Potential First-in-Category Assay in a Large, Underserved Diagnostic Category (PAIS)

• Targeting post-acute infection syndromes (PAIS), including Long COVID, ME/CFS, and post-treatment Lyme disease — conditions affecting millions of patients and currently lacking widely adopted objective diagnostic tests.
• Expert estimates suggest the S. economic burden associated with these conditions exceeds $25 billion annually.
• PAIS conditions are estimated to affect approximately 21 million people in the U.S., with approximately 5 million new cases annually.
• Virax is developing ViraxImmune™ to address this unmet need through objective immune dysfunction profiling.

Capital-Efficient Planned U.S. Market Entry via LDT Pathway

• Pursuing a planned U.S. laboratory-developed test (LDT) pathway as an initial market-entry strategy while generating data intended to support future regulatory
• Targeting U.S. LDT launch in 2027, subject to validation, laboratory implementation, reimbursement, regulatory considerations and other execution
• Virax’s management believes the LDT pathway may provide a more capital-efficient route to initial S. commercialisation than a traditional FDA IVD pathway.

Potential To Reduce Diagnostic Burden and Support Reimbursement

• PAIS patients often undergo multiple physician visits, specialist consultations, blood panels, imaging and functional tests before receiving a diagnosis, creating a costly and inefficient exclusion-based
• Based on Virax management estimates, the current cost of diagnostic exclusion can range from approximately $5,900-$27,450 per patient on an uninsured-cost
• If successfully validated and commercialised, ViraxImmune™ could support a more targeted objective testing pathway, with management estimating a reduction in pathway cost to approximately $525-$1,200 per patient, including associated consultation, testing and blood draw costs.
• For its planned initial S. LDT launch, Virax’s current model assumes reimbursement of approximately $812 per test using an existing billing code.

Scalable Central Laboratory Business Model

• Virax plans to run testing through a central S. laboratory model, allowing physicians to order the test and send patient samples for analysis rather than requiring hospitals or clinics to install new equipment.
• This approach is designed to support national U.S. availability with lower infrastructure requirements and a more scalable commercial model.

Revenue Opportunity Based on Adoption Assumptions

• Based on Virax management’s current market assumptions, modest S. LDT adoption could translate into meaningful revenue if ViraxImmune™ is successfully validated and commercialised.
• The Company’s U.S. LDT service revenue framework assumes 1%-2% penetration of annual PAIS incidence, representing approximately $13.4 million-$26.8 million in potential annual
• Longer-term penetration of 1%-2% of the existing PAIS patient population would represent approximately 210,000-420,000 tests and a potential revenue opportunity of approximately $112.4 million-$224.7 million, subject to validation, reimbursement, market adoption and commercial

Clinical Validation & Strategic Academic Partnerships

• Virax is generating clinical and analytical data intended to support its planned U.S. LDT launch and future regulatory
• The Company’s clinical work includes studies and collaborations involving Emory University and UK NHS-linked clinical study sites.
• These studies are designed to help establish the evidence base for ViraxImmune™ and support future physician adoption, reimbursement discussions and regulatory

Planned Regulatory and Commercial Milestones Through 2028

• Near-term: clinical and analytical data readouts and S. LDT launch preparation (2026-2027)
• Mid-term: planned S. LDT commercial launch and initial commercial ramp (targeted 2027)
• Long-term: planned FDA De Novo regulatory pathway, subject to regulatory review and clearance (targeted 2028)
• The Company may evaluate potential expedited regulatory pathways; no such designation has been

Balance Sheet Relative to Planned Near-Term Milestones

• Approximately $6.4 million in cash and no debt as of March 2026, with management believing the Company has runway to planned near-term milestones.
• Expected average monthly burn of $220,000 supports the Company’s planned capital-efficient operating profile.
• The Company completed a $5.0 million PIPE financing in December 2025, strengthening its cash position ahead of planned clinical, regulatory and commercial milestones