Annual Report FY 2024-2025

INVALUABLE

SUVEN LIFE SCIENCES

LIMITED

‌

WE WORK TIRELESSLY EVERY DAY, OFTEN BURNING THE MIDNIGHT OIL.

BUT NOTHING TO SHOW FOR.

CONTENT

WE ARE HUGE SPENDERS, OUR EXPENSE STATEMENT RUNS IN CRORES

BUT WE EARN PRACTICALLY NOTHING.

WE RAISE NO INVOICES; WE ONLY PAY THEM.

COMFORTABLY LIQUID.

BUT WE ARE

SUVEN LIFE SCIENCES LIMITED 01 Corporate Overview 24 Statutory Reports 108 Financial Statements

OUR RESULTS ARE POSSIBLY THE MOST UNINSPIRING...

Near Zero Revenue

Which has halved from C13 crore in FY21 to C7 crore in FY25

Negative EBITDA

Which has doubled from C80 crore in FY21 to C166 crore in FY25

Net Loss

Which has catapulted from C72 crore in FY21 to C161 crore in FY25

…yet there is considerable interest in what we do.

VISIONARIES. MAVERICKS. RISK TAKERS. OPTIMISTS. HAPPY SOULS. INVALUABLE.

THAT IS US. WE ARE SUVEN LIFE SCIENCES.

ANNUAL REPORT 2024-25

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WE ARE

INVALUABLE.

Decades ago, we imagined a

future where Central Nervous System (CNS) related ailments would overwhelm the world. And we cherry-picked this most complex and challenging therapies to work on.

For more than two decades, we have singularly focused on developing solutions that alleviate the suffering of CNS patients.

Because CNS will take a colossal toll on global health and economies.

According to a study published in The Lancet Global Health, Alzheimer's disease and other dementias (ADODs) are projected to affect 153 million people globally by 2050, a nearly threefold increase from 2019, highlighting the escalating health crisis as the global population ages. The same study projects that Alzheimer's and dementia are set to create a staggering US$14.5 trillion economic crisis.

We have created a pipeline of 13 molecules for CNS-related ailments.

Our pipeline covers diverse ailments in the CNS space. Agitation. Cognitive Disorders. Excessive Daytime Sleepiness. Major Depressive Disorder. Parkinsons.

WE ARE

MAVERICKS.

We are independent thinkers who act against the norm

or the established way of doing things. That has been the basic premise of our business.

Almost all companies discuss income and growth. We debate costs and expenses. When most enterprises monitor profits on a monthly, quarterly and yearly basis, we track molecule progress over similar time gaps.

We are in the NCE space.

NCE refers to New Chemical Entity. A term used in the pharmaceutical industry to describe a compound that comes from drug discovery. It is a crucial component of the pharmaceutical industry, focusing on discovering and developing novel therapeutic compounds, aligned to fast-evolving ailments.

We are the only Indian Company solely focused on CNS-based, NCE development.

There are some other companies in the NCE space. For them, their revenue and returns accrue from other larger business verticals. Drug discovery happens alongside other events. For us, our sustenance depends on our success in discovery, which eventually progresses into global novel medical products for unmet medical needs.

We have invested everything we have in progressing our robust pipeline of novel molecule, for a better life.

Our Mind. Our Energy. Our Finance. Our Time.

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WE ARE

RISK TAKERS.

Our risk-taking appetite is huge because we know

we are in an extremely challenging space - Drug Discovery

The chances of failure are more certain than the chances of success.

Out of 10,000 compounds which enter the Drug Discovery funnel, about 250 make it to the preclinical stage, about 5-7 make it to the clinical stage, and just one molecule crosses the endpoint with the stamp of approval. The probability of success varies and across Phase 1 through phase 3 human clinical trial stages and there is a probability even at the approval stage by regulatory authorities. Many molecules fail at phase 2 stage itself.

While drug discovery is extremely complicated, we have made our NCE domain even more challenging.

CNS diseases include a broad spectrum of disorders in which brain or spinal cord function is diminished or impaired, resulting in diminished motor, sensory, or cognitive performance.

Brain - yes. We are dealing with the brain, the most complex organ in the body, for it evolves every minute, hour, day, month and year. And to date, we do not have an accurate measure/means to monitor the degree of CNS ailments. It is, at best, based on symptoms.

We are India's only CNS-focused, NCE developer.

We are making India proud. We have firmly placed the nation in the CNS-NCE space, a path very few are willing to tread worldwide.

WE ARE

HAPPY SOULS.

