Pacific Edge Reports Resilient Performance in FY25

29 MAY 2025


AUDITED FINANCIAL RESULTS FOR THE YEAR TO 31 MARCH 2025
PACIFIC EDGE REPORTS RESILIENT PERFORMANCE IN FY25
DUNEDIN, New Zealand – Cancer diagnostics company Pacific Edge (NZX, ASX: PEB) today
reports a resilient financial result for the year to the end of March 2025. Improvements in the
performance of the sales force, operating efficiencies and cash collection gains over the
financial year have positioned the company well as it works towards regaining Medicare
coverage of its tests.
Pacific Edge today also announces a NZ$20 million equity raising to capitalize on recent clinical
and commercial milestones, grow in non-Medicare channels and regain Medicare coverage.
The details of the capital raising are covered in a separate announcement to the NZX and ASX
today.
FY25 FINANCIAL PERFORMANCE
1

• Operating revenue down 8.6% on FY 24 to $21.8 million, reflecting Medicare uncertainty.
Total revenue is down 16% on FY 24 to $24.6 million
• Total laboratory throughput
2
(TLT) of Cxbladder tests fell 11.5% on FY 24 to 28,894;
commercial tests fell 9.9% on FY 24 to 26,42 tests
• Tests/Sales FTE in the US for Q4 25 were reported at 405.6, up 6.4% on Q4 24; ASP
3
for
all commercial tests in the US increases to US$594 in FY 25 vs US$584 in FY 24 as
operating efficiencies and cash collection gains continue to improve
• Strong performance from the Southern California Permanente Medical Group, increased
APAC volume and sustained sales force efficiencies reduce the impact of Medicare
uncertainty and the reduced sales team reach
• Net loss after tax +1.4% on FY 24 to $29.9 million, 2H 25 net loss +6.4% on 1H 25 led by
increased expenditure on clinical research, Triage Plus commercialization and legal fees
• Cash, cash equivalents and short-term deposits of $22.6 million at the end of FY25; cash
burn of $13.4 million in 2H 25 down 6.7% on 1H 25
FY 25 STRATEGIC PERFORMANCE
• Cxbladder Triage included in the American Urological Association (AUA) guidelines with a
‘Grade A’ evidence rating, the only biomarker to achieve this status
• Triage Plus achieves a draft Medicare price of US$1,018.44, a significant premium to the
current US$760 per test; full scale commercial launch is now contingent on re-coverage
• Medicare coverage discontinued following Genetic Tests for Oncology (Specific Tests)
(L39365) becoming effective after balance date (24 April 2025); Pacific Edge is now
focused on regaining coverage for Triage and Monitor and obtaining coverage and launch
of new products Triage Plus and Monitor Plus

1
All comparisons are to the same period of the prior financial year unless otherwise stated.
2
Total Laboratory Throughput (TLT) includes commercial, pre-commercial and clinical studies testing.
3
ASP: US Average Sales Price (US Operating Revenue in USD / US Commercial Test Volumes)

2

• Commercial team focused on profitable territories, non-Medicare revenue streams and
selling the clinical and economic value of Cxbladder; Cxbladder Detect discontinued
• FY25 Climate Disclosures released in compliance with NZCS

Chairman Chris Gallaher said: “While a significant disappointment, the adverse determination
based on out-dated evidence on Genetic Testing for Oncology: Specific Tests (L39365) LCD
should not overshadow the major strategic progress we’ve made over the past year.
“Cxbladder Triage was included in the American Urological Association’s new microhematuria
guideline with a ‘Grade A’ evidence rating
4
– the only biomarker to receive that level of
endorsement.
“Meanwhile, with the US Centers for Medicare & Medicaid Services (CMS) announcing a draft
price of US$1,018.44 for Cxbladder Triage Plus – a significant premium over the current
US$760 price for our existing tests – Pacific Edge is positioned for a rapid acceleration of
revenue growth in the US once Medicare coverage is achieved
5
.
Chief Executive Dr Peter Meintjes added: “The AUA guideline cements Pacific Edge’s position
as the market leader in non-invasive bladder cancer diagnostics, reinforcing our first-mover
advantage. In combination with evidence not considered during the finalization of L39365, the
guideline puts Pacific Edge in a strong position to regain Medicare coverage for Cxbladder
Triage. We also believe we can make a strong case for Medicare coverage of Cxbladder
Monitor, and longer-term Triage Plus and Monitor Plus tests.
“Supported by our peer-reviewed clinical evidence – and the capital we are seeking – we are
confident we can continue to advance the commercialization of our tests in the US. And, as we
advance the development of in vitro diagnostic (IVD) kitted versions of Cxbladder, we are also
confident we can deliver the same performance and value in other markets with kits run in
partner labs.”
FINANCIAL RESULTS
Operating revenue of $21.8 million was down 8.6% from $23.9 million in FY24, but steady
against 1H 25 reflecting the ongoing Medicare uncertainty and the reduced reach of the sales
team following the restructuring at the start of 2H 24.
FY 25 TLT of 28,894 tests was down 11.5% on the 32,633 tests in FY 24, but 2H 25 volume
steady against 1H 25. Commercial test volumes was down 9.9% on FY 24 to 24,642 tests, but
steady against 1H 25. However, since the LCD became effective, we have seen its impact in
reduced volumes.

4
The AUA defines ‘Grade A’ evidence as evidence with a high certainty rating and notes evidence of this grade
makes it "very confident that the true effect lies close to that of the estimate of the effect"
5
Although Pacific Edge is confident that it will regain coverage for Triage as a result of recent AUA guideline
inclusion and new clinical evidence, there are no guarantees as to the timing or outcome of the re-coverage process.
Regaining Medicare coverage could be delayed or not achieved at all.

3

Tests for Medicare and Medicare Advantage – those affected by L39365 – represented 53%
of commercial tests in FY25 vs 60% in 1H 24. This improvement reflects rising demand from
contracted payers such as the Southern California Permanente Medical Group, rising APAC
volumes and sustained sales force efficiencies.
The Average Sales Price for US testing increased to US$594 in FY 25 vs US$584 in FY 24
as cash collection improvements were sustained. Throughput per Sales FTE improved again
to 405.6 tests in Q4 25 from 381.2 in Q4 24. Tests per unique ordering clinician (our preferred
metric for measuring customer commitment to Cxbladder) was 7.1 in Q4 25 compared to 6.7
in Q4 24 as we focused efforts on profitable accounts and territories.
The net loss after tax of $29.9 million was steady on FY 24 (down 1.4%), reflecting the benefits
of the cash conservation initiatives. Costs were higher in 2H 25 led by the increased investment
in clinical research, the costs associated with the commercialization of Triage Plus and an
increase in legal fees as we challenged the LCD.
Cash and cash equivalents and short-term deposits stood at $22.6 million at the end of March
2025, down from $35.9 million at the end of September 2024. The 2H 25 cash burn of $13.4
million was lower than the $14.3 million in 1H 25, but after considering the higher cash spend
related to payments that cover a 12-month period, the underlying cash burn was steady as
operating cash conservation initiatives continued to deliver.
STRATEGIC PROGRESS
Pacific Edge has taken steps to mitigate the uncertainty linked to L39365 by focusing
commercial operations on profitable territories, non-Medicare revenue streams and selling the
clinical and economic value of Cxbladder. This has delivered tangible improvements in the
performance metrics we track for sales force efficiency and customer stickiness.
With L39365 becoming effective on 24 April 2025 – despite Pacific Edge undertaking vigorous
political advocacy efforts and pursuing potential legal avenues – we have two paths forward.
The first is the definitive path to change the non-coverage determination to a coverage
determination by submitting a reconsideration request to Novitas with the evidence that has
previously not been reviewed.
We submitted a reconsideration request for Cxbladder Triage in March 2025, based on
evidence not considered in the LCD, including the groundbreaking STRATA
6
study and the
AUA microhematuria guideline. We lodged a reconsideration request for Cxbladder Monitor in
May 2025 supported by two new real-world studies out of Australia.
The second is to appeal claim denials through the Medicare Appeals Process providing the
AUA guideline as evidence to an Administrative Law Judge to reverse the claim denial. Our

6
Lotan et al. (2024). A Multicenter Prospective Randomized Controlled Trial Comparing Cxbladder Triage to
Cystoscopy in Patients With Microhematuria. The Safe Testing of Risk for Asymptomatic Microhematuria Trial. The
Journal of Urology Vol 212 1-8 Jul 2024.

4

success is not guaranteed, but guideline inclusion has typically been viewed as more than
sufficient to meet the standard of medically reasonable and necessary.
The AUA microhematuria guideline provides Pacific Edge with a number of options to build
momentum despite the non-coverage determination on L39365. We expect to continue to
receive reimbursement from contracted commercial US payers without interruption, notably
Kaiser Permanente, the US Veterans Administration, Blue Cross Blue Shield plans under a
group purchasing agreement and from non-contracted private payers.
Similarly, we expect to improve collections from non-contracted private payers through two
initiatives. The first is to appeal denied claims to “external review”, using the AUA
microhematuria guideline as evidence to reverse the initial claim denial. The second is to
establish ‘client billing’ relationships with hospitals and large urology group practices that are
committed to Cxbladder Triage and agree to seek reimbursement from the commercial payers
rather than Pacific Edge. For commercial claims that ultimately result in a denial, we intend to
continue our enhanced patient responsibility and patient assistance programs to drive some
payment from patients for our test.
Beyond the challenges of the new operating environment and these new initiatives, our clinical
evidence program will continue to generate published evidence for further reconsideration
requests or to embed them in guidelines. Importantly, our DRIVE Study and STRATA
Concordance Study
7
are on track for publication later this year. The publication from the DRIVE
study is expected to be sufficient to establish coverage of Triage Plus and the STRATA
Concordance Study will confirm the clinical utility of Triage Plus in the microhematuria patient
population.
Recognising that no new evidence has been published that can be submitted for
reconsideration of Cxbladder Detect, we have decided to discontinue the test in the US. Users
are being migrated to Triage, accelerating a plan previously intended to coincide with the
commercial launch of Triage Plus.
In New Zealand – our largest market outside of the US – we are seeking to further entrench
Cxbladder with a national pathway for hematuria evaluation. The moves to extend our global
reach and diversify our revenue with distribution agreements in Israel, Latin America and
Southeast Asia continue to offer promise, delivering still small but steadily growing test volumes
from these markets. We are targeting the development of a kit-based IVD to accelerate
momentum in these markets and other markets globally.
Finally, we have continued to invest in the digitalization initiatives that will further drive the
adoption of our tests and improve the experience for clinicians and patients. We are seeing
evidence that these initiatives are embedding Cxbladder in clinical practice, with tests ordered
and resulted through our digital integrations being less impacted by the adverse LCD.

7
The concordance study seeks to demonstrate the clinical utility of the test by comparison of Triage Plus to Triage.

5

OUTLOOK
In the short-term Pacific Edge expects to see a reduction in US test volumes reflecting the
impact of L39365. However, in the medium to long-term we see a resumption of growth as we
increasingly change physician behavior off the back of guidelines inclusion.
“The AUA microhematuria guideline, the positive Triage Plus price, and the efficiency and
operational improvements we have driven over the last two years position Pacific Edge to
accelerate the company on the path to profitability after re-establishing Medicare coverage,”
Dr Meintjes said.
“The capital raising we have announced today will assist our commercialization efforts in the
US, our digitalization initiatives that improve the customer experience, our clinical evidence
generation, and our innovation in R&D to bring Cxbladder to more physicians and more
patients globally,” Dr Meintjes said.
“We look forward to updating investors on our progress.”
Released for and on behalf of Pacific Edge by Grant Gibson Chief Financial Officer.

For more information:
Investors: Media:
Dr Peter Meintjes Richard Inder
Chief Executive The Project
Pacific Edge P: +64 21 645 643
P: 022 032 1263
OVERVIEW
Pacific Edge: www.pacificedgedx.com
Pacific Edge Limited (NZX/ ASX: PEB) is a global cancer diagnostics company leading the way
in the development and commercialization of bladder cancer diagnostic and prognostic tests
for patients presenting with hematuria or surveillance of recurrent disease. Headquartered in
Dunedin, New Zealand, the company provides its suite of Cxbladder tests globally through its
wholly owned, and CLIA certified, laboratories in New Zealand and the USA.
Cxbladder: www.cxbladder.com
Cxbladder is a suite of non-invasive genomic urine tests optimized for the risk stratification of
urothelial cancer in patients presenting with microhematuria and those being monitored for
recurrent disease. The tests help improve the overall patient experience, while prioritizing time
and clinical resources to optimize practice workflow and improve efficiency.
Supported by over 20 years of research, Cxbladder’s evidence portfolio extends to more than
25 peer reviewed publications, and Cxbladder Triage is now included in the American
Urological Association’s Microhematuria Guideline. To drive increased adoption and improved

6

patient health outcomes, Cxbladder is the focal point of numerous ongoing and planned studies
designed to generate further clinical utility evidence.
Cxbladder is available in the US, Australasia, and Israel and in markets throughout Asia and
South America. In the US, the test has been used by over 5,000 urologists who have ordered
more than 130,000 tests. In New Zealand, Cxbladder is accessible to around 70% of the
population via public healthcare and all residents have the option of buying the test online.

---

FY 25 RESULTS PRESENTATION
Dr Peter Meintjes
Chief Executive Officer
Grant Gibson
Chief Financial Officer
29 May 2025

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IMPORTANT NOTICE AND DISCLAIMER
2

1.HIGHLIGHTS
2.STRATEGIC DELIVERY
3.FINANCIAL PERFORMANCE
4.OUTLOOK
AGENDA
3

MEDICARE COVERAGE UNCERTAINTY OVERSHADOWS FY 25 STRATEGIC GAINS
-$29.9M
NET LOSSAFTER
TAX +1.4%
on FY 24
US Total Tests
1
23,855, -15.0%
on FY 24; APAC Total Tests
1
5,009 +10.5% on FY24
2H 25 Net Loss After Tax -
$15.4 +6.4% on 1H 25 of
reflecting ‘holding pattern’ of
Medicare uncertainty
2H 25 Operating Revenue
$10.9M -0.7% on 1H 25;
Total Revenue of $24.6M
-16% on FY24
$22.6M
CASH, CASH
EQUIVALENTS
2
2H 25 cash burn of $13.4M
-6.7% on $14.3M in 1H 25
24,642
COMMERCIAL
TESTS
1
-9.9%
on FY 24
28,894
GLOBAL TESTS
1

-11.5%
on FY 24
$21.8M
OPERATING
REVENUE
-8.6% on
FY 24
US Commercial Tests
1

20,090, -14.5% on FY 24;
APAC Commercial Tests
1

4,552, +18.5% on FY 24
4
•Resilient operating performance amid Medicare uncertainty; adverse Medicare Local Coverage Determination in effect after balance date
•Operating revenue, net losses, and cash burn steady 2H 25 vs 1H 25 as operating efficiencies and cash collection gains retained
•US test sales/FTE rise to 405.6 in Q4 25, +6.4% on Q4 24 and +69.5% on Q4 23; US ASP
3
increases to US$594 in FY 25 vs US$584 in FY 24
•Non-Medicare revenues represent 57% of US volumes and growing, supported by Triage inclusion in the AUA microhematuria guideline
•Longer term economics reinforced by draft CMS pricing of Triage Plus at US$1,018 per test vs. US$760 per test for the current generation of tests
1.Total Laboratory Throughput (TLT) including commercial, pre-commercial and clinical studies testing
2.Cash, short-term deposits and term deposits
3.ASP: US Operating Revenue in USD / US Commercial Test Volumes

US$8.5b
Global TAM
1
PACIFIC EDGE OVERVIEW
CXBLADDER OFFERS A SIGNIFICANT ADDRESSABLE GLOBAL MARKET ANNUALLY
THE PATIENT CARE PATHWAY
~7m
Present with
hematuria
~3.5m
Referred for
clinical workup
~1.1m
Receive
cystoscopy
~90k
Annual cases of
bladder cancer
~750k
Living with bladder cancer
~1.5Cxb Monitor / year
US$4.4b
TAM
340m
Population
~17m
Present with
hematuria
~50%
Referred for
clinical workup
~3.3m
Receive
cystoscopy
~58k
Annual cases of
bladder cancer
~300k
Living with bladder cancer
~1.5Cxb Monitor / year
US$2.1b
TAM
830m
Population
~12m
Present with
hematuria
~50%
Referred for
clinical workup
>4.0m
Receive
cystoscopy
~180k
Annual cases of
bladder cancer
~1m
Living with bladder cancer
~1.5Cxb Monitor / year
US$2.0b
TAM
600m
Population
APAC
Focus of our
growth efforts
NZ market mature.
Australia and SE Asia
in business
development
New market accessed
via IVD / kitted tests
1.Pacific Edge estimate using US$1,018 price for hematuria testing in the US and $760 for Non-Muscle Invasive Bladder Cancer (NIMBC) surveillance and other market assumptions for
APAC and Europe. See slide 38 of this presentation for the sources and assumptions for the calculation of TAM

VALUE CREATION THROUGH THREE PILLARS
OUR PEOPLE
OUR PROCESSES
OUR IP, KNOWLEDGE
AND EXPERIENCE
OUR CLINICAL STUDIES
PARTNER SITES
OUR INVESTORS
EARLY DETECTION AND
CLINICALLY ACTIONABLE CARE
INNOVATION PIPELINE FOR
CLINICAL APPLICATIONS
INCLUSIVE WORKPLACE
DRIVEN BY OUTCOMES
INCREASED LONG-TERM
SHAREHOLDER VALUE
EXCELLENT PATIENT EXPERIENCE
AND ACCURATE RESULTS
INPUTSOUTPUTS
A VALUES DRIVEN, DIVERSE, RESULTS-FOCUSED CULTURE
SCALABLE PROCESSES, TRAINING & QUALITY SYSTEMS,CONTINUOUS IMPROVEMENT
DIGITALIZED ARCHITECTURE, AUTOMATED OPERATIONS, REAL-TIME ANALYSIS
6

AUA MICROHEMATURIA GUIDELINE INCLUSION
A COMPANY-DEFINING STRATEGIC MILESTONE ACHIEVED IN FEBRUARY 2025
The 2025 amendment to the AUA microhematuria guideline supports the use of urine-based
biomarkers for intermediate-risk patients as an alternative to a cystoscopy
•Primary driver for the change in the guidelines was clinical utility evidence for Cxbladder Triage from a
randomized controlled trial, i.e. the STRATA Study
1
•Cxbladder Triage specifically mentioned as the only urine-based biomarker test that has ‘Grade A’
2

evidence cementing first-mover advantage and building a moat vs competitors
•The change was significant:
•The 2020 guideline expressly prohibited the use of urine-based biomarkers in lieu of a cystoscopy
•The 2025 guideline brings genomic testing to hematuria evaluation for bladder cancer as already
established for prostate, breast, colon and other cancers
•Intermediate-risk patients represent a large cohort (~70%)
3
of microhematuria patients (up to 3.5 million
patients annual in the US)
•Offers significant benefits to patients, reduces the burden of unnecessary cystoscopies, improves access to
care at a lower cost and reduces legal liability for using biomarker alternatives
AUA guideline inclusion provides significant global clinical validation for Cxbladder which is
expected to pave the way for further wider global adoption by healthcare providers and
payers – we have already noticed increased interest from physicians
“... [for] intermediate-risk
patients who want to avoid cystoscopy and
accept the risk of forgoing direct visual
inspection of the bladder urothelium, clinicians
may offer urine cytology or validated urine-based
tumor markers to facilitate the decision
regarding utility of cystoscopy.”
– 2025 AUA Microhematuria Guideline Amendment
7
1.Lotan et al. (2024) . A Multicenter Prospective Randomized Controlled Trial Comparing Cxbladder Triage to Cystoscopy in Patients With Microhematuria.
The Safe Testing of Risk for Asymptomatic Microhematuria Trial. The Journal of Urology Vol 212 1-8 Jul 2024.
2.The AUA defines ‘Grade A’ evidence as evidence with a high certainty rating and notes evidence of this grade makes it "very confident that the true effect
lies close to that of the estimate of the effect”
3.Pacific Edge estimate based on the new risk categories created with the 2025 microhematuria guidelines

