Annual Report 2025

ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2025

Pacific Edge Limited 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 for surveillance of recurrent disease.
Headquartered in Dunedin, New Zealand, with shares listed on
the NZX and the ASX under the ticker code PEB, the company
provides its suite of Cxbladder tests globally through its
wholly owned, and CLIA certified, laboratories in New Zealand
and the USA.
2

This report provides a summary review of Pacific
Edge’s operational and financial performance for the
year to 31 March 2025. It should be read in conjunction
with the company’s financial statements on pages
69 to 104 of this report. Throughout this report we
have focused on what we believe matters most to
our stakeholders and our business. Our aim is to
provide easily understood, transparent and engaging
disclosures for our shareholders that describe our
business, what we do and why we do it.
The information in this report has been compiled in
accordance with relevant law, rules, and corporate
governance recommendations for investor reporting.
Financial information has been prepared in accordance
with appropriate accounting standards and the
consolidated financial statements have been audited
by PwC New Zealand.
This report, including the commentary, financial
statements and information required by statute were
approved by the Pacific Edge Board on 30 June 2025.
An electronic version of this report is available on the
investor section of our website: www.pacificedgedx.com
Chris Gallaher Tony Barclay
Chairman Chair of the Audit
and Risk Committee
Highlights 4
Chair and CEO reports 6
Strategic overview and success 12
Sustainability 22
Board and management 42
Governance 46
Risk analysis 57
Remuneration 63
Financial statements 69
Auditors report 105
Statutory information 110
Directory 114
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
3

FY 2025 FINANCIAL AND OPERATING HIGHLIGHTS
FINANCIAL PERFORMANCE
2
■

1H
■
2H
GLOBAL COMMERCIAL TEST VOLUMES
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
TESTS
■

1H
■
2H
GLOBAL TOTAL TEST VOLUMES (TLT
1
)
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
TESTS
FY 25FY 24
$21.8M
OPERATING REVENUE

8.6%
US$594
FY 25 AVERAGE US SALES PRICE

1.7% ON FY 24
$29.9M
NET LOSS AFTER TAX

1.4%
$22.6M
CASH, CASH EQUIVALENTS
AND SHORT-TERM DEPOSITS
AT 31 MARCH 2025
406
Q4 25 TESTS/US SALES FTE

6.4% ON Q4 24
$16.1M
NEW EQUITY RAISED
IN MAY 2025
3

1
Total Laboratory Throughput (TLT) includes commercial, pre-commercial and clinical studies testing
2
All comparisons are to the same period of the prior financial year unless otherwise stated
3
Subject to shareholder approval to be sought at the 2025 Annual Shareholders' Meeting
23,086
FY 22
11,950
11,136
32,633
14,393
18,240
28,894
14,669
14,225
FY 23
31,565
16,645
14,920
26,691
FY 23
12,422
14,269
19,196
FY 22
9,192
10,004
27,347
15,401
11,946
FY 24
24,642
12,325
12,317
FY 25
A RESILIENT PERFORMANCE AMID MEDICARE UNCERTAINTY
We have delivered an improved sales force performance, operating efficiencies and cash
collection gains, positioning the company for accelerated growth as we work towards
regaining Medicare coverage of our tests.
4

FY 2025 FINANCIAL AND OPERATING HIGHLIGHTS
TEST VOLUMES BY TYPE (TLT)
■

CXBLADDER DETECT
■
CXBLADDER MONITOR
■
CXBLADDER TRIAGE
■

APAC
■
AMERICAS
■

1H
■
2H
PACIFIC EDGE OPERATING REVENUE
REGIONAL REVENUE CONTRIBUTION
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$(000)
FY 25FY 24
$19,916
$10,909
$8,707
$23,907
$10,812
$13,095
$21,846
$10,887
$10,959
FY 22
$11,445
$6,067
$5,378
FY 25
49%
19%
32%
FY 24
57%
22%
21%
FY 23
92%
8%
6%
FY 25FY 24
94%
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
5

Dear Shareholders
Pacific Edge delivered a resilient financial
result for the year ended March 2025 and
achieved two company defining milestones.
Our Cxbladder Triage test received a ‘Grade A’
1

evidence rating from the American Urological
Association (AUA) in its new microhematuria
guidelines — the highest endorsement available
given the available evidence. Meanwhile, the US
Centers for Medicare & Medicaid Services (CMS)
proposed a draft price of US$1,018.44 for our
Cxbladder Triage Plus test, which represents a
meaningful increase over the current US$760
pricing.
The first of these achievements, as Peter outlines
in his Chief Executive's Report, positions Pacific
Edge to overcome the primary disappointment
for the year — the adverse ‘Genetic Testing for
Oncology: Specific Tests (L39365)’ Local Coverage
Determination by Medicare Administrative
Contractor Novitas that ended Medicare coverage
of our tests. It has entrenched our first mover
advantage, extended the moat around our
business and also delivered a shift in clinical
sentiment towards the adoption of our tests both
in the US and further afield. The second of these
achievements — favorable pricing of Triage Plus
— positions Pacific Edge for increased revenue
growth and a faster path to profitability in the US
once Medicare coverage is reinstated.
Meanwhile in the face of the uncertainty for
most of the FY25 year over continued Medicare
coverage of our tests, we delivered enhancements
in sales performance, operational efficiency, and
improved cash collection, making us leaner and
more productive organization. We have also grown
the volume of tests supplied to non-Medicare
healthcare payers.
Directors are encouraged to see so many
shareholders share our strategic outlook, as
demonstrated by the strong support we received
for the first stage of the ~$20 million capital raise
launched on the same day we announced our
FY 25 results (see below). Our focus is now on
making good on that potential.
FINANCIAL RESULTS
Operating revenue of $21.8 million was down 8.6%
from $23.9 million in FY 24, 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 was steady against 1H
25. Commercial test volumes were 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.
Tests for Medicare and Medicare Advantage —
those affected by the LCD — represented 53%
of US commercial tests in FY 25 vs 58% in 1H 24.
This improvement reflects rising demand from
contracted payers such as the Southern California
Permanente Medical Group.
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 (up 1.4%), with
reduced FY 25 revenue offset by the benefits of
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.
CASHFLOW AND BALANCE SHEET
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
accounting for the higher cash expenditure in 1H 25
related to payments that cover a 12 month period,
the underlying cash burn was steady as operating
cash conservation initiatives continued to deliver.
CHAIRMAN’S REPORT
1
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"
GUIDELINE INCLUSION: A COMPANY DEFINING MILESTONE
6

As I mentioned we took steps to strengthen our balance
sheet in late May with the placement of $16 million in
new equity to investors and the planned launch of a ~$5
million Share Purchase Plan (SPP) for retail investors. We
are undertaking this capital raising, which is subject to
shareholder approval
2
, because the guideline inclusion
allowed the company to view the non-coverage
determination differently, giving us the option to build on
the commercial momentum we have already established,
including our plans to regain Medicare coverage.
GOVERNANCE
The Board at Pacific Edge has seen some changes over
the last year. Mark Green stepped aside after our annual
meeting in September 2024, and we resolved not to
replace him in line with our capital preservation efforts.
As disclosed in June, I have accepted the Board invitation
to postpone my planned retirement from Pacific Edge
and remain as Chair of the company to provide the
stability and continuity the company needs at present.
Consequently, I intend to stand for re-election at the
company's Annual Shareholders' Meeting.
OUTLOOK
In the short term we expect to see a reduction in US
test volumes and revenue reflecting the impact of the
LCD. 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.
Supported by the new capital we are raising from
shareholders, we can now look forward to a time when
our tests are covered by Medicare.
I look forward to seeing you all at our Annual
Shareholders’ Meeting in early August to consider these
matters and the capital raising.
With my warm regards,
Chris Gallaher
Chairman
“... the guideline
inclusion allowed
the company to view
the non-coverage
determination
differently..."
2
Shareholder approval is required to settle the Placement (i.e., for payment for, and
allotment of, the new shares offered under the Placement) given the Placement
exceeds Pacific Edge's placement capacity (15% of Pacific Edge's current shares on
issue) and due to Related Party participation. The Placement is also conditional on all
necessary regulatory approvals. In this regard, the company intends to seek a waiver
from NZX Listing Rule 4.19.1 to permit the allotment of shares under the Placement
after shareholder approval is obtained. The Placement offer closed on 30 May 2025
for the purposes of clause 21(1)(b)(ii) of Schedule 8 to the Financial Markets Conduct
Regulations 2014.
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
7

Dear Shareholders
Pacific Edge can look back on FY 25 as the
year it definitively established itself as the
first mover in non-invasive bladder cancer
diagnostics and secured all the advantages
that come with that position.
The American Urological Association’s (AUA)
inclusion of Cxbladder Triage in the new
microhematuria guideline with a ‘Grade A’
evidence rating — the only biomarker to achieve
that evidentiary standard — has highlighted this
position and provides us the means to entrench
our leadership. Supported by the guideline, our
peer-reviewed clinical evidence, and the proceeds
from the ongoing ~$20 million capital raising, we
are seeking to advance the commercialization of
our tests in the US and further afield.
MEDICARE RE-COVERAGE
With the LCD 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 AUA guideline and the
evidence that has previously not been reviewed
in the original determination. This includes the
groundbreaking STRATA study
1
on which the new
guideline was based. We lodged a reconsideration
request for Cxbladder Monitor in May 2025
supported by two new real-world studies out of
Australia. With these reconsideration requests in
place, the South Eastern Section of the American
Urological Association (SESAUA), and at least 15
urologists have asked Novitas to expedite review
of our Cxbladder Triage. Furthermore, the AUA has
sent in its own reconsideration request including
their guidelines, the STRATA paper and a reference
to real world evidence demonstrating the clinical
utility of Cxbladder presented to the AUA annual
meeting by Kaiser Permanente.
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 success is
not guaranteed, but guideline inclusion is typically
considered a much higher standard of evidence
than the 'medically reasonable and necessary'
standard required under the US Social Security Act.
We have meanwhile 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. These
efforts have delivered tangible improvements in
the performance metrics we track for sales force
efficiency and customer stickiness.
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 are on track for publication
later this year. The publication from the DRIVE
study will confirm the clinical utility of Triage
Plus for the same indication as Triage in the AUA
microhematuria guideline.
Recognizing 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.
Triage Plus is set to underpin the future of
the company as the sole test for hematuria
evaluation in the US, supported by strong
clinical endorsement and a compelling economic
profile. Triage Plus is currently available to select
customers under an early access program, and its
full commercial launch will follow the establishment
of reliable reimbursement. With the draft pricing
34% higher than our existing tests, the threshold
number of tests for an Account Executive to
achieve profitability lowers, enabling faster scaling
and a clearer path to long-term profitability.
CHIEF EXECUTIVE'S REPORT
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.
EXTENDING THE MOAT AROUND OUR BUSINESS
8

ALTERNATIVE REVENUE STREAMS
The AUA guideline also provides Pacific Edge with
several options to build momentum despite the
non-coverage determination on L39365. We expect
to continue to receive reimbursement from
contracted 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
commercial payers.
Similarly, we expect to improve collections from
non-contracted commercial payers through three
initiatives.
The first is to appeal denied claims to “external
review” where permitted, 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 pay Pacific Edge
for the test and separately to seek reimbursement
from the commercial payers. This model provides
financial benefits to Pacific Edge and the client. The
third is already in process, and that is to have our
clinical evidence reviewed by ‘data curators’. These
third parties make their reviews available through a
subscription to commercial payers, with commercial
payers granting positive medical policy to tests with
favorable reviews.
Pacific Edge already has a favorable rating from
ECRI
2
a rating as high as any molecular diagnostic
biomarker for oncology in their database, and is
seeking further favorable reviews. For commercial
claims that ultimately result in a denial, we intend
to continue our enhanced patient responsibility and
patient assistance program to drive some payment
from patients for our test.
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.
2
ECRI is the Emergency Care Research Institute (https://home.ecri.org/)
“The AUA guideline...
provides Pacific
Edge with a number
of options to build
momentum.”
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
9

These efforts will be supported by our investment
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.
RESEARCH AND DEVELOPMENT
We are targeting the development of a kit-
based in-vitro diagnostic test (IVD) to accelerate
momentum in new markets globally. Key steps
to achieve this goal include understanding the
global regulatory requirements and prototyping
a test that is aligned with them. We are aiming to
manufacture a test that meets these goals and
commencing analytical and clinical validation
during FY27. The R&D, Digital and Operations
teams all have a shared focus on readying our
lab operations for the commercial scaling of
Triage Plus.
OUTLOOK
Pacific Edge is well positioned to leverage the AUA
guideline inclusion to entrench our first-mover
advantage and accelerate growth in the year
ahead. We expect to achieve this goal increasing
clinical throughput, expanding sales team
productivity, and strengthening our evidence base
to support reimbursement and coverage decisions
for both Triage Plus and Monitor Plus.
The key growth catalyst will be the successful
reconsideration of the LCD. However, we are also
confident we can deliver significant incremental
improvements to broaden access through
electronic ordering and commercial insurance
uptake and enhancing reimbursement through
our client billing program. Meanwhile, in the longer
term the advancement of IVD kit development to
support international expansion will catalyze more
rapid adoption globally.
While the challenges of Medicare coverage over
the last year have been disappointing, I remain
confident we have laid the groundwork for scalable
growth and increased shareholder value.
I look forward to sharing more with you at our
Annual Shareholder’s Meeting in early August.
With my warm regards,
Dr Peter Meintjes
Chief Executive
CHIEF EXECUTIVE'S REPORT
10

- The total addressable market for Cxbladder in the US is estimated to be more than US$4.4b
1
and
US$8.5b globally.
- Pacific Edge has laboratory infrastructure in place in New Zealand and the US with a lab
scalability plan to handle more than 300k tests per annum. This can be scaled further with
additional laboratory footprint as and when needed.
- The company enjoys a first mover advantage with a “moat” from compelling clinical evidence
and its inclusion in the AUA microhematuria guidelines.
PACIFIC EDGE’S GLOBAL FOOTPRINT
PACIFIC EDGE’S GLOBAL OPPPORTUNITY
1
Pacific Edge estimates. For the assumptions underlying these estimates please see slide 33
of the FY 25 results presentation released to the NZX on 30 May 2025.
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
11

STRATEGY
Cxbladder delivers actionable information that can advance the standard of care that
physicians offer to patients, improving the patient experience, quality of life, and healthcare
outcomes, while reducing the total cost of care and improving healthcare equity
1
.
OUR PEOPLE
EXCELLENT PATIENT EXPERIENCE
AND ACCURATE RESULTS
OUR PROCESSES
EARLY DETECTION AND
CLINICALLY ACTIONABLE CARE
OUR IP, KNOWLEDGE
AND EXPERIENCE
INNOVATION PIPELINE FOR
CLINICAL APPLICATIONS
OUR CLINICAL STUDIES
PARTNER SITES
INCLUSIVE WORKPLACE
DRIVEN BY OUTCOMES
OUR INVESTORS
INCREASED LONG-TERM

SHAREHOLDER VALUE
EVIDENCE,
COVERAGE AND
GUIDELINES
INPUTSOUTPUTS
A VALUES-DRIVEN, DIVERSE, RESULTS-FOCUSED CULTURE
SCALABLE PROCESSES, TRAINING & QUALITY SYSTEMS, CONTINUOUS IMPROVEMENT
DIGITALIZED ARCHITECTURE, AUTOMATED OPERATIONS, REAL-TIME ANALYSIS
1
Budgetary Impact of Including the Urinary Genomic Marker Cxbladder Detect in the Evaluation of Microhematuria Patients -PubMed (nih.gov);
Davidson, Peter; Presentation to Urofair, 2022, time to first specialist assessment.
ADOPTION,
RETENTION AND
REVENUE
GENERATION
RESEARCH AND
INNOVATION
IMPROVING SOCIAL OUTCOMES AND CREATING
SHAREHOLDER VALUE
Pacific Edge is focused on improving people’s lives and patient outcomes by providing
leading solutions for the early detection and management of bladder cancer. We are
delivering on this goal and driving long-term shareholder value by building on our strong
foundations and focusing on three strategic pillars.
VALUE CREATION THROUGH THREE PILLARS
12