Our minds are always charged with what's next…

Our hearts are always upbeat that we're getting closer… We are in a happy space.

There is no sword on our neck.

We do not have revenue targets as of now. We are not fixated on revenue and returns. We do not feel pressured by quarterly results. Because these do not apply to us.

We do what we enjoy doing the most.

We are a bunch of researchers. Our passion is to delve into the unknown with the hope of unravelling gems from the darkness of the mysterious. We live our passion. Every single day. For decades.

We are learning every day.

Ailments are becoming more intense and diverse. Technologies are progressing. Capabilities and possibilities are widening. For us, every day presents itself as an opportunity to learn what's new. The thought is invigorating.

We never go to work. But are always at work. We are hardly home.

But are always at home.

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SUVEN LIFE SCIENCES LIMITED

01 Corporate Overview

24 Statutory Reports

108 Financial Statements

WE ARE

OPTIMISTS.

We have a strong mind, strong heart, strong will and

strong feet because we know we are on an endless journey.

Making our journey more challenging was our deliberate choice.

We have chosen the CNS-NCE space and are fully aware of the complexities. Our vision is crystal clear. We aim to leave a legacy that lives on in the minds of millions for decades to come.

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Every waking hour, we carry this reality-yet move forward with unwavering resolve. Each morning begins with optimism, fuelled by the possibilities that lie ahead and the growing reservoir of knowledge we're building for the innovators of tomorrow.

Failure has happened too.

Our molecule did not progress past the endpoint, despite over a decade of disciplined, dedicated effort. Yet this outcome did not deter us. We continued advancing others in the pipeline, and-more importantly- repositioned the potential of the same molecule for a different indication.

But our persistence will pay.

We believe the day will come when regulators place their seal of approval on our research and development, based on the success of our molecule in clinical development - a moment we have long envisioned and continue to pursue with unwavering dedication. For decades, we have lived this dream, expanding our pipeline with new molecules across the drug discovery journey. Today, we hold the largest portfolio of CNS molecules, spanning various stages of development and clinical trials.

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‌ABOUT US

Founded by the Jasti Family, we are based out of Hyderabad.

We have a team of 132 members, of which 102 are research scientists.

We have more than 2,850 global patents expiring 2035 and beyond.

Created Suven Neurosciences, Inc., USA, a Delaware Company in 2015 and invested US$94.74 million (as of June 2025) for clinical development of Suven's NCE molecules.

We plan to spend US$100 million over the next 3 years on the pipeline and its development.

Our equity is listed on the BSE and the National Stock Exchange.

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WE ARE

INVALUABLE.

13molecules

Our pipeline is large.

5molecules

Are in the clinical trial phase of which

3molecules

are in the last leg (Phase 2 and 3 Clinical Trials)

Our prospects look promising.

Global investors clearly recognise the transformative potential of our work. They value our deep expertise and differentiate capabilities, and understand we are on the cusp of success.

In light of this confidence, our recent issuance of 6.4 crore convertible warrants on a preferential basis-to raise C857 crore - was fully subscribed almost immediately.

SUVEN LIFE SCIENCES LIMITED 01 Corporate Overview 24 Statutory Reports 108 Financial Statements

OUR LEAD CLINICAL-STAGE ASSETS

01 MASUPIRDINE (SUVN-502)

Masupirdine is a pure and potent 5-HT6 receptor antagonist, with over 1,200-fold selectivity against 5-HT2A receptors. Nonclinical characterization suggests that Masupirdine is orally bioavailable, safe, and efficacious.

Masupirdine demonstrated a favorable safety profile and was well tolerated in healthy volunteers in Phase 1 studies. It was subsequently evaluated

in a Phase 2 study (NCT02580305) in patients with Alzheimer's disease. Subgroup analyses from this study suggested that Masupirdine significantly reduced neuropsychiatric symptoms, particularly agitation and aggression.

A global Phase 3 pivotal clinical trial is currently in progress to evaluate the efficacy and safety of Masupirdine in treating agitation associated with

Alzheimer's disease (NCT05397639; EudraCT: 2021-003405-22). The study is expected to enroll 375 patients across USA, Poland, Croatia and Serbia. The study is expected to complete by the end of 2026.

Product Edge: The key distinguishing features of Masupirdine include non-sedating mechanism of action against agitation and a better safety profile over existing standard of care, supporting its potential for breakthrough therapy designation.

NEXT STEPS

• Strengthening enrollment strategies to complete the study at the earliest.

• Seek partnership opportunities, strategic collaborations, or out-licensing arrangements.

