Exhibit 99.1

CYTOMED THERAPEUTICS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

INDEX

	Page
Unaudited Interim Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Loss for the Six months ended June 30, 2024 and 2025	1
Unaudited Interim Condensed Consolidated Statements of Financial Positions as of December 31, 2024 and June 30, 2025	2
Unaudited Interim Condensed Consolidated Statements of Cash Flows for the Six months ended June 30, 2024 and 2025	3
Unaudited Interim Condensed Consolidated Statements of Changes in Equity for the Six months ended June 30, 2024 and 2025	4
Notes to the Unaudited Interim Condensed Consolidated Financial Statements	5

CYTOMED THERAPEUTICS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025

			Six months ended June 30,
	Notes		2024			2025			2025
			S$			S$			U.S.$
Revenue		5		-			155,887			122,562
Other operating income		6		421,763			385,779			303,309
Lab consumables and cord-blood banking expenses				-			(18,631	)		(14,648	)
Other gains/(losses) including fair value changes on financial instruments - net		7		360,871			(272,848	)		(214,520	)
Research expenses		8		(974,402	)		(1,162,467	)		(913,961	)
Depreciation of property, plant and equipment				(45,070	)		(80,279	)		(63,117	)
Amortization of intangible assets				(1,080	)		(14,369	)		(11,297	)
Employee benefits expenses		9		(299,167	)		(386,091	)		(303,555	)
Finance expenses		10		(9,805	)		(10,310	)		(8,106	)
Other expenses		11		(557,593	)		(831,898	)		(654,059	)
Share of result of associate				15,940			(10,601	)		(8,335	)
Loss before income tax				(1,088,543	)		(2,245,828	)		(1,765,727	)
Income tax expense				-			-			-
Loss for the period				(1,088,543	)		(2,245,828	)		(1,765,727	)
Other comprehensive loss:
Exchange differences arising from translation of foreign operation				5,393			(23,435	)		(18,425	)
Total comprehensive loss for the period				(1,083,150	)		(2,269,263	)		(1,784,152	)
Loss attributable to:
Equity holders of the Company				(1,088,398	)		(2,243,760	)		(1,764,101	)
Non-controlling interests				(145	)		(2,068	)		(1,626	)
Total				(1,088,543	)		(2,245,828	)		(1,765,727	)
Total comprehensive loss attributable to:
Equity holders of the Company				(1,083,005	)		(2,267,195	)		(1,782,526	)
Non-controlling interests				(145	)		(2,068	)		(1,626	)
Total				(1,083,150	)		(2,269,263	)		(1,784,152	)
Loss per share for loss attributable to equity holders of the Company
-Basic and diluted				(0.09	)		(0.19	)		(0.15	)
LOSS PER SHARE

	Six months ended June 30,
	2024		2025
Weighted average number of ordinary shares used in computing basis and diluted loss		11,539,608		11,540,000

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

1

CYTOMED THERAPEUTICS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITIONS

AS OF DECEMBER 31, 2024 AND JUNE 30, 2025

	Notes		December 31, 2024			June 30, 2025			June 30, 2025
				S$			S$			U.S.$
ASSETS
Current assets
Trade and other receivables		12		1,030,336			1,228,190			965,634
Cash and bank balances		13		4,970,367			2,854,958			2,244,640
Total current assets				6,000,703			4,083,148			3,210,274
Non-current assets
Property, plant and equipment		14		3,253,046			3,472,804			2,730,406
Intangible assets		15		93,050			72,556			57,045
Investment in associate		16		220,950			210,349			165,382
Other long-term investment		17		-			18,210			14,317
Trade and other receivables		12		500,000			500,000			393,113
Total non-current assets				4,067,046			4,273,919			3,360,263
Total assets				10,067,749			8,357,067			6,570,537
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables		18		441,023			477,690			375,571
Contract liabilities		5		107,742			79,299			62,347
Warrant liabilities		19		11,945			88,268			69,399
Borrowings		20		37,650			38,264			30,084
Lease liabilities		20		8,262			19,571			15,387
Total current liabilities				606,622			703,092			552,788
Non-current liabilities
Borrowings		20		394,310			372,502			292,871
Lease liabilities		20		23,028			59,267			46,597
Total non-current liabilities				417,338			431,769			339,468
Total liabilities				1,023,960			1,134,861			892,256
Capital and reserves
Share capital		21		23,793,950			23,793,950			18,707,406
Capital reserve				73,982			73,982			58,167
Share-based payment reserve		22		-			447,680			351,977
Translation reserve				(53,757	)		(77,192	)		(60,690	)
Accumulated losses				(14,848,135	)		(17,091,895	)		(13,438,081	)
Attributable to equity holders of the Company				8,966,040			7,146,525			5,618,779
Non-controlling interests				77,749			75,681			59,502
Total equity				9,043,789			7,222,206			5,678,281
Total liabilities and equity				10,067,749			8,357,067			6,570,537