STRATEGY
2
ASP: US Operating Revenue in USD / US Commercial Test Volumes
3
LUGPA: Large Urology Group Practice Association; AACU: American Association of Clinical Urologists
ADOPTION,
RETENTION AND
REVENUE
GENERATION
RESEARCH AND
INNOVATION
ADOPTION, RETENTION AND REVENUE GENERATION
The short-term driver of our performance is to generate revenue by accelerating the
adoption of Cxbladder as the standard of care with clinicians’ healthcare providers, and
funders and retaining those customers and clinicians who understand its value.
FY 25 Achievements
• Global Commercial test volumes of 24,642 for FY 25 down 9.9% on FY 24 with falling
US volumes offset by an 18.5% uplift in APAC
• US test sales/FTE rise to 405.6 in Q4 25, +6.4% on Q4 24 and +69.5% on Q4 23
• US ASP
2
increases to US$594 in FY 25 vs US$584 in FY 24
• Tests for Medicare and Medicare Advantage represented 53% of US commercial tests
in FY 25 vs 58% in 1H 24 demonstrating our success in growing contracted payer
revenue
• Triage Plus achieves a draft Medicare price of US$1,018.44, an increase of 34% when
contrasted with the current pricing of US$760 per test
EVIDENCE COVERAGE AND GUIDELINES
The medium-term driver of our performance is to enhance our clinical evidence portfolio
and engage with the clinical community on the value of our tests within the frameworks
of Analytical Validity, Clinical Validity, and Clinical Utility, the end points required for
coverage decisions and guideline inclusion.
FY 25 Achievements
• Cxbladder Triage was included in the American Urological Association
microhematuria guideline with a ‘Grade A’ evidence rating, the only biomarker to
achieve this status
• We built a consensus among AUA, LUGPA
3
and AACU advocating for a revision
to ‘Genetic Testing for Oncology: Specific Tests (L39365)’ Local Coverage
Determination
• We published new analytical validation data for Triage, Detect and Monitor, while
analytical validation and clinical validation publications for Triage Plus were
submitted for peer review
• Further clinical utility evidence for Triage was published as an abstract by Kaiser
Permanente and presented at the 2025 AUA annual meeting. The study is in
peer review and we are anticipating publication in FY26 Q3
RESEARCH AND DEVELOPMENT
To drive long-term growth, we invest in technology and product innovation to maintain
our leadership position in bladder cancer diagnostics.
FY 25 Achievements
• We are readying our R&D, Digital and Lab Operations for the commercial scaling
of Triage Plus and the development of Monitor Plus
• We commenced 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
• We continued to engage with industry and academic research and development
collaborations to address unmet clinical needs in bladder cancer diagnosis and
management
EVIDENCE,
COVERAGE AND
GUIDELINES
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
13

ADOPTION, RETENTION AND REVENUE GENERATION
A LEANER AND MORE PRODUCTIVE ORGANIZATION
Pacific Edge has made meaningful progress toward becoming a leaner and more productive
organization, with a sustained focus on financial discipline and operational efficiency.
The average number of full-time sales employees was reduced from 32.7 in Q4 23 to 16.0 in Q4 25 as part
of a broader effort to conserve cash while maintaining service coverage. Despite the smaller team, sales
force efficiency improved significantly, with the quarterly number of tests per full-time sales employee rising
69% from 239 to 406 over the same period. This outcome reflects a deliberate focus on the most profitable
territories and accounts, alongside greater alignment with clinicians who understand and value the clinical
utility of Cxbladder.
The average number of ordering
clinicians remained steady on
Q4 24 levels, and tests per
US ordering clinician were
stable despite the Medicare
uncertainty. We expect these
efficiencies to be sustained and
with re-coverage we expect
them to be a key driver of
growth and shareholder value.
The average sales price (ASP)
1

rose from US$584 in FY 24
to US$594 in FY 25 despite a
decline in the ASP in the second
half of FY 25 due to accrual
timing and revenue provisions.
This increase was supported by
improved patient contribution
frameworks, improved
engagement with Kaiser
Permanente following the
integration of our systems
with Kaiser’s electronic
medical records system (EMR)
and strengthened billing
documentation for Medicare
Advantage. Cash collections
also improved and are expected
to remain strong. We expect the
average sales price to decline
in the wake of the cessation of
Medicare coverage, but to return
to growth once we regain it.
1
ASP: US Operating Revenue in USD / US Commercial Test Volumes
US SALES FORCE EFFICIENCY
US CLINICAL COMMITMENT
US COMMERCIAL TEST VOLUMES AND ASP
1

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
378.8378.8
405.6
-
10
60
110
160
210
260
310
360
410
-
10
20
30
40
50
60
70
80
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 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
TESTS/ORDERING CLINICIAN (RHS)
$-
$100
$200
$300
$400
$500
$600
$700
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
TEST VOLUME
AVERAGE US SALES PRICE (US$)
US AVERAGE SALES PRICE (RHS)
1H 22
$472
$470
$493
$519
$562
$571
$613
$618
7,476
2H 22
8,276
1H 23
10,622
2H 23
12,450
1H 24
13,550
2H 24
9,956
9,913
10,177
Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25
US TEST VOLUME/SALES FTE (RHS)
US ORDERING CLINICIANS
TEST/ORDERING CLINICIAN
AVERAGE SALES FTE
TEST VOLUME/SALES FTE
1H 252H 25
9,913
10,177
14

!"
ADOPTION, RETENTION AND REVENUE GENERATION
PREPARING FOR THE LAUNCH OF TRIAGE PLUS
Pacific Edge is preparing for the commercial launch of Cxbladder Triage Plus, a next-
generation, multi-modal (RNA and DNA) diagnostic test for the evaluation of hematuria.
Triage Plus offers superior clinical performance to the existing Triage test offering increased utility to
clinicians managing patients with hematuria. Once launched it will be our sole test for hematuria evaluation
in the US.
A full-scale launch of Triage Plus is contingent on Medicare coverage. The Centers for Medicare & Medicaid
Services (CMS) has proposed a price of US$1,018 per test, significantly above the US$760 pricing of our
existing tests. This lift, once reliable Medicare coverage is obtained, is expected to materially improve
margins and lower the number of tests per Account Executive required to reach profitability, enabling faster
and more efficient scaling. It will also extend the US addressable market by nearly US$1 billion to as much as
US$4.4 billion.
1

Analytical validation and clinical validation studies for Triage Plus have been submitted for peer-reviewed
publication, expected imminently. Upon publication, Pacific Edge will submit a reconsideration request to
our Medicare Administrative Contractor, Novitas. Triage’s inclusion in the American Urological Association’s
(AUA) microhematuria guideline provides medical policy support, increasing the likelihood of coverage for
Triage Plus. Additional data under peer review from Kaiser Permanente further validating the clinical and
economic value of Triage Plus is also expected to support coverage of the test.
To support the launch, Pacific Edge will invest in expanding digital capabilities and capacity at the PEDUSA
laboratory. It is also streamlining workflows for improved operational efficiency. The sales team structure will
be optimized to support broader product adoption, with refreshed sales and marketing materials aligned
with AUA Guideline messaging. Medical education will also be strengthened through podium presentations,
a speaker bureau, and continued evidence development.
1
Pacific Edge estimates. For the assumptions underlying these estimates please see slide 33 of the FY 25 results presentation
released to the NZX on 30 May 2025
2
NMIBC is non-muscle invasive bladder cancer
3
RDM: Residual Disease Monitoring
4
TRM: Therapeutic Response Monitoring
CXBLADDER RNA TESTS IN MARKETCXBLADDER RNA+DNA TESTS COMING
TO MARKET
!"
PATIENT/DISEASE MANAGEMENT
(CLINICAL DECISION MAKING)
SURVEILLANCE
(RDM
3
, TRM
4
, RECURRENCE)
PATIENT/DISEASE MANAGEMENT
(CLINICAL DECISION MAKING)
SURVEILLANCE
(RDM
3
, TRM
4
, RECURRENCE)
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
15

EVIDENCE COVERAGE AND GUIDELINES
CXBLADDER INCLUDED IN THE AUA GUIDELINE —
A COMPANY DEFINING MILESTONE
The American Urological Association’s inclusion of Cxbladder Triage as a recommended
alternative to the standard of care in the evaluation of microhematuria patients, represents a
substantial strategic milestone on which to build our commercial operations.
The guideline, released in late February, will help to reduce the burden of unnecessary cystoscopies for
lower risk patients, resulting in less patient discomfort, lower morbidity, and improved access to care for
those who need it by reducing wait times.
It will also play a central role in our reconsideration requests to Novitas to regain Medicare coverage of
Cxbladder Triage (see page 17).
The guideline states urologists may use urine-based biomarkers for intermediate-risk patients presenting
with microhematuria to assist their decision on whether to defer a cystoscopy: “In appropriately counseled
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 the utility of cystoscopy. Renal and bladder ultrasound should
still be performed in these cases.”
Intermediate risk patients represent a large serviceable market for Triage, amounting to anywhere from 40-
70% of all microhematuria patients, or up to 3.5 million patients per year in the US alone.
1
This figure represents the base-line population indicated by the guideline, but we expect through the
development of further evidence and clinician education to extend our addressable market to almost all
patients presenting with hematuria that do not have a benign cause identified.
In a significant achievement, the guideline mentions Cxbladder Triage as the only urine-based biomarker
test that has ‘Grade A’ evidence from a randomized controlled trial (the STRATA study ) in support of this
recommendation.
The study was the first randomized controlled trial of any urine biomarker and demonstrated that Cxbladder
Triage could safely and effectively reduce cystoscopies by as much as 59% without missing tumors. The
specific mention of Cxbladder Triage in the guideline reinforces our first mover advantage and establishes a
high evidentiary standard that any other test must meet to be competitive.
1
Pacific Edge estimates. For the assumptions underlying these estimates please see slide 33 of the FY 25 results presentation
released to the NZX on 30 May 2025.

Copyright © 2025 American Urological Association Education and Research, Inc. ®
1
Any person or company accessing this guideline with the intent of using the guideline for promotional purposes must obtain a licensable copy.

MMIICCRROOHHE EMMAATTUURRIIAA::
AAUUAA//SSUUFFUU GGUUIIDDEELLIINNEE ((22002200,, AAMMEENNDDEEDD 22002255))
Guideline Panel
Daniel A. Barocas, MD, MPH;* Stephen Boorjian, MD;* Ronald Alvarez, MD, MBA;
Tracy M. Downs, MD; Cary P. Gross, MD; Blake Hamilton, MD; Kathleen Kobashi, MD;
Robert Lipman; Yair Lotan, MD; Casey Ng, MD; Matthew Nielsen, MD, MS; Andrew
Peterson, MD; Jay Raman, MD; Rebecca Smith-Bindman, MD
* Equal author contribution
Amendment Panel
Daniel A. Barocas, MD, MPH, FACS; Yair Lotan, MD; Richard S. Matulewicz, MD, MSCI,
MS; Jay D. Raman, MD, FACS, FRCS(Glasg); Mary E. Westerman, MD
Amendment Staff and Consultants
Lauren J. Pak, MHS, MS; Erin Kirkby, MS; Lesley Souter, PhD
SUMMARY
Purpose
The purpose of this guideline is to provide a clinical framework for the diagnosis, evaluation, and follow-up of microhematuria
(MH).
Methodology
OVID was used to systematically search MEDLINE and EMBASE databases for articles evaluating hematuria using criteria
determined by the expert panel. The initial draft evidence report included evidence published from January 2010 through
February 2019. A second search conducted to update the report included studies published up to December 2019. Five
systematic reviews and 91 primary literature studies met the study selection criteria and were chosen to form the evidence
base. These publications were used to create the majority of the clinical framework. When sufficient evidence existed, the
body of evidence for a particular modality was assigned a strength rating of A (high), B (moderate), or C (low); and evidence-
based statements of Strong, Moderate, or Conditional Recommendation were developed. Additional information is provided
as Clinical Principles and Expert Opinions when insufficient evidence exists. In 2024, this Guideline was reviewed via the
AUA update literature review (ULR) process, which identified 82 studies for full-text review that were published between
December 2019 and June 7, 2024. Of those 82 studies, 23 met inclusion criteria for qualitative synthesis. The subsequent
amendment is based on data released since the initial 2020 publication of this Guideline.


American Urological Association (AUA)/
Society of Urodynamics, Female Pelvic Medicine & Urogenital Reconstruction (SUFU)
APPROVED BY THE AUA
BOARD OF DIRECTORS
FEBRUARY 2025
Authors’ disclosure of potential
conflicts of interest and
author/staff contributions appear
at the end of the article.

© 2025 by the American
Urological Association

16

EVIDENCE COVERAGE AND GUIDELINES
A CLEAR PATH TO REGAINING MEDICARE COVERAGE
Pacific Edge's primary disappointment for the year was the loss of Medicare coverage after
Novitas, the Medicare Administrative Contractor with responsibility for our U.S. laboratory,
finalized the ‘Genetic Testing for Oncology: Specific Tests (L39365)’ Local Coverage
Determination (LCD).
Medicare coverage of our tests ceased in late April 2025 when the LCD became effective, despite vigorous
political advocacy and the exploration of legal avenues.
This decision reversed five years of coverage, during which Cxbladder tests were reimbursed in over 98%
of claims submitted, at US$760 per test. Medicare tests accounted for the majority of US volumes and
contributed approximately 56% of FY 25 operating revenue. The process that led to non-coverage failed to
review the most current and relevant clinical evidence, including the STRATA
1
study and the new American
Urological Association (AUA) microhematuria guidelines. It removed access to guideline-recommended
testing, a poor outcome for Medicare patients and the urology community.
Pacific Edge is pursuing two concurrent strategies to restore coverage. The first is submitting formal
reconsideration requests to Novitas, supported by new clinical evidence. A request for Cxbladder Triage
was submitted in March 2025, backed by STRATA and the AUA guideline. A second for Cxbladder Monitor
followed in May, supported by two new Australian real-world evidence studies. A request for Triage Plus will
follow the publication of analytical and clinical validation studies, expected later in 2025 as detailed on
page 21.
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.
Beyond these immediate reconsideration requests the company’s clinical evidence generation program
is developing a raft of new evidence to support further reconsideration requests or — in the event of the
company being successful with the proximate opportunities — entrench coverage and build the moat
around the business.
The second strategy is to appeal claim denials through the Medicare Appeals Process (see following page).
1
Lotan Y, 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. J Urol 2024.
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
17

REIMBURSEMENT THROUGH APPEAL
Pacific Edge can pursue reimbursement for its Cxbladder tests through the Medicare
Appeals Process, which comprises five sequential levels.
The process, which takes several months, begins
with a redetermination by Novitas, Pacific Edge’s
Medicare Administrative Contractor. Pacific Edge will
make its appeal supported by the updated American
Urological Association (AUA) microhematuria
guideline and the STRATA study. The AUA guideline
in particular supports the argument that the tests are
"medically reasonable and necessary," a key criterion
under the U.S. Social Security Act for Medicare
coverage.
If the redetermination is unfavorable, Pacific Edge
will then request a reconsideration by a Qualified
Independent Contractor (QIC). Should the QIC
also deny the claim, Pacific Edge may escalate the
appeal through the US Department of Health and
Human Services to the Office of Medicare Hearings
and Appeals (OMHA) for a hearing before an
Administrative Law Judge (ALJ). Further appeals
can be made to the Medicare Appeals Council and,
subsequently, to a Federal District Court if necessary.
The company is committed to pursuing these appeals
to the fullest extent.
MEDICARE APPEALS PROCESS
Redetermination by the Medicare
Administrative Contractor
Reconsideration by a
Qualified Independent Contractor
Hearing before an
Administrative Law Judge
Review by the Medicare
Appeals Council
Judicial Review in
Federal District Court
EVIDENCE COVERAGE AND GUIDELINES
18

RESEARCH AND INNOVATION
PURSUING A KITTED IVD IN INTERNATIONAL MARKETS
Pacific Edge is advancing a kitted in-vitro diagnostic (IVD) version of its Cxbladder
technology to capture international market opportunities outside the U.S.
These international markets represent an estimated addressable opportunity of US$4.1 billion
1
— nearly as
large as the U.S. market. Given the diversity in market access requirements, a decentralized approach that
allows accredited labs to run an IVD-approved version of the test and obtain reimbursement is the preferred
way to go to market.
Unlike the current laboratory-based service model, an IVD is typically sold as a physical kit, enabling
distribution to third-party laboratories with the appropriate accreditation and equipment to run the test
themselves, thus expanding access in countries where a central testing service is not practical nor economic.
This strategy broadens Pacific Edge’s global reach while further strengthening the competitive “moat”
around the Cxbladder platform.
Pacific Edge has begun prototyping the Triage Plus IVD product and is accelerating development efforts
with support from its current capital raise. The goal is to produce working prototypes by the end of calendar
year 2025, followed by manufacturing and validation activity in 2026.
To support international deployment, Pacific Edge is laying the foundation for regulatory approvals under
IVDR (Europe), FDA (U.S.), and ISO-13485 (Rest of World). Achieving IVD regulatory status will not only
expand market access and establish government reimbursement in targeted countries, but also raise the
bar for clinical validation, making it more difficult for competitors to match Cxbladder’s evidence base and
clinical credibility.
1
Pacific Edge estimate. This estimate includes the New Zealand market where the company is operating a laboratory-based service. For further detail on
the assumptions supporting underlying this estimate please see slide 33 of the FY 25 results presentation released to the NZX on 30 May 2025.
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
19