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02

SAMELISANT (SUVN-G3031)

SUVEN LIFE SCIENCES LIMITED

01 Corporate Overview

03 ROPANICANT (SUVN-911)

24 Statutory Reports

108 Financial Statements

Samelisant is a potent and selective Histamine H3 receptor inverse agonist with excellent absorption, distribution, metabolism, and excretion properties. Data from nonclinical models suggest that Samelisant has robust wake-promoting and anticataplectic

effects and also showed procognitive effects. Samelisant was found to be safe and well tolerated in healthy subjects in Phase 1 clinical studies. In a proof-of-concept Phase 2 study involving narcolepsy patients (NCT04072380), Samelisant treatment resulted in a statistically significant and clinically meaningful improvement in excessive daytime sleepiness, and was safe and well tolerated.

Product Edge: While several pharmacological agents are currently approved for the management of narcolepsy symptoms, most belong to scheduled drug classes with known abuse potential. The limited number of non-scheduled options available often carry notable limitations, including cardiovascular safety concerns and drug-drug interaction risks. Samelisant, with its favorable pharmacokinetic and pharmacological profile, has potential to overcome these limitations. It does not appear to pose abuse liability and may offer a safer, more convenient alternative to existing therapies.

This distinct profile positions Samelisant as a potential best-in-class therapy offering meaningful value to patients, physicians, and payers alike. Additionally, considering the lower prevalence of narcolepsy and idiopathic hypersomnia, Samelisant has potential for orphan drug designation in various regions worldwide.

Ropanicant is a novel and selective α4β2 nicotinic acetylcholine receptor antagonist. Nonclinical data suggests that Ropanicant has excellent absorption, distribution, metabolism, and excretion properties, including oral bioavailability and brain penetration, with no drug-drug interaction liability. The safety and tolerability of Ropanicant have been established in Phase 1 studies conducted in healthy volunteers. In a Phase 2a proof-of-concept study (NCT06126497) for major depressive disorders, Ropanicant was generally safe and well tolerated. It showed a statistically significant and clinically meaningful improvement in depressive symptoms as measured by Montgomery-Asberg Depression Rating Scale (MADRS), with clinician-reported outcomes (CGI-S) supporting these findings.

A Phase 2b, double-blind, placebo-controlled, multicenter trial (NCT06836063) evaluating the efficacy and safety of Ropanicant in major depressive disorder is currently in progress. Suven has obtained the Agency's concurrence on the Phase 2b study design and protocol. Phase 2b Study is expected to complete by H2 2026.

Product Edge: Ropanicant has the potential to address major limitations of current antidepressants by offering a rapid onset of action, no sexual dysfunction,

pro-cognitive effects, and a better safety profile, suggesting potential for breakthrough therapy designation.

NEXT STEPS

• Phase 3 study for excessive daytime sleepiness in narcolepsy.

• Phase 3 study for idiopathic hypersomnia.

• Phase 2 study for cataplexy in narcolepsy.

• Seek partnership opportunities, strategic collaborations, or out-licensing arrangements.

  NEXT STEPS

• Manufacturing of Ropanicant Drug Substance (DS) and Drug Product (DP) for Phase 3 studies.

  
  
  

• Seek partnership opportunities, strategic collaborations, or out-licensing arrangements.

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SUVEN LIFE SCIENCES LIMITED 01 Corporate Overview 24 Statutory Reports 108 Financial Statements

04 USMARAPRIDE (SUVN-D4010)

Usmarapride is a potent, selective, orally bioavailable, and brain-penetrant 5-HT4 receptor partial agonist. Data from in-vitro, ex-vivo, and in-vivo models suggest that Usmarapride possesses all drug-like properties and has potential for the treatment of cognitive disorders. In a first-in-human Phase 1 study, Usmarapride was found to be safe and well tolerated in healthy adult male, female, and elderly subjects (NCT03031574 and NCT02575482). A Phase 2 proof-of-concept study is planned to evaluate its potential

for treating cognitive dysfunction. Concurrence on the indication and study design was obtained through face-to-face interaction with the FDA through a pre-IND meeting.

Product Edge: Usmarapride exhibits both procognitive and antidepressant activity, and may have a potential for first-in-class treatment of cognitive disorders.