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

2

CYTOMED THERAPEUTICS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2025

			Six months ended June 30,
	Notes		2024			2025			2025
			S$			S$			U.S.$
Operating activities
Loss before income tax				(1,088,543	)		(2,245,828	)		(1,765,727	)
Adjustments for:
Amortization of intangible assets				1,401			14,690			11,550
Depreciation of property, plant and equipment				165,469			164,769			129,546
Loss on disposal of property, plant and equipment				-			243			191
Fair value changes on warrant liabilities				(150,238	)		76,323			60,007
Written off of intangible asset				-			5,350			4,206
Share of result of associate				(15,940	)		10,601			8,335
Share-based payment		22		-			448,327			352,485
Interest expense		10		9,805			10,310			8,106
Interest income		6		(190,540	)		(85,794	)		(67,453	)
Unrealized currency translation differences				(64,864	)		175,743			138,174
Operating cash flows before movement in. working capital				(1,333,450	)		(1,425,266	)		(1,120,580	)
Trade and other receivables				41,336			(182,122	)		(143,189	)
Contract liabilities				-			(28,443	)		(22,363	)
Trade and other payables				(212,632	)		36,667			28,829
Cash used in operations				(1,504,746	)		(1,599,164	)		(1,257,303	)
Interest received				348,868			-			-
Net cash used in operating activities				(1,155,878	)		(1,599,164	)		(1,257,303	)
Investing activities
Purchase of property, plant and equipment		14		(579,143	)		(347,797	)		(273,447	)
Fixed deposits with maturities over 3 months				(477,677	)		273,320			214,891
Deposit paid for acquisition of assets				(330,970	)		-			-
Investment in other long-term investment				-			(18,210	)		(14,317	)
Proceeds from disposal of property, plant and equipment				-			61			48
Loan to a third party				(500,000	)		-			-
Interest received				-			70,061			55,084
Net cash used in investing activities				(1,887,790	)		(22,565	)		(17,741	)
Financing activities
Principal payment of bank borrowing				(15,978	)		(18,694	)		(14,698	)
Principal payment of finance lease liabilities				(3,759	)		(5,866	)		(4,612	)
Interest paid				(9,805	)		(10,310	)		(8,106	)
Net cash used in financing activities				(29,542	)		(34,870	)		(27,416	)
Net decrease in cash and cash equivalents				(3,073,210	)		(1,656,599	)		(1,302,460	)
Cash and cash equivalents at beginning of financial period				8,995,067			4,697,047			3,692,937
Effects of currency translation on cash and cash equivalents				72,114			(185,490	)		(145,837	)
Cash and cash equivalents at end of financial period		13		5,993,971			2,854,958			2,244,640

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements.

3

CYTOMED THERAPEUTICS LIMITED AND SUBSIDIARIES

UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR SIX MONTHS ENDED JUNE 30, 2024 AND 2025

	Attributable to equity holders of the Company
								Share-based											Non-
	Share		Warrant			Capital		payment		Translation			Accumulated						controlling			Total
	capital		reserve			reserve		reserve		reserve			losses			Total			interests			equity
	S$		S$			S$		S$		S$			S$			S$			S$			S$
Balance as at 1 January 2024		23,720,020		73,930			-		-		(217,402	)		(12,331,437	)		11,245,111			(956	)		11,244,155
Total comprehensive loss for the period		-		-			-		-		5,393			(1,088,398	)		(1,083,005	)		(145	)		(1,083,150	)
Capitalization of warrant reserve		73,930		(73,930	)		-		-		-			-			-			-			-
Balance as at 30 June 2024		23,793,950		-			-		-		(212,009	)		(13,419,835	)		10,162,106			(1,101	)		10,161,005
Balance as at 30 June 2024 (U.S.$)		17,557,519		-			-		-		(156,441	)		(9,902,476	)		7,498,602			(812	)		7,497,790