IMPROVING THE CXBLADDER CUSTOMER EXPERIENCE
Pacific Edge’s investments in digitalization are delivering value by embedding Cxbladder
more deeply into clinical workflows and reducing friction in test ordering and results
delivery. These enhancements are improving the end-to-end experience for physicians and
patients, making it easier to adopt and use Cxbladder in everyday practice.
We offer a range of digital connection options to suit different provider needs, including direct electronic
medical record (EMR) integrations like our one-to-one interface with Kaiser Permanente and one-to-many
integrations with partners such as Lumea Digital Pathology in the US and Awanui in New Zealand. We have
also launched a Clinician Customer Portal for all other users, streamlining test ordering and tracking and
replacing paper or email ordering.
These digital tools simplify both in-clinic and in-home sampling workflows, optimize test kit handling, and
provide real-time order visibility and result access. For Pacific Edge, the benefits include faster processing,
fewer errors, and reduced demands on customer service and sales teams — contributing to a more efficient
and scalable operation.
RESEARCH AND INNOVATION
The Cxbladder Clinician Portal streamlines test ordering and results delivery
20

CLINICAL EVIDENCE PROGRAM
THE FOUNDATIONS OF OUR LONG-TERM VALUE CREATION
Our clinical study program is at the foundation of Pacific Edge’s value. We are proud to
generate the compelling clinical evidence required to change physician behavior; evidence
that is founded on the frameworks of Analytical Validity, Clinical Validity, and Clinical Utility,
with the end points and sample sizes required for coverage decisions and guideline inclusion.
STUDYGOALPOPULATION AND
USE
STATUS
STRATA
Safe Testing of Risk
for AsymptomaTic
MicrohematuriA
• CU Triage
• CV/CU Triage Plus
(retrospective)
• Microhematuria
(MH)
• Risk stratification
• Recruitment closed with 555 patients
including 223 low risk patients (test and
control)
• Interim analysis results published leading to
AUA Guidelines inclusion in 2025 update
• Database lock expected June 2025 and
Clinical Study Report (CSR) expected
October 2025
DRIVE
Detection and Risk
stratification In VEterans
presenting with
hematuria
• CV Triage Plus for
a Veterans’ cohort
• Data for MH
pooled analysis
• MH and gross
hematuria (GH)
• Risk stratification
• Enrolment closed with 710 patients including
48 tumour confirmed patients from 10 US
VA sites
• Database lock completed and publication
submitted April 2025
microDRIVE
Detection and Risk
stratification In VEterans
presenting with
hematuria
• CV Triage Plus
• Data for MH
pooled analysis
• MH
• Risk stratification
• Currently 330 samples received to date with
8 urothelial carcinoma (UC) cases confirmed
• Study expanded to 4 active sites with 1-2
more sites at feasibility assessment
• The target is 1000 patients with 35 tumour
confirmed patients with last patient in
projected to be delayed beyond Q4 2025
and more likely Q3-4 2026
AUSSIE
Australian Urologic risk
Stratification of patientS
wIth hEmaturia
• CV Triage Plus
(Australian cohort)
• Data for MH
pooled analysis
• MH and GH
• Risk stratification
• The target is 35 UC confirmed patients
including a minimum of 10 microhematuria
(MH) UC confirmed
• Currently 662 subjects enrolled with 41 UC
confirmed (gross hematuria (GH) + MH)
including 6 MH UC patients
• Last patient projected to be in Q3 2025
POOLED ANALYSIS• CV Triage Plus• MH and GH
• Risk stratification
• MH (and separately GH) patient data from
DRIVE, AUSSIE & microDRIVE will be pooled
and analysed
• GH paper submission is expected in 2026
and MH pooled analysis is delayed due to
microDRIVE
LOBSTER
LOngitudinal Bladder
cancer Study for
Tumor Recurrence
• CV of Monitor and
Monitor

Plus
• Surveillance
• Risk stratification
• Enrolment will be complete when 75 UC
recurrences are observed
• Currently 409 subjects enrolled with 1005
samples & 65 confirmed UC recurrences
• Last patient projected to be in Q4 2025
CREDIBLE
Cystoscopic REDuction
In BLadder Evaluations
for microhematuria
• CU Triage Plus

• MH
• Risk stratification
• Contracts completed (15/15), study level
Institutional Review Board (IRB) approvals &
site level IRB approvals (14/15)
• Site authorized to enroll (9/15), 5 more
expected end June & first subject was
enrolled 29 April
• 10 subjects currently enrolled
Dates are calendar year not financial years
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
21

SUSTAINABILITY
22

SUSTAINABILITY, GOVERNANCE AND OVERSIGHT
Accountability for the implementation of Pacific Edge’s sustainability goals sits with the CEO. Oversight
of the execution of our sustainability strategy, including the ESG program and compliance reporting, is
delegated to the Sustainability Committee (SC).
The SC is chaired by the Chief Financial Officer (CFO) and comprises senior leaders and key functional
representatives from New Zealand and the USA. It meets at least quarterly to monitor progress and
performance, and reports through to the Audit and Risk Committee (ARC). It also meets regularly with the
ARC to ensure strong board oversight of progress.
SUSTAINABILITY
PACIFIC EDGE IS FOUNDED ON IMPROVING SOCIAL OUTCOMES
Pacific Edge is focused on improving people’s lives and patient outcomes by providing
leading solutions for the early detection and management of bladder cancer.
We are delivering on our purpose, and driving long-term shareholder value, by building strong foundations
and focusing on three strategic areas as we set out on pages 12-13 of this report.
We are working hard to embed sustainability considerations into our strategic priorities and decision-
making. The table below shows the areas we have identified as important to driving better outcomes for all
our stakeholders.
WHERE WE ARE FOCUSING OUR EFFORTS
OUR SOCIAL IMPACTOUR ENVIRONMENTAL IMPACTOUR GOVERNANCE PRACTICES
Improving healthcare access,
quality of care and patient
outcomes
• Extending the adoption of
our tests by leveraging our
inclusion in the American
Urological Association (AUA)
microhematuria guidelines
Product environmental
stewardship
• Sustainable sourcing
• Using resources efficiently and
responsibly
Risk management
• Strong risk, governance and
management practices
• Data security
• Operational resilience
An inclusive, engaged and safe
workforce
• Employee engagement
• Career pathways and
development
• Gender equality
• Safety and wellbeing
Emissions reduction
• Energy efficiency
• Business travel intensity
• Reduced laboratory emissions
from running Cxbladder tests
• Improved logistics efficiency
Operational quality and
compliance
• Product safety
• Quality manufacturing
• Efficiency and effectiveness
Responsible supply chain
• Working with suppliers to
ensure they have ethical codes
of conduct (including the
prevention of modern slavery)
Climate-related disclosures
• NZ Climate Standards
compliance
Engaging our stakeholders
• Meeting our commitments as an
employer
• Meeting our customer needs
• Creating shareholder value
Supporting our communities
• Support for local initiatives and
events
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
23

24

SUSTAINABILITY
FY 25 PROGRESS AND HIGHLIGHTS
We are pleased to report solid progress towards our sustainability goals over
the past year, with our key achievements highlighted below.
OUR SOCIAL IMPACTOUR ENVIRONMENTAL IMPACTOUR GOVERNANCE PRACTICES
Improving healthcare access,
quality of care and patient
outcomes
• Delivered 24,642 commercial
tests to over 15 countries
Product environmental
stewardship
• Key projects underway, aimed at
reducing supply chain footprint
and reducing use of chemicals
and single-use plastics
Risk management
• FMEA
1
risk management
framework embedded across the
business with routine reporting
• Development of a Tax
Governance Policy that provides
a framework to facilitate the
efficient management of Pacific
Edge’s tax obligations in line
with our low-risk appetite
• Updated our assessment and
reporting of climate related risks
An inclusive, engaged and safe
workforce
• Strong engagement from our
people. In FY 24
2
our staff survey
showed:
-
79.6% of Pacific Edge people
reported satisfaction in their
roles
-
>80% of Pacific Edge people
reported a clear understanding
of the company’s vision and
purpose
• No lost time to injuries
Emissions reduction
• Second greenhouse gas
emission inventory completed
showing a 5.9% reduction
in carbon intensity per test
compared to prior year — Target
of 20% reduction by 31 March
2029
• PwC New Zealand assured
Scope 1 and Scope 2 emission
disclosures
Operational quality and
compliance
• Further evolved our operational,
quality and compliance
framework
• Pacific Edge has successfully
managed all external compliance
audits in all areas of the business
Responsible supply chain
• Full supplier diagnostic
completed
• Working with major suppliers to
ensure they include conditions
around modern slavery and
human rights
Climate-related disclosures
• NZ Climate Standards reporting,
including voluntary Scope 3
inclusion
Supporting our communities
• Sponsored bladder cancer
patient advocacy organisations
to empower patients and build
awareness of the disease
1
FMEA: Failure Mode and Effects Analysis
2
Due to a change in the timing of the annual engagement survey, the next update of employee engagement metrics will be provided in
the FY 26 annual report
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
25

OUR SOCIAL IMPACT
IMPROVING HEALTHCARE ACCESS, QUALITY OF CARE, AND PATIENT OUTCOMES
Cxbladder delivers actionable information that can advance the standard of care that
physicians offer, enhancing the patient’s experience and quality of life to support improved
healthcare outcomes, while helping to reduce the total cost of care. Our in-home sampling
kits improve healthcare equity by bringing the benefits of Cxbladder to poorer and rural
communities that face barriers to accessing specialist care.
Ultimately our success in achieving these goals is best measured by the adoption of our tests. Over the last
year commercial volumes fell by 9.9% to 24,642 tests, well below the potential we see for the tests, with the
fall principally reflecting the reduced reach of our smaller sales force as we moved to preserve capital amid
uncertainty over continued Medicare coverage of our tests.
Unfortunately, we expect this trend to continue into the new financial year after Novitas, the Medicare
Administrative Contractor with responsibility for our US laboratory, finalized the ‘Genetic Testing for
Oncology: Specific Tests (L39365)’ Local Coverage Determination based on out-of-date evidence
and despite the inclusion of Cxbladder Triage in the American Urological Association’s (AUA) new
microhematuria guideline. The decision was a poor outcome that has increased the patient burden of
unnecessary invasive examinations, including the costs to healthcare payers. However, against this — as we
have detailed elsewhere in the report — we believe the new guideline and our ongoing evidence generation
program support our efforts to regain coverage.
We have a wealth of evidence demonstrating the role Cxbladder plays in delivering these improved social
outcomes. We were included in the guideline based on our groundbreaking STRATA study
1
, which was
published in the Journal of Urology in May 2024 and headlined at the AUA annual meeting last year. The
study demonstrated the Clinical Utility of Cxbladder Triage in safely reducing the number of invasive
cystoscopies. Specifically, it showed clinicians performed 59% fewer cystoscopies when they could use the
information generated from the test.
This year a large real-world study undertaken by Kaiser Permanente
2
has reinforced the STRATA study.
Preliminary data of the study presented at the 2025 AUA meeting demonstrated the Clinical Utility of
Cxbladder Triage, in safely reducing patients presenting with hematuria from unnecessary cystoscopies.
The authors of that study concluded: “...Cxbladder Triage testing resulted in significantly decreased
cystoscopy and imaging utilization in those classified as low risk without any negative patient outcomes,
while simultaneously demonstrating increases in the cystoscopy and bladder cancer detection rate in the
physician directed protocol group.”
The economic and social benefits of our tests are well established by studies in New Zealand and Pacific
Edge’s Modelling, the latter showing that Cxbladder used in hematuria evaluation could save US healthcare
providers approximately US$500 per patient by avoiding unnecessary procedures
3
.
Further detail on our clinical evidence can be found on our website and on page 21 of this report.
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
Loo R.K., et al (2025) Clinical Utility of a Urine Biomarker (Cxbladder Triage) Compared to a Standard of Care for Microscopic Hematuria Evaluations in a
Large Independent Delivery Network. Abstract submitted to the AUA 2025 meeting.
3
Tyson et al. (2023). Budgetary Impact of Including the Urinary Genomic Marker Cxbladder Detect in the Evaluation of Microhematuria Patients. Urology
practice, 11(1), 54–60. https://doi.org/10.1097/UPJ.0000000000000489
SUSTAINABILITY
26

1
Tyson et al (2024) Budgetary Impact of Including the Urinary Genomic Marker Cxbladder Detect in the Evaluation of Microhematuria Patients -
PubMed (PMID: 37914255)
CXBLADDER DELIVERS CLINICAL UTILITY, PATIENT
SATISFACTION AND ECONOMIC VALUE
Cxbladder offers improvement over the standard of care,
avoids unnecessary procedures and streamlines workflow
when used to intensify or de-intensify hematuria evaluation
or in the surveillance for the recurrence of bladder cancer. For
healthcare payers, Cxbladder offers substantial total cost savings
per patient
1
.
CANCER INCIDENCE IN MICROHEMATURIA PATIENTS
Incidence of bladder cancer in microhematuria populations is 5%
CYSTOSCOPIES SAFELY AVOIDED USING CXBLADDER
With Cxbladder, 78% of patients can avoid cystoscopy,
22% receive cystoscopy, 5 cancers found
Microhematuria patient
with no cancer
Cytoscopy avoided
Microhematuria patient
with cancer
Normal Cytoscopy
Cytoscopy undertaken
and cancer found
Cxbladder can
spare up to 1.5
million patients in
the US per year
from cystoscopy
SUSTAINABILITY
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
27

AN INCLUSIVE, ENGAGED WORKFORCE
The oncology diagnostics marketplace is highly competitive, and our
continued success depends on attracting, retaining and developing high
caliber talent. A strong attraction and recruitment strategy is essential to
securing the expertise needed to support ongoing growth.
We are committed to hiring high-quality, experienced leaders and providing all
employees with development opportunities that support personal growth and
business success. This includes capability-building initiatives designed to help our
people to do great work and progress in their careers.
We actively encourage diversity and recognize the benefits it brings to our business.
We appreciate the wide range of backgrounds and experiences of our people and
value the choices they have made to be part of our team.
Our approach to recruitment, performance and reward is overseen by the Board’s
People and Culture Committee, with support from our Global Head of People &
Culture, Executive Team, people leaders and external consultants.
EMPLOYEE ENGAGEMENT
As a purpose-led organization, we are committed to building an inclusive, values-
driven culture where all our people feel supported to grow, contribute and succeed.
This culture is essential to attracting and retaining top talent, as well as fostering
wellbeing and long-term engagement.
We work hard to ensure our employees connect with our organizational purpose,
values and strategic priorities, ensuring they understand how their roles contribute to
our broader success. We measure success in achieving this through our key metrics
of employee engagement and turnover. In FY 24 our employee engagement survey
found 79.6% of Pacific Edge people reported satisfaction in their roles; and >80%
of Pacific Edge people reported a clear understanding of the company’s vision and
purpose.
Due to a change in the timing of the annual engagement survey, the next update of
employee engagement metrics will be provided in the FY 26 annual report.
Our values guide our daily actions and are central to how we work.
Our Values
PUT PATIENTS
FIRST IN EVERYTHING
WE DO
ARE COMMITTED TO
CUSTOMER SUCCESS
ARE GUIDED BY
DATA & EVIDENCE
WE CELEBRATE
SUCCESSES, LARGE
AND SMALL
SUPPORT OUR
TEAMMATES
ARE TRANSPARENT
AND TRUSTING
SUSTAINABILITY
28

29

BUILDING OUR CAPABILITY
Developing Skills and Careers
We continue to invest in our peoples’ careers and capability to support the growth and sustainability of our
business.
Our learning and development (L&D) strategy is designed to help attract and retain top talent, while also
ensuring that we build the specialist skills and institutional knowledge we need to respond to a rapidly
evolving environment.
We recognize that some technical areas central to our work — such as uro-oncology, genomics, digital
innovation and clinical operations — are challenging to recruit externally. As a result, we take a proactive
approach to building these skills internally.
Over the past year we have provided leadership training courses for our emerging leaders and training in
new molecular biology assay techniques and ISO Quality System Management (ISO15189:2022). Cross-
training opportunities between our US and New Zealand laboratory teams continue to be a valuable tool for
building a more flexible and knowledgeable workforce.
In the US, our Hershey-based team participated in an externally-facilitated performance excellence course,
led by a certified LEAN 6-Sigma “Black–Belt” moderator. This program has empowered the team to drive
continuous improvement using a similar data-driven approach to that used by our New Zealand team.
Participants developed skills in problem identification, performance measurement, data analysis, and
solution implementation. They also gained insights into Lean Operations, such as waste elimination; process
mapping; process optimization for enhanced efficiency and customer satisfaction; and the importance of
fostering a clean, organized, and efficient work environment.
We are already seeing tangible benefits from this program, including increased productivity, streamlined
processes, and improved safety outcomes.
Educational Collaboration
We continue to collaborate with educational institutions to build awareness of Pacific Edge and attract talent
into our business. Our partnership with the University of Otago is broad-ranging, including participation in
recruitment fairs and internships for STEM students.
As part of our contribution to the Medical Laboratory Sciences (MLS) faculty, we offer student placements
that provide real-world exposure to a commercial diagnostic laboratory. These placements allow
undergraduate and honours students to observe the operations of a molecular diagnostic laboratory and
complete research projects in a live laboratory environment.
We also support the assessment of student performance and create opportunities for students to connect
with practicing medical laboratory scientists — something that is rare outside of hospital or academic settings
in New Zealand.
Offering Real World Experience
To build a strong pipeline of future talent, we operate an internship program in partnership with Callaghan
Innovation and the University of Otago. Each year, we select interns from a variety of academic backgrounds
— such as biomolecular science, clinical studies, biostatistics or information science — to work on focused
projects that address real challenges within our business.
Interns spend 400 hours in project teams, gaining hands-on experience with real-world data and
contributing to technical, digital, data architecture or reporting solutions. This year we expanded the
program to include projects hosted in our commercial laboratories.
SUSTAINABILITY
30