MEDICARE COVERAGE COMMENCED IN 2020 BUT CEASED IN 2025
•Medicare reimbursed Cxbladder tests >98% since 2020 at US$760 per test – these tests
have accounted for the majority of US volumes and ~61% of revenue in FY25
•Novitas – the Medicare Administrative Contractor that determines Medicare coverage
for our tests – proposed non-coverage for Cxbladder in July 2022 (2H 23)
•We challenged this determination with more recent evidence and support from the
American Urological Association (AUA), but Novitas finalized its non-coverage
determination in January 2025 without considering the most-current evidence available
•This decision removed coverage for AUA guideline-recommended testing, after
following a process that failed to review the most-current evidence
OUR RESPONSE: DRIVING CXBLADDER DEMAND WITH AUA GUIDELINE INCLUSION
•~47% of US volumes are from other contracted payers (e.g. Kaiser Permanente, the US
Veterans Administration and various Blue Cross Blue Shield plans) and non-contracted
private payers – these volumes are expected to continue to grow without interruption
•Our commercial team will continue to promote and supply tests to existing US users
and drive demand to maintain the momentum building from the guideline
•Seeking reimbursement through the Medicare Appeals Process and Client Billing
MEDICARE NON-COVERAGE IN APRIL 2025 INCONSISTENT WITH AUA GUIDELINE
AUA GUIDELINE INCLUSION PROVIDES THE BASIS FOR GREATER SUCCESS WITH COMMERCIAL PAYERS
8
Medicare is the US national
insurance payer for all US citizens
over 65 years of age – the most
at risk age demographic for
bladder cancer

SEEKING RE-COVERAGE VIA LCD RECONSIDERATION AND MEDICARE APPEALS
RECONSIDERATION REQUESTS FOR TRIAGE AND MONITOR; APPEALS TO RELY ON GUIDELINE INCLUSION
RESTORING MEDICARE COVERAGE FOR TRIAGE AND MONITOR
•Cxbladder Triage: A reconsideration request was submitted to Novitas in March 2025 consisting of STRATA
1
and the
AUA Microhematuria guideline and is under review
•Cxbladder Monitor: A reconsideration request was submitted to Novitas in May 2025 consisting of two new real-world
studies from Australia and is under review
•Cxbladder Detect: Detect users are being migrated to Triage, accelerating a plan previously intended to coincide with
the commercial launch of Triage Plus
•Industry experts typically estimate it is likely to take 6-9 months for Novitas to consider a valid submission of a single
product with only a small number of new supporting publications to be reviewed.
•We will attempt to get reimbursed on all Triage tests based on the 2025 AUA microhematuria guideline through the
Medicare appeal process; the guideline supports our claim for reimbursement on the grounds of being “medically
reasonable and necessary” despite a non-coverage determination
ESTABLISHING MEDICARE COVERAGE FOR TRIAGE PLUS
•The analytical validation (AV) and clinical validation (CV) publications for Triage Plus have been submitted for peer
review in appropriate scientific journals seeking publication in FY26 Q1
•Pacific Edge will submit a reconsideration request for Triage Plus when the AV and CV is published
•Inclusion of Triage in the AUA microhematuria guideline provides medical policy for Medicare coverage of Triage Plus,
meaning AV and CV should be sufficient for coverage
•Further evidence for Triage published by Kaiser Permanente as a presentation at AUA and in peer review by FY26 Q3
further confirms Triage and Triage Plus clinical utility and health economics
•Draft Triage Plus pricing at US$1,018 is expected to become effective from January 2026
9
1.Lotan et al. (2024) . A Multicenter Prospective Randomized Controlled Trial Comparing Cxbladder Triage to Cystoscopy in Patients With
Microhematuria. The Safe Testing of Risk for Asymptomatic Microhematuria Trial. The Journal of Urology Vol 212 1-8 Jul 2024.

MEDICARE RECONSIDERATION REQUESTCATALYST2025*2026*
Q1Q2Q3Q4Q1Q2Q3Q4
Reconsideration request for Triage
STRATA Study (May 2024)
AUA Macrohematuria guideline (Feb 2025)
Reconsideration request for Monitor
AV of Triage, Detect & Monitor (Sept 2024)
2x RWE of Monitor (March 2025)
Reconsideration request Triage Plus
AV of Triage Plus (Q2E 25)**
CV of Triage Plus – DRIVE Study (Q2 25)**
MEDICARE RE-COVERAGE: ESTIMATED TIMELINES
COVERAGE DECISIONS, PRIOTIZATION AND TIMELINES ARE AT THE DISCRETION OF NOVITAS
1
10
Publication Test and evidence standard
2
Expected date
3
1. STRATA Concordance -CU of Triage Plus (concordance)Q4 2025
2. Kaiser Permanente Triage RWE
4
-CU of Triage (RWE) Q3 2025
5
2. Kaiser Permanente Monitor RWE
4
-CU of MonitorQ1 2026
5
4. AUSSIE -CVof Triage PlusQ1 2026
5. microDRIVE-CV of Triage PlusQ2 2026
6. Monitor Plus Analytical Validation-AV of Monitor PlusQ2 2026
7. Pooled Analysis
6
-CV of Triage PlusQ2 2026
8. LOBSTER interim analysis-CV of Monitor/Monitor PlusQ1 2027
9. CREDIBLE -CU of Triage PlusQ1 2028
1
Novitas is the Medicare Administrative
Contractor (MAC) that covers Pacific Edge
Diagnostics USA’s lab in Pennsylvania
2
AV, CV, CU, respectively Analytical
Validity, Clinical Validity, Clinical Utility
3
Calendar year

4
RWE is Real World Evidence
5
Timeline determined by Kaiser
Permanente
6
The pooled analysis uses data from
DRIVE, AUSSIE and microDRIVE studies
Expected Novitas determination window
FUTURE CATALYSTS FOR GUIDELINES INCLUSION AND MEDICARE COVERAGE
*Calendar year
** Estimated publication quarter

FY 25 TOTAL LAB THROUGHPUT (TLT*)
•Global TLT of 28,894 for FY 25 down 11.5% on FY 24 amid Medicare
coverage uncertainty and reduced reach of the sales force
•Global Commercial test volumes of 24,642 for FY 25 down 9.9% on
FY 24 with falling US volumes offset by 18.5% uplift in APAC
•Triage growing in share of volume validating risk stratification value
proposition and investment in Triage Plus
FY 25 VOLUMES FALL AMID REDUCED SALES FORCE REACH AND UNCERTAINTY
FY 24
TEST VOLUMES BY TYPE (TLT*)
GLOBAL COMMERCIAL TEST VOLUMES
GLOBAL TOTAL TEST VOLUMES (TLT*)
*TLT is the Total Laboratory Throughput including commercial, pre-commercial and clinical studies testing
FY 25
11
1H
2H
1H
2H
11,136
14,920
18,240
14,225
11,950
16,645
14,393
14,669
23,086
31,565
32,633
28,894
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
FY 22FY 23FY 24FY 25
TESTS
9,192
12,422
15,401
12,325
10,004
14,269
11,946
12,317
19,196
26,691
27,347
24,642
-
5,000
10,000
15,000
20,000
25,000
30,000
FY 22FY 23FY 24FY 25
TESTS
32%
49%
19%
21%
57%
22%

US CONTRACTED PAYER DEMAND SUPPORTS VOLUME GROWTH
•US commercial volumes in 2H 25 increased 2.7% against 1H 25
supported by contracted payer volumes
•Non-Medicare volumes represented 47% of US commercial
volumes (~9,366) in FY 25 vs 40% ( ~5,358) in 1H 24
•Strong performance from the Southern California Permanente
Medical Group and sustained sales force efficiency gains mitigated
impact of Medicare uncertainty
•All 15 Kaiser SoCal sites are ordering, dominated by Triage
volumes, but Monitor also increasing
•Real World Evidence from Kaiser Permanente
2
confirming
clinical utility established in STRATA
3
•We have begun to see the impact of the Medicare LCD on post
LCD effective date volumes and the substitution of Triage for
Detect in line with the AUA guideline
US TOTAL TEST VOLUME
1

1.Total Laboratory Throughput in the US including commercial, pre-commercial and clinical studies testing
2.Real World Clinical Utility of a Urinary Biomarker (Cxbladder Triage) for Hematuria Referrals in an Integrated Managed Care Health System. Abstract accepted for presentation to the Western Section of the American Urological Association annual conference.
3.Lotan et al. (2024) . A Multicenter Prospective Randomized Controlled Trial Comparing Cxbladder Triage to Cystoscopy in Patients With Microhematuria. The Safe Testing of Risk for Asymptomatic Microhematuria Trial. The Journal of Urology Vol 212 1-8 Jul 2024.
CONTRACTED PAYERS HELP TO OFFSET MEDICARE UNCERTAINTY
12
10,622
12,450
13,550
9,956
9,913
10,177
2,150
1,995
2,412
2,184
1,674
2,121
12,772
14,445
15,962
12,140
11,587
12,298
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
1H 232H 231H 242H 241H 252H 25
TEST VOLUMES
Research and non billable tests
Commercial tests

SALES PERFORMANCE IMPROVEMENTS EMBEDDED
US COMMERCIAL TEAM DELIVERS STEADY INCREASE IN TESTS/SALES FTE
US SALES FORCE EFFICIENCY
US CLINICAL COMMITMENT
•Sales FTE down to an average of 16.0 in Q4 25 from 32.7 in
Q4 23 as we focused on cash conservation
•Sales force efficiency (total tests/average FTE) sustained up
69% from 239 in Q4 23 to 405.6 in Q4 25
•Focus on the most profitable territories/accounts
•Tests/US ordering clinician stable, ordering clinicians steady
on Q4 24
•Change in clinical mix in favor of clinicians that understand
the clinical utility of Cxbladder
SALES TEAM FOCUSED ON KEY PERFORMANCE INDICATORS
13
27.3
29.7
33.0
32.7
30.0
27.7
20.7
16.0
14.7
15.0
15.3
16.0
222.2
225.8
200.9
239.3
287.6
265.1
292.3
381.2
402.6
378.8 378.8
405.6
-40
10
60
110
160
210
260
310
360
410
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25Q4 25
TEST VOLUME /SALES FTE
AVERAGE SALES FTE
US TEST VOLUME/SALES FTE (RHS)
895
978
1,082
1,150
1,232
1,147
1,016
915
867
890
866
914
6.8
6.8
6.1
6.8
7.0
6.4
5.9
6.7
6.8
6.4
6.7
7.1
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25Q4 25
TEST/ORDERING CLINICIAN
US ORDERING CLINICIANS
TESTS/ORDERING CLINICIAN (RHS)

FOUNDATIONS FOR GROWTH – US CASH COLLECTIONS IMPROVE
•Despite the dip in 2H 25 Average Sales Price (ASP
1
) due to
timing variances related to accruals and increased provisions
against revenue, ASP per test has increased to US$594 in FY 25
from US$584 in FY 24 lifted by:
•Enhanced Patient Responsibility - patients with non-
contracted private insurance (i.e. non-Kaiser) pay a fixed
dollar amount “maximum out of pocket”
•Increased utilization of appropriate patient types from
Kaiser Permanente after EMR integration
•Medicare reimbursement of Triage since Jan 2023
•Improved medical necessity documentation to improve
billing and appeals processes for Medicare Advantage
•Improved cash collections are typically permanent
improvements that we expect to maintain as we scale
1.ASP: US Operating Revenue in USD / US Commercial Test Volumes
US COMMERCIAL TEST VOLUMES AND ASP* (US$)
REIMBURSEMENT & CASH COLLECTIONS – A CORE COMPETENCY
14
7,476
8,276
10,622
12,450
13,550
9,956
9,913
10,177
$472
$470
$493
$519
$562
$613
$618
$571
$-
$100
$200
$300
$400
$500
$600
$700
-1,000
1,000
3,000
5,000
7,000
9,000
11,000
13,000
15,000
17,000
1H 222H 221H 232H 231H 242H 241H 252H 25
TEEST VOLUME
US ASP (RHS)
AUA GUIDLINE OFFERS NEW OPPORTUNITIES FOR CLIENT BILLING
•With AUA guideline inclusion, a new opportunity exists to get paid
per test by hospitals and large urology group practices (LUGPAs) and
let them handle the commercial reimbursement
•This provides a revenue incentive to hospitals/LUGPAs and has the
potential to drive volume, since they are commonly "in-network"
with commercial payers and have sophisticated billing teams

MEDICARE PRICE FOR TRIAGE PLUS ACCELERATES PATH TO PROFITABILITY
DRAFT PRICE FOR TRIAGE PLUS OF US$1,018 PER TEST PUBLISHED APRIL 2025
MEDICARE COVERAGE NEEDED BEFORE FULL-SCALE COMMERCIAL LAUNCH
•The Centers for Medicare & Medicaid Services (CMS) draft price of US$1,018
for Triage Plus materially lifts margin per test from the previous pricing at
US$760, expected to become effective in Jan 2026
•Lowers the profitability threshold for number of tests per Account Executive,
facilitating more rapid scaling and a faster path to profitability
•A reconsideration request will be made to Novitas for coverage of Triage Plus
as soon as the analytical validation (AV) and clinical validation (CV) studies
have been published (estimated in June 2025)

ACCELERATING THE PATH TO PROFITABILITY
•Adding digital capabilities and FTE capacity to PEDUSA laboratory
•Simplifying laboratory workflow for improved efficiency
•Optimizing sales team structure for expanded product adoption
•Sales and marketing materials to reflect AUA Guideline messaging
•Enhancing medical education with a speaker bureau, podium presentations,
and evidence development
15

DRIVING GROWTH IN ASIA PACIFIC AND CONSOLIDATING NEW ZEALAND
*
Total Laboratory Throughput in Asia and Pacific including commercial, pre-
commercial and clinical studies testing
SEEKING A NATIONAL HEMATURIA EVALUATION PATHWAY IN NZ
•Quarterly total test volumes benefit from:
•Fewer evaluations and non-billable tests
•Shift in emphasis to commercial tests from evaluations
•STRATA
1
and AUA microhematuria guideline are well understood in
Te Whatu Ora/Health New Zealand; Pacific Edge is focused on a
national pathway for hematuria evaluation
AUSTRALIA & ASIA PACIFIC
•Southeast Asia is still in business development, and we are extending
our reach into the market through a distributor network which has
seen testing volumes grow
•While our primary near-term focus remains on the US, Southeast
Asia has large population centers, private healthcare systems, and
favorable cultural and demographic considerations to be a high-
volume market for an IVD-kitted product
16
APAC TOTAL TEST VOLUMES*
1,800
1,819
1,851
1,990
2,412
2,140
348
381
427
263
226
231
2,148
2,200
2,278
2,253
2,638
2,371
-
500
1,000
1,500
2,000
2,500
3,000
1H 232H 231H 242H 241H 252H 25
TEST VOLUMES
Research and non billable tests
Commercial tests
1.Lotan et al. (2024) . A Multicenter Prospective Randomized Controlled Trial Comparing Cxbladder Triage to Cystoscopy in Patients With Microhematuria.
The Safe Testing of Risk for Asymptomatic Microhematuria Trial. The Journal of Urology Vol 212 1-8 Jul 2024.

CUSTOMER EXPERIENCE INTIATIVES DELIVERING VALUE
DIGITALIZATION OF INFORMATION FLOWS EMBEDS CXBLADDER IN CLINICAL PRACTICE
ENHANCING CXBLADDER’S EASE OF USE
•We give customers options to connect with Pacific Edge to fit
their needs with easy-to-use digital integrations
•Digital channels for test ordering and results delivery
•1-to-1 EMR Integration, e.g. Kaiser interface
•1-to-many Integration, e.g. Lumea Digital Pathology,
Awanui
•Customer portal – available to any Customer Account
•Improves the end-to-end experience for physicians
•Easier ordering in-clinic or for in-home sampling
systems
•Optimized test kit management and workflow
•Enhanced order visibility and tracking
•Streamlined access to results
•Pacific Edge’s operations benefit
•Fewer errors, faster handling and results delivery
•Reduced demand on the sales force and customer
service
17
THE PACIFIC EDGE CUSTOMER PORTAL

FOCUSED ON THE DNA ENHANCED PRODUCT LAUNCH AND THE IVD STRATEGY
AN IVD PRODUCT MAY EXTEND THE MARKET OPPORTUNITY AND THE ‘MOAT’ AROUND CXBLADDER
READYING FOR THE LAUNCH OF TRIAGE PLUS AND MONITOR PLUS
•Ensure R&D, Digital and Lab Operations focus on the commercial scaling of Triage
Plus and development of Monitor Plus
•Simplifying Cxbladder:
•Aim to reduce technician time, lower cost of goods, lower turnaround time,
increase throughput and increase automation of our lab testing services
•Aim to automate lab operations from end-to-end lab for RNA and DNA
workflows of our lab testing services
•Continued engagement with industry and academic research and development
collaborations to address unmet clinical needs in bladder cancer diagnosis and
management
ADVANCING OUR IN-VITRO STRATEGY FOR INTERNATIONAL MARKETS
•Accelerating the development of a kitted IVD (in vitro diagnostic) product from our
existing lab service called Triage Plus IVD, for decentralized lab deployment and
international market expansion
•Establish IVD regulatory framework for our next generation tests that
includes IVD-R (Europe), FDA (USA) and ISO-13485
1
(Rest of World)
•Targeting prototypes by the end of CY 25; manufacture and commencement
of clinical and analytical validation commencing in CY 26
•Achieving IVD-approved status may make it more difficult for competitors to
develop parity with Cxbladder’s level of evidence
Chief Scientific Officer Parry Guilford (center) and Chief Technology
Officer Justin Harvey (right)
18
1.IVD-R European In Vitro Diagnostic Regulation; FDA, US Food and Drug Administration; ISO International Organization for Standardization