	Attributable to equity holders of the Company
							Share-based											Non-
	Share		Warrant		Capital		payment		Translation			Accumulated						controlling			Total
	capital		reserve		reserve		reserve		reserve			losses			Total			interests			equity
	S$		S$		S$		S$		S$			S$			S$			S$			S$
Balance as at January 1, 2025		23,793,950		-		73,982		-		(53,757	)		(14,848,135	)		8,966,040			77,749			9,043,789
Total comprehensive loss for the period		-		-		-		-		(23,435	)		(2,243,760	)		(2,267,195	)		(2,068	)		(2,269,263	)
Share-based payment granted in the year		-		-		-		447,680		-			-			447,680			-			447,680
Balance as at June 30, 2025		23,793,950		-		73,982		447,680		(77,192	)		(17,091,895	)		7,146,525			75,681			7,222,206
Balance as at 30 June 2025 (U.S.$)		18,707,406		-		58,167		351,977		(60,690	)		(13,438,081	)		5,618,779			59,502			5,678,281

The accompanying notes are an integral part of these unaudited interim condensed consolidated financial statements

4

CYTOMED THERAPEUTICS LIMITED AND SUBSIDIARIES

Notes to the Unaudited Interim Condensed Consolidated Financial Statements

Note 1 General Information

These unaudited interim condensed consolidated financial statements are the unaudited interim financial statements of CytoMed Therapeutics Limited (the “Company”) and its subsidiaries (the “Group”), for the six months ended June 30, 2025 (the “Financial Statements”).

The Company was incorporated in the Republic of Singapore on March 9, 2018. The Company is a public limited company incorporated and domiciled in Singapore with registered office situated at 1 Commonwealth Lane, #08-22, Singapore 149544. The Company is headquartered in Singapore and conducts its operations domestically and in Malaysia. The Company is listed on the Nasdaq Stock Exchange under the ticker symbol “GDTC” on April 14, 2023.

The principal activities of the Group are to carry on the business of innate immune cell-based immunotherapy, pluripotent stem cell-based therapy and undertaking the research and development of immune cell and stem cell-based therapy. The Group conducts its primary operations through its directly held wholly owned subsidiary that is incorporated and domiciled in Malaysia, namely CytoMed Therapeutics (Malaysia) Sdn. Bhd., which is principally engaged in manufacturing innate immune cell-based immunotherapy and pluripotent stem cell-based therapy and consultancy services and undertaking the research and development of immune cell and stem cell-based therapy for advancing cellular immunotherapy to treat cancer.

On August 15, 2024, IPSC Depository Sdn. Bhd., an indirect subsidiary of the Company, completed the acquisition of the license and certain assets of Cellsafe International Sdn Bhd (In Liquidation), a Malaysian cord blood banking service provider.

The principal activities of the subsidiaries of the Company (the “Company” or collectively known as the “Group”) are as follows:

Name of entity	Principal activities	Country of business / incorporation	Group’s effective equity interest held
			December 31,		June 30,
			2024		2025
				%		%
CytoMed Therapeutics (Malaysia) Sdn. Bhd.	Research, development and manufacturing of stem cells and innate immune cell-based immune-therapeutics, research and development of induced pluripotent stem cell-based immune-therapeutics	Malaysia		100		100
Advance Cancer Centre Pte. Ltd.	Investment, research and development of medical technologies	Singapore		100		100
Puricell Lab Pte. Ltd.	Research and development of induced pluripotent stem cell-based biologics and medical technologies	Singapore		95		95
LongevityBank Pte. Ltd. (Formerly known as IPSCBank Pte. Ltd.)	Stem cell and immune cell banking	Singapore		90		90
Held by LongevityBank Pte. Ltd.
IPSC Depository Sdn. Bhd.	Processing and banking of cells including cord blood stem cells, research and development on cord blood derived cell-based therapy	Malaysia		90		90

5

Note 2 Summary of significant accounting policies

2.1 Basis of preparation

The unaudited condensed interim consolidated financial statements for the six-month ended June 30, 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting.