These internships not only give students valuable industry experience but also open up alternative career
paths within commercial diagnostics, an option that many MLS and STEM students - who traditionally view
hospital/academic labs as their next career step - may not have considered. For Pacific Edge, the program
serves as a valuable talent pipeline, and we have typically offered permanent employment to at least one
intern each year.
Total Rewards
Pacific Edge’s Total Rewards framework is a key component of our strategy to attract, retain and recognize
talent. Our Total Rewards practices are overseen by the Board’s People and Culture Committee to ensure it
remains competitive and fit for purpose.
Details of our Total Rewards practices are provided in the dedicated section on pages 67-68 of this report.
A DIVERSE WORKPLACE
At Pacific Edge, we seek to create a culture where diversity, equity and inclusion are actively supported and
embedded in our day-to-day operations. We know that a flexible, inclusive environment not only enables our
people to grow and thrive — it also drives better business outcomes.
Our recruitment, development, talent and succession planning practices are grounded in the principles
of equal opportunity and guided by our Diversity Policy. These principles are applied at all levels of the
organization.
While we hire based on capability and fit for the role, team and business, we also value diverse thinking,
backgrounds and abilities. Our recruitment and Total Rewards practices are designed to be inclusive and
free from bias, and we continuously look for ways to improve how we can attract and support a diverse
range of talent.
Pacific Edge’s Gender Diversity
31 March 2025
Male
(FTE)
31 March 2025
Female
(FTE)
31 March 2025
Not Specified
(FTE)
31 March 2024
Male
(FTE)
31 March 2024
Female
(FTE)
Directors4 (67%)2 (33%)0 (0%)5 (71%)2 (29%)
Officers
*
7 (88%)1 (12%)0 (0%)8 (100%)0 (0%)
Extended leadership team
including Officers
15 (79%)4 (21%)0 (0%)14 (78%)4 (22%)
Total team58 (50%)57 (49%)1 (1%)49 (49%)51 (51%)
Figures in brackets represent the proportion of the team
* Includes the CEO
Encouraging a Gender-Diverse Workforce
While Pacific Edge’s workforce is largely gender-balanced overall, we recognize the current under-
representation of women in senior leadership and Board roles. We continue to identify opportunities to
improve diversity at all levels of the organization, ensuring our teams reflect a wide range of perspectives
and experiences.
SUSTAINABILITY
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
31

CELEBRATING OUR DIFFERENCES
Recognizing and celebrating the differences that make us unique helps foster a shared sense of purpose
and values across the organization, as well as strengthening the culture that supports our growth and the
commitments we make to all our stakeholders.
Across our teams in New Zealand and the US, we celebrate days fundamental to our team’s diverse cultural
identities, including Waitangi, Matariki, Diwali and St Patrick's Day. These celebrations are more than
symbolic — they reflect our commitment to inclusion and shared understanding.
We also take a strong stance on mental health and inclusivity. Initiatives such as Pink Shirt Day help us
celebrate working together to stop bullying, and to reinforce inclusiveness, kindness and respect. These
events are often paired with practical initiatives, including mental health first aider training for health and
safety representatives, and cultural exchanges between our US and New Zealand teams.
FOSTERING HEALTH, SAFETY AND WELLBEING
We are committed to providing safe and healthy workplace practices
for all, and ensuring that no one is harmed at work. Our Health
and Safety Policy outlines a clear goal: to eliminate as far as
reasonably practicable, all injuries, accidents, and incidents from
the workplace.
We maintain rigorous safety practices across the business,
and require active participation from our people to ensure
procedures are clearly understood and followed. These include:
• Company-wide safety training each quarter
• Regular Toolbox Talks focused on specific safety topics
• Twice-yearly audits of our health and safety practices
We have a strong record of delivering on our commitments. From
November 2024 to February 2025, our Health, Safety and Wellbeing
framework underwent an independent review. The findings were
positive, with the auditors highlighting our clear commitment to compliance,
continuous improvement and employee wellbeing. In their words:
“...Pacific Edge prioritizes its Health & Safety (H&S) obligations and maintains a strong focus on continual
improvement... A comprehensive H&S framework ensures compliance with relevant legislation, industry
standards, and best practices. Regular reviews and updates of policies, procedures, and Standard
Operating Procedures (SOPs) demonstrate a proactive approach to risk management and employee
wellbeing.”
Our health and safety activities are overseen by two internal committees (APAC and US), both chaired by
the Chief Operating Officer. Updates are provided at every Board meeting. Further detail is covered in the
company’s governance statement in this report.
Supporting Mental Health and Wellbeing
We want every employee to feel supported and empowered in their role. Our mental health and wellbeing
program is a key part of this, offering the tools and environment our people need to perform at their best
and maintain their wellbeing.
This year, we continued to invest in mental health initiatives, including:
• Independent employee assistance services, tracked monthly
• Training, including Mental Health Toolbox Talks
• Awareness training for health and safety committee members
• Completion of the LivingWorks ASSIST mental health program by 19 team members.
These actions reflect our long-term commitment to creating a workplace where people can thrive,
personally and professionally.
SUSTAINABILITY
"In FY 25,
we are pleased to
report zero lost time
injuries across both
our New Zealand
and US operations
— a reflection of our
commitment and the
engagement of our
people."
32

RESPONSIBLE SUPPLY CHAIN
STRENGTHENING SUPPLIER RELATIONSHIPS
Following a detailed supplier review in FY 24 by an internal specialist, a number of initiatives were
introduced and embedded in FY 25. Quality agreements and supply agreements have been revised,
updated and implemented across the supplier network, and a program of supplier audits is underway.
Quarterly reviews are held with all strategic suppliers, and we have also launched new supplier evaluation
questionnaires. This has led to improved communications and clarity of expectations with suppliers.
Supplier alignment with Pacific Edge’s own policies and values is very important to us. We have taken steps
to ensure that our key suppliers demonstrate respect for human rights and ethical labor practices. This
includes requiring suppliers to commit to eliminating modern slavery — such as forced labor or child labor —
and adopting appropriate human rights policies and procedures.
SUPPORTING OUR COMMUNITIES
We believe it is important to support the communities in which we live and operate. We do
this by collaborating with patient organizations at the forefront of cancer advocacy and care,
and through team participation in support of local charities and health-related initiatives
designed to fundraise and educate.
GIVING PATIENTS A VOICE AND RAISING BLADDER CANCER AWARENESS
An awareness of bladder cancer and available test options empowers patients to take a more informed and
active role in their care. To this end, we partner with leading bladder cancer advocacy organizations and
support key global advocacy events.
The Bladder Cancer Advocacy Network (BCAN) is the leading bladder cancer patient organisation in the US
and is focused on increasing awareness of bladder cancer and its care, building a supportive community of
people impacted by the disease, funding educational and support programs, and advancing bladder cancer
research. In recent years our collaboration with BCAN has included sponsorship, participation in thought
leadership events like Think Tank, and the co-development of leading patient resources, including patient
handbooks and factsheets.
Each year we also support Bladder Cancer Awareness Month in May, a time for those affected by bladder
cancer to stand together and raise awareness of the disease while working to better support its early
detection, treatment and care. Over
the last several years our activities
in May have emphasized the
importance of regular monitoring
and compliance with scheduled
checks, while raising awareness of
Cxbladder as a non-invasive bladder
cancer surveillance alternative.
As part of Bladder Cancer
Awareness Month each year our
team also take part in a range of
social initiatives. Traditionally this
includes a themed dress-up to help
increase the profile of the event and
as a team building exercise.
SUSTAINABILITY
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
33

SUPPORTING CAUSES MEANINGFUL TO OUR PEOPLE
Pacific Edge team members are encouraged to promote causes meaningful to them, across the
organization. Below are some examples of causes we have supported in the last year.
Movember
Founded in 2003, the Movember Foundation works to raise awareness of men’s health issues and fund
related projects around the world, with a specific focus on testicular cancer, prostate cancer, mental health
and suicide prevention. To date the Foundation has raised over NZ $1 billion globally. We support its
efforts each November, both though promoting broader awareness of the initiative and through team and
individual fundraising efforts.
Relay For Life
An inspiring event that runs throughout New Zealand,
Relay for Life gives communities a chance to celebrate those
who have or have had cancer and the people who care for
them. It also remembers loved ones lost to the disease and
encourages communities to join the fight against cancer by
raising awareness and funds for the New Zealand Cancer
Society. In 2025, a Pacific Edge team of over 20 staff and
their families participated in the Otago Students Relay for
Life which ran overnight for 12 hours around the University
of Otago campus in late March. The Otago Students Relay
raised over $100,000 in support of the Cancer Society's
supportive care services, education programs, prevention
policies, and life-saving research.
Pink Shirt Day
Pink Shirt Day is an annual event against bullying held in Canada, New Zealand and Germany. The Mental
Health Foundation of New Zealand (MHFNZ) has run the campaign in New Zealand since 2012, encouraging
participating individuals, groups, schools and workplaces to wear pink and attend or host informative events
designed to raise awareness and stop bullying, while promoting kindness and inclusivity.
Cocoa Packs
The Pacific Edge team in Hershey, Pennsylvania volunteer with Cocoa Packs, a non-profit that provides food
assistance and other services to enhance the wellbeing of local children. Cocoa Packs currently provides
weekly support to over 1,400 individuals.
SUSTAINABILITY
34

SUSTAINABILITY
OUR ENVIRONMENTAL IMPACT
USING OUR RESOURCES RESPONSIBLY
Our Environmentally Sustainable Procurement Policy sets out our commitment to the responsible
purchasing of materials, goods and services, including three basic principles. Prior to purchasing any goods
or services we must ensure the following:
• that the item needs to be purchased i.e. there are no other suitable items already available within the
company;
• that the lifecycle impacts of the item are considered, including processes used to create it,
environmental impacts when used and what happens at the end of its life; and
• that relevant environmental information is provided by the supplier.
In FY 24, we began recording carbon emissions associated with all material aspects of our business,
including the transportation of inventory to and from Pacific Edge. This benchmark information has enabled
us to develop targets and strategies to reduce carbon emissions associated with consumables as well as the
environmental impact of waste, including disposable plastics and chemical waste. We describe our progress
in our FY 25 climate-related disclosures and in the summary on page 25.
CLIMATE-RELATED DISCLOSURES
FY 25 was Pacific Edge’s second year of mandatory reporting under the Aotearoa New Zealand Climate
Standards. Click here to access the full report, which is also on our website.
The following summary outlines how we are positioning ourselves for a low-emissions, climate-resilient
future (our Transition Plan) as well as how we progressed towards our emissions reduction targets in FY 25.
POSITIONING OURSELVES FOR A LOW-EMISSIONS FUTURE
Pacific Edge’s carbon emissions primarily result from the logistics involved with transporting Cxbladder kits
to and from collection points, as well as from travel undertaken by the sales team to service and support
clinicians. International travel between the United States and New Zealand, along with domestic travel across
target markets, also contributes significantly to Pacific Edge’s carbon emissions.
Figure 1 provides a graphic representation of how our carbon emissions relate to the various functions
across our business.
While we acknowledge the emissions generated by our current business model, particularly through the
transportation of samples to centralized laboratories, we believe that the overall carbon footprint of the
Cxbladder diagnostic pathway is lower than the existing standard of care, which relies heavily on cystoscopy
and in-clinic procedures.
This belief is supported by a study carried out in FY 25, in collaboration with Te Whatu Ora — Health
New Zealand Waitaha Canterbury and Toitū Envirocare. The study assessed the GHG emissions impact
of incorporating Cxbladder into a revised standard of care for bladder cancer diagnosis, compared to the
existing standard of care. The findings show that the Cxbladder diagnostic pathway can reduce emissions
by 40% against the existing standard of care, highlighting the potential for clinical innovation to help reduce
emissions.
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
35

Figure 1: Relationship between Pacific Edge emissions and key functions across the business
Our Transition Plan
We are implementing a number of strategic initiatives aimed at positioning Pacific Edge for a low-emissions,
climate-resilient future. By focusing on greater efficiency in test result delivery and increasing the adoption
and use of Cxbladder tests, we aim to achieve both financial gains and a reduction in carbon intensity per
test. This strategic alignment ensures that capital deployment and funding decisions support our strategic
priorities.
A description of these initiatives and how they will mitigate the impacts of climate change, is provided
on pages 10 to 13 of our climate-related disclosures. Figure 2 summarizes the key elements of our
transition plan.
RESEARCH AND
DEVELOPMENT
Developing IP that
addresses unmet
clinical needs in
bladder cancer
diagnosis and
management by
delivering non-
invasive genomic
biomarker tests which
allow early detection
and clinically
actionable care.
Emissions relate to
freight and research
laboratory in Dunedin,
NZ.
CLINICAL
EVIDENCE

Building robust
clinical evidence that
provides catalysts for
guidelines inclusion
and reimbursement.
Emissions relate to
freight of samples,
travel to study
locations, and staff
located in US, NZ and
AUS.
SALES AND
SUPPORT
95% of revenue is
generated from the
Unites States, with
Account Executives
based close to the
clinicians across the
US. Sales and support
are also based in New
Zealand, Australia
and South East Asia.
Emissions relate to
travel and support of
Account Executives.
TEST DELIVERY
Laboratories based
in Hershey, US and
Dunedin, NZ process
tests and send results.
Emissions relate
to operating the
laboratories in
Dunedin, NZ and
Hershey, US.
GENERATED BY
LABS AND OFFICES
IN DUNEDIN AND
HERSHEY
19%
GENERATED
BY EMPLOYEE
TRAVEL
70%
GENERATED BY
MOVEMENT OF
INVENTORY,

TEST KITS AND
SAMPLES
11%
SUSTAINABILITY
36

SUSTAINABILITY
TEST KIT
MANUFACTURE
PRODUCT
DISTRIBUTION
TEST KIT USE,
SAMPLES TO
LABORATORIES
LABORATORY

TESTING
INFORMATION
SHARING
EMPLOYEE AND
BUSINESS TRAVEL,
SALES & OFFICE
SUPPORT, R&D
PRODUCT
SIMPLIFICATION
INITIATIVES:
●
Localised testing
(ultimate goal IVD
test kit)
●
Reduced time to
test results
●
RNA stabilisation
resulting in fewer
re-tests and sample
rejects (R&D)
TARGETS & FUTURE
ACTIONS:
●
Improved carbon
intensity per test
●
Testing closer to
patients locations
CAPITAL DEPLOYMENT:
●
Resource allocation
underpinned by
business plan and
R&D roadmap
TESTING
AUTOMATION
INITIATIVES:
●
Increased
automation of test
performance
●
Processes involving
lower use of
hazardous chemicals
and increased tests
per plate
●
Processes involving
less single use
plastics
●
Green Lab initiatives
TARGETS & FUTURE
ACTIONS:
●
Improved carbon
intensity per test
CAPITAL DEPLOYMENT:
●
Resource allocation
underpinned by
business plan and
R&D roadmap
SUPPLIER
ENGAGEMENT
INITIATIVES:
●
Supplier
diversification or
multi-site suppliers
●
Reagent
manufacture in US
●
Shipping reduction
to lower/ eliminate
the need for dry ice
●
Improved buffer
performance to
increase kit shelf life
and sample shipping
and processing
timeframes
TARGETS & FUTURE
ACTIONS:
●
Improved carbon
intensity per test
CAPITAL DEPLOYMENT:
●
Resource allocation
underpinned by
business plan and
R&D roadmap
OPERATING
EFFICIENCY
INITIATIVES:
●
Increased tests per
clinician
●
Freight efficiency,
with increased
number of samples
sent per package
●
Carbon impact
study – a tool
to demonstrate
emissions advantage
and support
increased demand
TARGETS & FUTURE
ACTIONS:
●
Improved carbon
intensity per test
●
Improved carbon
intensity per FTE
CAPITAL DEPLOYMENT:
●
Resource allocation
underpinned by
business plan and
R&D roadmap
Figure 2: Transition Plan summary
Value Chain
Transition Plan Key Initiatives
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
37