SUVN-I6107

05

SUVN-I6107 is a potent and selective positive allosteric modulator (PAM) of the muscarinic M1 receptor, with minimal agnostic activity. It demonstrates excellent absorption, distribution, metabolism, and excretion properties and has shown robust efficacy in preclinical animal models of cognition. Importantly, no cholinergic side effects, such as salivation, emesis, or diarrhea, were observed in preclinical studies. Based on these encouraging results, a Phase 1 clinical trial has been initiated in the United States to evaluate its safety, pharmacokinetics, and pharmacodynamics in healthy volunteers (NCT06705088). Single ascending dose segment has been completed and

a multiple ascending dose (MAD) study in healthy subjects is currently ongoing, and expected to complete by H1 2026. SUVN-I6107 is being developed for the treatment of cognitive impairment associated with neurodegenerative disorders.

Product Edge: SUVN-I6107 exhibited procognitive activity at doses several-fold lower than those at which cholinergic signs were observed in animals, a feature that differentiates it from other M1 PAMs.

NEXT STEPS

• CRO selection for executing Phase 2 study.

• Seek partnership opportunities, strategic collaborations, or out-licensing arrangements.

  NEXT STEPS

• Manufacturing of SUVN-I6107 Drug Substance (DS)

• Seek partnership opportunities, strategic collaborations, or out-licensing arrangements.

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SUVEN LIFE SCIENCES LIMITED 01 Corporate Overview 24 Statutory Reports 108 Financial Statements

OUR LEAD RESEARCH-STAGE ASSETS

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SUVEN LIFE SCIENCES LIMITED

01 Corporate Overview

24 Statutory Reports

108 Financial Statements

SUVN-M8036

Serotonin and dopamine modulator for psychiatric disorders

UVN-M8036 is a potent multimodal agent targeting specifically 5-HT1A, 5-HT2A and D2 receptors and intended for the potential treatment of psychiatric disorders. Non-clinical evaluations, including in-vitro studies, pharmacokinetics, efficacy in antipsychotic and anti-depressant animal models, and early toxicity studies in rats and dogs have been completed. At therapeutically effective doses, SUVN-M8036 does not cause the motor incoordination which is a favorable property in this therapeutic area. Process development and optimization of the manufacturing process for scale-up have been completed to support additional safety assessments and GLP toxicology studies, which are anticipated to commence in H1 2026.

MUSCARINIC RECEPTOR-4

POSITIVE ALLOSTERIC MODULATOR

(M4 PAM for psychosis)

We have discovered multiple chemically distinct series of novel and potent M4 PAMs. A key differentiator from previously reported clinical candidates is the high selectivity of our compounds over muscarinic receptor 2, along with acceptable solubility. Preliminary evaluations, including in-vitro studies, pharmacokinetics (rat, dog and monkey), efficacy, and toxicity studies in rats, have been completed. M4 receptor occupancy translates to efficacy in animal models of psychosis. Additional efficacy and safety studies are in progress, and we anticipate selecting a lead candidate in H2 2025.

SUVN-D1044

(5-HT4receptor agonist for gastrointestinal disorders)

SUVN-D1044 is a potent and selective 5-HT4receptor agonist. Non-clinical evaluations, including in-vitro studies, pharmacokinetics, efficacy, and exploratory toxicity studies in rats and dogs have been completed. At therapeutically effective doses, SUVN-D1044 does not penetrate brain, a favorable property for treating gastrointestinal disorders. Process development and optimization of the manufacturing process for scale-up have been completed to support additional safety assessments and GLP toxicology studies, which are anticipated to commence in H1 2026.

5-HT1A AGONISTS

(For treatment-resistant depression)

We have identified a series of compounds which are novel, potent and selective 5-HT1A receptor agonists with good oral bioavailability and brain penetration in rats. Selected compound showed robust efficacy in animal models of depression including treatment resistant depression. There is a wide separation between the doses which produce efficacy and side effects for the most advanced compounds. The scale-up of two lead-like compounds has been completed to support additional efficacy and safety profiling. We anticipate selecting a lead candidate with acceptable efficacy and safety data by H2 2025.

P2X7 RECEPTOR ANTAGONIST

(For pain and inflammation)

The most advanced compound demonstrated in-vitro affinity as P2X7 antagonists with good oral bioavailability and brain penetration in rats. It demonstrated efficacy in animal models of pain with no motor side effects. There are no major safety concerns in preliminary toxicity studies in rats or dogs. Process development and optimization of the manufacturing process for scale-up have been completed to support additional safety assessments and GLP toxicology studies, which are anticipated to commence in H2 2025.

