SCHEDULE: Lynwood Capital Discloses 5.4% Stake in Kazia Therapeutics

Lynwood Capital Management Inc., Ben Shapiro, and Lynwood Opportunities Master Fund have jointly reported a 5.4% beneficial ownership stake in Kazia Therapeutics Limited.

Summary

• Lynwood Capital Management Inc., Ben Shapiro, and Lynwood Opportunities Master Fund (collectively, the "Reporting Persons") have filed a Schedule 13G.
• The filing indicates beneficial ownership of 307,998,500 Ordinary Shares of Kazia Therapeutics Limited.
• This represents 5.4% of the company's outstanding Ordinary Shares.
• The percentage is based on 5,667,995,734 Ordinary Shares outstanding as of December 11, 2025, as reported by the Issuer in a Prospectus filed with the SEC on December 23, 2025.
• The shares are held through American Depositary Shares (ADS), where each ADS represents 500 Ordinary Shares.
• The Reporting Persons certify that the securities were not acquired for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a factual disclosure of a significant passive ownership stake, which can be seen as a positive signal of investor confidence, but it does not contain performance data or strategic updates.

Positives

• A significant institutional investor, Lynwood Opportunities Master Fund, has taken a 5.4% stake, potentially signaling confidence in Kazia Therapeutics Limited's long-term prospects.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding the issuer's future performance or strategic direction.

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

The disclosure of a significant passive stake by an institutional investor like Lynwood Capital Management in a biotechnology company such as Kazia Therapeutics Limited is a routine event in the financial markets. It indicates an investment position rather than an active strategic move within the industry, though it can be interpreted by the market as a vote of confidence in the company's long-term prospects or its specific therapeutic pipeline.

Comparison to Industry Standards

• A 5.4% passive stake by an institutional investor is a common occurrence across various industries, including biotechnology. It aligns with typical investment strategies for funds seeking exposure to specific sectors or companies without seeking active control.
• Compared to activist investors who might take similar or larger stakes to push for corporate changes, Lynwood Capital Management's certification indicates a passive investment, which is a standard approach for many funds.

Stakeholder Impact

• Shareholders: The disclosure of a new significant institutional investor may be viewed positively, potentially increasing market confidence and liquidity.
• Management: Awareness of a significant passive shareholder, though without direct influence on control.

Next Steps

• The Reporting Persons will continue to monitor their investment in Kazia Therapeutics Limited.
• Future filings may occur if their beneficial ownership percentage changes significantly or if their investment intent shifts from passive to active.

Key Dates

Keywords

Kazia Therapeutics, Lynwood Capital Management, Ben Shapiro, Lynwood Opportunities Master Fund, Schedule 13G, Beneficial Ownership, Ordinary Shares, American Depositary Shares, Institutional Investment, Biotechnology, Pharmaceuticals