FY 25 EMISSIONS SUMMARY
FY 25 was Pacific Edge’s second year of greenhouse gas (GHG) emissions measurement for our operations,
with FY 24 providing the baseline for comparative analysis.
Overview of Emissions
As a global cancer diagnostics company, our emissions profile is relatively small. In FY 25, travel and freight
was by far the largest contributor, accounting for 80.8% of all emissions (82.1% of all emissions for FY 24).
Due to the specialized nature of cancer diagnostic tests, in-person support and training remain essential
for clinicians and patients, making travel unavoidable in many instances. Most staff travel, including air
travel and business travel in non-company owned vehicles, is attributed to our Sales team (supporting and
growing the use of Cxbladder) and Clinical Studies team (for study site visits to build our clinical evidence
portfolio).
Air freight is primarily used to transport test kit components from suppliers to our laboratories; to ship test
kits to customers; and to return samples from customers for processing. Business travel has been identified
as a key area for improving emissions efficiency.
The next largest contributor of emissions was indirect GHG emissions from consumption of purchased
electricity (Scope 2) in respect of our Dunedin and Hershey locations. Scope 1 comprises refrigerants used
for laboratory equipment, which did not require replenishment during FY 25 or FY 24.
Table 1: Emissions Summary
Scope
1
Emissions sourcesDescriptionFY 25
(tCO
2
e)
FY 24
(tCO
2
e)
Scope 1Direct emissions Refrigerants 0.000.00
Scope 2Indirect emissions from
imported energy
Electricity – location-based method
128.04145.39
Scope 3Other indirect emissions Air travel, air freight, road freight, shipping
freight, business travel in non-company
owned vehicles, accommodation,
employee commuting, working from home,
decontamination of medical waste, incineration
of clinical waste, electricity distributed
transmission and distribution losses, general
waste, dry ice
804.85963.89
TOTAL932.891,109.28
Total direct emissions0.000.00
Total indirect emissions932.891,109.28
Total gross emissions932.891,109.28
Direct emissions removals0.000.00
Purchase emission reductions0.000.00
Total net emissions932.891,109.28
Test throughput28,89432,633
Average FTE112113
Emissions intensity
Gross emissions / test (unit)0.0320.034
Gross emissions / FTE8.34 9.82
1
The Scope 1 Direct emissions and Scope 2 Indirect emissions from imported energy (location based) for 2025 (tCo
2
e) have been subject to independent
limited assurance by PwC. The Scope 3 emissions data for 2025, and the emissions intensity for 2025 are not subject to assurance. The 2024 emissions
data for Scope 1, Scope 2, and Scope 3 and the emissions intensity for 2024 have not been subject to independent assurance by PwC.
SUSTAINABILITY
38

Progress Against Target
Pacific Edge has set a 5-year target of a 20% reduction in emissions intensity (GHG emissions per test
throughput) by end FY 29.
In FY 25 (our first year) we achieved a 5.9% reduction in emissions intensity, lowering the total emissions per
test from 0.034 tCO2e in FY 24 to 0.032 tCO2e in FY 25. This progress is summarized in Table 1, reflecting
the early success of our transition plan and reinforcing that meaningful emissions reductions can be
achieved without compromising our broader goal.
Looking Ahead
We expect staff air travel and business travel in non-company-owned vehicles to rise in the short to medium
term as we work to expand test throughput and fulfil the unmet need for a diagnostics tool that assists in
the detection and treatment of bladder cancer. While the increasing size of our team will likely drive higher
absolute emissions, our focus on improving sales team efficiency — specifically, increasing the number of
tests per physician — is expected to reduce GHG emissions intensity per test.
Air freight is also projected to grow in the short term as we focus on increasing test throughput. However,
once a critical mass is reached, we anticipate opportunities to improve efficiency in procurement,
distribution and sample return logistics. These efficiencies are expected to reduce emissions intensity
over time.
Further information is provided in the climate-related disclosures.
SUSTAINABILITY
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
39

OUR GOVERNANCE PRACTICES
Strong governance is fundamental to the performance of Pacific Edge. Our Board is
ultimately responsible for ensuring that the Company and its subsidiaries maintain high
ethical standards and corporate governance practices
We are committed to maintaining the highest standards of governance. We ensure that our corporate
governance practices are in line with best practice; the NZX Corporate Governance Code (NZX Code); and
broader expectations of corporate behavior. Over the last year we have continued to evolve our governance
framework with the following initiatives.
• Ensuring compliance with the new mandatory reporting requirements of the Aotearoa New Zealand
Climate standards and more broadly the integration of environmental and social considerations into the
framework
• Completing the implementation of our risk framework and risk assessment practices across the entire
business
• Working with our advisors to understand the IRD’s requirements in respect of Tax Governance,
completing an assessment of our tax framework and implementing improvements; and better managing
the tax risks emerging with our growth in international markets
• Strengthening our stakeholder engagement practices, ensuring that investors and other stakeholders
are informed about our progress and any market developments in a timely manner
The key corporate governance documents referred to in this report are available on the governance section
of Pacific Edge’s website.
GOVERNANCE INITIATIVES AND HIGHLIGHTS
Risk Management
Our risk management approach is described in the Corporate Governance Statement and the Risk Analysis
and Management section respectively on pages 46 to 56 and pages 57 to 62 of this report. We have a
comprehensive risk management framework. We have embedded Failure Modes and Effect Analysis
(FMEA) across our business. It is the tool of choice to assess and manage risks, including quality, health and
safety, market-related and climate-related risks. We assess and prioritize risks using Risk Priority Numbering
(RPN) and heat maps from every department leader for every Board reporting cycle. We have also
benchmarked our tax risk management framework against better practice to cover the risks emerging from
our growth trajectory and advanced our assessment of climate risks in line with the Aotearoa New Zealand
Climate standards.
Risk management is embedded in everyday practices, which include regular internal and external audits,
training, quality management systems, risk reporting and promotion of a strong risk culture, which is
promoted as ‘Say what we do and do what we say’. Company-wide training is undertaken to ensure staff are
adept in the use of risk management tools.
GOVERNANCE
40

GOVERNANCE
Operational Quality and Compliance
As a health provider, Pacific Edge is required to meet stringent regulatory, quality, health and safety and
manufacturing standards in every country we are operating in.
We operate a Quality Management System (QMS) that encompasses manufacturing, laboratory operations,
clinical science and digital development. Our QMS is administered through iPassport, which maintains
standard operating procedures, tracks quality metrics such as Non-Conformances, CAPAs (Corrective
and Preventive Actions), Change Controls and ensures compliance with our ISO9001/ISO13485/ISO15189
requirements.
This, combined with a program of internal and external audits, enables the company to meet its quality
commitment to being ‘audit ready everyday’. In the past year we conducted 10 internal QMS audits, which
have been assessed by external auditors from CLIA, CAP, Telarc and IANZ and have also partnered with
SeerPharma to ensure compliance with ISO13485 and FDA requirements. All our major suppliers are required
to sign a Quality Agreement that governs how incidents or other non-conformances are governed between
our companies.
Below is a summary of our operating standards:
• all Group business operations are governed by ISO-9001;
• our US laboratory operations are governed by CAP
1
, CLIA
2
, GLP
3
and NYS
4
;
• our New Zealand laboratory operations are governed by CLIA, Medical Laboratory Council and ISO-
15189;
• digital/Software for lab operations is governed by CLIA, NYS, ISO-15189, HIPAA
5
and IT Security;
• Pacific Edge manufacturing is governed by the principles of Good Manufacturing Practices (GMP)
(internally audited);
• Pacific Edge collection devices are registered with the TGA
6
in Australia, their manufacturing follows
GMP and is manufactured and supplied in accordance with ISO-13485; and
• Pacific Edge clinical evidence generation is governed under GCP (good clinical practice) and IRB ethics
approvals. Clinical Sciences are working towards future compliance with ISO20916.
A new Quality Policy was implemented in FY 25, supporting the extension of the QMS to ISO-13485/
ISO14971 requirements. Certification for compliance with ISO 13845:2016 has since been granted.
1
College of American Pathologists
2
Clinical Laboratory Improvement Amendments (Centers for Medicare & Medicaid Services)
3
Good Laboratory Practice
4
New York State (Department of Health)
5
Health Insurance Portability and Accountability Act (US)
6
Therapeutic Goods Administration
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
41

Chris Gallaher
Chairman and Independent
Director
(Appointed 2016)
Chris joined the Board in 2016
and was appointed as Chairman
in August 2016. A New Zealand
citizen resident in Melbourne,
Chris has held senior positions
in both CEO and CFO roles with
a number of 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 NZ resources based
civil contractor. Chris holds a
BCom from Otago University,
is a Chartered Accountant,
a member of the Australian
Institute of Company Directors,
is Chairman of Link Group
Holdings Ltd, Carisbrook
Holdings Ltd and Mariposa
Holdings Ltd and Director of
Highlanders Rugby Club and
Good Shepherd Australia and
New Zealand.
Anatole Masfen
Independent Director
(Appointed 2008)
Anatole is the co-founder
of Artemis Capital, a private
equity investment firm based in
Auckland. He graduated from
the University of Auckland with
an MCom (Hons) in Finance and
Economics. Following that he
spent eight years with Air New
Zealand (and later the merged
entity with Ansett Australia)
holding senior positions in
Pricing, Revenue Management
and Systems implementation.
He holds directorships in
numerous private companies
and has significant knowledge
of financial capital markets.
As a long standing director of
PEB and investor in numerous
medical and tech companies,
Anatole has a detailed
knowledge of the medical
sector and future trends. In
particular human sciences and
disruptive technologies.
Sarah Park
Independent Director
(Appointed 2018)
Sarah is the co-founder of
Even Capital, a pioneering
venture capital firm 100%
focused on investing in female
entrepreneurs in New Zealand
and Australia. As an investor,
Sarah has a passion for early
stage businesses building world-
changing technologies. Sarah
brings 25+ years international
corporate finance and capital
markets experience to Pacific
Edge after a professional career
with PwC in NZ and HSBC
Investment Bank in London.
During her executive career,
Sarah held a wide variety of
roles including advising on M&A
and capital market transactions,
managing family office
investments, and as a sell-side
Equity Research Analyst. Sarah
is Deputy Chair of National
Provident Fund, and a Director
of NZ med-tech company,
Orbis Diagnostics. Sarah has a
MA(Hons) in Economics from
the University of Edinburgh
and is a member of the New
Zealand Institute of Directors
and Chapter Zero NZ.
PACIFIC EDGE’S BOARD
BOARD AND MANAGEMENT
42

Bryan Williams
Independent Director
(Appointed 2013)
Bryan is an internationally
recognised cancer researcher
and research administrator, with
significant business experience.
He has held a number of
governance roles, including
with a NASDAQ listed biotech
company. Presently, he serves
on the boards of two Australian
and one American privately
held biotechnology companies.
He is also a co-founder of
an American biotechnology
company. Bryan was Director
and CEO of the Hudson Institute
of Medical Research. He is
currently Emeritus Director and
Distinguished Scientist at the
Hudson Institute in Melbourne.
He has a BSc (Hons) and
PhD in Microbiology from the
University of Otago.
Anna Stove
Independent Director and
Chair of the People and Culture
Committee
(Appointed 2021)
Anna has a successful track
record in leading and driving
transformational change within
the Healthcare sector. She
has significant gobal business
experience having held a variety
of senior executive roles within
Asia Pacific and Europe. Prior to
stepping down from corporate
life, Anna was the NZ General
Manager of GlaxoSmthKline. She
is now committed to growing
businesses through best
practice governance. Anna also
Chair’s Rua Bioscience.
Tony Barclay
Independent Director and Chair
of Audit and Risk Committee
(Appointed 2022)
Tony brings over 30 years
experience in business and 22
years healthcare experience.
Tony was CFO at medical
device company Fisher & Paykel
Healthcare from the time of
separation from Fisher & Paykel
Appliances in 2001 until retiring
from full-time employment in
2018. Prior to Fisher & Paykel
Healthcare Tony worked for
PriceWaterhouse and Arnott's
Biscuits in finance roles. Tony is
also a board member of listed
company Rua Bioscience and
holds a number of directorships
in private companies, all in
MedTech. Tony holds a BCom
from the University of Otago
and is a Chartered Accountant
and a member of the New
Zealand Institute of Directors
and INFINZ.
BOARD AND MANAGEMENT
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
43

Dr Peter Meintjes
CEO, Pacific Edge
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, USA for a number of molecular
diagnostic leadership roles. Most recently the
Chief Commercial Officer at Eurofins Transplant
Genomics (TGI), a transplant diagnostics company
focused on revolutionizing post-transplant care
for kidney transplant recipients with non-invasive
biomarkers. He was responsible for scaling the
commercial team behind TruGraf (now OmniGraf),
the only CMS-reimbursed test for subclinical
organ rejection. Prior to TGI, Peter was CEO at
Omixon Inc, a molecular diagnostics company
focused on the pre-transplant market, world
leader in HLA typing by NGS, and recipient of the
Innovation Grand Prize among all companies in
Hungary in 2018. Omixon was acquired by Werfen
in 2024. Prior to his US career, Peter worked
at Auckland-based Biomatters, the creators of
Geneious — software specializing in translating
genetic and genomic data into biological insights
for researchers and medical insights for clinicians.
Biomatters was acquired by GraphPad in 2019.
Grant Gibson
Chief Financial Officer,
Pacific Edge
Grant is an experienced
financial executive and
chartered accountant, who
brings significant financial
experience to the role. Prior
to joining Pacific Edge in late
2019, Grant was Chief Financial and Operating
Officer for Dunedin-based company, TracMap,
where he was responsible for leading the financial
management and operations across the company.
Prior to that, Grant worked in executive finance
roles at Westpac, including as Head of Finance
for Westpac New Zealand. During his time with
Westpac, he headed the finance team for New
Zealand's largest financial transaction, the local
incorporation of Westpac New Zealand.
Tamer Aboushwareb MD PhD
Chief Medical Officer,
Pacific Edge
Tamer joined Pacific Edge
in June 2022 and brings to
the company a depth of
experience in clinical, medical
research, and commercial
roles in urological medicine in
Egypt and the USA. Prior to joining the company,
he was Senior Director of Oncology Clinical
Development at Exact Sciences and prior to
that he was Global Therapy Area Head, Urology,
Medical Affairs at the global pharmaceutical
company Allergan. He is a graduate of the Ain
Shams University Medical School in Cairo. He also
holds Masters and Doctoral degrees in urology and
molecular medicine and has held residency, post-
doctoral and research roles in Egypt and the US.
Darrell Morgan
Chief Operating Officer,
Pacific Edge
Darrell has nearly 40
years experience in senior
roles in pharmaceutical
research and development,
immunodiagnostics, and
device development for
drug delivery across human and animal health,
technical operations and customer-facing roles
in the UK, Europe and New Zealand. Prior to
joining Pacific Edge, Darrell held several roles at
Argenta, an Auckland based animal pharmaceutical
manufacturer, including VP of Business
Development, Head of Global Pharmaceutical
Sciences and Director of Product Development.
His last role in Europe was leading UCB’s large
molecule sterile drug delivery and patient solution
technologies teams, developing drug/device
combination products which were approved by
both FDA and EMEA.
PACIFIC EDGE’S SENIOR MANGEMENT TEAM
BOARD AND MANAGEMENT
44

Justin Harvey PhD
Chief Technology Officer,
Pacific Edge
Justin joined Pacific Edge
in 2004, bringing a robust
background in medical
laboratory testing, diagnostics,
and cancer genetics. He
has played a pivotal role in
the development and commercialization of the
Cxbladder suite of products from their inception.
Currently, Justin leads Pacific Edge’s scientific
Research and Development program, focusing on
developing novel products aimed at improving
patient outcomes through early detection and
management of cancer. Justin is dedicated to
advancing medical science and improving patient
care through innovative diagnostic solutions. His
leadership and expertise continue to drive Pacific
Edge’s mission to provide leading solutions for the
early detection and management of cancer.
Professor Parry Guilford
Chief Scientific Officer,
Pacific Edge
Parry has led the science,
research and development
at Pacific Edge from its early
days. As one of the founding
scientists and a member of
the Scientific Advisory Board
of the Company, Parry is the architect of many of
the Company’s product prototypes. Parry’s focus is
to bring his world class skills and experience on the
step change in biotechnology for the Company’s
next generation of products.
David Levison
President, Pacific Edge
Diagnostics USA
David has spent more than
25 years in the healthcare
industry, working across
a range of sectors from
pharmaceuticals to services
and diagnostics. He has
been the founder, CEO, and Board member of a
number of high growth medical technology and
molecular diagnostic businesses in the US as well
as working in private equity. David served for four
years as a member of the Pacific Edge Board of
Directors, before transitioning to lead the PEDUSA
organization in November of 2020 as Executive
Chairman of PEDUSA and then as President
beginning September 1, 2022.
Glen Costin
President APAC, Pacific Edge
Glen joined Pacific Edge in
April 2023 having spent more
than 20 years in Asia Pacific
markets with life science/
diagnostic companies such as
BD (Becton Dickinson) and
Bio-Rad Laboratories. Glen
has had extensive hands-on commercial and go-
to-market experience in China, Korea, Taiwan, SE
Asian countries, Australia and New Zealand both
directly and via distribution partners. His sales and
marketing experience spans, life science research,
diagnostic instrumentation, as well as launching a
new Oncology test for Cervical Cancer Screening
generating over US$38M pa in revenues within
APAC. Glen has sold at the executive level for many
years and developed Key Opinion Leader networks
to support innovative technology introduction in
the medical diagnostics sector, including his former
role as Global Private Pathology Director at BD
Diagnostics. Glen’s qualifications include: Bachelor
of Science (Genomics), Masters of Management
(Marketing Management & Finance) from
Macquarie Graduate School of Management.
Zoe O’Donnell
Global Head of People &
Culture, Pacific Edge
Zoe joined Pacific Edge in
January 2025 as Global Head
of People & Culture. Prior
to joining Pacific Edge Zoe
worked in a number of roles
and industries in the UK and
New Zealand most recently with Fisher & Paykel
Appliances as Global Total Rewards Consultant.
Zoe’s roles and experiences gives her a unique
breadth and depth to her HR and Leadership
expertise. As Global Head of People & Culture
Zoe’s passionate about people and performance
and leads the people strategy and initiatives
that streamline and enhance all touchpoints
of the employee lifecycle and experience. Zoe
champions an equitable and inclusive culture and
believes in building organisational capability and
accountability to drive a high-performance culture
aligned to strategy while delivering value to our
customers.
BOARD AND MANAGEMENT
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
45