SUVN-2206043

5-HT2A antagonist and 5-HT1A agonist for psychosis and depression

SUVN-2206043 is a 5-HT2A antagonist and 5-HT1A agonist with minimal affinity for D2 receptors, exhibiting both antipsychotic and antidepressant-like properties. Preliminary assessments, including in-vitro studies, pharmacokinetics, efficacy, and toxicity studies in rats have been completed. A key differentiating feature, compared to existing antipsychotics, is the wide therapeutic window between doses that show

antipsychotic efficacy and dose associated with side effects. Process development and optimization of the manufacturing process for scale-up have been completed to support additional safety assessments and GLP toxicity studies, which are anticipated to commence in H1 2026.

DUAL 5-HT2A ANTAGONIST AND SEROTONIN REUPTAKE INHIBITOR

For depression and bipolar disorder / schizophrenia

We have identified a series of novel, potent dual 5-HT2A antagonists and serotonin reuptake inhibitors (SRIs) with excellent oral bioavailability in both rats and dogs, as well as adequate brain penetration in rats. In-vivo studies indicate antidepressant and antipsychotic-like effects without disruption of sleep architecture. Preliminary safety evaluations in rats are planned to further assess the potential of these compounds.

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‌SUVEN LIFE SCIENCES LIMITED

01 Corporate Overview

24 Statutory Reports

108 Financial Statements

THE NEXT 24-36 MONTHS WILL BE PIVOTAL FOR SUVEN LIFE SCIENCES, AS WE ANTICIPATE TOPLINE DATA FROM 2 OF OUR LEAD CLINICAL PROGRAMS. THESE OUTCOMES HOLD THE POTENTIAL TO SHAPE THE TRAJECTORY OF OUR PIPELINE AND REAFFIRM THE STRENGTH OF OUR SCIENTIFIC FOUNDATION."

Dear shareholders,

It is a privilege to share this message as Suven Life Sciences marks another year of meaningful progress. Our clinical-stage programs

have advanced steadily, and we've made commendable strides in advancing our early-stage research pipeline.

The encouraging results from our Phase 2 study of Samelisant have provided strong momentum to advance our development strategy. We are now initiating a Phase 3 study targeting excessive daytime sleepiness (EDS). Moreover, we recognise a broader landscape of opportunities for Samelisant beyond narcolepsy, such as cataplexy in narcolepsy, idiopathic hypersomnia and other indications

which we can explore to expand the molecule's therapeutic reach.

We made meaningful progress in the Phase 3 clinical trials of our leading candidate, Masupirdine. This multi-country study, targeting a patient cohort of over 375 patients, has so far achieved 36%.

We anticipate topline data to be available in Q1/Q2-2027.

We also engaged with the FDA to seek guidance on the design of the Phase 2 study for Usmarapride.

I'm pleased to share that with this molecule advancing to the next stage, over 25% of our pipeline will be in Phase 2 clinical development, marking a significant milestone in our R&D progression.

Our latest clinical-stage entrant, SUVN-I6107, has received FDA clearance following acceptance of the IND, along with a "Study May Proceed" letter for the Phase 1 trial. We have since initiated the study in the United States.

These milestones reflect the tangible impact of our sustained focus on embedding our improved operational strategies, enabling a greater number of our molecular assets to advance meaningfully along their development and clinical pathways.

With cash reserves declining to C61.40 crore as of March 31, 2025, the Board approved the preferential issuance of 6.4 crore convertible

warrants, successfully raising C857 crore priced at C134 per warrant. This capital infusion is intended to support a range of strategic initiatives spanning R&D, ongoing clinical trials, and establishing a new research facility.

We are making a substantial investment in a state-of-the-art R&D centre at Chandapur village, Sangareddy District.

This facility will be equipped with advanced instrumentation and next-generation technologies.

Once operational, it will significantly enhance our scientific capabilities, enabling us to execute

complex chemical processes with greater precision, efficiency, and scale. We may also leverage this facility to assist other innovation programs.

The next 24-36 months will be pivotal for Suven Life Sciences, as we anticipate topline data from several of our lead clinical programs.

These outcomes hold the potential to shape the trajectory of our pipeline and reaffirm the strength of our scientific foundation.

At the heart of this journey lies an unshakable belief in possibility. Our collective resolve is anchored in the vision of advancing even one transformative molecule to its full potential. That singular achievement would not only reflect our team's unwavering dedication but also etch our contribution into the fabric of scientific progress-leaving a legacy that transcends generations.

As we look ahead, I want to extend my heartfelt gratitude to our valued shareholders, partners, directors, employees and stakeholders. Your belief in our vision, trust in our capabilities, and unwavering support have been the cornerstone of our continued progress. This journey has

demanded resilience, and your encouragement has been instrumental in shaping every step forward.