FINANCIAL PERFORMANCE
19

US COMMERCIAL TEST VOLUME GROWTH DRIVING REVENUE
LOOKING TO US CATALYSTS TO DRIVE A RECOVERY IN REVENUE GROWTH
PACIFIC EDGE OPERATING REVENUE
FY 24
FY 25
REGIONAL REVENUE CONTRIBUTION
APAC
AMERICAS
20
$3,326
$5,378
$8,707
$13,095
$10,959
$4,375
$6,067
$10,909
$10,812
$10,887
$7,701
$11,445
$19,616
$23,907
$21,846
$0
$5,000
$10,000
$15,000
$20,000
$25,000
FY 21FY 22FY 23FY 24FY25
$(000)
1H2H
6%
94%
8%
92%

CAPITAL FOCUSED ON EVIDENCE GENERATION FOR RELIABLE REIMBURSEMENT
•Cash, cash equivalents and short-term
deposits of $22.6M at 31 March 2025 vs
$50.3M as at 31 March 2024
•Cash burn in 2H 25 reduces to $13.4M vs
$14.3M in 1H25, with underlying trend
steady after adjusting for the higher
weighting of costs in 1H 25
•Investment now primarily focused on long-
term strategic initiatives
•Capital needed to support business
momentum
CAPITAL NEEDED TO SUPPORT MOMENTUM
21
$93,455
$77,791
$62,174
$50,261
$35,931
$22,568
$11,957
$15,664
$14,992
$10,758
$14,330
$13,363
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
30-Sept-2231-Mar-2330-Sept-2331-Mar-2430-Sept-2431-Mar-25
CASH BURN ($000)
CASH AND CASH EQUIVALENTS ($000)
HALF YEAR CASH AND CASH EQUIVALENT BURN (RHS)

REVENUE STEADY; INCREASE IN ASP OFFSETS THE IMPACT OF LOWER VOLUME
•Operating revenue steady through FY 25;
following lift in ASP
1
to US$594 vs US$584 in FY 24
•Total revenue includes FX gain of $0.3M in 2H 25
vs loss of $0.4M in 1H 25
•Total operating expenses increase 2H 25 vs 1H 25
led by clinical research, Triage Plus
commercialisation and legal fees to challenge
Novitas LCD
•Capital required to maintain momentum in the
business
1.ASP: US Operating Revenue in USD / US Commercial Test Volumes
2.Net cash, cash equivalents and short-term deposits at the end of the period
22
FINANCIAL PERIOD
FY 252H 251H 25FY24
FY 25
vs.
2H 25
vs.
FY 241H 25
$000$000$000$000
△

%
△

%
Operating revenue$21,846$10,887$10,959$23,907-8.6%-0.7%
Total revenue$24,616$12,461$12,155$29,293-16.0%2.5%
Operating expenses$54,552$27,894$26,658$58,828-7.3%4.6%
Net Loss After Tax-$29,936-$15,433-$14,503-$29,5351.4%6.4%
Cash receipts from
customers$21,572$10,447$11,125$24,137-10.6%-6.1%
Net operating cash burn$24,740$13,363$14,330$25,750-3.9%-6.7%
Net cash, cash equivalents
and short-term deposits$22,568$22,568$35,931$50,261-55.1%-37.2%

EXPENSES INCREASE ON 1H 25 LED BY CLINICAL RESEARCH TRIAGE PLUS EXPENSES
INVESTMENT NOW FOCUSSED ON LONG-TERM STRATEGIC INITIATIVES
•Operating expenses down 7.3% as FY24 capital
preservation efforts cycle into FY25
•Expenses increase 4.6% in 2H 25 vs. 1H 25 amid
oSix months impact of salary increases in 2H 25
(Only three months included in 1H 25)
oRise in researchexpenses reflecting continued
investment inclinical evidence to create catalysts
for coverage.
oLaboratory operations increases reflecting
preparations for the commercial launch of Triage
Plus
oSales and marketing increased with increased
activity in 2H 25
oGeneral and administration expenses down 10.5%
reflecting capital preservation efforts and higher
allocations of management time to Sales and
Laboratory Operations
23
FINANCIAL PERIOD
FY 252H 251H 25FY24
FY 25
vs.
2H 25
vs.
FY 241H 25
$000$000$000$000
△

%
△

%
Laboratory operations $12,490$6,532$5,958$11,7516.3%9.6%
Research$14,631$7,401$7,230$12,08921.0%2.4%
Sales and marketing $17,530$9,285$8,245$25,590-31.5%12.6%
General and administration$9,901$4,676$5,225$9,3985.4%-10.5%
Total operating expenses$54,552$27,894$26,658$58,828-7.3%4.6%

OUTLOOK
24

25
OUTLOOK
RECENT CATALYSTS FOR STRONG GROWTH – VOLUME AND PRICING
•AUA microhematuria guideline enables sales, marketing and reimbursement activities. We are
determined to maximize this milestone through existing and new initiatives
•Triage Plus draft pricing at US$1,018 supports stronger unit economics, margins and sales force
efficiency for a faster path to cash flow breakeven if successful in re-establishing Medicare
coverage
GROWTH STRATEGY – TO BE ACCELERATED WITH NEW CAPITAL
•Entrench first-mover advantage and “moat” for Triage given AUA guideline inclusion
•Continue clinical evidence generation in an AV, CV and CU framework for coverage, guidelines and
medical policy for Triage Plus and Monitor Plus
•Increase Triage throughput, throughput/sales headcount and throughput/clinician
•Seek reimbursement through the Medicare Appeals process, relying on the AUA guideline, ahead
of the resolution of multiple reconsideration requests
•Increase the percentage of electronically ordered tests and patients with commercial insurance
•Emphasize the clinical and economic value of Cxbladder as a value-based care solution in our sales
messaging for selling to institution, integrated hospital systems and payers
•“Client Billing” program to allow LUGPAs and hospitals to pay Pacific Edge for a test and bill
commercial insurers themselves for reimbursement
•Invest in innovation and product development for IVD kits to support entry into international
markets in a de-centralized deployment model
FURTHER CATALYSTS
•Cxbladder is under consideration by Te Whatu Ora for a National Pathway in New Zealand

APPENDIX
26

PACIFIC EDGE’S GLOBAL REACH
27

PACIFIC EDGE’S EVIDENCE PROGRAM SEEKS TO CHANGE CLINICAL PRACTICE
Clinical Evidence
AV, CV, CU
HEALTHCARE PAYERS
(Medicare, Kaiser
Permanente, Veterans
Administration, private
payers, etc).
- Change Medical Policy
(practice)
- Change Reimbursement
Policy
PROFESSIONAL SOCIETIES
(AUA, EAU, NCCN)
- Change Standard of Care
Guidelines
Guidelines change:
- Healthcare Payer Medical
and Reimbursement
Policies
Guidelines change:
- Clinical Practice
UROLOGISTS - Change Clinical Practice
STRUCTURED CLINICAL EVIDENCE DEVELOPMENT
•Pacific Edge’s clinical study program is focused on developing clinical evidence for Cxbladder tests in a structured framework
•Analytical Validity (AV): Evidence that a test is repeatable in the lab for a given indication and population
•Clinical Validity (CV): Evidence a test works in the same way on an independent eligible population for a given indication
•Clinical Utility (CU): Evidence that a test changes clinical practice in the hands of a physician, typically in prospectively recruited RCTs
•Real World Evidence (RWE): CU verification of the real-world use of the test in clinical practice, usually through regular use of the test by physicians
•Clinical Utility evidence obtained through randomized control trials is required to change standard of care guidelines (in addition to AV and CV evidence)
AUDIENCE
EVIDENCE USE
28

Calendar
year
Pre
2023
202320242025202620272028
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
STRATA
DRIVE
AUSSIE
microDRIVE
Pooled CV
CREDIBLE
HEMATURIA EVALUATION FIVE YEAR CLINICAL STUDIES ROADMAP
*
*
*
*
*
Publication Submitted
Records review / follow-up
Database lock
Legend:
Pre-activation (docs, CTA etc)
SIV
Enrollment
Data Cleaning
*
DBL
DBL
DBL
29

Calendar
year
Pre
2023
202320242025202620272028
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
“The 1800”
LOBSTER
OCTOPUS
*
SURVEILLANCE FIVE YEAR CLINICAL STUDIES ROADMAP
30
Publication Submitted
Records review / follow-up
Database lock
Legend:
Pre-activation (docs, CTA etc)
SIV
Enrollment
Data Cleaning
*
DBL

SUMMARY OF CXBLADDER CLINICAL EVIDENCE
Publication or StudyPopulationSensitivity
(Sn)
NPVSpecificity
(Sp)
Comment
Triage Plus
AVHarvey et al., submitted
Synthetic Analytes
MH + GH
93.6%99.4%90.8%
Publication submitted; development dataset (n=987) including MH (38.7%) & GH (61.3%) producing defined
Sn, NPV and Sp. TNR in development data set is 84.1%
CV
DRIVE (Savage et al., submitted)MH + GH94%99.3%77%Publication submitted; TNR 71%.; PPV 26% at lower cut-point, 51% at higher cut-point with a Sp of 97%
AUSSIEMH + GHTBCTBCTBCStudy in progress on MH and GH patients
microDRIVEMHTBCTBCTBCStudy in progress on MH patients
CUCREDIBLEMHTBCTBCTBCStudy in progress on MH patients
Triage
AVHarvey et al., 2024Synthetic AnalytesN/AN/AN/AMulti-product analytical validation of Cxbladder Triage, Detect and Monitor
CV
Kavalieris et al., 2015MH + GH95%98.5%45%Sn, Sp, NPV values when TNR is 40%
Davidson et al., 2019MH + GH95.5%98.6%34.3%
GH only: Sn (95.1%), NPV (98%), Sp (32.8%); MH only: Sn (100%), NPV (100%), Sp (42.6%); Cxb Triage &
imaging combined performance had a Sn of 97.7% & NPV of 99.8%
Lotan et al., 2023MH + GH89%99%63%Pooled data from US and Singapore cohorts (n=804); TNR 59%; PPV 16%
DRIVE (Savage et al., submitted)MH + GH93%98.5%38%Publication submitted and under peer review; TNR 35%; PPV 11%
CU
Davidson et al., 2020MH + GH89.4%98.9%59%
39% of patients testing negative for Cxb Triage & imaging did not get cystoscopy & were managed at primary
care; Study wide CV: Cxb Triage & imaging combined performance: Sn 98.1%, NPV 99.9%, Sp 98.4%
Lotan et al., 2024MH + GH90%99%56%
Clinicians using Triage used 59% fewer cystoscopies on low-risk patients presenting with MH; CV was provided
study wide (UC, n=22): Sn 90%, Sp 56%, PPV 15%, NPV 99%
Monitor
AVHarvey et al., 2024Synthetic AnalytesN/AN/AN/AMulti-product analytical validation of all Cxbladder products
CV
Kavalieris et al., 2017NMIBC93%97%N/A
Internally validated “bootstrap corrected estimates” from development dataset (n=1036), TNR 34%; Sn of
CxbM was 97% (N = 70/72) for HG tumors and 85% (N = 66/78) for LG tumors.
LOBSTERNMIBCTBCTBCTBCStudy in progress on NMIBC patients
CU
Koya et al., 2020NMIBC10010077.8Integration of Cxb Monitor into the surveillance schedule reduced annual cystoscopies (39%)
Li et al., 2023NMIBC10010072
Cxbladder Monitor safely postpones a patient’s next scheduled cystoscopy, the current ‘gold standard’ for
bladder cancer surveillance
Guduguntla et al., 2025NMIBCN/AN/AN/A
Australian single-center study in NMIBC patients showed that alternating Cxbladder Monitor with cystoscopy
safely reduced cystoscopy use without increasing recurrence risk
31
NOTE #1: Full references provided on following slide
NOTE #2: Development, feasibility and/or proof of concept studies are detailed within the references on the following slide
Abbreviations - MH: Microhematuria, GH: Gross Hematuria, Sn: Sensitivity, Sp: Specificity, NPV: Negative Predictive Value, PPV: Positive Predictive Value, TNR: Test Negative Rate

REFERENCES SUMMARY OF CLINICAL EVIDENCE
ReferencesComment
Proof of
Concept
Holyoake et al., (2008). Development of a Multiplex RNA Urine Test for the Detection and Stratification of Transitional Cell Carcinoma of the Bladder. Clin Cancer
Res 14(3): 742-749
Feasibility of urine-based assay including biomarker discovery for urothelial cancer detection initial
algorithm development
O'Sullivan et al., (2012). A multigene urine test for the detection and stratification of bladder cancer in patients presenting with hematuria.The Journal of
urology,188(3), 741-747.
Development/feasibility of Cxbladder Detect assay and algorithm based on RNA expression biomarkers
Lotan et al., (2023). Urinary Analysis of FGFR3 and TERT Gene Mutations Enhances Performance of Cxbladder Tests and Improves Patient Risk Stratification.The
Journal of Urology, 10-1097.
Pooled data from MH and GH cohorts (n=804) for ‘multi-modal’ (RNA+DNA) assay and algorithm
development for next generation Cxbladder product including TERT and FGFR3 SNPs. Called Detect+ in
publication.
Tyson et al., (2024). Budgetary Impact of Including the Urinary Genomic Marker Cxbladder Detect in the Evaluation of Microhematuria Patients. Urol Prac
11(1):54-60
Budget impact model for hematuria pathway, incorporating Cxbladder Detect into patient management
Triage Plus
Harvey et al., submitted. Analytical Validation of Cxbladder® Triage Plus Assay for risk stratification of hematuria patients for urothelial carcinoma Analytical validation of Triage Plus
Savage et al., submitted. Diagnostic Performance of Cxbladder® Triage Plus for the Identification and Stratification of Patients at Risk for Urothelial Carcinoma:
The Multicenter, Prospective, Observational DRIVE Study.
Clinical validation of Triage Plus (DRIVE Study)
Triage
Kavalieris et al., (2015). A segregation index combining phenotypic (clinical characteristics) and genotypic (gene expression) biomarkers from a urine sample to
triage outpatients presenting with hematuria who have a low probability of urothelial carcinoma.BMC urology,15(1), 1-12.
Algorithm development and clinical validation of Cxbladder Triage
Harvey et al., (2024). Analytical Validation of Cxbladder® Detect, Triage, and Monitor: Assays for Detection and Management of Urothelial Carcinoma. Diagnostics.
2024; 14(18):2061.
Analytical validation of all Cxbladder products Triage, Detect and Monitor
Davidson et al., (2019). Inclusion of a molecular marker of bladder cancer in a clinical pathway for investigation of haematuria may reduce the need for
cystoscopy.NZ Med J,132(1497), 55-64.
Clinical validation of Cxbladder Triage
Davidson et al., (2020). Assessment of a clinical pathway for investigation of haematuria that reduces the need for cystoscopy.The New Zealand Medical Journal
(Online),133(1527), 71-82.
Clinical utility of Cxbladder Triage
Lotan et al., (2023). Urinary Analysis of FGFR3 and TERT Gene Mutations Enhances Performance of Cxbladder Tests and Improves Patient Risk Stratification.The
Journal of Urology, 10-1097.
Clinical validation of Cxbladder Triage from pooled data (USPrimary and Singapore pooled analysis; n=804)
Lotan et al., (2024). A Multicenter Prospective Randomized Controlled Trial Comparing Cxbladder Triage to Cystoscopy in Patients With Microhematuria. The Safe
Testing of Risk for Asymptomatic Microhematuria Trial. The Journal of Urology Vol 212 1-8 Jul 2024.
Clinical utility of Cxbladder Triage from STRATA study showing a 59% relative reduction in cystoscopy when
comparing test and control arms
Monitor
Harvey et al., (2024). Analytical Validation of Cxbladder® Detect, Triage, and Monitor: Assays for Detection and Management of Urothelial Carcinoma. Diagnostics.
2024; 14(18):2061.
Analytical validation of all Cxbladder products Triage, Detect and Monitor
Kavalieris et al., (2017). Performance characteristics of a multigene urine biomarker test for monitoring for recurrent urothelial carcinoma in a multicenter
study.The Journal of Urology,197(6), 1419-1426.
Algorithm development and clinical validation of Cxbladder Monitor
Koya et al., (2020). An evaluation of the real-world use and clinical utility of the Cxbladder Monitor assay in the follow-up of patients previously treated for
bladder cancer.BMC urology,20(1), 1-9.
Clinical utility of Cxbladder Monitor with low risk NMIBC patients
Li et al., (2023). Cxbladder Monitor testing to reduce cystoscopy frequency in patients with bladder cancer. Urologic Oncology: Seminars and Original
Investigations, 41 (7), 326.e1 – 326.38.
Clinical utility of Cxbladder Monitor with NMIBC patients
Tyson et al., accepted. Economic Impact Model of Incorporating Cxbladder Monitor in the Surveillance of Non-Muscle Invasive Bladder Cancer. JU Open Plus,
accepted
Budgetary impact model when Cxbladder Monitor was incorporated into patient management

SOURCES AND ASSUMPTIONS - TOTAL ADRESSABLE MARKET
REGIONSTATISTICSOURCE
US
Population 341,762,685 https://www.census.gov/popclock/
Incidence of hematuria7,000,000 Presentation from Dr Sia Daneshmand (Director of Urologic Oncology and Clinical Research, USC) July 2019
Referred for clinical workup3,500,000 Presentation from Dr Sia Daneshmand (Director of Urologic Oncology and Clinical Research, USC) July 2019
Receive a cystoscopy>1,000,000 Kenigsberg, A, et al. The Economics of Cystoscopy: A Microcost Analysis, Urology 157: 29−34, 2021
Annual cases of bladder cancer 84,870 National Cancer Institute
Patients living with bladder cancer 744,044 National Cancer Institute
Test opportunities 4,616,066 Pacific Edge estimate
Price of Cxbladder (US$)US$1,018 (Triage Plus), US$760 (Monitor)
TAM (US$b)US$4.4
Europe (excluding
Russia)
Population 600,000,000 World-population - Europe; World-population – Russia
Incidence of hematuria12,000,000 Science Direct
Referred for clinical workup6,000,000 Presentation from Dr Sia Daneshmand (Director of Urologic Oncology and Clinical Research, USC) July 2019
Receive a cystoscopy4,000,000
Rindorf, D, et al. The extent of experiencing availability issues and deteriorating performance associated with reusable
cystoscopies, a multicentre study.
Annual cases of bladder cancer 180,000 Uroweb
Patients living with bladder cancer 900,000 Pacific Edge estimate - 5 years of annual cases
Test opportunities 7,350,000 Pacific Edge estimate
Price of Cxbladder EURO€ 245Pacific Edge estimate
TAM (US$b)US$2.0
APAC (excluding India
and China)
Population
830,000,000World population - Southeast Asia; Population Pyramid - Japan;
Incidence of hematuria16,600,000Science Direct
Referred for clinical workup8,300,000Presentation from Dr Sia Daneshmand (Director of Urologic Oncology and Clinical Research, USC) July 2019
Receive a cystoscopy3,320,000Pacific Edge estimate
Annual cases of bladder cancer 58,000WHO; Hong Kong
Patients living with bladder cancer 290,000Pacific Edge estimate - 5 years of annual cases
Test opportunities 3,755,000Pacific Edge estimate
Price of Cxbladder (US$)550Pacific Edge estimate
TAM (US$b)US$2.1
33