The unaudited interim consolidated financial statements do not include all the information and footnotes required by the International Financial Reporting Standards (“IFRS”) for complete financial statements. Certain information and note disclosures normally included in the annual financial statements prepared in accordance with the IFRS have been condensed or omitted consistent with Article 10 of Regulation S-X. In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, in normal recurring nature, as necessary for the fair statements of the Company’s financial positions as of June 30, 2025, and results of operations and cash flows for the six-month period ended June 30, 2025. The unaudited interim condensed consolidated statements of financial positions as of December 31, 2024 has been derived from the audited financial statements at that date but does not include all the information and footnotes required by the IFRS. Interim results of operations are not necessarily indicative of the results expected for the full fiscal year or for any future period. These financial statements should be read in conjunction with the audited consolidated financial statements as of and for the years ended December 31, 2024, 2023 and 2022, and related notes included in the Company’s audited consolidated financial statements.

2.2 Adoption of new and amended standards and interpretations

The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Group has adopted all the new and amended standards which are relevant to the Group and are effective for annual financial period beginning on January 1, 2025. The adoption of these standards did not have any material effect on the unaudited interim condensed consolidated financial statements of the Group.

2.3 New standards, amendments and interpretations issued but not yet effective

There are a number of standards, amendments to standards, and interpretations, which have been issued by the International Accounting Standards Board, that are effective in future accounting periods and the Group has not decided to early adopt. Unless otherwise disclosed, the Group is currently evaluating the potential impact of adopting these standards on its consolidated financial statements and related disclosures in the year of initial application.

2.4 Convenience translation

All translations from Singapore dollars to U.S. dollars and from U.S. dollars to Singapore dollars in this Report are made at a rate of S$1.2719 to U.S.$1.00, the exchange rate in effect as of June 30, 2025 as set forth in the H.10 statistical release of the U.S. Board of Governors of the Federal Reserve System.

2.5 Going concern assumptions

Prudent liquidity risk management implies sufficient cash to finance the Group’s and the Company’s operations and development activities. The Group manages the liquidity risk by maintaining a level of cash and cash equivalents deemed adequate to finance the Group’s business operations and development activities. The Group’s objective is to maintain a balance between continuing of funding and flexibility through the use of borrowings.

As of June 30, 2025, the Group has negative cash flow from operating activities of S$1,599,164. The Group’s working capital was S$3,380,056. As of June 30, 2025, the Group had S$2,854,958 in cash and bank balances, which is unrestricted as to withdrawal and use as of June 30, 2025. In view of these circumstances, the management of the Group has given consideration to the future liquidity and performance of the Group and its available sources of finance in assessing whether the Group will have sufficient financial resources to continue as a going concern, at least, for the next twelve months from the date of this report.

Note 3 Significant accounting judgements and estimates

The preparation of the unaudited condensed interim consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of each reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in the future periods.

The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as of and for the year ended December 31, 2024.

Note 4 Segment information

The Group has identified two operating segments i.e. (i). the business of innate immune cell-based immunotherapy, pluripotent stem cell-based therapy and undertaking the research and development of immune cell and stem cell-based therapy as well as (ii) the business of processing and banking of cells including cord blood stem cells, research and development on cord blood derived cell-based therapy.

6

Note 5 Revenue

The Group’s revenues are primarily derived from the provision of cord blood unit banking and retrieval services (“private blood banking services”). The Group derives revenue from transfer of services over time or at a point in time in the following major type of services.

(a) Disaggregation of revenue from contracts with customers

	June 30, 2024		June 30, 2025
	S$		S$
Over time
Revenue from private blood storage service		-		130,280
At a point in time
Revenue from retrieval of private blood service		-		25,607
Total		-		155,887

(b) Contract balances

	December 31, 2024		June 30, 2025
	S$		S$
Contract liabilities		107,742		79,299

A contract liability is recognized if a payment is received or a payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services mainly derived from the private blood banking business. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer.

These liabilities are reported as contract liabilities on a contract by contract basis at the end of each reporting period. Significant changes in the contract liabilities balances during the financial year was mainly arriving from the increases due to cash received, excluding amounts recognized as revenue during the financial year.