Warm regards,

Chairman & MD

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SUVEN LIFE SCIENCES LIMITED 01 Corporate Overview 24 Statutory Reports 108 Financial Statements

MANAGEMENT DISCUSSION & ANALYSIS

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SUVEN LIFE SCIENCES LIMITED 01 Corporate Overview 24 Statutory Reports 108 Financial Statements

ECONOMIC OVERVIEW

WORLD ECONOMY

INDIAN ECONOMY

Global economic growth in 2024 remained stable yet unflattering at 3.3% following an unprecedented series of shocks throughout the year. It matches 2023 levels, despite ongoing geopolitical stresses and conflicts.

Looking forward, though, new tariff measures by the

The United States economy demonstrated robust growth at a rate of 2.8% for the year, while Europe experienced stagnation with growth at a mere 0.9%. Emerging economies collectively grew at a rate of 4.3%, primarily driven by India's expansion, although trade tensions pose significant risks.

Amid global uncertainties, India's economic growth during the 2024-25 financial year emerged as a significant phenomenon, affirming its status as the fastest-growing major economy.

United States and countermeasures by its trading

partners forced global growth projections to drop to 2.8% and 3% in 2025 and 2026, respectively, down from the earlier projection of 3.3% for 2025 and 2026.

Global disinflation persists, evidenced by headline inflation declining to an estimated 5.8% from 6.7% in 2023. This downward trend is expected to continue, reaching 4.3% and 3.6% in 2025 and 2026, respectively, driven by the unwinding of supply issues, despite the persistence of services inflation.

Global trade reached a record level of US$33 trillion in 2024, marking an increase of 3.7% (equivalent to

US$1.2 trillion), although this expansion was impacted by rising protectionism and disruptions in supply chains. Nevertheless, growth momentum decelerated during the latter half of the year. Trade has remained stable at the onset of 2025; however, escalating geoeconomic tensions, protectionist policies, and trade disputes indicate potential future disruptions.

The GDP growth reached []%, originating from a high base and propelled by robust domestic demand, substantial government infrastructure expenditure,

a resurgence in private investment and a flourishing service sector, characterised by a marked increase in service exports.

Inflation is observed to be diminishing, as evidenced by the headline Consumer Price Index (CPI) reaching 3.34% in March 2025, marking the lowest level since August 2019. Strong demand from rural areas, a resurgence in urban consumption, and advantageous agricultural conditions have contributed to

inflation stabilisation.

The price decline has enabled the Reserve Bank of India's Monetary Policy Committee (MPC) to

implement two consecutive rate cuts, reducing the repo rate to 6%, thereby ensuring liquidity within the system.

India has achieved a significant milestone in its economic growth trajectory, with cumulative foreign direct investment (FDI) inflows amounting to approximately US$40,672 million as of December 2024, representing a 27% increase compared to the

same period last year. This underscores the sustained confidence of global investors in India's

market potential.

For the fiscal year 2026, India's growth momentum appears robust, with real GDP growth projected at []%, primarily driven by sustained levels of consumption and investment. However, uncertainty looms due to global trade policies, market volatility, and US tariffs. Inflation is anticipated to stabilise within the tolerance band set by the Reserve Bank of India, while fiscal consolidation is expected to reduce the debt-to-

GDP ratio significantly. In this context, the principal challenges include the creation of jobs and the diversification of exports.

Source: IMF World Economic Outlook, April 2025, January 2025, October 2024

https://unctad.org/news/global-trade-hits-record-33-trillion-2024-driven-services-and-developing-economies#:~:text=Global%20trade%20 hit%20a%20record,strong%2C%20uncertainty%20looms%20in%202025.

Sources: Mint, PIB, Money Control, Invest India

https://www.livemint.com/economy/india-q3-gdp-growth-indias-economic-growth-accelerates-to-6-2-in-december-quarter-fy25-growth-pegged-at-65-11740738881837.html https://pib.gov.in/PressReleasePage.aspx?PRID=2122148#:~:text=Notably%2C%20the%20year%2Don%2D,rises%20while%20fostering%20 economic%20growth.

https://www.moneycontrol.com/news/opinion/fiscal-fortitude-india-s-debt-to-gdp-record-dwarfs-shaky-g7-12927874.html https://www.investindia.gov.in/team-india-blogs/five-indian-states-highest-fdi-fy-2024-25#:~:text=For%20FY'25%2C%20India%20 recorded,confidence%20in%20India's%20market%20potential.