KEY CLINICAL ADVISORS AND CONSULTANTS
Associate Professor Katie Murray, DOMS, FACS
Institution: NYU Langone
Relationship: Consultant, CAB member,
Brief Bio: Published >80 articles. Deputy Editor for J Urol.
Leadership roles for SUO Young Urologic Oncology Clinical Trials
Professor Jonathan Wright, MD, MS, FACS
Institution: Fred Hutchinson Cancer Center at UW
Relationship: Consultant, CAB member, CT PI
Brief Bio: Member of ACS, SUO, AUA
Professor Wade Sexton, MD
Institution: University of South Florida & Moffitt Cancer Center
Relationship: Consultant, CAB member
Brief Bio: Published >100 articles. NCCN Bladder Cancer
guidelines, AUA Annual Board Review Course
Professor Jay Raman, MD
Institution: Penn State and Hershey Medical Center
Relationship: Consultant, CAB member, CT PI
Brief Bio: Published >350 articles. Chair of AUA Office of Education
and Past-President of the Mid-Atlantic AUA section. Urology
Advisory Council for ACS, hematuria guidelines member
Associate Professor Kristen Scarpato, MD, MPH, FACS
Institution: Vanderbilt University Medical Center
Relationship: Consultant, CAB member, CT PI
Brief Bio: SUO Education Committee, AUA Core Curriculum,
Urology Practice Editorial Committee
Professor Yair Lotan, MD
Institution: UT Southwestern Medical Center
Relationship: Consultant, CAB member, IIT PI, CT PI
Brief Bio: Published >500 articles. Contributor to AUA/ASCO/ASTRO
MIBC and hematuria guidelines. Chair of AUA Core Curriculum. BCAN
Adboard
Professor Sam Chang, MD, MBA
Institution: Vanderbilt Cancer Center
Relationship: Consultant, CAB member
Brief Bio: Published >200 articles. Chair of AUA NMIBC Guidelines,
SUO Executive Board, ABU/AUA Examination Committee, BCAN
Adboard, AUA representative to the AJCC
Assistant Professor John Sfakianos
Institution: Icahn School of Medicine at Mount Sinai
Relationship: Consultant, CAB member
Brief Bio: Published >20 articles. Reviewer for J Urol and Urologic
Oncology
Professor Dan Barocas, MD, MPH, FACS
Institution: Vanderbilt University Medical Center
Relationship: Consultant, CAB member
Brief Bio: Published >100 articles. AUA guidelines panel for
microscopic hematuria. Reviewer for AUA educational materials
Associate Professor, Siamak Daneshmand, MD
Institution: Keck School of Medicine at USC
Relationship: Consultant, CAB member, CT PI
Brief Bio: Published >200 articles. Editorial board of the J Urol,
Bladder Cancer Journal, Current Opinions in Urology, BCAN Adboard,
AUA/SUO Guideline Committee on NMIBC
ASCO: American Society of Clinical Oncology
ASTRO: American Society of Radiation Oncology
AUA: American Urological Association
BCAN: Bladder Cancer Advocacy Network
CAB: Clinical Advisory Board
CT PI: Clinical Trials Principal Investigator
FACS: Fellow of the American College of Surgeons
IIT PI: Investigator Initiated Trial Principal Investigator
J Urol: Journal of Urology
KOL: Key Opinion Leader
MPH: Master of Public Health
SUO: Society of Urologic Oncology
34

2011
2011
Pacific Edge
Diagnostics
New Zealand
(PEDNZ)
established
2012
Dec 2012
Launch of Pacific Edge
Diagnostics USAand
Cxb Detect
2013
Mar 2013
First commercial
sale (Cxb Detect)
for PEDUSA
May 2013
First commercial
sale (Cxb Detect)
for PEDNZ
2014
Dec 2014
Launch of
Cxbladder
Triage
2015
Dec 2015
Launch of
Cxbladder
Monitor
2016
2018
Feb 2018
Cxb Triage
adopted into
Canterbury
Community Health
Pathways with
primary care
referral
2019
2020
Jun 2020
Kaiser Permanente,
approves commercial
use of Cxbladder
Jul 2020
Medicare
reimbursement of
Cxbladderat
US$760/test
2021
Aug 2021
Cxbladder reaches
70% public
healthcare
coverage in NZ
Oct 2021
PEB raises
$103.5m
(~US$72.5m)
2022
Dec 2022
Lotan et al:
Enhanced
Cxbladder
Tests Deliver
Improved
Performance.
Journal of
Urology
2023
Nov 2023
Kaiser
Permanente
EMR
integration
goes live
2024
May 2024
STRATA podium
presentation at
AUA 2024.
Study published
in Journal of
Urology
PACIFIC EDGE – TAKING NEW ZEALAND INNOVATION GLOBAL
2025
Feb 2025
Triage included
in AUA Micro-
hematuria
guideline
Apr 2025
Medicare non-
coverage
effective
35

INDEPENDENT DIRECTORS
SARAH PARK
ANATOLE MASFEN
BRYAN WILLIAMS
ANNA STOVE
TONY BARCLAY
CHRIS GALLAHER
Chairman
Chris has held senior positions in
both CEO and CFO roles with large
international companies and was a
partner in Arthur Young, Chartered
Accountants. Prior to retiring from
full time corporate life, he was CFO
of Fulton Hogan, a large
Australasian civil contractor
DR PETER MEINTJES
Chief Executive Officer
Peter is a molecular diagnostics and
genomics leader focused on
nascent market development of
disruptive innovations to drive
commercial success. Prior to joining
Pacific Edge, he was based in
Boston in a succession of diagnostic
leadership roles. Most recently he
was the Chief Commercial Officer
at Eurofins Transplant Genomics
and before that he was CEO at
Omixon
SENIOR LEADERSHIP TEAM
GRANT GIBSON DAVID LEVISON DR TAMER ABOUSHWAREB
Chief Financial Officer President Pacific Edge Diagnostics USA Chief Medical Officer
GLEN COSTIN DARELL MORGAN DR JUSTIN HARVEY
President Asia Pacific Chief Operating Officer Chief Technology Officer
ZOE O’DONNELL PROFESSOR PARRY GUILFORD
Global Head of People & Culture Chief Scientific Officer
PACIFIC EDGE BOARD AND MANAGEMENT
36

FOR MORE INFORMATION:
Dr. Peter Meintjes
Chief Executive Officer
email: peter.meintjes@pelnz.com
Grant Gibson
Chief Financial Officer
email: grant.gibson@pelnz.com
Pacific Edge
87 St David Street, PO Box 56, Dunedin, New Zealand
P +64 3 577 6733 Within NZ 0800 555 563
email: investors@pacificedge.co.nz
www.pacificedgedx.com
37

---

CONSOLIDATED
FINANCIAL
STATEMENTS
FOR THE TWELVE MONTHS
ENDED 31 MARCH 2025

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
2
Consolidated Financial Statements
Consolidated Statement of Comprehensive Income 3
Consolidated Statement of Changes in Equity 4
Consolidated Balance Sheet 5
Consolidated Statement of Cash Flows 6
Notes to the Consolidated Financial Statements 7
Independent Auditor’s Report 38
Company Directory 42

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
3
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the twelve months ended 31 March 2025
Note: These Consolidated Financial Statements are to be read in conjunction with the Notes to the Consolidated Financial Statements
Notes
2025
($000)
2024
($000)
REVENUE
Operating Revenue 5 21,846 23,907
Total Operating Revenue 21,846 23,907
Other Income5 903 1,322
Interest Income9 1,925 3,433
Foreign Exchange Gain / (Loss) (58) 631
Total Revenue and Other Income 24,616 29,293
OPERATING EXPENSES
Laboratory Operations 12,490 11,751
Research6 14,631 12,089
Sales and Marketing 17,530 25,590
General and Administration7 9,901 9,398
Total Operating Expenses 54,552 58,828
NET LOSS BEFORE TAX (29,936) (29,535)
Income Tax Expense16--
LOSS FOR THE YEAR AFTER TAX (29,936) (29,535)
Items that may be reclassified to profit or loss:
Translation of Foreign Operations25 142
Disposal of Foreign Operation- (20)
TOTAL COMPREHENSIVE LOSS attributable to
equity holders of the Company
(29,911) (29,413)
Earnings per share for loss attributable to the equity
holders of the Company during the year
Basic and Diluted Earnings per share3 (0.037) (0.036)

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
4
Share
Capital
Accumulated
Losses
Share
Based
Payments
Reserve
Foreign
Currency
Translation
Reserve
Total
Equity
Notes($000)($000)($000)($000)($000)
Balance as at 31 March 2023 294,317 (216,814) 4,418 842 82,763
Loss after tax-(29,535) - - (29,535)
Other Comprehensive Income - - - 122 122
TOTAL COMPREHENSIVE LOSS
attributable to equity holders of the
Company
-(29,535)-122 (29,413)
Transactions with owners in their
capacity as owners:
Share Based Payments- Employee
Remuneration
8 83 - - - 83
Share Based Payment- Employee
Share Options
8 - - 1,189 -1,189
Balance as at 31 March 2024 294,400 (246,349) 5,607 964 54,622
Balance as at 31 March 2024 294,400 (246,349) 5,607 964 54,622
Loss after tax-(29,936) - - (29,936)
Other Comprehensive Income - - - 25 25
TOTAL COMPREHENSIVE LOSS
attributable to equity holders of the
Company
-(29,936)-25 (29,911)
Transactions with owners in their
capacity as owners:
Share Based Payments- Employee
Remuneration
8 58 - - - 58
Share Based Payment- Employee
Share Options
8-63 1,253 -1,316
Balance as at 31 March 2025 294,458 (276,222) 6,860 989 26,085
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the twelve months ended 31 March 2025
Note: These Consolidated Financial Statements are to be read in conjunction with the Notes to the Consolidated Financial Statements

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
5
CONSOLIDATED BALANCE SHEET
As at 31 March 2025
Notes
2025
($000)
2024
($000)
CURRENT ASSETS
Cash and Cash Equivalents9 9,482 29,261
Short Term Deposits9 13,086 21,000
Receivables10 4,970 4,698
Inventory11 1,607 1,688
Other Assets121,679 1,228
Total Current Assets 30,824 57,875
NON-CURRENT ASSETS
Property, Plant and Equipment13 2,980 2,925
Right of Use Assets23 2,445 3,698
Intangible Assets14 781 950
Total Non-Current Assets 6,206 7,573
TOTAL ASSETS 37,030 65,448
CURRENT LIABILITIES
Payables and Accruals17 8,044 6,753
Borrowings 300 300
Lease Liabilities23 1,413 1,264
Total Current Liabilities 9,757 8,317
NON-CURRENT LIABILITIES
Lease Liabilities23 1,188 2,509
Total Non-Current Liabilities 1,188 2,509
TOTAL LIABILITIES 10,945 10,826
NET ASSETS 26,085 54,622
Represented by:
EQUITY
Share Capital18 294,458 294,400
Accumulated Losses (276,222) (246,349)
Share Based Payments Reserve 6,860 5,607
Foreign Translation Reserve 989 964
TOTAL EQUITY 26,085 54,622
FURTHER INFORMATION
Net Tangible Assets per share ($) 0.031 0.066
For and on behalf of the Board of Directors dated the 29 day of May 2025:
Director Director
Note: These Consolidated Financial Statements are to be read in conjunction with the Notes to the Consolidated Financial Statements

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
6
CONSOLIDATED STATEMENT OF CASH FLOWS
For the twelve months ended 31 March 2025
Notes
2025
($000)
2024
($000)
CASH FLOWS TO OPERATING ACTIVITIES
Cash was provided from:
Receipts from Customers 21,572 24,137
Receipts from Research Tax Incentives and Grant
Providers
677 1,856
Interest Received 2,121 3,441
24,370 29,434
Cash was disbursed to:
Payments to Suppliers and Employees 49,097 55,196
Net GST (inflow) 13 (12)
49,110 55,184
Net Cash Flows To Operating Activities20 (24,740) (25,750)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash was provided from:
Proceeds from Sale of Plant and Equipment54-
Proceeds from Short Term Deposits 48,000 83,084
48,054 83,084
Cash was disbursed to:
Purchase of Short Term Deposits40,086 59,523
Capital Expenditure on Plant and Equipment 867 832
Capital Expenditure on Intangible Assets 406 540
41,359 60,895
Net Cash Flows From Investing Activities 6,695 22,189
CASH FLOWS TO FINANCING ACTIVITIES:
Cash was provided from:
Proceeds from Borrowings - 300
- 300
Cash was disbursed to:
Security deposited for Credit Cards146-
Repayment of Leases- Principal23 1,266 1,268
Repayment of Leases- Interest23 230 138
1,642 1,406
Net Cash Flows To Financing Activities (1,642) (1,106)
Net Decrease in Cash Held (19,687) (4,667)
Add Opening Cash Brought Forward 29,261 33,229
Effect of exchange rate changes on net cash (92) 699
Ending Cash Carried Forward9 9,482 29,261
Note: These Consolidated Financial Statements are to be read in conjunction with the Notes to the Consolidated Financial Statements

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
7
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
1. MATERIAL ACCOUNTING POLICY INFORMATION
Reporting Entity
The consolidated financial statements (hereafter referred to as the ‘financial statements’) presented for the year
ended 31 March 2025 are for Pacific Edge Limited (the ‘Company’) and its subsidiaries (collectively referred to as
the ‘Group’). The Group’s purpose is to research, develop and commercialise new diagnostic and prognostic tools
for the early detection and management of cancers.
Pacific Edge Limited is registered in New Zealand under the Companies Act 1993 and is a Financial Markets
Conduct (FMC) reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The financial statements
of the Group have been prepared in accordance with the requirements of the Financial Markets Conduct Act 2013
and the NZX Listing Rules. The financial statements presented are those of the Group, consisting of the Parent
entity, Pacific Edge Limited and its subsidiaries. The Company is dual listed, with its primary listing of ordinary
shares quoted in New Zealand on the NZX Main Board, and a secondary listing in Australia as a Foreign Exempt
Entity on the ASX.
These financial statements have been approved for issue by the Board of Directors on the 29th May 2025.
Basis of Preparation
These financial statements of the Group have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP). The Group is a Tier 1 for-profit entity for the purposes of complying with
NZ GAAP. The financial statements comply with New Zealand equivalents to International Financial Reporting
Standards (NZ IFRS), other New Zealand accounting standards and authoritative notices that are applicable to
entities that apply NZ IFRS. The financial statements comply with International Financial Reporting Standards
Accounting Standards (“IFRS Accounting Standards”) as issued by the IASB.
The financial statements are presented in New Zealand Dollars, which is the Company’s functional currency and
Group’s presentation currency, and all values are rounded to the nearest thousand dollars ($000). The accounting
principles recognised as appropriate for the measurement and reporting of earnings, cash flows and financial
position on a historical cost basis have been used.
The Consolidated Statement of Comprehensive Income and Consolidated Statement of Cash Flows have been
prepared so that all components are stated net of GST. All items in the Consolidated Balance Sheet are stated net
of GST, with the exception of receivables and payables
Management of Capital
The capital structure of the Group consists of equity raised by the issue of ordinary shares in the Company. The
Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going
concern in order to provide returns for shareholders, provide benefit for other stakeholders and to maintain an
optimal capital structure to support the development of its business. The Company meets these objectives through
closely managing revenue and expenditure, and where required issues new shares.
Going Concern
The 2025 financial statements have been prepared on a going concern basis which assumes that the Company
will have sufficient cash to pay its debts as they fall due for a minimum of 12 months from the date of signing the
Financial Statements.
As at 31 March 2025, the Company has $22.568m of cash, cash equivalents and short-term deposits (2024:
$50.261m) and net assets of $26.085m (2024: $54.622m). The Company made a net loss after tax of $29.936m
(2024: loss of $29.535m). Net cash out flows from operating activities for the 12 month period to 31 March 2025
were $24.740m (2024: cash outflow $25.750m).
While the Company continues to incur operating losses, the Company remains solvent and continues to meet its
debts as they fall due.
As noted in Note 25 - Subsequent Events, the Company has lost Medicare coverage for Cxbladder tests in the
US from 24 April 2025. These tests generated approximately 56% of Operating Revenue in the year ended 31
March 2025. The Company is seeking to regain coverage through the submission of reconsideration requests for
Cxbladder Triage (made 21 March 2025), and Cxbladder Monitor (submission for reconsideration made May 2025).
Industry experts typically estimate a coverage decision 6-9 months after a submission of a single product with only
a small number of new supporting publications.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
8
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
While the loss of Medicare coverage is expected to have a significant impact on testing volume, the Company
expects to continue to bill and receive reimbursement from contracted commercial US payers without interruption,
notably from Kaiser Permanente, the US Veterans Administration, various Blue Cross Blue Shield plans under the
group purchasing agreement and from non-contracted private payers in line with historic reimbursement rates.
The Company will also increase appeals activity, leveraging the February 2025 inclusion of Cxbladder Triage in the
American Urological Association Microhematuria Guideline. Additionally, the Company expects collections from
it’s enhanced patient responsibility and patient assistance programs to continue in line with the rates since the
introduction of that program in July 2023.
Offsetting the negative coverage outcome for Medicare, the inclusion of Cxbladder Triage in the February 2025
American Urological Association Microhematuria Guideline (the only biomarker test included with A Grade
evidence) is expected to drive demand from clinicians in the US and if coverage is resumed, provide increased
volumes and revenue in the United States. Cxbladder Triage Plus, the replacement product for Triage, has also
received draft Gapfill pricing of US$1,018.44 per test. The price for Cxbladder Triage Plus is expected to be made
effective on 1 January 2026, and if covered by Medicare, will be a meaningful increase (when compared to the
US$760 Medicare approved price of our existing tests) because it would increase both the gross margin and gross
margin percentage per test and improves the profitability of operating our front-line sales force.
The Company has prepared cash flow forecasts which indicate that with the Medicare non-coverage decision, the
Company may not have sufficient cash to meet its minimum expenditure commitments and support its current
levels of activity.
To address the future additional funding requirements of the Group, there are a number of options available to the
Directors, including:
•raising additional capital. On 29 May 2025, the Board approved a capital raise which is being progressed with
the intention of raising at least $20m via a Placement and Share Purchase Plan. Completion of the Placement
will be dependent on shareholder approval, with anticipated settlement date no later than 31 August 2025; and
•continuing to monitor the Company’s ongoing working capital requirements and minimum expenditure
commitments, including identifying cost management options to maintain a level of expenditure that is in line
with the Company’s available cash resources.
While the Company is confident about revenue opportunities in the US market and obtaining additional funds via
an equity raise, the Directors acknowledge that there are a number of material uncertainties set out above related
to unknown future events that are not fully in their control. These material uncertainties are related to events and
conditions that may cast significant doubt on the Company’s ability to continue as a going concern and therefore it
may be unable to realise its assets and discharge its liabilities in the normal course of business.
The financial statements do not include any adjustments that may be required if the Group was unable to continue
as a going concern.
Basis of Consolidation
The following entities and the basis of their inclusion for consolidation in these Financial Statements are as follows:
Name of Subsidiary
Place of
Incorporation
(or registration)
& Operation
Principal Activity
Ownership Interests
& Voting Rights
31 March
2025
%
31 March
2024
%
Pacific Edge Diagnostics
New Zealand Limited
New Zealand
Commercial Sales and Diagnostic
Laboratory Operation
100100
Pacific Edge (Australia) Pty
Limited
Australia
Commercial Sales and
Biotechnology Research
& Development
100100
Pacific Edge Diagnostics USA
Limited
USA
Commercial Sales and Diagnostic
Laboratory Operation
100100
Pacific Edge Diagnostics
Singapore Pte Limited
Singapore
Commercial Sales and
Biotechnology Research &
Development. Dissolved and stuck
off 20 February 2025
0100
Pacific Edge Analytical Services
Limited
New ZealandDormant Company100100