(c) Unsatisfied performance obligations 

Management expects that the approximate transaction price allocated to unsatisfied performance obligations as at the end of the reporting periods may be recognized as revenue in the next reporting periods as follows:

	More than 1 year but less than 5 years		More than 5 years but less than 10 years		More than 10 years
	S$		S$		S$
Partially and fully unsatisfied performance obligations as at:
June 30, 2024		-		-		-
June 30, 2025		335,000		219,000		23,000

The management is not disclosing the transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations as at the reporting date that may be recognized as revenue in the next 12 months as permitted under the IFRS 15 due to the aggregated transaction price allocated to the period of these unsatisfied contracts was one year or less, or are billed based on time incurred. These amounts do not include variable consideration, which is subject to significant risk of reversal.

Note 6 Other operating income

	June 30, 2024		June 30, 2025
	S$		S$
Grant income		3,845		2,862
Research income		224,183		294,799
Interest income		190,540		85,794
Others		3,195		2,324
Total		421,763		385,779

Note 7 Other (gains)/losses including fair value changes on financial instruments - net

	June 30, 2024			June 30, 2025
	S$			S$
Fair value (gain)/loss on warrant liabilities (Note 19)		(150,238	)		76,323
Loss on disposal of property plant and equipment		-			243
Written off of intangible asset		-			5,350
Net currency exchange (gains)/losses		(210,633	)		190,932
Total		(360,871	)		272,848

The Group measures the warrant liabilities at fair value using Black-Scholes option pricing model.

7

Note 8 Research expenses

	June 30, 2024		June 30, 2025
	S$		S$
Employee benefits expense (Note 9)		347,473		423,613
Depreciation of property, plant and equipment		120,399		84,490
Amortization of intangible assets		321		321
Laboratory consumables		144,565		144,597
Facility-related expenses		39,883		81,138
Clinical trial expenses		239,805		283,559
Pre-clinical trial expenses		-		62,068
Professional expenses		-		7,970
Royalty & license expenses		6,419		9,951
Utilities		30,300		34,734
Other services and fees		45,237		30,026
Total		974,402		1,162,467

Research expenses include research personnel costs, depreciation of research equipment and laboratory consumables for research activities.

Note 9 Employee benefits expenses

	June 30, 2024			June 30, 2025
	S$			S$
Salaries and bonuses		478,613			563,674
Directors’ fee		56,742			42,477
Employer’s contribution to defined contribution plans		66,676			85,423
Share-based payments (Note 22)		-			86,941
Other short-term benefits		44,609			31,189
		646,640			809,704
Less: Classified as “Research expenses” (Note 8)		(347,473	)		(423,613	)
Total		299,167			386,091

Employee benefits are recognized as an expense, unless the cost qualifies to be capitalized as a development expenditure.

Note 10 Finance expenses

	June 30, 2024		June 30, 2025
	S$		S$
Bank borrowings		9,693		9,439
Lease liabilities		112		871
Total		9,805		10,310

Finance expenses arising from bank borrowings, loans and leases liabilities are presented as financing activities in the Unaudited Interim Condensed Consolidated Statements of Cash Flows.

Note 11 Other expenses

	June 30, 2024		June 30, 2025
	S$		S$
Advertising		8,639		11,621
Annual listing fee		43,639		47,261
Company insurance		94,352		-
Cleaning fee		3,563		3,255
Entertainment		1,020		1,404
Delivery/freight charges		589		8,401
Information technology expenses		19,566		13,410
Investor relationship expenses		16,424		40,697
Professional fees		180,749		195,517
Property tax		3,938		4,941
Printing and stationery		9,026		18,017
Legal fees		58,051		61,548
Lease of low-value assets		726		2,680
Repairs and maintenance		2,208		7,151
Service fee		64,277		28,570
Share-based payment (Note 22)		-		361,386
Subscription fee		471		818
Transportation and travelling		32,165		10,757
Tools and supplies		1,500		1,114
Utilities		11,143		7,139
Others		5,547		6,211
Total		557,593		831,898

8

Note 12 Trade and other receivables

	December 31, 2024		June 30, 2025
	S$		S$
Non-Current
Other receivable		500,000		500,000
Current
Trade receivables		18,782		24,705
Other receivables		63,123		78,723
Interest receivables		36,411		52,144
Sundry deposits		30,456		28,062
Prepaid consumables		838,825		841,691
Prepayments		39,847		186,472
Goods and service tax receivable		2,892		16,393
		1,030,336		1,228,190
Total		1,530,336		1,728,190

The non-current other receivable of S$500,000 is loan to a third party with a maturity tenure of 3 years and collectible by the end of 3-year tenure (December 31, 2024: S$500,000) which bears interest rate of 5.0% (December 31, 2024: 5.0%) per annum to carry out an investigator initiated trial in People’s Republic of China. The remaining commitments and details of the said investigator initiated trial have been disclosed in the Note 24 to these unaudited interim condensed consolidated financial statements.