GOVERNANCE
46

Strong governance is fundamental to the performance of Pacific Edge Limited and Pacific Edge’s Board is
ultimately responsible for ensuring that the Company and its subsidiaries (the Group) maintain high ethical
standards and corporate governance practices.
Pacific Edge is committed to maintaining the highest standards of governance. It does this by ensuring
that its corporate governance practices are in line with best practice and the NZX Corporate Governance
Code (NZX Code). The Board believes that for FY 25, Pacific Edge’s governance practices are appropriately
aligned with the NZX Code.
The key corporate governance documents referred to in this report are available on the goverance section
of Pacific Edge’s website.
PRINCIPLE 1: CODE OF ETHICAL BEHAVIOUR
“Directors should set high standards of ethical behaviour, model this behaviour and hold management
accountable for these standards being followed throughout the organisation.”
CODE OF ETHICS
Pacific Edge maintains high standards of ethical behaviour and has both a Directors’ Code of Ethics and
an Ethical Behaviour Policy for employees of the Company, setting out the standards that each Director or
employee must adhere to whilst conducting their duties. The Code and Policy are reviewed every two years.
General principles within both Policies include (but are not limited to) requiring all Directors and employees
to:
• act honestly and with personal integrity in all actions;
• in the case of Directors, give proper attention to the matters before them and exercise their powers and
duties with a due degree of care and diligence;
• not make improper use of information acquired as a Director or employee, or of assets or resources of
the Company; and
• comply with Company policies at all times.
In particular, the Code and Policy cover conflicts of interest, gifts, confidentiality, behaviour and proper use
of assets and information. Pacific Edge’s policy is that donations are not made to any political parties.
Employees are encouraged to report any breaches. Pacific Edge has a Speak Up Policy that is designed
to ensure its employees and contractors are aware and encouraged to raise concerns regarding actual or
suspected wrong doing with regards to ethical, clinical, professional and legal standards in a safe, supported
and protected environment. Alongside the Speak Up Policy, Pacific Edge has a Protected Disclosures Policy
that is designed to promote the public interest by facilitating the disclosure and investigation of matters of
serious wrongdoing whilst protecting complainants who make disclosures of serious wrongdoing in good
faith in an organisation from victimisation or reprisals.
Processes have been established to ensure all employees are aware of and understand these Policies.
SHARE TRADING POLICY
Pacific Edge’s Board and management are committed to ensuring compliance with all regulatory and
market requirements. Pacific Edge’s Share Trading Policy, which applies to all employees and Directors but
has additional trading restrictions applying to Directors and Senior Managers is a core component of this
commitment.
FY 2025 GOVERNANCE STATEMENT
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
47

PRINCIPLE 2: BOARD COMPOSITION & PERFORMANCE
“To ensure an effective Board, there should be a balance of independence, skills, knowledge, experience
and perspectives.”
Pacific Edge’s Board operates under a written Board of Directors’ Charter (Charter) which sets out the
roles and responsibilities of the Board (and clearly distinguishes and discloses the respective roles and
responsibilities of the Board and management). The focus of the Board is the creation of company and
shareholder value and ensuring the Company is committed to best practice. The charter is available on the
Pacific Edge website.
Responsibility for the day-to-day management of Pacific Edge has been delegated to the Chief Executive
Officer (CEO) and other Senior Management. Management is responsible for implementing the objectives
and strategies approved by the Board, through a set of delegated authorities.
The primary responsibilities of the Board include:
• overall governance and providing strategic leadership;
• ensuring compliance with the Company’s constitution;
• setting clear goals for the Company, ensuring that there are appropriate strategies in place for achieving
those goals;
• monitoring the Company’s performance against its approved strategic, business and financial plans;
• appointment of the Chair and CEO;
• ensuring that the Company follows high standards of ethical and corporate behaviour;
• ensuring that the Company has appropriate risk management policies in place; and
• appointing the Company auditors and setting the annual auditors fees.
As at 1 April 2025, the Board was comprised of six non-executive independent Directors. During the year
ended 31 March 2025, independent Director Mark Green retired from the Board, effective 24 September
2024.
The Chairman is an independent Director who is elected by the Directors. The Chairman and the CEO roles
are not executed by the same individual.
Directors are selected based on the diversity of skills needed as defined by the Company’s skills matrix
taking into account the composition of the Board in relation to the Company’s needs and operating
environment. The Board considers that its members currently have the appropriate balance of
independence, skills, knowledge, experience and perspectives necessary to lead Pacific Edge.
Board Skils Matrix
Posible focus of new
Board appointments
Medicine/Diagnostics
Financial Acumen
Sales/Marketing/Distribution
Legal/Regulatory/Risk
Corporate Governance
New Market Development
Capital and Financial Markets
Health, Safety, Environment and Sustainability
■ High Capability ■ Moderate Capability
48

It is acknowledged that current Director Anatole Masfen has been a Board member for approximately
17 years. While this tenure is beyond the 12-year period listed as a factor that may cause questions on
independence, the Board value the extensive knowledge and history available to the Board and are satisfied
that Anatole continues to bring independent judgment to bear on issues before the Board and acts in the
best interests of the issuer and represents the interests of its financial product holders generally.
The profile of each Director including their experience is covered on pages 42-43 of this report. Statements
on Director Independence and their ownership interests are covered in the Statutory Information section on
pages 109 to 113 of this report. Director attendance at Board meetings is covered on page 51 of this report.
Director Profiles are also available on the Company’s website.
NOMINATION AND APPOINTMENT OF DIRECTORS
The procedure for the nomination and appointment of Directors to the Board is set out in the Charter.
While the nomination process for new Director appointments is the responsibility of the Board as a whole,
the Nomination Committee is responsible for identifying, reviewing and recommending candidates to the
full Board. The Board may engage consultants to assist in the identification, recruitment and appointment
of suitable candidates. The Company undertakes proper checks before appointing a Director and putting
forward a candidate for election as a Director. Key information is provided to shareholders when a Director
stands for election or re-election.
Directors will retire and may stand for re-election by shareholders at least every three years, in accordance
with the NZX Listing Rules. A Director appointed since the previous annual meeting holds office only until
the next annual meeting but is eligible for re-election at that meeting.
The Board asks for Director nominations each year prior to the Annual Shareholders Meeting, in accordance
with the constitution of the Company and the NZX Listing Rules.
INDUCTION AND PROFESSIONAL DEVELOPMENT
Newly elected Directors undergo a formal induction programme to ensure they have working knowledge of
our business. This includes one-on-one meetings with management and a tour of the laboratory and R&D
facilities. They are expected to familiarise themselves with their obligations under the constitution, Board
Charter and the NZX Listing Rules. Training is also provided to new and existing Directors where required to
enable Directors to understand their obligations.
The Company encourages all Directors to undertake appropriate training and education so that they
may best perform their duties. This includes attending presentations on changes in governance, legal
and regulatory frameworks; attending technical and professional development courses; and attending
presentations from industry experts and key advisers. Additional industry related training is provided by
Pacific Edge on a regular basis.
BOARD PERFORMANCE
The performance of the Board is reviewed periodically to assess the performance of each Director, each
Committee and the Board as a whole. The most recent external evaluation of Board performance was
undertaken in September 2022. The Chair of the Board also regularly engages with individual Directors to
evaluate and discuss performance and professional development.
DIVERSITY
Pacific Edge is committed to bringing diversity to life in its employment practices and across all aspects of
the business.
The Board and Company believe in creating a flexible workplace that values difference and enhances
business outcomes. We follow equal employment practices, ensuring that our recruitment and selection,
development and talent management approaches enable inclusion and diversity at all levels.
The Diversity Policy outlines Pacific Edge’s approach towards diversity. While no measurable targets
have been set for diversity, the Remuneration Committee provides oversight of employment practices
and HR processes and practices and the Board is comfortable that these are in line with the intent of the
Diversity Policy.
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
49

Pacific Edge’s workforce demonstrates balance between genders across the business, but a skew to males is
evident in the leadership teams and on the Board. We explore opportunities to increase diversity at all levels
of the workforce.
Pacific Edge will always hire the best person for the job based on capability, acceptance and best fit for the
business. We actively seek out those with a variety of thinking styles, backgrounds, and abilities. Where two
candidates applying for a role possess equivalent capability, competence and fit, then diversity becomes
the final criteria for appointment. We actively monitor for bias in both our recruitment process and our
remuneration practices.
The Officers of the Company (as defined by the NZX Listing Rules) are the CEO and specific direct reports
of the CEO having key functional responsibility. As at 31 March 2025, females represented 21% of Directors
and Officers of the Company (FY24: 13%).
The diversity of our workforce is detailed in our ESG section on page 31 of this report.
PRINCIPLE 3: BOARD COMMITTEES
“The Board should use Committees where this will enhance its effectiveness in key areas, while still
retaining Board responsibility.”
The Board has delegated a number of its responsibilities to Committees to assist in the execution of the
Board’s responsibilities. These Committees review and analyse policies and strategies which are within their
terms of reference.
Committee members are appointed from members of the Board with membership reviewed on an annual
basis. Committees examine proposals and, where appropriate, make recommendations to the full Board.
Committees do not take action or make decisions on behalf of the Board unless specifically mandated by
prior Board authority to do so.
Management may only attend committee meetings at the invitation of the Committee.
The current Committees of the Board are the Audit & Risk Committee, People and Culture Committee,
Nominations Committee and Capital and M&A Committee.
The Committees have terms of reference (Charters), which are reviewed and approved by the Board. All
charters are reviewed approximately every two years. These are available on the Company’s website.
Committee Membership as at 31 March 2025
Audit & Risk
Committee
People and Culture
Committee
Nomination
Committee
Capital and M&A
Committee
Tony Barclay (Chair)
Sarah Park
Chris Gallaher
Anna Stove (Chair)
Bryan Williams
Anatole Masfen
To n y Barclay
Chris Gallaher (Chair)
Bryan Williams
Anna Stove
Anatole Masfen
Chris Gallaher
Sarah Park
Peter Meintjes
To n y Barclay
50

DIRECTOR MEETING ATTENDANCE
The Board meets as often as it deems appropriate including sessions to consider the strategic direction of
Pacific Edge and forward-looking business plans. Video and/or phone conferences are also used as required.
The table below sets out Director attendance at Board and Committee meetings during FY 25.
Board
Audit & Risk
Committee
Nomination
Committee
People and
Culture
Committee
Capital
and M&A
Committee
Tony Barclay
13/136/61*1/1
2/2
Chris Gallaher
13/136/61/1-
2/2
Anatole Masfen
13/131*1/1
2/2
Sarah Park
12/136/6--
2/2
Anna Stove
12/131/1
1/1
-
Bryan Williams
12/13
1*
1/1
0/1
-
Mark Green (resigned Sept 24)
5/53/3--
-
*Indicates optional attendance
AUDIT & RISK COMMITTEE
Pacific Edge’s Audit & Risk Committee is comprised solely of Directors of the Company, with all members
being independent Directors. As at 31 March 2025, there were three members of the Audit & Risk Committee
with all having an accounting or financial background. The Chair of the Audit and Risk Committee is not the
Chair of the Board.
As per the Board Charter, the responsibilities of the Audit & Risk Committee include providing oversight
in four distinct areas (financial reporting, audit functions, risk management and sustainability and climate
related disclosures) and include as a minimum:
Financial Reporting
• reviewing the financial reports and advising all Directors whether they comply with the appropriate
laws and regulations;
• ensuring that the processes are in place and monitoring of those processes so that the Board is
properly and regularly informed and updated on corporate financial matters;
• reviewing the Company’s tax position, compliance and any exposures; and
• recommending to the Board for adoption significant changes in accounting policies and annual and
six-monthly financial statements.
Audit Functions
• ensuring that the external auditor or lead audit partner is changed at least every five years;
• monitoring and reviewing the independent and internal auditing practices;
• having direct communication with and unrestricted access to the independent auditors and any
internal auditors or accountants; and
• recommending annually to the Board the appointment of the independent auditor.
Risk Management
• ensuring that management has established a risk management framework which includes policies
and procedures to effectively identify, treat, monitor and report key business risks;
• review key insurance policy terms and cover adequacy and make recommendations to the Board for
adoption of the insurance cover;
• overseeing compliance of the Company’s Treasury activities including periodic review of performance
against the Policy; and
• ensuring Treasury issues raised by auditors (both internal and external) are resolved and/or a plan to
resolve is agreed immediately.
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
51

Sustainability and Climate Related Disclosures
• reporting to the Board on the delivery of the Sustainability Policy and progress with adoption and
compliance with the Aotearoa New Zealand Climate Standards (Climate Reporting Standards) published
by the XRB; and
• noting the disclosure requirements of the Climate Reporting Standards, the Committee will report to the
Board on the Physical and Transitional Climate related risks and opportunities facing the Company.
Directors who are not members of the Committee are able to attend Audit & Risk Committee meetings as
they wish. Employees may only attend those meetings at the invitation of the Audit & Risk Committee.
NOMINATION COMMITTEE
The Board has established a Nomination Committee to recommend Director appointments to the Board.
The Nomination committee operates under a written Charter. All members of the Nomination Committee are
independent Directors.
PEOPLE AND CULTURE COMMITTEE
The Board has a People and Culture Committee to recommend the remuneration for Directors to the
shareholders and to oversee the remuneration of the Officers/senior managers of the Company. The People
and Culture Committee operates under a written Charter. All members of the People and Culture Committee
are independent Directors. The CEO does not participate in any discussions concerning the
CEO’s remuneration.
The People and Culture Committee is responsible for ensuring that the Company has a sound Remuneration
Policy to attract and retain high performing individuals. The Remuneration Policy is available on the
Company’s website.
Directors’ remuneration is also considered by the People and Culture Committee, within the limits that have
been approved by the shareholders of the Company.
The Committee makes recommendations to the Board on remuneration packages for the CEO. Any
recommendations to shareholders regarding Director remuneration are provided for approval in a
transparent manner.
OTHER COMMITTEES
The Board establishes other Committees as required. In the case of a Control Transaction
1
, Pacific Edge will
form an Independent Control Transaction Committee to oversee disclosure and response and engage expert
legal and financial advisors to provide advice on procedure. The Board has established appropriate processes
and protocols that set out the procedures to be followed in the event of a Control Transaction for the
Company.
PRINCIPLE 4: REPORTING & DISCLOSURE
“The Board should demand integrity in financial and non-financial reporting, and in the timeliness and
balance of corporate disclosures.”
CONTINUOUS DISCLOSURE
The Board focuses on providing accurate, adequate and timely information both to its shareholders and
to the market generally. This enables all investors to make informed decisions about the Company. All
significant announcements made to NZX and ASX, and reports issued, are posted on the Company’s
website.
The Company has procedures in place to ensure that it complies with its continuous disclosure requirements
under the NZX and ASX Listing Rules. The Continuous Disclosure Policy governs the release to the market of
all material information that may affect the value of the Company.
1
A control transaction is defined in the NZX Corporate Governance Code as any transaction which: (i) is regulated by the Takeovers Code;
(ii) would be regulated by the Takeovers Code if it were not structured as a scheme of arrangement under Part 15 of the Companies Act 1993;
or (iii) is a Restricted Transfer under Appendix 3 of the Rules.
52