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
9
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
The financial statements incorporate the assets, liabilities and results of all subsidiaries of Pacific Edge Limited as at
31 March 2025 and for the year then ended. All subsidiaries have the same balance date as the Company of 31 March.
Pacific Edge Limited consolidates all entities over which Pacific Edge Limited has control. Control is achieved when
the Group:
•has power to direct the activities of the entity;
•is exposed, or has rights, to variable returns from involvement with the entity; and
•has the ability to use its power to affect its returns.
Subsidiaries which form part of the Group are consolidated from the date on which control is transferred to the
Group. They are de-consolidated from the date that control ceases.
The acquisition method of accounting is used to account for business combinations by the Group. The consideration
transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the
equity interest issued by the Group.
The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition
date. On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree either
at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets. Inter-company
transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised
losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
Critical Accounting Estimates and Assumptions
In preparing these financial statements, the Group made estimates and assumptions concerning the future.
These estimates and assumptions may differ from the subsequent actual results. Estimates and assumptions are
continually evaluated and are based on historical experience and other factors including expectations or future
events that are believed to be reasonable under the circumstances.
The Group has performed an assessment of potential climate related risks and considered the location of
laboratories and other key operations in each region that it operates in and concluded that there is no material
impact on the current financial statements.
All other material accounting policy information has been applied on a basis consistent with those used in the
audited financial statements of Pacific Edge Limited for the year ended 31 March 2025.
2.NEW STANDARDS
NEW DISCLOSURE REQUIREMENTS AND CHANGES IN ACCOUNTING STANDARDS ADOPTED BY THE GROUP
Disclosure of Fees for Audit Firms’ Services (Amendments to FRS-44)
The amendments to FRS-44 aim to address concerns about the quality and consistency of disclosures an entity
provides about fees paid to its audit firm for different type of services. 
Application of this amendment is required for accounting periods beginning on or after 1 January 2024. The Group
has adopted these amendments to FRS-44 in the 2025 financial statements.
The IFRIC have released an agenda decision on Segment Reporting providing details on how an entity applies the
requirements in paragraph 23 of IFRS Operating Segments. The agenda decision does not have a material impact
in the 2025 financial statements.
There are no other NZ IFRS or NZ IFRIC interpretations that are effective that would be expected to have a
material impact on the Group.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
10
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTED BY THE GROUP
The following new accounting standards and interpretations have been published that are not mandatory for
31 March 2025 reporting periods and have not been early adopted by the Group. 
NZ IFRS 18 Presentation and Disclosure in Financial Statements (IFRS 18)
NZ IFRS 18 Presentation and Disclosure in Financial Statements (IFRS 18) was issued in May 2024 as replacement
for IAS 1 Presentation of Financial Statements (IAS 1). Most of the presentation and disclosure requirements would
largely remain unchanged together with other disclosures carried forward from IAS 1 IFRS 18 primarily introduces
the following:
•a defined structure for the consolidated statement of comprehensive income by classifying items into one
of the five categories: operating, investing, financing, income taxes and discontinued operations. Entities will
also present expenses in the operating category by nature, function, or a mix of both, based on facts and
circumstances;
•disclosure of management-defined performance measures non-GAAP measures in a single note together with
reconciliation requirements, and
•additional guidance on aggregation and disaggregation principles (applied to all primary financial statements
and notes).
IFRS 18 also made limited change to certain presentation and disclosure requirements in the financial statements;
as well as consequential changes to various IFRS Accounting Standards.
IFRS 18 will be effective for annual reporting periods beginning on or after 1 January 2027 and entities could
early adopt this accounting standard. The Group expects to adopt IFRS 18 and relevant consequential changes of
other accounting standards in the 2028 financial statements. The Group is currently assessing the impact and will
disclose more detailed assessments in the future.
3.EARNINGS PER SHARE
(a)Basic
Basic earnings per share is calculated by dividing the profit (or loss) attributable to equity holders of the Company
by the weighted average number of ordinary shares on issue during the year excluding ordinary shares purchased
by the Company (Note 18).
GROUP
20252024
Loss attributable to equity holders of the Company($000)(29,936) (29,535)
Weighted average number of ordinary shares on issue(000)811,736 810,727
Earnings per share($)(0.037) (0.036)
(b)Diluted
Diluted earnings per share is calculated by adjusting the weighted average number of shares outstanding to
assume conversion of all dilutive potential ordinary shares. The Group’s dilutive potential ordinary shares are in the
form of share options. As the Group made a loss during the current year and losses cannot be diluted, basic and
diluted earnings per share are the same.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
11
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
4.LABORATORY THROUGHPUT AND COMMERCIAL TESTS –
NON-GAAP REPORTING
Laboratory Throughput is a key metric for the Group: Laboratory Throughput provides evidence of the usage
of Cxbladder products globally and the rates of adoption between different customer segments. The inclusion
of this non-GAAP reporting is considered helpful to readers of these financial statements, as it allows readers
to compare the current period to prior periods and assess usage trends on a consistent basis. Total laboratory
throughput includes commercial tests, which are invoiced to customers (including tests for patients covered by
the US government’s medical program through the Centers for Medicare and Medicaid Services (CMS)), and
tests which are not considered to be commercial as these tests relate to Research Tests or other non-chargeable
activities.
Commercial Test numbers are also a key metric for the Group: Commercial Tests are those tests for which the
Company is actively seeking reimbursement and cash receipts, and tests performed at no charge in order to
gain new customers. The inclusion of this non-GAAP reporting is considered helpful to readers of these financial
statements as it allows readers to compare the current period to prior periods and assess trends on a consistent
basis.
Laboratory Throughput and Commercial Tests per financial year are shown below.
FY25FY24
Total Laboratory Throughput (tests) 28,894 32,633
Increase (Decrease) in Total Laboratory Throughput (%) (11%)3%
Increase (Decrease) in Throughput from previous year (tests)(3,739) 1,068
Total Commercial Tests (tests) 24,642 27,347
Increase (Decrease) in Commercial Tests from previous year (%)(10%)2%
Increase (Decrease) in Commercial Tests from previous year (tests)(2,705) 656
Commercial Tests as a percentage of Total Laboratory Throughput (%)85%84%
5.REVENUE
Background information on US customers and the payment process
A physician orders a Cxbladder test when a patient presents to their clinic with symptoms that indicate the
possibility of bladder cancer. The most common and significant symptom is haematuria or blood in their urine.
A urine sample is collected from the patient and sent in the Cxbladder Urine Sampling System to the Group’s
laboratory in the US or in New Zealand. The Group receives and processes the urine sample and returns the results
of the test back to the ordering physician. The individual patient is the Group’s customer, however typically in the
US market, the patient’s insurer may pay the Group for some or all of the cost of the test.
When a physician orders a Cxbladder test, the Group has an obligation to perform the test and report the results to
the ordering physician irrespective of the patient’s insurance contract. A patient may have private insurance cover,
be covered by the US government’s medical program through CMS, self cover or have no insurance cover.
Once the Cxbladder test has been completed, all information required for insurance purposes is sent to the Group’s
billing and reimbursement agent to begin the process to collect reimbursement from any applicable insurance
companies for the Cxbladder test performed.
For patients with private insurance cover, the relevant patient and test order information will be sent to their
insurance provider. When the Group does not have an individual agreement with that insurance provider to pay
for Cxbladder tests (“out of network”), the insurance provider will assess that individual patient’s test for medical
necessity and the level of insurance cover (if any) available to cover the cost of the test. This process of assessment
can take many months to work through before the Group receives payments (if any) from the insurance company.
The Group does have agreements with some insurance providers but these currently cover a small proportion of
the Group’s customers.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
12
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
For patients covered by CMS, invoices are sent to CMS. Prior to 3 July 2020, Pacific Edge was not included in the
Local Coverage Determination (LCD) and as a result, did not normally receive any amounts for tests performed
for patients covered by CMS. On 3 July 2020, Pacific Edge received notice of inclusion in the LCD, resulting in
the Company receiving reimbursement for Cxbladder Monitor and Detect tests performed after 1 July 2020 for
patients covered by the CMS across the US that are deemed medically necessary.
For uninsured patients, the Group has no certainty of when or if the patient will pay.
Refer to note 25 - Subsequent Events for details on the Local Coverage Determination change that has the
potential to negatively impact future revenue.
Rest of World Customers
Revenue from Rest of World customers is primarily from Te Whatu Ora Health New Zealand. In all Rest Of World
locations, there is a clearly defined contract with the customer meeting the requirements of NZ IFRS 15. Pacific
Edge Diagnostics New Zealand Limited has individual contracts with regions across New Zealand and revenue is
recognised as described on the following pages.
Critical Accounting Estimate
The application of NZ IFRS 15: Revenue from contracts with customers (NZ IFRS 15) requires the application of
significant judgement in determining whether the Group meets the five key criteria identified in NZ IFRS 15, which
allows revenue to be recognised as performance obligations are satisfied. For the Group this would result in some
revenue recognised in advance of the receipt of cash.
The significant judgements adopted by the Group relate to :
- determining if a contract with the customer exists;
- identifying the rights of each party;
- identifying the payment terms;
- ensuring the contract has commercial substance; and
- determining whether it is probable that the Group will collect the consideration to which it is entitled.
While there has been significant judgement applied to all five criteria, there are two criteria that have higher levels
of uncertainty, requiring increased levels of judgement. The significant judgements applied to determine the
Transaction Price and determining the probability of collecting consideration are detailed in the Accounting Policy
relating to Revenue from Cxbladder Tests.
ACCOUNTING POLICY
Revenue from Cxbladder tests – USA
The Group performs Cxbladder tests when requested by a patient’s physician. At the point the test results are
returned to the physician, the Group has satisfied its performance obligation and has the right to issue an invoice.
Revenue can be recognised at this point in time. On return of the test result, the Group has determined a contract
exists, that the payment terms are identified, that the contract has commercial substance and there has been
identification of the rights of each party.
On the 3 July 2020, Pacific Edge received notice of inclusion in the LCD, resulting in the Company receiving
reimbursement for Cxbladder Monitor and Detect tests performed after 1 July 2020 for patients covered by
the CMS across the US that are deemed medically necessary. Reimbursement for these tests is at the already
determined national CMS price for Cxbladder of US$760 per test, less a 2% sequestration fee.
Since Cxbladder’s inclusion in the LCD, based on historical data, the Group has been able to reliably estimate
both the probability and size of payment received from the CMS. The inclusion within the LCD combined with the
growing support for the use of Cxbladder within the US has also allowed the Group to reliably estimate both the
probability and size of payment received from customers covered by Medicare Advantage policies provided by
private insurers and customers covered by Kaiser Permanente.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
13
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
Tests performed for patients covered by other private policies, or tests performed for those with no insurance
cover continue to be recognised as revenue when cash is collected and the Group has satisfied its performance
obligations and that the contract is considered terminated and the amount received is non-refundable. Revenue
is recognised on a cash basis is due to not being able to reliably estimate both probability and size of payment
received. Management continually re-assess its probability to collect payments to be able to account for the
transaction under NZ IFRS 15.
The Group have concluded that the contracts with the CMS and customers covered by Medicare Advantage and
Kaiser Permanente include variable consideration because the amounts paid by Medicare, Kaiser Permanente or
the commercial health insurance carriers that provide Medicare Advantage may be paid at less than our standard
rates or not paid at all, with such differences considered implicit price concessions. Variable consideration
attributable to these price concessions is measured at the expected value, and are determined by historical average
collection rates by test type and payor category taking into consideration the range of possible outcomes and
predictive value of our past experiences. Such variable consideration is included in the transaction price only to the
extent it is probable that a significant reversal in the amount of cumulative revenue recognised will not occur.
As a result of the Significant Judgements applied, the Group have determined the criteria under NZ IFRS 15 which
allows revenue to be recognised in advance of the receipt of cash have been met, and the Group has recognised
revenue for tests which were performed from 1 October 2024 to 31 March 2025 (6 months prior to balance date)
for which payment has not been received by 31 March 2025 from CMS and Medicare Advantage. Following a
change in commercial agreement, revenue for Kaiser Permanente is recognised in the month the test is performed.
Rest of World revenue recognition from tests performed
There has been no change in accounting policy or estimates for Operating Revenue for the Rest of World. The
Group performs Cxbladder tests when requested by a patient’s physician in New Zealand, Australia and Southeast
Asia. At the point the test results are returned to the physician, the Group has satisfied its performance obligation.
At the end of the month an invoice is issued to the customer based on the number of tests performed. Revenue is
recognised when the invoice is issued.
OTHER INCOME
Grant Income
Government Grants are not recognised until there is reasonable assurance that the Group will comply with the
conditions attached to them and that the grants will be received. Government Grants are recognised in Other
Income in the consolidated Statement of Comprehensive Income, on a systematic basis over the periods in which
the Group recognises the related costs as expenses for which the grants are intended to compensate.
The Company receives grants from Callaghan Innovation for postgraduate internships and summer students.
All conditions of the grants have been complied with.
Research Rebates and Tax Incentives
- New Zealand R&D Tax Incentive (RDTI)
The New Zealand RDTI is a 15% tax credit on the money invested in eligible research and development (R&D) that
has occurred in New Zealand. As the New Zealand companies are in a tax loss position, the Group is eligible for the
Tax Incentive to be refunded.
The RDTI is recognised at its fair value where there is a reasonable assurance that the credit will be received and
the Group will comply with all attached conditions.
All conditions of the New Zealand RDTI have been complied with. Payment will be received after submission of
each annual research and development tax claim.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
14
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
- Australia Cxbladder Research Rebate
A Cxbladder research programme is administered by Pacific Edge (Australia) Pty Limited and tax rebates are
received as a result of this programme.
The Cxbladder research rebate is recognised at its fair value where there is a reasonable assurance that the rebate
will be received and the Group will comply with all attached conditions.
For the year ended 31 March 2025, Group revenue is over $20m Australian Dollars, resulting in research rebates
being issued as a tax credit. The Tax Credit is not recognised as a tax asset in the financial statements for the year
ended 31 March 2025.
REVENUE AND OTHER INCOME
2025
($000)
2024
($000)
Cxbladder Sales
– US - Accrual Accounting 17,517 19,288
– US - Cash Accounting 2,565 3,214
– Total US Sales 20,082 22,502
– Rest Of World 1,764 1,405
Total Operating Revenue 21,846 23,907
Other Income
Grant Revenue 22 24
Research Rebates and Tax Incentives 881 1,298
Total Other Income 903 1,322
6.RESEARCH AND DEVELOPMENT COSTS
ACCOUNTING POLICY
Research is the original and planned investigation undertaken with the prospect of gaining new scientific
knowledge and understanding. This includes: direct and overhead expenses for diagnostic and prognostic
biomarker discovery and research; pre-clinical trials; and costs associated with clinical trial activities. All research
costs are expensed when incurred.
Development is the application of research findings to a plan or design for the production of new or substantially
improved processes or products prior to the commencement of commercial production.
When a project reaches the stage where it is probable that future expenditure can be recovered through the
process or products produced, expenditure that is directly attributed or reasonably allocated to that project is
recognised as a development asset within intangible assets. If the expenditure also benefits processes or products
for which it cannot be recovered, it will be expensed. The asset will be amortised from the date of commencement
of commercial production of the product to which it relates on a straight-line basis over the period of expected
benefit. Development assets are reviewed annually for any impairment in their carrying value.
GROUP
Notes
2025
($000)
2024
($000)
Research Expenses 14,631 12,089
Includes:
Employee Benefits8 7,775 6,571