Note 13 Cash and bank balances

For the purpose of the consolidated statements of cash flows, cash and cash equivalents comprise the following:

	December 31, 2024			June 30, 2025
	S$			S$
Cash at banks and on hand		514,888			547,623
Short-term fixed deposits		4,455,479			2,307,335
		4,970,367			2,854,958
Less: Fixed deposits with maturities over 3 months		(273,320	)		-
Cash and cash equivalents on Unaudited Interim Condensed Consolidated Statements of Cash Flows		4,697,047			2,854,958

As of June 30, 2025, fixed deposits are placed for varying periods of between 1 month and 6 months (December 31, 2024: 1 month and 12 months), carried interests between 3.05% and 4.34% (December 31, 2024: 2.73% and 5.32%) per annum.

9

Note 14 Property, plant and equipment

The Group acquired property, plant and equipment, excluding right-of-use assets, amounting to approximately S$347,797 as of June 30, 2025 (December 31, 2024: S$1,400,225) and there was negligible disposal of assets as of June 30, 2025 and no disposal December 31, 2024. The acquisition is mainly due to the purchase of equipment for cord blood banking business. As of June 30, 2025, bank borrowing is secured by a freehold land and a building of the Group with the carrying amount of S$927,160 (December 31, 2024: S$937,700).

Property, plant and equipment is tested for impairment when there is any objective evidence or indication that these assets may be impaired. Impairment exists when the carrying value of an asset or cash-generating-units (“CGU”) exceeds its recoverable amount. The recoverable amount of property, plant and equipment has been determined based on higher of the fair value less costs to sell or value-in use (“VIU”) calculations. If the carrying amount exceed the recoverable amount, an impairment is recognized to profit or loss for the differences.

Property, plant and equipment mainly consist of freehold land, building, and laboratory equipment. Management has assessed that there were no objective evidence or indication that the carrying amount of the Group’s property, plant and equipment may not be recoverable as at the end of reporting date. Accordingly, impairment assessment is not required.

Note 15 Intangible assets

	December 31, 2024		June 30, 2025
		S$		S$
Goodwill		355		355
Intellectual properties licenses		7,276		1,605
Computer software licenses		1,980		900
Acquired customer relationship		51,122		48,279
Acquired private blood bank license		32,317		21,417
Total		93,050		72,556

There is loss of S$5,350 arising from termination of license under Puricell Lab Pte. Ltd. for the six-months period ended June 30, 2025. The other movements are mainly due to amortization expenses.

10

Note 16 Investment in associate

The decrease is due to share of losses of the associate, Landmark Medical Centre Sdn. Bhd., a full licensed private hospital as of June 30,2025.

Investment in associate is tested for impairment when there is any objective evidence or indication that these assets may be impaired. Impairment exists when the carrying value of an asset or CGU exceeds its recoverable amount. The recoverable amount of investment in associate has been determined based on higher of the fair value less costs to sell or VIU calculations. If the carrying amount exceed the recoverable amount, an impairment is recognized to profit or loss for the differences.

Management has assessed the recoverable amount of the investment in associate calculation based on its VIU, using discounted cash flow forecasts covering a five-year period in which the management made judgements over certain key inputs in relation to cash flows, revenue growth rates and discount rate. It was concluded that the fair value less costs of disposal did not exceed the VIU. As a result of this analysis, no further impairment loss is required to be recognized as at the end of reporting date.

Note 17 Other long-term investment

Other long term investment represents investment in an unquoted equity instrument designated at fair value through other comprehensive income (“FVOCI”). The Group has elected to measure this investment unquoted security at FVOCI due to the Group’s intention to hold this unquoted equity instrument for long-term appreciation. As of June 30,2025, there is no significant fair value changes to other comprehensive income since the date of inception.

