Allarity Therapeutics Provides Second Quarter 2025 Update, Highlighting Clinical Progress, IP Expansion, and New Partnerships

- Successfully initiated enrollment in advanced Phase 2 ovarian cancer trial - Expanded global IP protection by securing Australian patent acceptance for the stenoparib DRP® companion diagnostic- Secured new service contract with EU biotech for Allarity Medical Laboratory TARPON SPRINGS, Fla., August 15, 2025 -- Allarity Therapeutics, Inc. (“Allarity” or the “Company”) (NASDAQ: ALLR), a Phase 2 clinical-stage pharmaceutical company dedicated to developing stenoparib—a differentiated, dual PARP and WNT pathway inhibitor—today reported financial results and provided an update on operational highlights for the second quarter ended June 30, 2025. “The second quarter of 2025 marked a period of strong operational execution for Allarity. Most notably, we continued to advance our lead program, stenoparib, with strong momentum in our new ovarian cancer trial protocol. In parallel, we expanded our proprietary DRP® platform—both through a new commercial agreement granting a non-exclusive global license for our breast cancer DRP to a partner company, and scientifically with the development of a new DRP for the antibody therapy, daratumumab. On the financial front, we maintained a solid cash position and reduced liabilities, including a $2 million reduction in accounts payable and accrued expenses during the quarter. These developments position us well to deliver on our upcoming clinical milestones,” said Thomas Jensen, CEO of Allarity Therapeutics. “I would also like to take the opportunity to look further back, as I have now been the CEO for just over 1.5 years. I’m struck by how quickly our Company’s situation has improved. Just a year ago, we were still working to regain compliance with Nasdaq’s listing requirements. At the same time, we had just completed the cleanup of a previously complex capitalization table—which had deterred many prospective investors—and we had committed to a more focused strategy centered solely on the advancement of stenoparib. Thanks to the dedication of our team, the guidance of our board, and the support of our shareholders, we have resolved all compliance and regulatory matters, strengthened our leadership with seasoned management professionals bringing extensive life sciences experience to our board and executive team, and are successfully executing our stenoparib-focused strategy—having launched a refined monotherapy trial protocol, which is now steadily enrolling. In addition, we have advanced the Veterans Administration–funded combination trial of stenoparib and temozolomide in small cell lung cancer, which may provide valuable insights into stenoparib’s potential beyond ovarian cancer—a potential we believe could also extend to additional cancer types. Importantly, we have maintained disciplined spending. Therefore, as we present this business update—showing solid progress in the advancement of stenoparib, continued execution of our IP strategy, expansion of our DRP platform, growth in our laboratory activities, and new collaborations with R&D partners—I’m encouraged that Allarity is on the right path toward building greater interest in stenoparib, our unique DRP® technology, and thereby the Company as a whole. I am deeply grateful for the trust and support from everyone who has made this progress possible.” Clinical and Drug Development Progress Early trial enrollment momentum: First patients dosed in the new Phase 2 clinical trial protocol, reflecting strong investigator engagement. The trial focuses on recurrent, platinum-resistant or platinum-ineligible advanced ovarian cancer patients, with the goal of optimizing dose and refining patient selection to accelerate stenoparib’s path toward regulatory approval.IBRI research collaboration: Initiated partnership with the Indiana Biosciences Research Institute to conduct advanced molecular and cellular studies clarifying the individual and combined contributions of PARP inhibition and WNT pathway modulation to stenoparib’s anti-cancer effects. This work aims to deepen mechanistic understanding, strengthen DRP®-based patient selection, and potentially expand therapeutic opportunities, including in cancers such as colorectal cancer where WNT pathway activation is common. Corporate and Strategic Developments IP portfolio expansion: Received Australian patent acceptance notice for the Stenoparib DRP® companion diagnostic. The acceptance covers 40 claims and marks a key step in Allarity’s global strategy to protect the potential international commercialization of its proprietary DRP® platform alongside the clinical development of stenoparib.Allarity Medical Laboratory growth: Signed a new licensing and laboratory services agreement with an EU-based biotech, providing access to select DRP® algorithms for breast cancer and securing laboratory services revenue commitments.DRP® platform expansion: Presented first antibody therapy–specific DRP® for daratumumab in multiple myeloma at AACR 2025, further showcasing the platform’s broad applicability across numerous cancer types and drug classes, and its ability to aid in the development of personalized, targeted therapies.Partnering outreach: Participated