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
15
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
7.GENERAL AND ADMINISTRATION EXPENSES
GROUP
Notes
2025
($000)
2024
($000)
Amortisation14 286 311
Auditors Remuneration: PricewaterhouseCoopers New Zealand
- Group year end financial statements
- Half year review of financial statements
- Travel costs
198
35
10
194
34
22
Other assurance services provided by PricewaterhouseCoopers
New Zealand
- Assurance on Carbon Emissions - Scope 1 and 230-
Other services provided by PricewaterhouseCoopers New Zealand
- Financial Training Workshops12
Depreciation13 420 358
Depreciation on Right of Use Assets23 206 195
Directors Fees22 470 500
Employee Benefits8 4,694 3,974
Insurance 634 610
Interest on Lease Liabilities23 35 21
Legal Fees 611 826
NZX, ASX and Registry Fees 230 274
Other Operating Expenses 2,041 2,077
9,901 9,398
Note: Amounts displayed for Amortisation, Depreciation, Employee Benefits are only the General and Administration Expenses
component of the total expenses. Refer to relevant notes for full expense disclosure.
Other Operating Expenses
The major categories of expenditure which make up General and Administration Expenses, but are not disclosed
separately above are Information Technology costs, Compliance and Regulatory costs, Investor Relations costs,
Consultants and Contractors.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
16
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
8.EMPLOYEE BENEFITS
GROUP
Notes
2025
($000)
2024
($000)
Represented by:
Cash Employee Benefits:
Lab Operations 3,6193,119
Research67,7756,571
Sales and Marketing11,55516,697
General and Administration74,6943,974
Total Employee Benefits27,64330,361
Employee Share Scheme
The Company has an Employee Share Scheme where ordinary shares in the Company may be issued to selected
employees to recognise performance or a significant contribution to the Company. These shares may be issued
in lieu of a cash bonus or in addition to the employee’s remuneration. The ordinary shares are issued directly to
the employee and the Company accounts for the cost of the shares. The shares are allocated to the employee on
the date that the Board approves the issue of the share capital. All employees who hold ordinary shares in the
Company must comply with the Company’s Share Trading Policy.
The issuance of ordinary shares to employees is treated as equity settled share-based payments. Equity-settled
share-based payments to employees are measured at the fair value of the equity instruments at the grant date
based on the market price at the time of issuance. The fair value of shares granted is recognised as an employee
expense in the Consolidated Statement of Comprehensive Income when the shares are issued. During the 2025
financial year, 644,630 (2024: 906,000) ordinary shares were issued to employees as part of the Employee Share
Scheme. The associated non-cash cost of these shares was $58,000 (2024: $83,000). Refer to Note 18 for further
details on the shares issued during the financial year.
Attract and Retain Options
The Board believes that the issue of share options provides an appropriate incentive for participating employees to
grow the total shareholder return of the Company.
Attract and retain options are issued to selected employees as a long-term component of remuneration in
accordance with the Group’s remuneration policy. Incentive Options entitle the holder, on payment of the exercise
price, to one ordinary share of the Company.
The exercise price of the granted options is determined using the fair value of the Company’s share price at the
time of the options being granted.
Incentive Options issued prior to 31 March 2022 generally vest over three years and contain the requirement to
remain as an employee of the Company in order for the options to vest. Tranches of options are exercisable over
four to ten years from the relevant vesting date. No options can be exercised later than the tenth anniversary of the
final vesting date.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
17
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
Options issued after 1 April 2022 to 31 March 2024 generally vest equally in three tranches over a four year period,
with 1/3 on the second, third and fourth anniversary of the issue. The Options are exercisable up to four years after
vesting date. Option holders are required to remain as an employee of the Company in order for options to vest.
No options can be exercised later than the fourth anniversary of the final vesting date. The exercise price increases
annually for each vested tranche at the equity cost of capital.
Options issued after 1 April 2024 generally vest equally in in three tranches over a three year period, with 1/3 on
the first, second and third anniversary of the issue. The Options are exercisable up to four years after vesting date.
Option holders are required to remain as an employee of the Company in order for options to vest. No options can
be exercised later than the fourth anniversary of the final vesting date. The exercise price increases annually for
each vested tranche at the equity cost of capital.
ACCOUNTING POLICY
All options are accounted for as equity settled share based payments as the Group has no legal or constructive
obligation to repurchase or settle in cash. The fair value of all options granted is recognised as an expense in the
Consolidated Statement of Comprehensive Income over their vesting period, with a corresponding increase in
the employee share option reserve. The options expense for the year ended 31 March 2025 was $1,316,819 (2024:
$1,189,000).
The fair value is determined at the grant date of the options and expensed on a straight-line basis over the vesting
period, based on the Group’s estimate of equity instruments that will eventually vest, with a corresponding increase
in equity. At the end of each reporting period, the Group revisits its estimate of the number of equity instruments
expected to vest. The impact of the revision of the original estimates, if any, is recognised in the Consolidated
Statement of Comprehensive Income such that the cumulative expense reflects the revised estimate, with a
corresponding adjustment to the share based payments reserve.
During the financial year ended 31 March 2025, there were no share options exercised (2024: Nil). There was no
resulting increase in share capital (2024: $Nil).
Movements in the number of options outstanding and their related weighted average exercise prices are as follows:
GROUP
20252024
Weighted average
exercise price
$
Options
#
Weighted average
exercise price
$
Options
#
Outstanding at 1 April 0.45 31,892,174 0.59 17,765,038
Granted0.12 9,165,532 0.30 14,711,546
Forfeited 0.33 (635,939)0.59 (584,410)
Expired 0.69 (95,000)- -
Outstanding at 31 March0.38 40,326,767 0.45 31,892,174
Exercisable at 31 March0.52 14,435,570 0.44 12,635,479
The Group used the Black-Scholes valuation model to determine the fair value of the equity instruments granted.
The Black-Scholes valuation model has been determined as the most appropriate method as it estimates the
theoretical value of options taking into account the impact of time and other risk factors. The significant inputs into
the Black-Scholes valuation model were the market share price at grant date, the exercise price shown below, the
expected annualised volatility of 50-106%, a dividend yield of 0%, an expected option life of between one and ten
years and an annual risk-free interest rate of between 0.65% and 5.63%.
The volatility measured is the standard deviation of continuously compounded share returns and is based on a
statistical analysis of daily share prices in the past one to ten years.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
18
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
Share options outstanding at the end of the reporting periods have the following expiry dates, vesting dates,
exercise prices and movements for the year ended 31 March 2025:
IssuedExpiryLow Exercise Price ($)High Exercise Price ($)Weighted Average Exercise Price ($)Opening Options as at 1 April 2024IssuedForfeitedExercisedExpiredClosing Options 31 March 2025Exercisable as at 31 March 2025
Apr 2014 -
Mar 2015
Sept 2024 -
Jan 2028
0.69 0.72 0.71 528,441 - - - (95,000) 433,441 433,441
Apr 2015 -
Mar 2016
Sept 2025 -
Mar 2029
0.50 0.60 0.51 332,399 - - - - 332,399 332,399
Apr 2016 -
Mar 2017
Nov 2026 -
Jan 2030
0.48 0.60 0.57 327,607 - - - - 327,607 327,607
Apr 2017 -
Mar 2018
May 2028 -
Feb 2031
0.28 0.51 0.50 2,770,899 - - - - 2,770,899 2,770,899
Apr 2018 -
Mar 2019
Jun 2029 -
Nov 2031
0.23 0.28 0.24 69,098 - - - - 69,098 69,098
Apr 2019 -
Mar 2020
Aug 2030 -
Aug 2032
0.23 0.23 0.23 4,037,267 - - - - 4,037,267 4,037,265
Apr 2020 -
Mar 2021
Jun 2031 -
Jun 2033
0.22 0.80 0.31 2,142,108 - - - - 2,142,108 2,142,108
Apr 2021 -
Mar 2022
Aug 2032 -
Aug 2034
1.23 1.23 1.23 342,404 -(1,315) - - 341,089 341,090
Apr 2021 -
Mar 2022
Feb 2027 -
Feb 2031
1.15 1.25 1.23 3,000,000 - -
- - 3,000,000 1,800,000
Apr 2022 -
Mar 2023
Dec 2026 -
Dec 2030
0.48 0.70 0.60 3,722,605 -(73,868) - - 3,648,737 2,181,662
Apr 2023 -
Mar 2024
Apr 2029 -
Oct 2031
0.25 0.64 0.30 14,619,346 -(560,756) - - 14,058,590 -
Apr 2024 -
Mar 2025
Jul 2029 -
Dec 2031
0.10 0.17 0.12 -9,165,532- - - 9,165,532 -
TOTALS0.38 31,892,174 9,165,532 (635,939) -(95,000) 40,326,767 14,435,570

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
19
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
9.CASH, CASH EQUIVALENTS AND SHORT TERM DEPOSITS
ACCOUNTING POLICY
Cash and cash equivalents includes cash in hand and deposits held on call with banks, and bank overdrafts. Term
deposits are also presented as cash equivalents if they have a maturity of three months or less from acquisition
date.
Short Term Deposits and Cash Equivalents include investments with ANZ, BNZ, Kiwibank, Westpac and Wells
Fargo (2024: ANZ, BNZ, Kiwibank and Westpac and Wells Fargo), with periods ranging up to 365 days. Funds held
on term deposit with ANZ, BNZ Westpac and Kiwibank can be accessed with one month’s notice at the request of
the authorised bank signatories of Pacific Edge Limited, but may incur fees and/or charges for early access.
GROUP
2025
($000)
2024
($000)
Cash and Cash Equivalents9,48229,261
Short Term Deposits13,08621,000
Total Cash, Cash Equivalents and Short Term Deposits22,56850,261
NZD17,98242,814
USD4,4936,010
AUD801,436
EUR131
Total Cash, Cash Equivalents and Short Term Deposits22,56850,261
INTEREST INCOME
ACCOUNTING POLICY
Interest income is recognised using the effective interest method.
Interest on the bank balances ranges from 0% to 5.70% (2024: 0% to 6.49%) per annum.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
20
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
10.RECEIVABLES
ACCOUNTING POLICY
Receivables are initially measured at fair value and subsequently measured at amortised cost using the effective
interest rate method, less any provision for impairment. An allowance for impairment is made up of expected
credit losses based on the assessment of the trade receivables debt at the individual level for impairment, plus an
additional allowance on the remaining balance for potential credit losses not yet identified.
GROUP
2025
($000)
2024
($000)
Trade Receivables 2,825 2,551
Sundry Debtors 1,903 1,722
Accrued Interest 178 375
GST Refund Due 64 50
Total Receivables 4,970 4,698
There is no provision for impairment relating to the revenue from Cxbladder sales in New Zealand. All outstanding
sales are current and there are no expected credit losses on the amounts outstanding at balance date.
US Trade Receivables includes a provision for future refunds of $263,000 (2024: $83,000).
Sundry Debtors include accruals for grants and rebates that have not yet been paid. These are expected to be paid
once the relevant claims have been submitted. The Company has met all conditions of the claims and there is no
indication that there is impairment of these balances.
Included in trade receivables are the below amounts which were past due but not impaired. These relate to a
number of customers for whom there is no history of default.
GROUP
2025
($000)
2024
($000)
3 to 6 Months 280 75
Over 6 Months 261 267
Total Overdue Trade Receivables 541 342
The foreign currency split of Receivables is:
GROUP
2025
($000)
2024
($000)
NZD 2,301 2,355
USD 2,643 2,334
AUD 26 9
Total Receivables 4,970 4,698

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
21
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
11.INVENTORY
ACCOUNTING POLICY
Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average
formula.
GROUP
2025
($000)
2024
($000)
Laboratory Supplies 1,607 1,688
Total Inventory 1,607 1,688
The major items of Inventory are laboratory reagents, chemicals and Cxbladder urine sampling systems.
Laboratory supplies used during the year of $2,672,000 (2024: $2,769,000) are included within the Consolidated
Statement of Comprehensive Income in Laboratory Operations and Research.
12.OTHER ASSETS
GROUP
2025
($000)
2024
($000)
Prepayments
1,239 979
Security Deposits
440 249
Total Other Assets
1,679 1,228
Prepayments are largely made up of insurance, industry conferences and subscriptions. Security deposits are paid to
secure properties for lease in the US and to secure credit cards in the US.
13.PROPERTY, PLANT AND EQUIPMENT
ACCOUNTING POLICY
Property, Plant and Equipment are those assets held by the Group for the purpose of carrying on its business activities
on an ongoing basis. All Property, Plant and Equipment is stated at cost less subsequent accumulated depreciation
and any accumulated impairment losses. The cost of purchased assets includes the original purchase consideration
given to acquire the assets, and the value of other directly attributable costs that have been incurred in bringing the
assets to the location and condition necessary for their intended service. This includes the laboratory equipment for
the establishment of the laboratories.
Gains and losses on disposals are determined by comparing the net proceeds with the carrying amount and are
recognised within the Consolidated Statement of Comprehensive Income when they occur.
Depreciation
Depreciation of plant and equipment is based on writing off the assets over their useful lives, using the straight line
(SL) and diminishing value (DV) basis.
Main rates used are:
Plant and Laboratory Equipment 5% to 40% DV
Computer Equipment 5% to 67% DV
Leasehold Improvements 6% to 10% SL
Furniture and Fittings 5% to 25% DV
The assets’ useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
22
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
Plant &
Laboratory
Equipment
($000)
Computer
Equipment
($000)
Leasehold
Improvements
($000)
Furniture
& Fittings
($000)
Total
($000)
Cost
Balance at 1 April 20233,4415973962714,705
Additions 731 89111 832
Disposals(213)(29)(1)(11) (254)
Translation difference71117-89
Balance at 31 March 20244,0306684032715,372
Balance at 1 April 20244,0306684032715,372
Additions 704 146 -17 867
Disposals(268)(66)-(13) (347)
Translation difference 108 12 8 1 129
Balance at 31 March 20254,5747604112766,021
Accumulated Depreciation
Balance at 1 April 2023 1,367 249 197 124 1,937
Depreciation expense 498 155 35 28 716
Disposals(211)(19)-(9) (239)
Translation difference 23 5 5 -33
Balance at 31 March 20241,6773902371432,447
Balance at 1 April 2024 1,677 390 237 143 2,447
Depreciation expense 661 140 36 24 861
Disposals(251)(53)-(11) (315)
Translation difference 36 7 5 -48
Balance at 31 March 2025 2,123 484 278 156 3,041
Carrying Amounts
At 1 April 2023 2,074 348 199 147 2,768
At 31 March 2024 2,353 278 166 128 2,925
At 31 March 2025 2,451 276 133 120 2,980

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
23
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
14.INTANGIBLE ASSETS
ACCOUNTING POLICY
Intellectual Property
The costs of acquired Intellectual Property are recognised at cost. All Intellectual Property has a finite life.
The carrying value of Intellectual Property is reviewed for impairment, where indicators of impairment exist.
Amortisation is charged on a diminishing value basis over the estimated useful life of the intangible assets (1-20
years). The estimated useful life and amortisation method is reviewed at the end of each reporting period.
The following costs associated with Intellectual Property are expensed as incurred during the research phases of
a project and are only capitalised when incurred as part of the development phase of a process or product within
development assets: Internal Intellectual Property costs including the costs of patents and patent application.
Software Development Costs
Costs associated with the development of software are held at cost. Amortisation is charged on a diminishing value
basis over the estimated useful life of the intangible assets (2-10 years). The estimated useful life and amortisation
method is reviewed at the end of each reporting period.
Software
Development
Costs
($000)
Patents
($000)
Total
($000)
Cost
Balance at 1 April 20232,1686232,791
Additions5337540
Foreign Translation Difference3 - 3
Balance at 31 March 20242,7046303,334
Balance at 1 April 20242,7046303,334
Additions406-406
Disposals(42)
-
(42)
Foreign Translation Difference2-2
Balance at 31 March 20253,0706303,700
Accumulated Amortisation
Balance at 1 April 20231,2974631,760
Amortisation expense56754621
Foreign Translation difference3 - 3
Balance at 31 March 20241,8675172,384
Balance at 1 April 20241,8675172,384
Amortisation expense54130571
Disposals(38)
-
(38)
Foreign Translation difference2
-
2
Balance at 31 March 20252,3725472,919
Carrying Amounts
At 1 April 20238711601,031
At 31 March 2024837113950
At 31 March 202569883781

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
24
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
15.SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Chief Executive Officer who makes strategic
decisions.
There are two operating segments at balance date:
1.Commercial: The sales, marketing, laboratory and support operations to run the commercial businesses worldwide.
2.Research: The research and development of diagnostic and prognostic products for human cancer.
The reportable operating segment Commercial derives its revenue primarily from sales of Cxbladder tests and
the reportable operating segment Research derives its revenue primarily from grant income. The Chief Executive
Officer assesses the performance of the operating segments based on their net loss for the period.
Segment income, expenses and profitability are presented on a gross basis excluding inter-segment eliminations
to best represent the performance of each segment operating as independent business units. The segment
information provided to the Chief Executive Officer for the reportable segment described above, for the year
ended 31 March 2025, is shown below.
2025
Commercial
($000)
Research
($000)
Less:
Eliminations
($000)
Total External
Income
($000)
Income
Operating Revenue – External21,852-(6)21,846
Other Income1,2374,757 (5,091)903
Interest Income121,913-1,925
Foreign Exchange Gain(2)(56)-(58)
Total Income23,0996,614 (5,097)24,616
Expenses
Other Expenses19,6369,612 (5,097)24,151
Employee Benefits16,53211,111-27,643
Depreciation & Amortisation 1,864 894-2,758
Total Operating Expenses38,03221,617 (5,097)54,552
Loss Before Tax (14,933) (15,003)-(29,936)
Income Tax Expense - - - -
Loss After Tax (14,933) (15,003)-(29,936)
Net Cash Flow to Operating Activities (13,031) (11,709)-(24,740)