Note 18 Trade and other payables

	December 31, 2024		June 30, 2025
	S$		S$
Trade payables		38,633		82,735
Other payables - third parties		37,292		126,440
Accrued operating expenses		363,690		264,003
Deferred income		1,408		4,512
Total		441,023		477,690

Note 19 Warrant liabilities

	Number of warrants		December 31, 2024			June 30, 2025
				S$			S$
At beginning of financial year/period		72,371		146,613			11,945
Fair value changes to profit or loss		-		(138,292	)		76,323
Currency realignment		-		3,624			-
At end of financial year/period		72,371		11,945			88,268

On April 13, 2023, the Company entered into underwriting agreements (the “Underwriting Agreements”) with various third parties as representative of the several underwriters (the “Representative”), relating to the Initial Public Offering (“Offering”) of 2,412,369 shares of the Company’s ordinary shares, with no par value, at an Offering price of U.S.$4.00 per share. Pursuant to the Underwriting Agreements, the Company agreed to issue the underwriters warrant (the “Representative’s Warrants”) to purchase an aggregate of 120,618 of the Company’s ordinary shares, which is equal to five percent (5%) of the shares sold in the Offering, excluding the over-allotment option, at an exercise price of U.S.$4.00, which is equal to 100% of the Offering price. The Representative’s Warrants can be exercised on a cashless basis by the holder into a variable number of shares based on the volume weighted average observable price of the Company’s ordinary shares at the time of exercise. The Representative’s Warrants may be exercised beginning on October 11, 2023 until April 14, 2028 and will expire in five (5) years from the date of the issuance.

The outstanding Representative’s Warrants are recognized as a warrant liability as of June 30, 2025 and are measured at fair value at their inception date and subsequently remeasured using Black-Scholes option pricing model at each reporting period with changes being recorded in the statement of profit or loss.

The Representative’s Warrants are considered at Level 2 fair value hierarchy. The fair value of the warrants was determined by using Black-Scholes option pricing model using the key assumptions as follows:

As at December 31, 2024
Expected volatility	5.77	%
Risk-free interest rate	4.57	%
Expected term (years)	3
Exercise price	U.S.$4.00
Spot price	U.S.$3.40
Fair value of warrant/unit	U.S.$0.12

As at June 30, 2025
Expected volatility	86.42	%
Risk-free interest rate	4.23	%
Expected term (years)	2.8
Exercise price	U.S.$4.00
Spot price	U.S.$2.25
Fair value of warrant/unit	U.S.$0.95

Warrant reserve amounting to S$73,930 was capitalized after the shares were issued in the financial year ended December 31, 2024.

11

Note 20 Borrowings

	December 31, 2024		June 30, 2025
	S$		S$
Borrowings
Current
Bank borrowings		37,650		38,264
Lease liabilities		8,262		19,571
		45,912		57,835
Non-current
Bank borrowings		394,310		372,502
Lease liabilities		23,028		59,267
		417,338		431,769
Total borrowings		463,250		489,604

Note 21 Share capital

	Number of
	Ordinary shares		Amount
				S$
June 30, 2025
Beginning/End of the financial period		11,540,000		23,793,950
December 31, 2024
Beginning of the financial year		11,529,328		23,720,020
Warrant exercised		10,672		73,930
End of the financial year		11,540,000		23,793,950

On January 3, 2024, the Company converted 36,185 warrants into 7,860 ordinary shares on a cashless basis. Upon conversion, the 7,860 ordinary shares carried at the value of S$54,154. These newly issued shares rank pari passu in all respects with the previously issued shares.

On January 17, 2024, the Company converted 12,062 warrants into 2,812 ordinary shares on a cashless basis. Upon conversion, the 2,812 ordinary shares carried at the value of S$19,776. These newly issued shares rank pari passu in all respects with the previously issued shares.

12

Note 22 Share-based payment reserve and payments

Share-based payment reserve

Share-based payment reserve arising from granting of ordinary shares to employees and services providers represents the difference between the market price and the settlement price on ordinary shares which were transferred from the Company, to employees and service providers of Group as a reward for their services with the Group.