in Pharma Partnering Summit US (May 14–15, 2025), where CEO Thomas Jensen presented a company overview highlighting stenoparib and the DRP® companion diagnostic platform, and held one-on-one partnering meetings.Board changes: Jesper Høiland appointed to the Board of Directors, succeeding Joseph Vazzano, effective June 30, 2025. Høiland brings more than 30 years of biopharmaceutical industry experience, including senior executive roles at Ascendis Pharma and Novo Nordisk, with a proven track record in global commercialization, corporate strategy, and business development.Executive leadership changes: Jeffrey S. Ervin appointed as Chief Financial Officer effective July 1, 2025, succeeding Alexander Epshinsky. Mr. Ervin brings extensive financial and operational leadership experience in the biotechnology and healthcare sectors, having previously served as CEO of IMAC Holdings, where he led the company through its IPO and multiple strategic growth initiatives. Anticipated Clinical Milestones in 2025 Ovarian cancer trial progress: Continued enrollment in new Phase 2 ovarian cancer trial protocol, with initial data expected in 2026.SCLC combination trial launch: U.S. Veterans Administration–funded Phase 2 trial of stenoparib plus temozolomide in recurrent small cell lung cancer should open for enrollment in Q3, with patient recruitment expected to begin during H2 2025. Second Quarter 2025 Operating Results Cash Position: As of June 30, 2025, cash and cash equivalents totaled $17.8 million. The Company implemented a share repurchase plan and used $2.6 million for a stock buyback totaling 2,455,702 shares during the quarter. The Company also reduced accounts payable and accrued expenses by $2 million during the quarter. R&D Expenses: Research and Development (R&D) expenses for the quarter ended June 30, 2025, were $2.3 million, compared to $1.06 million for the quarter ended June 30, 2024. The expense is consistent with planned clinical advancement activities, including the launch of the new Phase 2 ovarian cancer trial. G&A Expenses: General and Administrative (G&A) expenses for the quarter ended June 30, 2025, were $1.8 million, compared to $2.3 million for the quarter ended June 30, 2024. Net Loss: Net loss was $2.3 million for the quarter ended June 30, 2025, compared to $1.6 million for the quarter ended June 30, 2024. For the six months ended June 30, 2025, the Company’s net loss was $5.1 million, down from $5.5 million for the six months ended June 30, 2024. About StenoparibStenoparib is an orally available, small-molecule dual-targeted inhibitor of PARP1/2 and tankyrase 1/2. At present, tankyrases are attracting significant attention as emerging therapeutic targets for cancer, principally due to their role in regulating the WNT signaling pathway. Aberrant WNT/β-catenin signaling has been implicated in the development and progression of numerous cancers. By inhibiting PARP and blocking WNT pathway activation, stenoparib’s unique therapeutic action shows potential as a promising therapeutic for many cancer types, including ovarian cancer. Allarity has secured exclusive global rights for the development and commercialization of stenoparib, which was originally developed by Eisai Co. Ltd. and was formerly known under the names E7449 and 2X-121.About the Drug Response Predictor – DRP® Companion DiagnosticAllarity uses its drug-specific DRP® to select those patients who, by the gene expression signature of their cancer, may have a high likelihood of benefiting from a specific drug. By screening patients before treatment, and only treating those patients with a sufficiently high, drug-specific DRP score, the therapeutic benefit rate may be enhanced. The DRP method builds on the comparison of sensitive vs. resistant human cancer cell lines, including transcriptomic information from cell lines, combined with clinical tumor biology filters and prior clinical trial outcomes. DRP is based on messenger RNA expression profiles from patient biopsies. The DRP® platform has shown an ability to provide a statistically significant prediction of the clinical outcome from drug treatment in cancer patients across dozens of clinical studies (both retrospective and prospective). The DRP platform, which may be useful in all cancer types and is patented for dozens of anti-cancer drugs, has been extensively published in the peer-reviewed literature.About Allarity TherapeuticsAllarity Therapeutics, Inc. (NASDAQ: ALLR) is a clinical-stage biopharmaceutical company dedicated to developing personalized cancer treatments. The Company is focused on development of stenoparib, a novel PARP/tankyrase inhibitor for advanced ovarian cancer patients, using its DRP® technology to develop a companion diagnostic that can be used to select those patients expected to derive the greatest clinical benefit from stenoparib. Allarity is headquartered in the U.S., with a research facility in Denmark, and is committed to addressing significant unmet medical needs in cancer treatment. For more information, visit www.allarity.com.Follow Allarity on Social MediaLinkedIn: https://www.linkedin.com/company/allaritytx/ Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide the Company’s current expectations or forecasts of future events. The words “anticipates,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predicts,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements related to the continued clinical development of stenoparib in ovarian cancer and small cell lung cancer, including the initiation of patient enrollment in the Phase 2 trial and a new combination study; the Company’s ability to generate data to support regulatory approval; the expansion of the DRP® platform to antibody-based therapies; the potential clinical benefit of stenoparib; and the Company’s financial position and ability to support future operations. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to multiple risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to clinical development timelines, patient enrollment, trial outcomes, regulatory approval processes, the predictive performance of the DRP® platform, and the Company’s ability to secure sufficient funding or partnerships to support its programs, as well as broader risks related to the biopharmaceutical industry and general economic and market conditions. For a discussion of other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in our Form 10-K annual report filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, and our Form 10-Q quarterly report filed with the SEC on August 15, 2025, available at the SEC’s website at www.sec.gov, and as well as discussions of potential risks, uncertainties and other important factors in the Company’s subsequent filings with the SEC. All information in this press release is as of the date of the release, and the Company undertakes no duty to update this information unless required by law. ### Company Contact: investorrelations@allarity.com Media Contact: Thomas Pedersen Carrotize PR & Communications +45 6062 9390 tsp@carrotize.com ALLARITY THERAPEUTICS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except for share and per share data*) June 30, December 31, 2025 2024 (Unaudited) ASSETS Current assets Cash and cash equivalents $17,801 $19,533 Receivables from ATM sales — 1,416 Other current assets 116 115 Prepaid expenses 1,357 507 Tax credit receivable 1,609 770 Total current assets 20,883 22,341 Non-current assets: Property, plant and equipment, net 322 309 Total assets $21,205 $22,650 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $4,605 $4,182 Accrued expenses and other current liabilities 2,977 5,232 Warrant derivative liability — 1 Income taxes payable 81 74 Convertible promissory notes and accrued interest, net of debt discount 1,375 1,350 Total current liabilities 9,038 10,839 Total liabilities 9,038 10,839 Commitments and contingencies (Note 9) Stockholders’ equity Common stock, $0.0001 par value (250,000,000 shares authorized); 17,075,338 and 7,302,797 shares issued and 14,619,636 and 7,302,797 outstanding at June 30, 2025, and December 31, 2024, respectively 2 1 Additional paid-in capital 141,209 131,130 Accumulated other comprehensive loss (2,461) (354)Accumulated deficit (124,018) (118,966)Treasury stock, at cost; 2,455,702 shares (2,565) — Total stockholders’ equity 12,167 11,811 Total liabilities and stockholders’ equity $21,205 $22,650 * All common share data has been retroactively adjusted to effect reverse stock splits in 2024 (See Note 1 in our Form 10-Q quarterly report filed with the SEC on August 15, 2025, available at the SEC’s website at www.sec.gov). ALLARITY THERAPEUTICS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(UNAUDITED)(in thousands, except for share and per share data*) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Operating expenses: Research and development $2,321 $1,058 $3,724 $3,228 General and administrative 1,812 2,313 3,445 4,383 Total operating expenses 4,133 3,371 7,169 7,611 Loss from operations (4,133) (3,371) (7,169) (7,611)Other income (expense): Interest income 237 53 459 53 Interest expense (12) (426) (69) (528)Foreign exchange gains (losses) 1,588 (128) 1,726 (52)Change in fair value of derivative and warrant liabilities — 2,243 1 2,662 Total other income, net 1,813 1,742 2,117 2,135 Loss before income tax benefit (2,320) (1,629) (5,052) (5,476)Income tax benefit — — — 4 Net loss (2,320) (1,629) (5,052) (5,472)Gain on extinguishment of Series A Convertible Preferred Stock — 31 — 222 Deemed dividend on Series A Convertible Preferred Stock — (71) — (299)Net loss attributable to common stockholders $(2,320) $(1,669) $(5,052) $(5,549) Net loss per common share, basic and diluted $(0.15) $(3.34) $(0.38) $(21.78)Weighted average common shares outstanding, basic and diluted 15,543,321 499,303 13,357,266 254,727 Other comprehensive loss Net loss $(2,320) $(1,629) $(5,052) $(5,472)Change in cumulative translation adjustment (1,830) (144) (2,106) (119)Total comprehensive loss $(4,150) $(1,773) $(7,158) $(5,591) * All common share data has been retroactively adjusted to effect reverse stock splits in 2024 (See Note 1 in our Form 10-Q quarterly report filed with the SEC on August 15, 2025, available at the SEC’s website at www.sec.gov). Allarity Therapeutics Press Release - Second Quarter 2025 Update

Allarity Therapeutics Provides Second Quarter 2025 Update, Highlighting Clinical Progress, IP Expansion, and New Partnerships

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