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SUVEN LIFE SCIENCES LIMITED

01 Corporate Overview 24 Statutory Reports 108 Financial Statements

PHARMACEUTICAL INDUSTRY

Following a plateaued growth in 2023, the global pharmaceutical industry demonstrated resilience and transformation in 2024, adeptly navigating various economic, regulatory, and technological challenges while capitalising on innovation. The industry attained a market size of approximately US$1.6 trillion, propelled by strong demand for novel therapies in oncology, immunology, and obesity, despite a decline in biologics and the uptake of COVID-19 vaccines.

Emerging markets, particularly India and China, fuelled growth, with India's pharmaceutical exports surpassing US$30 billion, reflecting a 9.39% year-on-year increase. However, developed markets like the US and Europe experienced low growth due to pricing pressures and patent expirations, with mergers and acquisitions signalling strategic consolidation to offset these losses.

The Rise of Intelligent Healthcare

Technological advancements constituted a fundamental aspect of the progress achieved in 2024. Artificial intelligence (AI) transformed the field of drug discovery, considerably decreasing development timelines, as companies utilised AI tools for various tasks, including optimising clinical trials. Furthermore, extended reality (VR/AR) and internet of things (IoT)-enabled wearable devices facilitated improved real-world data collection, thereby supporting personalised medicine, contributing to many new drug approvals.

The FDA approved multiple new drugs, including several biologics, though no GLP-1 drugs were approved. Supply chain resilience improved through blockchain and regional sourcing, addressing geopolitical disruptions, but a projected 11 million healthcare worker shortage by 2030 loomed.

Crosscurrents of Regulation, Economics, and Global Policy

Regulatory and economic headwinds posed challenges. The US Inflation Reduction Act (IRA) and EU exclusivity reductions pressured revenues, with the IRA projected to cut US pharma revenues by ~30% through 2039.

Geopolitical volatility, including US-China decoupling, led many US firms to avoid Chinese partners, prompting asset sales by firms. Despite these hurdles, leading industry opinion-makers expressed optimism for 2025, driven by digital transformation and a 5.9% CAGR forecast through 2028, though affordability concerns and consumer trust deficits persisted.

As we enter 2025, the pharmaceutical industry faces a mix of tech-driven progress and regulatory challenges. AI is speeding up drug discovery, with most companies training staff in AI skills. Smart supply chains using tools like RFID are growing. However, US tariffs coupled with the IRA raise costs and slow growth. A shortage of healthcare workers also adds pressure.

Amidst this landscape of evolving challenges, the pharmaceutical sector is also poised to

seize a range of compelling opportunities that promise to redefine the future of healthcare and unlock new avenues for innovation and growth.

Opportunities

1. The global population aged 60 and older is expected to reach 2.1 billion by 2050, leading to higher health expenditures relative to gross domestic product (GDP).

2. Global use of medicines grew by 14% from 2018 to 2023, and a further 12% increase is expected through 2028, bringing annual use to 3.8 trillion defined daily doses.

3. The world is anticipating a shortage of healthcare professionals in the upcoming years, increasing stress on current workers and negatively impacting patient experiences. It opens doors for AI-driven diagnostics, self-administered therapies, and digital health tools that reduce reliance on overburdened professionals while accelerating demand for preventive medicines, home-based care solutions, and automation technologies that streamline treatment delivery.

4. Pharmaceutical companies are progressively embracing novel modalities (innovative therapeutic approaches) and mechanisms of action as they seek to build diverse and substantial portfolios to redefine care standards.

5. Drug manufacturers are increasingly targeting therapy areas deemed significant unmet needs, with many large pharmaceutical firms expanding their focus beyond traditional core areas like Alzheimer's disease.

Sources: The Hindu, WHO, Sigma, Evaluate, Entrepreneur.com, ZS.com, IQVIA

https://www.thehindu.com/business/Industry/fy25-india-pharma-exports-cross-30-billion-surge-31-in-march/article69465333.ece https://www.who.int/health-topics/health-workforce#tab=tab_1

https://www.mu-sigma.com/pharmas-value-chain-disrupted-can-the-industry-adapt-to-the-ira/ https://www.evaluate.com/press_release/evaluate-forecasts-global-pharmaceutical-market-to-be-worth-1-6tn-in-2028/#:~:text=London%2C%20UK%20and%20Boston%2C%20MA,report%20published%20by%20Evaluate%20Ltd. https://www.entrepreneur.com/en-in/news-and-trends/indias-pharma-exports-to-reach-350-billion-by-2047-report/486863#:~:text=Despite%20its%20dominance%20in%20generics,%24120%2D130%20billion%20by%202030. https://www.zs.com/insights/pharmaceutical-trends-2025-outlook-ai-supplychain-and-beyond

https://www.iqvia.com/insights/the-iqvia-institute/reports-and-publications/reports/the-global-use-of-medicines-2024-outlook-to-2028

