Dear Fellow Shareholders,

Following several significant developments in recent weeks, I wanted to provide shareholders with a concise update on Virax's current position and priorities.

Our fiscal 2026 Annual Report provides audited visibility into the Company's financial position. As of March 31, 2026, Virax reported cash of $6.4 million, total assets of $8.3 million, total liabilities of $1.0 million and shareholders' equity attributable to ordinary shareholders of $7.3 million. Subsequent to fiscal year end, we completed the exercise of preferred investment options for gross proceeds of approximately $3.3 million, further strengthening our liquidity position and balance sheet. This supports continued investment in ViraxImmune™ and commercial execution for ImmuneSelect.

Based on the July 14, 2026 closing price, the Company's public market valuation remained below its audited cash balance and shareholders' equity attributable to ordinary shareholders, notwithstanding the subsequent financing and recent commercial progress. We do not control the market and cannot predict short-term trading, but we believe this disconnect does not fully reflect the Company's cash position, modest liability profile, laboratory infrastructure, clinical and development activities, or the broader value potential of ViraxImmune™ and ImmuneSelect.

Subsequent to fiscal year end, we announced a multi-country commercial supply agreement with Fosun Diagnostics for ImmuneSelect across Thailand, Vietnam, Indonesia, the Philippines, Singapore and Malaysia. The agreement is intended to support commercial supply of our research-use-only ("RUO") immune profiling products, initially for tuberculosis-related research applications in Thailand, with potential expansion across Fosun's regional network. We view this as an important step in developing ImmuneSelect into a practical commercial channel. Revenue generation remains an area where execution must improve, and our objective is to translate focused commercial opportunities into revenue while continuing to advance ViraxImmune™.

Following our 1-for-25 share consolidation, Nasdaq confirmed that the Company had regained compliance with the minimum bid price requirement under Nasdaq Marketplace Rule 5550(a)(2), allowing our ordinary shares to remain listed. Maintaining Nasdaq compliance is important, but it is a foundation rather than the objective. Our focus now is execution: advancing clinical validation and evidence-generation activities for ViraxImmune™, building the U.S. market-entry pathway, translating ImmuneSelect opportunities into revenue, and communicating our progress clearly. Long-term shareholder value will ultimately depend on our ability to deliver meaningful clinical, regulatory and commercial milestones while maintaining financial discipline.

Sincerely,

James Foster

Chief Executive Officer

Virax Biolabs Group Limited