COMPANY POLICIES
Copies of the key governance documents, including the Continuous Disclosure Policy, Ethical Behaviour
Policy, Share Trading Policy, Board and Committee Charters and Diversity Policy are available on the
governance section of Pacific Edge's website.
FINANCIAL REPORTING
Pacific Edge’s management team is responsible for implementing and maintaining appropriate accounting
and financial reporting principles, policies, and internal controls. These are designed to ensure compliance
with accounting standards and applicable laws and regulations.
The Audit & Risk Committee oversees the quality and integrity of external financial reporting, including the
accuracy, completeness, balance and timeliness of financial statements. It reviews Pacific Edge’s full and
half year financial statements and makes recommendations to the Board concerning accounting policies,
areas of judgement, compliance with accounting standards, stock exchange and legal requirements, and the
results of the external audit.
All matters required to be addressed, and for which the Committee has responsibility, were addressed
during the reporting period.
The CEO and CFO have confirmed in writing to the Board that Pacific Edge’s external financial reports
present a true and fair view in all material aspects. Pacific Edge’s full and half year financial statements are
available on the Company’s website.
The Chief Financial Officer holds the role of Company Secretary. In all accounting and secretarial matters,
the Board ensures that the Secretary’s reports are objective and that the Secretary has unfettered access to
the chair and the audit committee, without reference to the CEO.
NON-FINANCIAL REPORTING
Non-financial information is provided on a regular basis to shareholders to allow them to measure the
progress of the company. Pacific Edge’s Board and management are focused on identifying areas which
are of primary importance to creating a sustainable business, achieving strategic goals and meeting the
expectations of key stakeholders.
Pacific Edge discusses its strategic objectives and its progress against these in the Chair and CEO’s
commentary in shareholder reports and in the sustainability section of this report. Key non-financial metrics
used by Pacific Edge to demonstrate its progress are Laboratory Test Throughput and Commercial Tests
among others.
PRINCIPLE 5: REMUNERATION
“The remuneration of directors and executives should be transparent, fair and reasonable.”
The Company has a People & Culture Policy which outlines the processes and framework for remuneration
of the Chairperson, the Directors, the CEO and management. The People and Culture Committee is
responsible for recommending to the Board the remuneration for the Chair, Directors and the CEO, and
consulting and approval, on the recommendation of the CEO for the appointment and employment terms of
all Executives (other than the CEO).
Shareholders fix the total remuneration available for directors. Approval is sought for any increase in
the pool available to pay Directors’ fees, and any recommendations to shareholders regarding Director
remuneration are provided for approval in a transparent manner.
External advice is sought on a regular basis to ensure remuneration is benchmarked to the market for senior
management positions, Directors and Board positions. A review of Director remuneration was undertaken in
June 2021 and approved at the 2021 Annual Shareholders’ Meeting. An updated review has been completed
in the 2025 year, and a proposal for an increase in the Directors Pool will be presented for consideration at
the 2025 Annual Shareholders’ Meeting.
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
53

Further details on remuneration are included in the Remuneration Section of this Annual Report, including
the remuneration arrangements in place for the CEO, on pages 63 to 68.
While there is no formal requirement, the majority of Pacific Edge’s Directors own shares in the Company
either directly or through related entities. There is a provision for the Company to make a retirement
payment to a Director if approved by shareholders; however, no retirement payments were made in FY 25.
PRINCIPLE 6: RISK MANAGEMENT
“Directors should have a sound understanding of the material risks faced by the issuer and how to manage
them. The Board should regularly verify that the issuer has appropriate processes that identify and manage
potential and material risks.”
The Board is responsible for ensuring that appropriate policies and procedures are in place to identify and
manage the key risks of the Company, and these risks are managed through the Audit & Risk Committee.
The Audit & Risk Committee operates in line with its Charter, which sets out its responsibilities for
identifying, monitoring, treating and reporting on key business risks.
The executive team and senior management are required to regularly identify the major risks affecting the
business, record them in the risk register and develop structures, practices and processes to manage and
monitor these risks. Pacific Edge has a strong risk culture, with risk management embedded in everyday
practices. The comprehensive risk management framework uses Failure Modes and Effect Analysis (FMEA)
to manage risk.
A comprehensive review of the risk register was completed in February 2025, and incorporates risk
mitigation strategies, processes and policies. Management continues to monitor individual risks, as does
the Board. The risk register now incorporates climate related risks and opportunities. Risks are discussed at
scheduled Board meetings, with a focus on any changes and emerging risks and opportunities.
Pacific Edge maintains insurance policies that it considers adequate to meet its insurable risks.
The Board is satisfied that Pacific Edge has in place a risk management framework to effectively identify,
manage and monitor Pacific Edge’s principal risks, to the extent practicable.
Pacific Edge’s material risks and how these are being managed are outlined and discussed in the Risk
Analysis on pages 57 to 62.
HEALTH AND SAFETY
The Company takes responsibility, so far as is reasonably practicable, at all its sites to protect the health,
safety and welfare of all staff and people on Company sites, and acts in compliance with all of its legal and
ethical obligations.
Pacific Edge aims to proactively identify and manage all identified hazards across the company. The
Company’s health and safety performance is monitored and reviewed regularly by management, and the
Board. The Company’s goal is to maintain a safe and effective operating environment and takes its duty of
care to staff, contractors and visitors very seriously.
Lag Indicators: There were no serious harm incidents reported during FY 25 and no days lost to workplace
incidents at any Company site. There were 11 near misses over the group in FY 25.
Lead Indicators: There were seven dedicated health and safety training sessions completed during FY 25 as
well as four safety audits conducted. In addition, there are 28 ‘Toolbox Talk’ presentations available for teams
to continue their health and safety journey. Risk assessments were also conducted in the New Zealand and
US Laboratories.
54

PRINCIPLE 7: AUDITORS
“The Board should ensure the quality and independence of the external audit process.”
EXTERNAL AUDITORS
The Board’s relationship with its external auditors is governed by the Audit & Risk Committee Charter.
The Charter sets out the Audit & Risk Committee’s responsibilities in relation to corporate accounting
and reporting practices of the Company, along with the quality and integrity of financial reports and the
Company’s climate report. It is the responsibility of the Audit & Risk Committee to maintain free and open
communication between the Directors and external auditors and to approve any non-audit engagements
performed by the audit firm.
For FY 25, PricewaterhouseCoopers (PwC) was the external auditor for the financial accounts of Pacific
Edge Limited. PwC was re-appointed under the Companies Act 1993 at the 2024 Annual Shareholders
Meeting. The last audit partner rotation was in FY 21 with another rotation due in FY 26.
PwC also completed the limited assurance report on Pacific Edge Limited’s Greenhouse Gas (GHG)
Disclosures (Scope 1 and 2) within the climate report for the 12 months ended 31 March 2025.
All audit work at Pacific Edge is separated from non-audit services, to ensure that appropriate independence
is maintained. The Audit and Risk Committee review and approve the nature and scope of other professional
services (if any) provided to the Company by the external auditor and consider the relationship to the
auditor’s independence. The amount of fees paid to PwC during FY 25 are identified on page 82.
PwC has provided the Audit & Risk Committee with written confirmation that, in their view, it was able to
operate independently during the year.
PwC attends each Annual Meeting of the Company, and the lead audit partner is available to answer
questions from shareholders at that Meeting. PwC attended the 2024 Annual Meeting.
INTERNAL AUDITS
Internal audits are used as a Quality Management tool for the systematic and independent examination of
Pacific Edge’s operational processes as they relate to product and service provision.
Pacific Edge has conducted internal audits of its manufacturing, clinical diagnostic laboratories, R&D, Supply
Chain Operations, Digital and Quality Operations at planned intervals to verify that its Quality Management
System is effectively implemented and maintained and provides continuous improvement opportunities
in system processes. In addition, audits by external Notified Bodies and government regulators took place
to ensure compliance with the requirements of multiple International Standards, such as ISO9001:2015,
ISO13485:2016 and ISO15189:2012.
The latest external audits in New Zealand took place in December 2024 (Telarc, ISO9001/ISO13485),
February 2024 (CLIA) and in May 2024 (IANZ, ISO15189). All were completed satisfactorily. In PEDUSA, the
laboratories were audited by New York State in September 2023 and by CAP in October 2023. Both audits
were completed successfully and the next audits are due in the current calendar year.
PRINCIPLE 8: SHAREHOLDER RIGHTS & RELATIONS
“The Board should respect the rights of shareholders and foster constructive relationships with
shareholders that encourage them to engage with the issuer.”
SHAREHOLDER COMMUNICATIONS
Pacific Edge is committed to ensuring that its shareholders are kept up to date with key activities and are
provided with relevant information about the Company and its performance.
The Company communicates with shareholders during the financial year through quarterly investor updates,
shareholder letters, annual and half year reports and at the Annual Shareholders Meeting (ASM). All written
communications and reports are available on the Company’s website, as well as emailed to shareholders
who elect to be emailed.
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
55

In addition to shareholders, Pacific Edge has a wide range of stakeholders and maintains open channels
of communication for all audiences, including brokers, the investing community and the New Zealand
Shareholders’ Association, as well as its staff, suppliers and customers.
SHAREHOLDER MEETINGS
In accordance with the NZX Listing Rules, shareholders have the right to vote on major decisions which
may change the nature of the Company. Each shareholder has one vote per share and voting is conducted
by polls.
The Notice of the Annual Meeting is generally announced on the NZX, sent to shareholders and posted on
to the Company’s website at least 20 working days prior to the Meeting each year. However, due to the
complexities of the ongoing capital raising the Company does not expect to achieve this goal for the 2025
Annual Shareholders’ Meeting, but will deliver the report ahead of the 10 business days required under the
Companies Act 1993.
DIRECTORS’ REMUNERATION
Remuneration of Directors and senior executives is the key responsibility of the People and Culture
Committee. Pacific Edge’s policy is to offer competitive Director fees to attract and retain high quality,
appropriately skilled Directors, who will best add value to the Company.
56

RISK ANALYSIS
AND MANAGEMENT
57

As a growth company, there are a number of risks which could impact Pacific Edge. We believe it is
important for our shareholders to have an understanding of these risks and the processes the Board and
management have put in place to mitigate these risks.
As a health provider, we must meet stringent regulatory, quality, health and safety and manufacturing
standards in a number of countries. Risk management is therefore embedded in everyday practices, which
include regular internal and external audits, training, quality management systems, risk reporting and
promotion of a strong risk culture. Pacific Edge has a comprehensive risk management framework, using
Failure Modes and Effect Analysis (FMEA) as the tool of choice to assess and manage risk.
The Board provides oversight of the senior leadership’s management of key risks. Every departmental leader
is expected to report on risks to the CEO/CFO/COO in every Board meeting cycle with an assessment of
those risks incorporated into the risk register provided to the Board. The Audit & Risk Committee reports to,
and assists, the Board by identifying and reviewing the key risks, assessing their materiality, and ensuring the
risk management processes are adequate. It also helps to ensure the Board has reliable information and that
future events that may create uncertainty or pose a risk are identified and considered.

RiskDetailMitigation
Medicare coverage
uncertainty
Pacific Edge does not currently have
Medicare coverage for its Cxbladder
products.
Medicare previously accounted for the
majority of its US test volumes and,
therefore, a significant percentage of Pacific
Edge's revenue. 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. If Medicare re-coverage was not achieved
or was significantly delayed, it would have
a material adverse impact on Pacific Edge's
financial performance and growth and could
result in the company using up all available
cash before it is able to become profitable
from its ongoing operations.
If the current reconsideration request is
unsuccessful, Pacific Edge will likely need to
complete further clinical studies to provide
new published evidence when submitting
another reconsideration request. That
clinical study will take a number of years
to undertake. Accordingly, if the current
reconsideration request is unsuccessful,
Pacific Edge will need to undertake a
significant restructure of its business to
substantially reduce costs and, potentially,
seek to raise further capital.
• Mitigation of market disruption risk can
come by seeking to operate in multiple
geographies with multiple payers and
marketing multiple products. For each
of those products, we mitigate this risk
by continued commitment to increasing
clinical evidence generation to support
ongoing coverage and increasingly strong
language in medical policy and guidelines.
Furthermore, we mitigate risk by seeking
medical policy for reimbursement from
new healthcare providers and the adoption
of alternate payment methods (such
as patient pay or client billing) for tests
performed. As we introduce additional
products in new areas, we will continue to
reduce our exposure to any potential payer,
geographic or product market disruption.
These mitigations are not expected to fully
offset any reduction in revenue from the
loss of Medicare revenue in the short term,
but are an important growth avenue for
Pacific Edge in the long term.
Pacific Edge is operating at a 'cash burn',
which means that the company spends more
cash that it generates.
On 29 May 2025, Pacific Edge announced an
offer to raise $20 million, consisting of:
• a placement of $15 million of new fully
paid ordinary shares at an issue price of
$0.10 per share, to be offered to selected
investors (the Placement)
• Pacific Edge is pursuing a capital
raise of $20 million to extend the cash
runway to support operations for over 12
months without Medicare coverage and
reimbursement.
• The AUA guideline inclusion as detailed in
this annual report provides Pacific Edge
with several options to build momentum
despite the loss of Medicare coverage.
RISK ANALYSIS AND MANAGEMENT
58

RiskDetailMitigation
Ongoing Financial
Viability cont.
• an offer of $5 million of new fully paid
ordinary shares at an issue price of $0.10
per share to retail investors, by way of a
share purchase plan (the SPP).
• Pacific Edge stated that it may accept
oversubscriptions in both the Placement
and the SPP at its sole discretion.
• The Company completed the Placement on
30 May 2025, raising approximately $16.1
million from the placement of 160,728,498
new fully paid ordinary shares.
• The amount raised was approximately $1.1
million more than the Company sought
after the board of directors resolved to
accept oversubscriptions.
• Shareholder approval is required to
complete the Placement as the Placement
exceeds Pacific Edge's placement capacity
(15% of Pacific Edge's current shares on
issue) and due to the presence of related
party participation in the Placement.
• If the capital raise is undersubscribed,
is not approved by shareholders, or if
Medicare coverage is not achieved or
significantly delayed, or the business is
impacted adversely by other events, there
is a risk to the ongoing financial viability of
Pacific Edge, which may result in investors
losing some or all of their investment.
• Pacific Edge is seeking to regain Medicare
coverage with multiple reconsideration
requests to Novitas to re-open L39365
based on new clinical evidence and an
appeals strategy through the Medicare
Appeals Process and following “External
Review” with the commercial payers in
locations where this is allowed to reverse
claim denials.
• A draft price for Triage Plus has been
issued by Medicare that is 34% higher than
the current price for existing products.
This higher price lowers the threshold
number of tests for an Account Executive
to achieve profitability, enables faster
scaling and a clearer path to long-term
profitability.
Regulatory,
industry body and
guideline risks
Pacific Edge’s Cxbladder products and
laboratories are regulated and certified by
various government and industry entities
in territories and markets in which the tests
are performed and/or sold. Reimbursement
for these tests may be influenced by
reimbursement rulings from private and/
or government payers. Guidelines issued by
various industry bodies also influence the
treatment and management regimes for
patients, with the potential to impact on the
uptake and use of Cxbladder. If Pacific Edge
is unable to retain or, in certain markets,
gain inclusion in guidelines, or the current
regulatory approvals and reimbursement
obtained for existing products are
removed or reduced, such matters could
have an adverse impact on Pacific Edge’s
financial performance and its ability to
achieve its business plans. If Pacific Edge
is unable to obtain the approvals required
for new products in new territories, or is
unable to obtain future reimbursement
for new products, this could also have an
adverse impact on Pacific Edge’s financial
performance and its ability to achieve its
business plans.
• Pacific Edge’s quality management system
is evolving towards the superset of its
regulatory requirements that includes
ISO-13485, IVDR and FDA.
• To maintain compliance with those
standards, internal audits and external
audits are routinely performed to
ensure compliance in operations and
development.
• The PEDNZ lab operates under ISO:15189,
IANZ and CLIA. The PEDUSA lab operates
under CAP, CLIA and NYS. We have
SOPs developed with expert consultants
that adhere to the highest standard and
regularly perform internal audits.
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
59

RiskDetailMitigation
CompetitionThe global cancer diagnostics industry is
highly competitive, with research undertaken
by a large number of commercial and not for
profit institutions globally on new diagnostic
tools. There are also a large number of
well capitalised diagnostics competitors
operating in the industry. There is a risk that
Pacific Edge’s competitors may discover,
develop or commercialise products more
successfully than Pacific Edge, which could
render Pacific Edge’s products obsolete or
otherwise uncompetitive, resulting in adverse
effects on Pacific Edge’s revenue, margins
and profitability.
• Cxbladder Triage is included in the
AUA microhematuria guideline, the only
biomarker with Grade A
1
evidence.
• We have yet to observe any competing
bladder cancer diagnostic product that has
developed clinical evidence in a robust AV,
CV, CU framework required for coverage
and guidelines inclusion.
• Matching or improving upon the existing
AV, CV, CU and real world evidence for
Cxbladder would take substantial time and
money and is the most significant barrier
to entry.
• We continue to invest in Research and
Development for Cxbladder products,
to improve test performance and value
for clinical decision making, including
development of a kit-based IVD to
accelerate momentum in new markets.
Product and
technology risk
Pacific Edge relies on the performance
and reliability of its Cxbladder suite of
products, laboratory operations and IT and
technical systems. While the performance of
Cxbladder has been demonstrated in various
scientific journal publications, any change to
the reliability, repeatability, reproducibility
or accuracy of Cxbladder products and
technology systems has the potential
to impact Pacific Edge’s business and
reputation. Cyber attacks on Pacific Edge’s
digital systems and platforms also have
the potential to impact the delivery of test
results. Financial, reputational and litigation
consequences relating to underperformance
and unreliability, or the inability to deliver,
test results (including due to adverse
cyber incidents) have the potential to be
significant and could be materially adverse
to the company's financial performance and
position.
• Completed clinical studies have validated
our test performance.
• Clinical studies in progress targeted to
provide additional clinical utility data
supporting wider adoption by the medical
community and wider reimbursement by
funders and third party payers.
• Modern digital practices have been
introduced to deliver a secure digital
infrastructure.
• Expansion into new geographies and the
introduction of a kit-based IVD can reduce
single market risks.
General economic
conditions
Pacific Edge’s operating and financial
performance is influenced by a variety of
general economic and business conditions in
New Zealand, the United States, Southeast
Asia and globally. A prolonged deterioration
in general economic conditions, which may
lead to a decrease or reprioritisation of
healthcare spending, has the potential to
have a material adverse effect on Pacific
Edge’s business or financial condition (or
both).
• Expansion into new geographies
can mitigate the risk of an economic
deterioration in a single market.
1
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
60