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
25
2024
Commercial
($000)
Research
($000)
Less:
Eliminations
($000)
Total External
Income
($000)
Income
Operating Revenue – External 23,871 -36 23,907
Other Income 489 4,400 (3,567) 1,322
Interest Income 21 3,412 -3,433
Foreign Exchange Gain 1 666 (36)631
Total Income 24,382 8,478 (3,567) 29,293
Expenses
Other Expenses 19,048 10,379 (3,567) 25,860
Employee Benefits 20,960 9,402 -30,362
Depreciation and Amortisation 1,629 977 -2,606
Total Operating Expenses 41,637 20,758 (3,567) 58,828
Loss Before Tax (17,255) (12,280)-(29,535)
Income Tax Expense - - - -
Loss After Tax (17,255) (12,280)-(29,535)
Net Cash Flow to Operating Activities (14,447) (11,303)-(25,750)
Eliminations
These are the intercompany transactions between the subsidiaries and the Parent. These are eliminated on
consolidation of Group results. The Research segment of the business utilise consumables and other components
that are purchased by the Commercial segments of the business, with the costs of these components allocated to
Research segment, and the Commercial segment recognising revenue from the sale.
Segment Assets and Liabilities Information
2025
Commercial
($000)
Research
($000)
Total
($000)
Total Assets 11,257 25,773 37,030
Total Liabilities 6,449 4,496 10,945
2024
Commercial
($000)
Research
($000)
Total
($000)
Total Assets 11,443 54,005 65,448
Total Liabilities 6,871 3,955 10,826
Additions to Non Current Assets for the period include:
Commercial
($000)
Research
($000)
Total
($000)
Property, Plant and Equipment 863 4 867
Right of Use Assets - - -
Intangible Assets 406 -406
Total Additions to Non Current Assets 1,269 4 1,273
The amounts provided to the Chief Executive Officer with respect to total assets and total liabilities are measured
in a manner consistent with that of the financial statements. These assets and liabilities are allocated based on the
operation of the segment and the physical location of the asset.
There are no unallocated assets or liabilities.
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
26
Geographic Split of Revenue and Non-Current Assets
The Group generates most of the operating revenue from Commercial tests from the US and New Zealand and also
receives Grant revenue from New Zealand. Rest of World consists of Revenue from Australia and Southeast Asia.
2025
($000)
2024
($000)
Operating and Grant Revenue
US 20,143 22,502
New Zealand 2,499 2,641
Rest of World 107 86
Total Operating and Grant Revenue 22,749 25,229
2025
($000)
2024
($000)
Non-Current Assets
US 3,455 4,343
New Zealand 2,750 3,229
Rest of World 1 1
Total Non-Current Assets 6,206 7,573
16.INCOME TAX
ACCOUNTING POLICY
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Consolidated
Statement of Comprehensive Income, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income
or directly in equity, respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the
balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable
tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the financial statements in accordance with NZ
IAS 12. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be
available against which the temporary differences can be utilised.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by
the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the
deferred income tax liability is settled.
The Company and Group has incurred an operating loss for the 2025 financial year and no income tax is payable.
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
27
GROUP
2025
($000)
2024
($000)
Income tax recognised in the Consolidated Statement of
Comprehensive Income
Current tax expense - -
Deferred Tax in respect of the Current Year (4,366) (3,217)
Adjustments to deferred tax in respect to Prior Years 1,232 284
Deferred Tax Assets not recognised 3,134 2,933
Income tax expense - -
The prima facie income tax on Pre-Tax Accounting Profit
from operations reconciles to:
Accounting loss before income tax (29,936) (29,535)
At the statutory Income Tax rate of 28% (8,382) (8,270)
Non-deductible Expenses 4,764 5,959
Difference in US and Australian Income Tax Rates 891 897
Prior Period Adjustment 1,232 284
Tax Losses Utilised (1,639) (1,803)
Deferred Tax Assets not recognised 3,134 2,933
Income tax expense reported in the Consolidated Statement
of Comprehensive Income
- -
Tax Losses
The Group has losses to carry forward of approximately $169,288,000 (2024: $144,471,000) with a potential tax
benefit of $37,174,000 (2024: $31,554,000). The tax losses are split between the following jurisdictions:
Tax Losses
($000)
Tax Effect
($000)Rate
New Zealand 8,644 2,420 28%
Australia 11,320 3,396 30%
United States 149,324 31,358 21%
Tax losses are available to be carried forward and offset against future taxable income subject to the various
conditions required by income tax legislation being complied with.
Deferred Research and Development Tax Expenditure:
The Group also has deferred research and development tax expenditure of $67,113,000 (2024: $58,880,000) to
carry forward and claim for income tax purposes in New Zealand in the future. This has a tax effect of $18,792,000
(2024: $16,486,000). The deferred research and development tax expenditure can either be carried forward and
offset against future income arising from the research and development, or subject to meeting the shareholder
continuity requirements can be offset against future other taxable income.
Deferred Tax Assets:
The Group does not recognise a deferred tax asset in the Consolidated Balance Sheet.
Imputation Credit Account
The Group has imputation credits of Nil (2024: Nil).
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
28
17.PAYABLES AND ACCRUALS
ACCOUNTING POLICY
Trade and Other Payables Due Within One Year
Trade payables are recognised at the value of the invoice received from a supplier. The carrying value of trade
payables is considered to approximate fair value as amounts are unsecured and are usually paid by the 30th of the
month following recognition.
GROUP
2025
($000)
2024
($000)
Trade Creditors 2,639 2,153
Accrued Expenses 1,265 711
Employee Entitlements (refer below) 4,140 3,889
Total Payables and Accruals 8,044 6,753
Payables and accruals are non-interest bearing and are normally settled on 30 day terms, therefore their carrying
value approximates their fair value.
The foreign currency split for Payables and Accruals is:
GROUP
2025
($000)
2024
($000)
NZD 2,218 2,122
AUD 1,043 202
USD 4,722 4,423
SGD - 6
CAD 61
-
8,044 6,753
Employee Entitlements
Employee entitlements are measured at values based on accrued entitlements at current rates of pay. These include
salaries and wages accrued up to balance date and annual leave earned to, but not yet taken at balance date.
GROUP
2025
($000)
2024
($000)
Payroll Taxes 192 264
Holiday Pay 634 606
Accrued Wages 3,275 3,019
Long Service Leave 39
-
Total Employee Entitlements 4,140 3,889
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
29
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
18.SHARE CAPITAL
ACCOUNTING POLICY
Ordinary shares are described as equity.
Issue expenses, including commission paid, relating to the issue of ordinary share capital, have been written off
against the issued share price received and recorded in the Consolidated Statement of Changes in Equity.
Equity-settled share-based payments to employees and others providing services are measured at the fair value of
the equity instruments at the grant date. Details regarding the determination of the fair value of equity-settled share
based transactions are set out in Note 8.
GROUP
2025
($000)
2024
($000)
Ordinary Shares Authorised 294,458 294,400
Total Share Capital 294,458 294,400
All fully paid shares in the Group are Authorised and have equal voting rights and equal rights to dividends. All
Ordinary Shares are fully paid and have no par value.
Share Capital Group
2025 Shares
(000)
2025
($000)
2024 Shares
(000)
2024
($000)
Opening Balance 811,271 294,400 810,365 294,317
Issue of Ordinary Shares
- Employee Remuneration
1
645 58
906 83
Movement 645 58 906 83
Closing Balance 811,916 294,458 811,271 294,400
1)During the period 644,630 shares were issued as part of employees remuneration in lieu of cash payments at an average price of
$0.090 per share. (2024: 906,126 at $0.091).
There are 811,915,974 (March 2024: 811,271,344) ordinary shares on issue.
All fully paid shares in the Company have equal voting rights and equal rights to dividends. All Ordinary Shares are
fully paid and have no par value.
19.FOREIGN CURRENCY
ACCOUNTING POLICIES
Foreign Currency Transactions
The individual financial statements of the Group are presented in the currency of the primary economic environment
in which the entity operates (its functional currency). For the purpose of the Group financial statements, the results
and financial position of the Group entity are expressed in New Zealand dollars (‘NZ$’), which is the functional
currency of the Parent and the presentation currency for the Group financial statements.
In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s
functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the
transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated
at the rates prevailing at the end of the reporting period. Non monetary items denominated in foreign currencies are
translated at the rates prevailing on the date the transaction occurs.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
30
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
Exchange differences are recognised in the Consolidated Statement of Comprehensive Income in the period in
which they arise.
Foreign Operations
For the purpose of presenting the Group financial statements, the assets and liabilities of the Group’s foreign
operations are expressed in New Zealand dollars using exchange rates prevailing at the end of the reporting
period. Income and expense items are translated at the average exchange rates for the period, unless exchange
rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions
are used. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated as
a separate component of equity in the Group’s foreign currency translation reserve. Such exchange differences
are reclassified from equity to profit or loss (as a reclassification adjustment) in the period in which the foreign
operation is disposed of.
Foreign Currency Translation Reserve
Exchange differences relating to the translation from the functional currencies of the Group’s foreign subsidiaries into
New Zealand dollars are brought to account by entries made directly to the Foreign Currency Translation Reserve.
20.RECONCILIATION OF CASH FLOWS TO OPERATING ACTIVITIES WITH OPERATING NET LOSS
GROUP
2025
($000)
2024
$000
Net Loss for the Period (29,936) (29,535)
Add Non Cash Items:
Depreciation 842 716
Loss (Gain) on disposal of Property, Plant and Equipment (19) 14
Amortisation 571 621
Employee Share options 1,317 1,189
Employee bonuses paid in shares in lieu of cash 58 83
Depreciation on right of use assets 1,344 1,267
Interest on finance leases shown in lease repayments 230 138
Total Non Cash Items 4,343 4,028
Add Movements in Other Working Capital items:
(Increase) Decrease in Receivables and Other Assets (576) 964
(Increase) Decrease in Inventory 81 (401)
Increase (Decrease) in Payables and Accruals 1,289 (174)
Effect of exchange rates on net cash 59 (632)
Total Movement in Other Working Capital 853 (243)
Net Cash Flows to Operating Activities (24,740) (25,750)

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
31
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
21.FINANCIAL INSTRUMENTS
ACCOUNTING POLICY
Foreign Currency Transactions
Financial instruments include cash and cash equivalents, short term deposits, receivables, security deposits, finance
lease liabilities and trade creditors. The particular recognition methods adopted are disclosed in the individual
policy statements associated with each item.
Managing Financial Risk
The Group’s activities expose it to the financial risks of changes in interest rate risk, credit risk, liquidity risk and
foreign currency risk. Management is of the opinion that the Company and the Group’s exposure to market risk
during the period and at balance date is defined as:
Risk FactorDescription
(i)Currency RiskFinancial assets and financial liabilities are denominated in NZD, USD, AUD, SGD,
CAD and EUR currencies
(ii)Interest Rate RiskExposure to changes in Bank interest rates resulting in cash flow interest rate risk
(iii)Credit RiskRisk of financial loss if counterparty fails to meet contractual obligations
(iv)Liquidity RiskRisk the Group may not be able to meet its commitments as they fall due
(v)Other Price RiskNot applicable as no securities are bought, sold or traded
(i) Foreign Currency Risk
The Group faces the risk of movements in foreign currency exchange rates in relation to the New Zealand dollar.
The Group has significant operations in United States Dollars and less significant operations in Australian dollars,
Euros and Singapore dollars. As a result of this, the financial performance and financial position are impacted by
movements in exchange rates.
The Group manages foreign currency risk by purchasing overseas goods only when necessary and in line with the
approved treasury policy. It will also purchase foreign currency to fund overseas operations based on cash flow
forecasts in line with the approved treasury policy. There are no formal foreign currency hedges entered into.
A 10% increase or decrease in the foreign currency against the NZD will reduce/increase the loss reported by
approximately $180,000 (2024: $260,000) and increase/reduce equity by the same amount.
(ii) Interest Rate Risk
The Group’s interest rate risk arises from its cash and equivalents, and short term deposits. Cash and equivalents
comprise cash on hand and deposits at call with banks. Short term deposits comprise of term deposits placed with
New Zealand banks on fixed rates for different periods of time.
Management regularly review its banking arrangements to ensure it achieves the best returns on its funds while
maintaining access to necessary liquidity levels to service the Group’s day-to-day activities. The mixture of bank
deposits at floating interest rates and short term deposits at different rates over various periods of time mitigate
the risk of interest rates being received at less than market rates. The Group does not enter into interest rate
hedges.
A 1% increase or decrease in bank deposit interest rates will reduce/increase the loss reported by approximately
$214,000 and increase/reduce equity by the same amount (2024: $491,000).
(iii) Credit Risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations.
The Group incurs credit risk from:
a)Cash and short term deposits;
b)Receivables in the normal course of its business; and
c)Other assets.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
32
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
The Group has no significant concentration of credit risk other than bank deposits, with the exposure as at
31 March 2025 expressed as a percentage of total assets: 14.0% at ANZ, 12.5% at BNZ, 16.7% at Westpac, 14.8% at
Kiwibank and 2.8% at Wells Fargo. The Group’s cash and short term deposits are placed with high credit quality
financial institutions including major banks who have at least a A+ credit rating and concentrations are managed
within the approved treasury policy.
Regular monitoring of receivables is undertaken to ensure that the credit exposure remains within the Group’s
normal terms of trade. These receivables balances mainly relate to Kaiser Permanente, New Zealand customers,
and the New Zealand Government. Refer to note 10 for further details on expected credit losses for receivables.
The Group continues to invoice for every billable test completed in the US, and the billing and reimbursement
process continues to maximise the cash that is received by the Group. The Group has included an accrual for tests
performed from 1 April 2024 to 31 March 2025 for which payment has not been received by 31 March 2025.
Regular monitoring of other assets is undertaken to ensure that the credit exposure is limited.
The carrying values of financial assets represent the maximum exposure to credit risk as represented below:
GROUP
Notes
2025
($000)
2024
($000)
Cash and Cash Equivalents99,48229,261
Short Term Deposits913,08621,000
Trade and Other Receivables (excludes GST)104,9064,648
Other Assets (excludes prepayments)12 440 249
27,91455,158
(iv) Liquidity Risk
Liquidity risk is the risk that the Group may encounter difficulty in raising funds at short notice to meet its
commitments as they fall due. Management maintains sufficient cash balances and uses cash flow forecasts to
determine future cash flow requirements. Liquidity risk is managed within the approved treasury policy. The Group
has one external loan for $300,000 which relates to to the New Zealand Research and Development Tax Incentive
in-year payment loan scheme. The Group also has three finance leases.
Payables and Accruals totaling $7,863,000 are due within 3 months of balance date (2024: $6,753,000).
Fair Values
In the opinion of the Directors, the carrying amount of financial assets and financial liabilities approximate their fair
values at balance date.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
33
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
22.RELATED PARTIES
A shareholder, the University of Otago, provided services, including rental space, car parking and use of University
Equipment, to the Group to the value of $472,000 (2024: $493,000). The Group has commitments totaling
$368,000 (2024: $368,000) with the University of Otago in the next financial year.
Key Management Compensation
Key management personnel comprise of Directors and the Chief Executive Officer of Pacific Edge Limited, and the
President of Pacific Edge Diagnostics USA Limited.
Refer to Note 8 for details of the Incentive Plan that includes key management remuneration.
GROUP
2025
($000)
2024
($000)
Salaries and Other Short Term Employee Benefits2,5562,147
Share Options Benefits633646
Total Employee Entitlements3,1892,793
Directors’ Fees
The current total Directors’ fee pool for non-executive Directors of Pacific Edge Limited, approved by the
shareholders at the Annual Shareholders Meeting on the 29th July 2021 was $465,000 per annum and was based
on six Directors. With the addition of Tony Barclay on 21 March 2022, the number of Directors increased to seven.
In accordance with NZX Listing Rule 2.11.3 which permits an issuer to increase the aggregate amount payable to
the Directors to take into account an additional Director without shareholder approval, the pool for non-executive
Directors of Pacific Edge increased to $529,000. Mark Green ceased to be a Director on the 24th September
2024, reducing the pool back to $465,000 for the remainder of the financial year. The total amount of fees paid to
Directors for the year ended 31 March 2025 was $470,000 (2024: $500,000).
The table below sets out the total fees approved for non-executive Directors of Pacific Edge Limited for the year
ended 31 March 2025 based on the positions held:
Position
Quantity
2025
Fee per
Director
2025
($)
Total
Directors
Fees Paid
2025
($)
Quantity
2024
Fee per
Director
2024
($)
Total
Directors
Fees Paid
2024
($)
Chair1$115,000$115,0001$115,000$115,000
Deputy Chair 1$70,000$70,0001$70,000$70,000
Non-executive Directors
5 to Sept 24,
4 from Oct 24
$60,000$270,0005$60,000$300,000
Chair Audit & Risk Committee1$10,000$10,0001$10,000$10,000
Special Governance Allocation--$5,000--$5,000
Total Fee Pool$470,000$500,000

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
34
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
23.FINANCE AND OPERATING LEASE COMMITMENTS
ACCOUNTING POLICY
The Group leases various properties and equipment. Rental contracts vary depending on the type of asset
being leased. Lease terms are negotiated on an individual basis and contain a wide range of different terms and
conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for
borrowing purposes.
Contracts may contain both lease and non-lease components. The Group allocates the consideration in the
contract to the lease and non-lease components based on their relative stand-alone prices.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is
available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance
cost is charged to the Consolidated Statement of Comprehensive Income over the lease period to produce a
constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is
depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
(i) Measurement basis
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the
net present value of the following lease payments:
•fixed payments (including in-substance fixed payments), less any lease incentives receivable;
•variable lease payments that are based on an index or a rate;
•amounts expected to be payable by the lessee under residual value guarantees;
•the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
•payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of
the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case for leases in the group, the lessee’s incremental borrowing rate is used. The
incremental borrowing rate is the rate that the individual lessee would have to pay to borrow the funds necessary
to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms,
security and conditions.
To determine the incremental borrowing rate, the Group:
•where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to
reflect changes in financing conditions since third-party financing was received;
•uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by Pacific
Edge Limited, which does not have recent third-party financing; and
•makes adjustments specific to the lease, e.g. term, country, currency and security.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are
not included in the lease liability until they take effect. When adjustments to lease payments based on an index or
rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to the Consolidated
Statement of Comprehensive Income over the lease period to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
•the amount of the initial measurement of lease liability;
•any lease payments made at or before the commencement date;
•any initial direct costs; and
•restoration costs.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
35
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
Right-of-Use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on
a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the Right-of-Use asset is
depreciated over the underlying asset’s useful life.
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis
as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets
include IT equipment and small items of office furniture.
Right of Use Assets
GROUP
2025
($000)
2024
($000)
Cost
Opening Balance 7,997 4,191
Additions - 3,823
Removals (Leases Completed) (3,516) (134)
Foreign Currency Translation 151 117
Closing Balance 4,632 7,997
Accumulated Depreciation
Opening Balance 4,299 3,048
Depreciation 1,386 1,296
Reversal of Accumulated Depreciation (Leases Completed) (3,516) (134)
Foreign Currency Translation 18 89
Closing Balance 2,187 4,299
Net Right of Use Assets Balance 2,445 3,698
Right of Use Assets Net Book Value
Buildings 2,409 3,638
Computer Equipment 36 60
2,445 3,698
Depreciation
Buildings 1,360 1,261
Computer Equipment 26 35
1,386 1,296
Expenses relating to Short Term and Low Value Leases 131 147
Total Cash Outflow relating to Leases 1,496 1,406

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
36
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025
GROUP
Lease Liability
2025
($000)
2024
($000)
Opening Balance 3,773 1,222
Additions - 3,823
Lease Repayments (1,533) (1,406)
Interest Charged226 148
Foreign Currency Translation135 (14)
Closing Balance 2,601 3,773
Split by:
Current Liability 1,413 1,264
Non-Current Liability 1,188 2,509
2,601 3,773
The maturity of the Lease Liabilities is as follows:
Less than one year 1,413 1,264
One to two years 1,105 1,363
Two to three years 80 1,068
More than three years 3 78
2,601 3,773
24.OTHER COMMITMENTS AND CONTINGENT LIABILITIES
a)Contingent Liabilities
There were no known contingent liabilities at 31 March 2025 (March 2024: Nil). The Group has not granted any
securities in respect of liabilities payable by any other party whatsoever.
b)Capital Commitments
There are no capital commitments at 31 March 2025 (March 2024: Nil).
25.SUBSEQUENT EVENTS
Medicare Non-coverage of Cxbladder Tests
On 24 April 2025, Local Coverage Determination (L39365) ‘Genetic Testing in Oncology: Specific Tests’ became
effective in the US, halting Medicare coverage of Cxbladder tests.
Pacific Edge, which currently generates approximately 60% of its US revenue from Medicare and approximately
56% of total Operating Revenue, will now focus on the paths available, which include Medicare appeals for
Cxbladder Triage to get paid based on its inclusion in the AUA microhematuria guideline, despite the non-coverage
determination and reconsideration requests for Triage and Monitor.
Pacific Edge submitted a reconsideration request for Cxbladder Triage under ‘Biomarkers for Oncology’ LCD
(L35396) on 21 March 2025, a request that has already been deemed valid by Novitas, meaning they will now assess
the evidence submitted. During May 2025 Pacific Edge has also submitted a reconsideration request for Cxbladder
Monitor under ‘Genetic Testing in Oncology: Specific Tests’ (L39365) requesting non-coverage to be removed.

