAP” are to generally accepted accounting principles in the United States of America; and
●“U.S. Holder” are to a person that is, for U.S. federal income tax purposes, a beneficial owner of ordinary shares and a citizen or individual resident of the United States, a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia, or an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

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