Share-based payments

Share-based payments recognized to profit or loss during the period are as follows:

	June 30, 2024		June 30, 2025
	S$		S$
Employee benefits expenses		-		86,941
Other expenses		-		361,386
Total		-		448,327

For equity-settled share-based payment transactions, the fair value of the services received is recognized as an expense with a corresponding increase in equity over the vesting period during which the employees and services providers become unconditionally entitled to the equity instrument. The fair value of the services received is determined by reference to the fair value of the equity instrument granted at the grant date. At each reporting date, the number of equity instruments that are expected to be vested are estimated. The impact on the revision of original estimates is recognized as an expense and as a corresponding adjustment to equity over the remaining vesting period, unless the revision to original estimates is due to market conditions. No adjustment is made if the revision or actual outcome differs from the original estimate due to market conditions. The Group recognizes the effect of modification that increase the total fair value of the share-based payment arrangement. The incremental fair value granted is included in the measurement of the amount recognized for services received over the period from modification date until the date when the modified equity-settled share-based payments transactions vest.

Note 23 Segment information

Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chairman for the purpose of resource allocation and performance assessment. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

The Company operates in two business segments:

1. The business of innate immune cell-based immunotherapy, pluripotent stem cell-based therapy and undertaking the research and development of immune cell and stem cell-based therapy.

2. The business of collecting, harvesting, processing, cryopreserving and banking of cells including cord blood stem cells in general; and to carry out research and development on cord blood derived cell-based therapy.

Geographical segment

Non-current assets (excluding investment in associate) information based on the location of assets are as follows:

	December 31, 2024		June 30, 2025
		S$		S$
Malaysia		2,764,642		3,016,378
Singapore		581,454		547,192
People’s Republic of China		500,000		500,000
		3,846,096		4,063,570

Non-current assets information presented above consist of property, plant and equipment, intangible assets and other receivable as presented in the consolidated statement of financial position.

Business segment

	Jun 30,2024		Jun 30,2024		Jun 30,2024		Jun 30,2025			Jun 30,2025			Jun 30,2025
	S$		S$		S$		S$			S$			S$
	Immune cell		CBU service &				Immune cell			CBU service &
	therapy		related therapy		Consolidated		therapy			related therapy			Consolidated
Revenue		-		-		-		-			155,887			155,887
Lab consumables and private-blood banking expenses		-		-		-		-			(18,631	)		(18,631	)
Operating results		-		-		-		(2,230,755	)		(15,073	)		(2,245,828	)
Non-current assets		2,702,220		-		2,702,220		3,266,514			1,007,405			4,273,919
Total assets		10,936,883		-		10,936,883		7,126,696			1,230,371			8,357,067
Non-current liabilities		390,896		-		390,896		372,502			59,267			431,769
Total liabilities		899,790		-		899,790		986,010			148,851			1,134,861
Equity		10,037,093		-		10,037,093		6,444,025			778,181			7,222,206

13

Note 24 Capital and other commitments

The following table summarizes the Group’s capital commitments as of June 30, 2025:

	Payment Due by Period
	Total		Less than 1 year		Between 1 and 2 years		Between 2 and 5 years		Over 5 years
	S$		S$		S$		S$		S$
Commitment:
Minimum royalty commitments (1)		137,234		10,900		10,900		32,700		82,734
Loan commitment (2)		500,000		500,000		-		-		-

(1)	Relating to the minimum royalty payments under the licensing agreements.
(2)	Loan to a third party at 5.0% interest per annum to set up our presence in China.

Note 25 Events occurring after balance sheet date

The Company has assessed all events which occurred from June 30, 2025, up through September 30, 2025, which is the date that these unaudited interim condensed consolidated financial statements are available to be issued. Other than the events disclosed below, there are no material subsequent events that would require disclosure in the unaudited interim condensed consolidated financial statements.

On July 1, 2025, the Company issued (i) 130,431 ordinary shares to professional service providers under the 2023 Equity Incentive Plan for approximately U.S.$309,121 and (ii) 63,281 ordinary shares to key management personnel of the Company for approximately U.S.$142,382. These newly issued shares rank pari passu in all respects with the previously issued shares.

On August 18, 2025, the Company entered into an ATM Sales Agreement (the “Sales Agreement”) with R.F. Lafferty & Co., Inc. (the “Sales Agent”), relating to the sale of our ordinary shares. In accordance with the terms of the Sales Agreement, we may offer and sell our ordinary shares from time to time up to an aggregate offering price of up to U.S.$4.30 million through or to the Sales Agent, acting as sales agent or principal. The Group continues to manage its liquidity risk by maintaining a level of cash and cash equivalents deemed adequate to finance the Group’s business operations and development activities through continuing of funding and flexibility of the fund raising and use of borrowings, where appropriate.

14