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
37
However, Pacific Edge will not seek re-coverage of Cxbladder Detect as no new evidence has been published that
can be submitted for reconsideration. Detect users will be required to move over to Triage in an acceleration of a
plan intended to coincide with the commercial launch of Triage Plus.
Novitas controls the timeline for these reconsideration requests and is not bound by any maximum period to
complete this work. Industry experts typically estimate the time at 6-9 months for a valid submission of a single
product with only a small number of new supporting publications and not the protracted period of consultation
that results from creating a new LCD as was done with L39365.
Regarding Cxbladder Triage Plus, the Company will continue to develop, publish and subsequently submit a
reconsideration request in line with our previously published roadmap – those activities remain on track. The
Company will also continue to work with Kaiser Permanente on a peer-reviewed publication confirming the real-
world utility of Cxbladder Triage.
While the impact of ‘Genetic Testing for Oncology: Specific Tests’ (L39365) is expected to have a significant impact
on testing volume, Pacific Edge expects to continue to bill and receive reimbursement from contracted commercial
US payers without interruption, notably Kaiser Permanente, the US Veterans Administration, various Blue Cross
Blue Shield plans under the group purchasing agreement and from non-contracted private payers in line with
historic reimbursement rates. Similarly, Pacific Edge expects collections from our enhanced patient responsibility
and patient assistance programs to continue in line with the rates since the introduction of that program in July
2023.
The impact on revenue and revenue recognition is unable to be determined at this stage until the Group can
determine the impact of the non-coverage on the number of tests that the Company receives payment for and the
level of payment received.
Equity Raise
As detailed in the Going Concern section of Note 1 - Material Accounting Policy Information, to assist in the future
additional funding requirements of the Group. On 29 May 2025, the Board approved a capital raise which is being
progressed with the intention of raising at least $20m via a Placement and Share Purchase Plan. Completion of the
Placement will be dependent on shareholder approval, with anticipated settlement date no later than 31 August 2025.
Notes to the Consolidated Financial Statements
For the twelve months ended 31 March 2025

PricewaterhouseCoopers, PwC Centre, 60 Cashel Street, PO Box 13-244, Christchurch 8141, New Zealand
T: +64 3 374 3000, www.pwc.co.nz
Independent auditor’s report
To the shareholders of Pacific Edge Limited
O
ur opinion
In our opinion, the accompanying consolidated financial statements (the financial statements) of
Pacific Edge Limited (the Company), including its subsidiaries (the Group), present fairly, in all
material respects, the financial position of the Group as at 31 March 2025, its financial performance,
and its cash flows for the year then ended in accordance with New Zealand Equivalents to
International Financial Reporting Standards (NZ IFRS) and International Financial Reporting
Standards Accounting Standards (IFRS Accounting Standards).
What we have audited
The Group's financial statements comprise:
•the consolidated balance sheet as at 31 March 2025;
•the consolidated statement of comprehensive income for the year then ended;
•the consolidated statement of changes in equity for the year then ended;
•the consolidated statement of cash flows for the year then ended; and
•the notes to the financial statements, comprising material accounting policy information and other
explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the financial statements section of our
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor, our firm carried out other assignments in the areas of other
services relating to half year review procedures, assurance on carbon emissions and the provision of
a training workshop. The firm has no other relationship with, or interests in, the Group.
Material uncertainty related to going concern
We draw attention to the disclosures in Note 1 to the financial statements, which indicates that the
Company incurred a net loss after tax of $29.936m (2024: loss of $29.535m) and had net cash
outflows from operating activities of $24.740m (2024: cash outflow $25.750m). The Company has
cash, cash equivalents and short term deposits of $22.568m at 31 March 2025. In addition,
subsequent to year end the Company lost Medicare coverage for its Cxbladder tests which represents
approximately 56% of operating revenue. An equity raise intended to raise at least $20m was
approved by the Directors on 29 May 2025, to be completed by 31 August 2025, to provide additional
funding.
As stated in Note 1, if the Company is unable to raise additional funds via the equity raise and control
its costs appropriately it may have insufficient funds to meet its obligations. These events or
conditions, along with other matters set forth in Note 1, indicate the existence of material uncertainties
that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is
not modified in respect of this matter.
38

PwC 39
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current year. These matters were addressed in the context
of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. In addition to the matter described in the Material
uncertainty related to going concern section, we have determined the matters described below to be
the key audit matters to be communicated in our report.
Description of the key audit matter
How our audit addressed the key audit
matter
Re
venue recognition for US revenue
As disclosed in Note 5 of the consolidated financial
statements, the timing of revenue recognition for
US based revenue varies by revenue stream
between completion of the Cxbladder test and
receipt of cash. As disclosed in Note 5, US revenue
was $20.1m out of total operating revenue of
$21.8m for the year ending 31 March 2025.
The Company has three material United States
(US) revenue streams:
1.Coverage via Centers for Medicare an
d
Med
icaid Services (CMS) and Medicar
e
A
dvantage;
2.Tests performed for Kaiser Permanente; and
3.Other private insurance.
In July 2020, the Company received Local
Coverage Determination ("LCD") and Local
Coverage Article (LCA) for CMS. This
determination created a set price for the Company's
tests of US$760 per test from July 2020, and
established a clear transaction price for the tests.
This transaction price, along with a history of
payment, satisfies the NZ IFRS requirement for
revenue recognition.
In the US derived revenue for tests performed for
CMS, Medicare Advantage, and Kaiser
Permanente have been recognised in advance of
cash being received. Revenue for these customers
is recognised once the test is invoiced.
All other US derived revenue is accounted for on a
cash receipt basis as disclosed in Note 5.
As disclosed in Note 25, subsequent to year end
Medicare ceased coverage of Cxbladder. Whilst
this does not have an impact on operating revenue
recognised in the current financial year, it does
create uncertainties regarding future operating
revenue.
We determined this to be a key audit matter due to
the significance of the judgements applied by
Directors for revenue recognition and the
significance of US revenue to the Company’s
operations.
Our audit procedures included the following:
We obtained an understanding of
management's processes and controls for
the CMS, Medicare Advantage, Kaiser
Permanente, and private insurance US
revenue streams, including the relevant
controls at the external billing
reimbursements service organisation.
We obtained the SOC1 System and
Organisation Controls Report for the external
billing reimbursement service organisation,
and evaluated the evidence provided over
the design and operating effectiveness of the
relevant controls.
We evaluated management's determination
of the timing of revenue recognition by:
●Assessing the data supporting revenu
e
r
ecognition for CMS, Medicar
e
A
dvantage, and Kaiser Permanente t
o
c
onfirm that the transaction price can
be
det
ermined and collectability is probable;
●Assessing the data supporting revenu
e
r
ecognition for other private insurance t
o
c
onfirm that the transaction price a
nd
c
ollectability is only probable when cas
h
i
s received;
●Performing subsequent receipt testing t
o
v
alidate the probability of collection of
the year end receivables and performi
ng
l
ook back procedures over the prior year
receivables to test collection rates; and
●Evaluated whether revenue has be
en
r
ecognised appropriately in accordanc
e
with NZ IFRS 15.
We considered the appropriateness of
disclosures in the consolidated financial
statements.

PwC 40
Our audit approach
Overview
Overall group materiality: $545,000, which represents approximately 1%
of total expenses.
We chose total expenses as the benchmark because, in our view, it is
the benchmark against which the Group is most commonly measured by
users, and is generally accepted benchmark.
As reported above, we have one key audit matter, being:
•Revenue recognition for US revenue
As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management made
subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. As in all of our
audits, we also addressed the risk of management override of internal controls, including among other
matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall Group materiality for the financial statements as a whole as set out above. These,
together with qualitative considerations, helped us to determine the scope of our audit, the nature,
timing and extent of our audit procedures, and to evaluate the effect of misstatements, both
individually and in the aggregate, on the financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an
opinion on the financial statements as a whole, taking into account the structure of the Group, the
accounting processes and controls, and the industry in which the Group operates.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual Report, but does not include the financial statements and our
auditor’s report thereon. The Annual Report is expected to be made available to us after the date of
this auditor’s report.
Our opinion on the financial statements does not cover the other information and we will not express
any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.

PwC 41
When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the financial statements in accordance with NZ IFRS and IFRS Accounting Standards, 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 financial statements, the Directors are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern, and using the
going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a
whole, are free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which 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 Company and the Company’s shareholders, as a body, for our
audit work, for this report, or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Maxwell John
Dixon.
F
or and on behalf of:
P
ricewaterhouseCoopers Christchurch
29 May 2025

PACIFIC EDGE LIMITED CONSOLIDATED FINANCIAL STATEMENTS 2025
42
COMPANY DIRECTORY
As at 31 March 2025
Issued Capital
811,915,974 Ordinary Shares
Registered Office
Level 12, Otago House
Cnr Moray Place and Princes Street
Dunedin
Directors
C. Gallaher – Chairman
B. Williams – Deputy Chairman
A. Masfen
S. Park
A. Stove
M. Green (Retired 24 September 2024)
A. Barclay
Chief Executive Officer
Peter Meintjes
Chief Financial Officer
Grant Gibson
Nature of Business
Research, develop and commercialise new
diagnostic and prognostic tools for the early
detection and management of cancers.
Auditors
PricewaterhouseCoopers
Christchurch
Bankers
Bank of New Zealand
Dunedin
ANZ
Dunedin
Kiwibank
Dunedin
Westpac
Dunedin
Wells Fargo
San Francisco
Solicitors
Anderson Lloyd
Level 12, Otago House
Cnr Moray Place and Princes Street
Dunedin
Securities Registrar
MUFG Corporate Markets
138 Tancred Street
Ashburton
Company Number
1119032
Date of Incorporation
27 February 2001
PACIFIC EDGE COMMUNICATIONS
Websites
www.pacificedgedx.com
www.cxbladder.com
Facebook
www.facebook.com/PacificEdgeLtd
www.facebook.com/Cxbladder
Twitter
@PacificEdgeLtd
@Cxbladder
LinkedIn
www.linkedin.com/company/pacific-edge-ltd

87 St David Street, PO Box 56, Dunedin, New Zealand
0800 555 563 (NZ) | +64 3 577 6733 (Overseas)
https://www.pacificedgedx.com

---

CLIMATE REPORT
FOR THE YEAR ENDED 31 MARCH 2025

1. STATEMENT OF COMPLIANCE
Pacific Edge Limited and the subsidiaries listed below (collectively referred to as Pacific Edge) are a climate-
reporting entity under the Financial Markets Conduct Act 2013. This report outlines our climate-related
disclosures for the period 1 April 2024 to 31 March 2025 (FY 25) in compliance with the Aotearoa New
Zealand Climate Standards (NZCS) issued by the External Reporting Board (XRB). Unless noted otherwise,
all numbers and commentary relate to the full FY 25 period.
• Pacific Edge Diagnostics New Zealand Limited
• Pacific Edge (Australia) Pty Limited
• Pacific Edge Diagnostics USA Limited
• Pacific Edge Diagnostics Singapore Pte Limited
• Pacific Edge Analytical Services Limited
In preparing our climate-related disclosures, Pacific Edge has applied some of the adoption provisions
available under the NZCS in the initial years of reporting:
Adoption Provision 4: Scope 3 GHG emissions – provides an exemption from the requirement to
disclose all scope 3 emissions in an entity's first or second reporting period. On the basis that FY 25 is
Pacific Edge's second reporting period, the scope 3 emissions detailed in Table 9 on page 19 have been
excluded from our greenhouse gas (GHG) emissions.
Adoption Provision 6: Comparatives for metrics – Pacific Edge has elected to use Adoption Provision 6,
which permits any entity to provide one year of comparative information for each metric in its second
reporting period. Accordingly, Pacific Edge has disclosed comparative data for the preceding period,
being FY 24.
Adoption Provision 7: Analysis of trends – provides an exemption from the requirement to disclose an
analysis of the main trends evident from a comparison of each metric against the preceding comparative
periods. As FY 25 is our second year of reporting, we have provided a one-year trend analysis based on
FY 24 data, and applied the exemption for earlier years where data is not available.
Adoption Provision 8: Scope 3 GHG emissions assurance – in line with this provision, Scope 3 GHG
emissions were excluded from the assurance for FY 25.
We acknowledge the growing importance of understanding climate-related risks and opportunities. Our
analysis is based on current data, which continues to evolve. We will review and update our assessments
annually to reflect the latest information.
This report includes forward-looking statements and climate metrics, which involve a degree of uncertainty.
These are not predictions, forecasts or guarantees of future outcomes or financial performance. The
statements are subject to known and unknown risks, uncertainties, and other factors, many of which are
beyond our control, and actual results may differ significantly. We encourage readers to interpret this
information with care, given the limitations of current climate modelling and data.
This report has been approved by the Board on 29 May 2025 and is signed on behalf of the Board by
Chris Gallaher (Chair) and Tony Barclay (Chair of the Audit and Risk Committee).
Chris Gallaher Tony Barclay
Chair Chair of the Audit and Risk Committee
2

2. GOVERNANCE
PACIFIC EDGE BOARDOverall oversight of climate risks and
opportunities
EXPERT ADVICE
where required
AUDIT AND RISK
COMMITTEE (ARC)
Supports the board in oversight of climate
risks and opportunities and monitors
progress against targets
CHIEF EXECUTIVE
OFFICER (CEO)
Responsible for all sustainability matters
(including climate matters)
SUSTAINABILITY
COMMITTEE
Responsible for execution of sustainability
strategy, oversight of ESG programme and
compliance reporting
INDEPENDENT ASSURANCE
OF SCOPE 1 AND SCOPE 2 GHG
DISCLOSURES IN ACCORDANCE
WITH ASSURANCE REPORT ON
PAGES 23-25
INTERNAL TEAMS AND
EMPLOYEES
Overall oversight of climate risks and
opportunities
BOARD OVERSIGHT
Pacific Edge’s Board is ultimately responsible for the Company’s strategy, including how we address
sustainability and build resilience in response to climate-related changes in the business environment. It also
oversees the identification and management of climate-related risks and opportunities, and is accountable
for setting and monitoring progress against our metrics and targets in these areas.
The Board delegates oversight of sustainability and climate-related matters to the Audit and Risk Committee
(ARC). Under its charter the ARC is responsible for ensuring Pacific Edge has a clear and effective
sustainability strategy, supported by the appropriate processes and resources to deliver on it.
The Board also approves the risk management framework and oversees the company’s management of
key risks. The ARC supports this by identifying and reviewing the key risks (including climate-related risks),
assessing their materiality, ensuring the adequacy of risk management processes, and ensuring the Board
receives reliable and timely information. The ARC also considers emerging risks and future events that may
impact the company.
Risks, including climate-related risks, are reviewed by the Board at every scheduled meeting, with a “deep
dive” annual review led by the ARC.
The ARC meets at least four times per year. As part of the meetings it receives updates from the business
and the Sustainability Committee (refer Management Responsibilities section). These updates enable the
ARC to assess progress against strategy, oversee risk management practices and engage the appropriate
external experts when needed to support Pacific Edge with its climate disclosure efforts.
In line with its role, the ARC assists the Board to set, monitor and oversee progress against climate-related
metrics and targets for the management of Pacific Edge’s climate-related risks and opportunities.
Board skills and competencies
To ensure strong governance, Pacific Edge uses a Board skills matrix to assess and maintain the appropriate
competencies and skills required of the Board. Relevant skills for overseeing climate-related risks and
opportunities include legal, regulatory and risk management expertise, governance of listed or other
climate-reporting entities, and environmental and sustainability experience. The current skills matrix is
included in the FY 24 Annual Report (page 47), and an updated version will be included in the FY 25 Annual
Report, expected by 30 June 2025.
PACIFIC EDGE LIMITED CLIMATE REPORT 2025
3

External advisors and capability building
To continue upskilling the Board and management as well as having access to subject matter experts
when required, Pacific Edge engages Toitū Envirocare to provide a software solution for the collection and
reporting of carbon data and Deloitte for additional analytical support.
Several directors are members of Chapter Zero, a governance group hosted by the Institute of Directors
New Zealand and associated with the Global Climate Governance Initiative.
Chapter Zero membership supports directors in building climate knowledge, integrating climate
considerations into board decision-making, and identifying and addressing the risks and opportunities that
climate change presents to long-term business resilience, while taking into account all stakeholders.
Looking ahead, further training opportunities for Board members are planned for FY 26 through
organisations such as INFINZ and the Institute of Directors, as we continue to strengthen our climate
governance capability.
Policy oversight and incentives
Policies related to climate change are reviewed by the relevant committees and the Board as required. While
climate-related metrics are not currently incorporated in executive remuneration, the People and Culture
Committee ensures that Pacific Edge’s remuneration policies and practices are aligned with the company’s
strategic goals and incorporated into short-term and long-term incentives, where appropriate.
The climate-related metrics and targets outlined in this report have been reviewed and approved by the
Board. Progress against targets is reviewed by ARC and Board at least once a year.
MANAGEMENT RESPONSIBILITIES
Accountability for delivering Pacific Edge’s sustainability goals sits with the Chief Executive Officer (CEO).
Oversight of this responsibility is delegated to the Sustainability Committee, chaired by the Chief Financial
Officer (CFO). The committee comprises senior leaders including the Chief Operating Officer (COO) and key
functional representatives from both our New Zealand and United States operations.
The Sustainability Committee is responsible for executing Pacific Edge’s sustainability strategy. This
includes overseeing transition initiatives, management of the ESG programme and ensuring compliance
with reporting requirements. It meets at least four times per year to monitor progress and performance and
meets with the ARC at least annually.
Pacific Edge’s risk management framework supports a consistent approach to identifying, assessing,
managing and monitoring risks and opportunities, including those related to climate. All departmental
leaders are required to report any relevant risks to the CEO, CFO or COO during each board meeting cycle,
with an assessment of those risks incorporated into the risk register provided to the Board.
For FY 25, climate-related risks and opportunities were captured in a standalone detailed climate risk
register. This approach supports our climate reporting obligations while allowing for the longer time
horizons associated with climate-related risks and their potential impacts.
Integrating climate considerations into the broader enterprise risk framework ensures alignment with our
company strategy, capital deployment and funding decisions. Pacific Edge continues to invest capital and
other resources in key strategic projects that are expected to deliver significant economic, social and climate
benefits. In our day-to-day operations, emissions reduction is a key consideration as we drive continuous
improvement initiatives to increase operating efficiency and improve our customer experience.
3. STRATEGY
CURRENT CLIMATE-RELATED IMPACTS
The effects of climate change have not materially impacted Pacific Edge’s operations to date and have
not changed between FY 24 and FY 25. However, this may change over time, with anticipated risks and
opportunities identified in Table 5. The current key climate-related impacts that could be experienced by
Pacific Edge are described in Table 1 on page 5.
4

Table 1
Area of ImpactImpact DescriptionQuantified Impact
PHYSICAL
Severe or extreme
weather events
Interrupted laboratory operations in US and New Zealand –
due to extreme weather events such as flooding, wildfires,
tornados or severe storms.
While current risk and impact is low, the frequency of events
is increasing. We are therefore preparing for a period of
time where samples cannot be processed due to loss of
electricity and/or access to the laboratories.
We are working to ensure we have either owned or
contracted access to backup power to ensure preservation
of both patient samples and research samples. If patient
samples are frozen and run at a later time, there would be
minimal revenue loss.
Revenue / Cost Impact
Both low (under $2.0m)
If research samples previously frozen are lost due to loss
of electricity, there could be a sizable impact on future
research. New samples could be obtained, but would incur
a significant cost, and there could be delays releasing new
products and publishing clinical studies to support wider
uptake of Cxbladder products.
Revenue / Cost Impact
Longer term - potential
to be high (over $5.0m)
TRANSITION
Increased supplier
costs
Increased costs - including freight and travel. Climate
change has the ability to extend delivery times (as seen in
FY 24 with drought limiting container travel through the
Panama Canal) for some key components and increasing
travel costs.
The quantified impact has been assessed by determining a
10% increase on FY 25 costs incurred.
Cost Impact
Low (under $2.0m)
Compliance and
reporting
Increased costs and resources dedicated to ensuring
compliance and disclosure in regard NZCS. Additional
internal and external resources have been engaged to meet
requirements.
Cost Impact
Low (under $2.0m)
SCENARIO ANALYSIS UNDERTAKEN
In FY 24 Pacific Edge conducted its first climate scenario analysis to better understand climate-related risks
and opportunities, and to assess the resilience of our business model and strategy. This analysis was based
on the Intergovernmental Panel on Climate Change (IPCC) framework, due to its science-based approach
and comprehensive detail.
The analysis was developed internally by the Sustainability Committee and reviewed by external consultants
Te Whakahaere, before being presented to the Board for discussion. Following this, the scenarios were
refined by the Sustainability Committee with further input from our United States operations, before
receiving final approval.
In FY 25, we reviewed the Climate Change Scenarios for the Health Sector to identify any additional
insights that could further strengthen our analysis. We also considered changes in our business and the
markets we operate in to ensure the scenario analysis remains relevant. The Board has confirmed that the
scenarios developed in FY 24 continue to be appropriate for understanding our climate-related risks and
opportunities, and the resilience of our business model and strategy.
PACIFIC EDGE LIMITED CLIMATE REPORT 2025
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