RiskDetailMitigation
LitigationIn the ordinary course of conducting its
business, Pacific Edge is exposed to potential
litigation and other proceedings, including
through claims of intellectual property
infringement or breach of agreements. If
such proceedings are brought against Pacific
Edge, Pacific Edge could incur considerable
defence costs (even if successful), with the
potential for damages and costs awards
against Pacific Edge if it were unsuccessful,
which could have a significant adverse
financial impact on Pacific Edge.
Circumstances may also arise in which
Pacific Edge considers that it is reasonable
or necessary to initiate litigation or other
proceedings, including for example to
protect its intellectual property rights.
• We have an intellectual property portfolio,
supplemented by trade secrets.
• We have developed a network of specialist
legal representation in the US.
• We have strong quality systems embedded
throughout the business.
Key Person RiskThe success of our business depends
significantly on the continued contributions
of our executive team, scientific leaders,
and key technical staff. The unexpected
departure of any of these individuals could
disrupt operations, delay research and
development efforts, and negatively impact
strategic initiatives. Attracting and retaining
top talent in a competitive biotech labor
market remains a critical challenge.
• We have cross training for key roles and
Employment Agreements for Senior
Leaders generally include 3 month notice
periods.
• PEB has developed remuneration policies
that position it well to retain key staff in NZ
and USA.
• Focus on retaining key staff to provide the
best opportunity to regaining Medicare
coverage in the United States supported
by retention agreements.
• Key person insurance for CEO in place.
Market volatility
of Pacific Edge’s
shares
Any investment in equity capital markets
carries general risks. Pacific Edge’s shares are
currently listed on NZX and the ASX, and are
subject to the usual market-related forces
which impact on Pacific Edge’s share price.
There can be no assurance that trading in
the shares following the ongoing share offer
will not result in the share price trading at
levels below the price paid by investors in
the offer. The equity markets can be subject
to pronounced volatility. This volatility could
have a materially adverse impact on the
market price of Pacific Edge shares.
Factors such as the risk factors disclosed in
this Annual Report as well as other factors
could cause the market price of Pacific
Edge’s shares to decline or to materially
fluctuate. It also is possible that new market
risks may develop as a result of the New
Zealand or Australian markets experiencing
extreme stress, or due to existing risks
manifesting themselves in ways that are not
currently foreseeable.
A weakening in the New Zealand or
Australian dollar as against other currencies
will cause the value of the shares to decline
in any portfolio which is denominated in a
currency other than New Zealand dollars.
• We are aware of the risks associated with
our shares, such as low levels of liquidity,
a number of large investors, high volatility
in our share price and external influences
from investor confidence. The dual listing
on the ASX in September 2021 provided
some mitigation to this risk.
• A comprehensive Treasury Policy is in
place to manage liquidity risk, FX risk,
counterparty credit risk, cash management
and interest rate risk. The Treasury Policy is
reviewed at regular meetings of the board
and compliance with policy is monitored
by the Audit and Risk committee.
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
61

RiskDetailMitigation
New product
development
Pacific Edge continues to leverage its suite of
patents and intellectual property to explore
new products and applications. There is a risk
that those development efforts may not be
successful or may take longer and be more
expensive than anticipated, and as a result
Pacific Edge’s investment will be delayed or
lost. This risk could arise due to a number of
factors, including delays in commencement
or completion of scientific studies. Any failure
or significant delay in the development of
one or more of Pacific Edge’s new products
and product extensions may have a material
negative impact on Pacific Edge’s financial
performance and growth.
• Development of new products is supported
by the Scientific Advisory Board, an
internationally renowned team of scientific
advisors. Their skills, experience and
capability cover a range of disciplines from
clinical medicine and pathology through to
biotechnology R&D and commercialization.
• Internal controls with regular management
and board checkpoints to mitigate the risk
of developments failing to deliver on their
objectives..
62

REMUNERATION
63

The Pacific Edge Limited People and Culture Committee operates as a sub-committee under the guidance
of the Board of Directors, to ensure the Total Rewards framework that is in place is appropriate to attract,
retain and reward current and future employees of the Pacific Edge Group. The People and Culture
Committee ensures that individual employee performance is aligned to the strategy and performance of the
Company along with the interests of the shareholders.
The current total Directors’ fee pool for non-executive Directors of Pacific Edge Limited, approved by the
shareholders at the Annual Shareholders Meeting on 29 July 2021 was $465,000
1
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. With the retirement of Mark Green on 24
September 2024, the number of Directors reduced back to six, with the Directors’ fee pool reducing back to
$465,000 per annum.
The total amount of fees paid to Directors for the year ended 31 March 2025 (FY 25) was $470,000.
PositionNumber
FY 25
Fee per
Director
FY25
Total
Directors
Fees Paid
FY 25
Number
FY 24
Fee per
Director
FY 24
Total
Directors
Fees Paid
FY 24
Chair1
$115,000$115,000
1
$115,000$115,000
Deputy Chair1
$70,000$70,000
1
$70,000$70,000
Non-executive
Directors
5 to Sept 24
4 from Oct 24
$60,000$270,000
5
$60,000$300,000
Chair Audit & Risk
Committee
1
$10,000$10,000
1
$10,000$10,000
Special Governance
Allocation
$5,000$5,000$5,000$5,000
Total Fee Pool
$470,000$500,000
Any proposed increases in non-executive Director fees and remuneration is put to shareholders for approval
at the Annual Shareholders’ Meeting by way of ordinary resolution. If independent advice is sought by the
Board, it is disclosed to shareholders as part of the approval process.
Directors also receive reimbursement for reasonable travelling, accommodation and other expenses incurred
in the course of performing their duties. Other than as Chair of the Audit and Risk Committee, and any
potential fees received from the Special Governance Allocation, Directors do not receive any additional
fees for positions on Committees of the Board or subsidiary companies. Directors’ fees exclude GST, where
applicable.
REMUNERATION
1
All references are to New Zealand dollars unless otherwise stated.
64

Non-executive Directors received the following Directors’ fees from the Company in the year ended
31 March 2025:
DIRECTORS’ FEES
FY 25
($000)
FY 24
($000)
Pacific Edge Limited Board
C. Gallaher (Chair)$115.0$115.0
B. Williams (Deputy Chair)$70.0$70.0
S. Park^ $67.5$70.0
A. Masfen$60.0$60.0
A. Stove*$65.0$65.0
M. Green
(retired 24 September 24)$30.0$60.0
T. Barclay^$62.5$60.0
TOTAL$470.0$500.0
^The Chairperson fee for the Audit and Risk Committee was split for the FY 25 year with T. Barclay replacing
S. Park as Chair from January 2025.
*Includes payments made to Director out of the Special Governance Allocation relating to the performance
of duties as chair of the People and Performance Committee that are considered additional to the expected
duties of the Board.
CHIEF EXECUTIVE OFFICER TOTAL REWARD
The review and approval of the Chief Executive Officer Dr Peter Meintjes’ (CEO) Total Reward package is
the responsibility of the Board. The Total Reward package of the CEO for the year ended 31 March 2025 is
detailed below.
Structure
The CEO’s Total Reward package comprises:
• A fixed base salary, including Kiwisaver contributions by the Group.
• An at-risk short-term incentive (STI) payable annually of up to 40% of base salary subject to the Board’s
assessment of both individual and Company performance.
• A retention incentive. During the FY 24 year, the Board identified some employees as key individuals
required to re-architect evidence generation and market access capabilities to regain Medicare coverage
and preserve long-term shareholder value. The individuals, including the CEO, were contracted with
a retention incentive that rewarded staff staying with Pacific Edge for three years while the Company
sought to gain coverage certainty and guideline inclusion. In addition to tenure, the retention incentive
also provides incentives linked to explicit coverage and American Urological Association (AUA)
treatment guideline inclusion. FY 25 is the first year the Retention Incentive has been paid.
• A long-term incentive (LTI) of up to 20% of base salary which includes non-cash share options granted
by the Company that will vest, based on vesting criteria (further detail provided below).
Total CEO Rewards
Fixed Base
Salary
(base salary
inclusive of
employer
Kiwisaver
contribution)
($000)
STI Cash
($000)
Retention
Incentive
($000)
Total cash
($000)
STI Non
Cash
($000)
STI %
Achieved
(100% =
40% of Base
Salary)
Actual Total
Reward
($000)
FY 25$715$184$202$1,101$2477%$1,125
FY 24$703$164-$867$22 73% $889
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
65

Non-cash Total Rewards
During FY 25, the CEO was granted 270,215 ordinary shares as a non-cash consideration in recognition of his
performance as an employee of the Company in lieu of a cash STI and in addition to salary. These shares had
a present value of $24,319 when issued (at $0.09 per share).
Short Term Incentives
Short term incentives (cash and non-cash) paid during the FY 25 year totalled $208,475. This payment
was assessed by the Board as 77% of the maximum STI available after assessing both the Company’s
performance (weighted 70% and includes criteria such as Company financial performance, growth and the
delivery of strategic initiatives) and individual performance (weighted 30% focused on delivery of strategic
initiatives). The maximum STI is up to 40% of base salary as at 31 March 2025.
Retention Incentive
The first of three potential tenure related retention incentives of $202,004 was paid during FY 25. This
payment was 30% of base salary. In addition to tenure, the retention incentive also provides incentives linked
to explicit coverage and AUA treatment guideline inclusion which was not paid during the FY 25 year.
Long Term Incentives
There were 1,171,504 options issued to the CEO on 11 July 2024.
Subject to the continuous employment of the option holder (other than as a result of death or disability),
the options will vest in three equal tranches, being 1 Year after issue, 2 Years after issue and the last tranche
3 Years after issue. Options must be exercised within 4 years of the relevant vesting date, unless the option
holder ceases to be an employee of the Company (or a subsidiary) other than as a result of permanent
retirement, death or disability in which case all options that have vested must be exercised within two
months of the date on which the option holder ceases to be employed.
The third tranche of 600,000 options from the 3,000,000 options issued during FY 22 vested 18th February
2025 with an exercise price of $1.25. The options expire four years after vesting if not exercised.
Table of long term incentives issued to the CEO:
Issue DateNumber of OptionsVest DateExpire DateExercise Price
11 July 2024390,501 11 July 202511 July 2029$0.101
11 July 2024390,501 11 July 202611 July 2030$0.114
11 July 2024390,502 11 July 202711 July 2031$0.128
25 October 20232,534,45525 October 202525 October 2029$0.253
25 October 20232,534,45525 October 202625 October 2030$0.285
25 October 20232,534,45625 October 202725 October 2031$0.320
18 February 2022600,00018 February 202318 February 2027$1.150
18 February 2022600,00018 February 202418 February 2028$1.250
18 February 2022600,00018 February 202518 February 2029$1.250
18 February 2022600,00018 February 202618 February 2030$1.250
18 February 2022600,00018 February 202718 February 2031$1.250
TOTAL11,774,870$0.509
66

EMPLOYEE TOTAL REWARDS
The Company’s salaried employee Total Rewards program consists of:
• Base salary (all employees).
• Variable Incentives:
- Short Term Incentive (STI): Variable component offered only to the CEO and senior leaders and
awarded annually based on the achievement of a combination of individual goals and Company
performance targets.
- Long-Term Incentive (LTI): Equity component offered only to the CEO and senior leaders and
designed as a long-term retention tool using Share Options.
- Sales Incentive: offered only to eligible sales employees and designed to reward achievement of
test volumes and activity delivered against set targets.
• Retention Incentive: With the uncertainty created for Pacific Edge from the loss of Medicare coverage,
in 2023 the Board implemented a retention incentive linked to tenure and successful coverage and
guideline outcomes for Board-identified key employees to reduce the risk of these employees'
leaving employment while the Company seeks coverage certainty and inclusion in the AUA treatment
guidelines. The tenure incentive is scheduled for three years, with payments due if key employees
continue to be employed by Pacific Edge on 1 July 2024, 1 July 2025 and 1 July 2026.
• Benefits such as KiwiSaver in New Zealand or 401k in the USA.
• Non-financial Benefits (e.g. health insurance in the USA, enhanced leave benefits and, enhanced
parental leave benefits).
Base Salary
Salaried employees receive base Total Rewards packages that are benchmarked against similar positions
from companies in comparable industries factoring in size, complexity, responsibilities and local market
context.
Variable Incentives
Short Term Incentives (STI)
The Company operates an STI-based scheme for the CEO and eligible senior leaders. The STI is determined
by achievement against Company and individual goals. Partial achievement of goals will correspond to a
lower payout.
The proportion of total STI that is based on Company and individual goals is related to the Employee
Band, such that higher Bands have a higher proportion of their STI based on Company goals. While STI is
typically paid in cash, an employee may elect to receive up to 50% in equity (shares) unless there are rules
or regulations that limit the Company’s ability to issue shares in a timely manner, in which case 100% of the
STI will be paid in cash.
Long Term Incentives (LTI)
The Company has an LTI Scheme that is designed to attract and retain key talent and capability by offering
Options.
LTI generally vests annually over a three-year period, with 1/3 vesting each year on the first, second and
third anniversary after issue and with a four-year exercise window. If an employee ceases employment within
one year of employment there is no vesting. Unless there are exceptional circumstances, the exercise price
for each tranche of Options is determined by the share price on the date of Board approval. The Company
offers employees the ability to fund their option purchases utilising a cashless exercise within the Options
Agreement.
Sales Incentive
The Company has a sales incentive scheme that is designed to reward eligible sales employees for achieving
test volumes and activity delivered against set targets.
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
67

Total Rewards Table
The table below shows the number of employees and former employees of the Group, not being Directors
of the Group, who, in their capacity as employees, received Total Rewards during the period ended 31 March
2025 totalling at least $100,000.
This includes cash and expenditure related to ordinary shares paid in lieu of cash bonuses and excludes the
value of share options that have vested but have not been exercised.
The Group operates in New Zealand, Australia, and the United States where market Total Reward
components differ. Of the employees noted in the table below, 53% are employed by the Group outside New
Zealand. The offshore Total Rewards amounts are converted into New Zealand dollars.
During the year, 72 employees or former employees of the Group, not being Directors of the Company,
received Total Rewards and other benefits that exceeded $100,000 in value as follows:
Total Reward TableFY 25FY 24
$1,120,000 - $1,130,0001
$1,010,000 - $1,020,0001
$960,000 - $970,0001
$880,000 - $900,0001
$790,000 - $800,0001
$750,000 - $760,0001
$700,000 - $710,0001
$640,000 - $650,0001
$600,000 - $610,0001
$550,000 - $560,0001
$540,000 - $550,000
$490,000 - $500,0001
$480,000 - $490,0001 1
$470,000 - $480,0001
$440,000 - $450,00021
$430,000 - $440,0001
$420,000 - $430,00012
$410,000 - $420,0002
$390,000 - $400,0001
$380,000 - $390,0003
$370,000 - $380,00011
$360,000 - $370,00021
$350,000 - $360,00012
$340,000 - $350,00012
$330,000 - $340,00032
Total Reward TableFY 25FY 24
$320,000 - $330,00012
$310,000 - $320,0002 1
$300,000 - $310,00012
$290,000 - $300,0003
$280,000 - $290,00024
$270,000 - $280,00011
$260,000 - $270,00014
$250,000 - $260,00011
$240,000 - $250,000
$230,000 - $240,00024
$220,000 - $230,00021
$210,000 - $220,0004
$200,000 - $210,0003
$190,000 - $200,00032
$180,000 - $190,00015
$170,000 - $180,00023
$160,000 - $170,00035
$150,000 - $160,00041
$140,000 - $150,0003
$130,000 - $140,0003
$120,000 - $130,00052
$110,000 - $120,00089
$100,000 - $110,00077
Total7287
DIRECTORS AND OFFICERS INSURANCE
In accordance with the Companies Act 1993 and the constitution of the Company, Pacific Edge indemnifies
and insures its Directors and Officers, including Directors and Officers of subsidiary companies within the
Group, in respect of liability incurred for any act or omission in their capacity as a Director or Officer of the
Company. This insurance includes defence costs. If an act or omission was to occur that was covered by this
insurance, the Company would pay the liability of the act or omission and be reimbursed by the insurer.
68

CONSOLIDATED
FINANCIAL
STATEMENTS
FOR THE TWELVE MONTHS
ENDED 31 MARCH 2025
69

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)
70

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
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
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
71

CONSOLIDATED BALANCE SHEET
As at 31 March 2025
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
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
72

CONSOLIDATED STATEMENT OF CASH FLOWS
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)
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
PACIFIC EDGE LIMITED ANNUAL REPORT 2025
73

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.
74