29

28 ANNUAL REPORT 2024-25 ANNUAL REPORT 2024-25

SUVEN LIFE SCIENCES LIMITED 01 Corporate Overview 24 Statutory Reports 108 Financial Statements

RESEARCH & DEVELOPMENT DRUG DISCOVERY

EFFORTS

Pharmaceutical research and development are vital in uncovering new or enhanced methods to optimise therapeutic strategies and address unmet medical

needs. This advancement enhances the overall efficacy of public health initiatives and empowers healthcare professionals to provide superior patient care.

The process of developing new pharmaceuticals, from discovery to market launch, is both protracted and complex, typically necessitating approximately 12 to 15 years and incurring costs of billions of dollars.

Over the last decade, the research and development (R&D) investments within the global pharmaceutical industry have steadily increased. Notwithstanding the considerable magnitude of this market, nearly one-third of newly developed medications are able to progress from Phase II to Phase III clinical trials successfully. In addition, Phase IV studies may explore further factors influencing treatment outcomes, such as quality of life and cost-effectiveness.

Catalysts of Innovation and Future Focus Areas

Returns on research and development (R&D) within the global pharmaceutical industry are experiencing a notable increase. This favourable trend is primarily driven by the emergence of new research areas, such as sustainable weight management, Alzheimer's

disease, and mRNA treatments for rare central nervous system (CNS) disorders. Furthermore, advancements in CRISPR and gene-editing technologies are

broadening applications from rare genetic disorders to neurodegenerative diseases.

The industry is confronted with challenges including escalating research and development costs, pricing pressures- especially stemming from the US Inflation

Reduction Act- and the requirement for supply chain resilience in biologics. Nevertheless, advancements in mRNA technology beyond vaccines and digital therapeutics are establishing a foundation for sustainable growth. By 2025, it is expected that research and development will increasingly integrate real-world data and decentralised trials, thereby

enhancing efficiency and emphasising patient-centred drug development.

Clinical Trials: Trends and Projections

In 2024, the World Health Organization's International Clinical Trials Registry Platform (ICTRP) documented approximately 920,000 trials conducted from 1999 to June 2024, with an estimated annual addition of 40,000 to 50,000 new trials based on historical trends. For 2025, the Clinical Trials in 2025 Report by GlobalData projects thousands of planned initiations and completions, with North America being the leading region and Phase II trials being predominant. Oncology continues to be the foremost area of therapeutic focus.

Drug discovery constitutes a comprehensive process within pharmaceutical research and development (R&D) that is both prolonged and demanding yet offers considerable rewards. During the discovery phase, which represents the initial step in introducing a new drug, researchers evaluate various compounds to ascertain those eligible for advancement into

medical treatments.

60

72%

68%

50

64%

57%

62%

40

15

16

21

18

30

16

20

10

0

38

2020

34

2021

Other Modalities

21

2022

34

2023

32

2024

80%

70%

60%

50%

40%

30%

20%

10%

0%

Small Molecules

% of Approvals which are Small Molecules

The process commences with identifying a novel target molecule, which may be a protein or another entity involved in the disease mechanism. Once the target has been identified, scientists must design and

synthesise a new compound that will interact with the target molecule to influence or inhibit its function.

Researchers often evaluate thousands of compounds to pinpoint potential treatments. Generally, only

a few of these compounds appear promising enough for additional investigation. According to The Pharmaceutical Journal, a UK-based research

Number of Approvals

publication, out of every 10,000 compounds assessed during the discovery stage, only 10 to 20 advance to the development phase. Furthermore, approximately half of those beginning the development phase ultimately enter preclinical trials.

ANNUAL REPORT 2024-25 31

Sources: WHO, Global Data

https://www.who.int/observatories/global-observatory-on-health-research-and-development/monitoring/number-of-trial-registrations-by-year-location-disease-and-phase-of-development

https://www.globaldata.com/store/report/clinical-trials-planned-analysis/

30

ANNUAL REPORT 2024-25

In 2024, the US Food and Drug Administration (FDA) approved 50 new drugs. Although this number is less than the 55 approvals in 2023, it raises the ten-year rolling average for new approvals to 46.5 per year, the highest level in over two decades.

THE CNS SPACE

Small-molecule chemical drugs persistently dominated innovation among the newly approved drugs, retaining a substantial lead. Trailing behind them

are monoclonal antibodies, alongside two protein-based drugs, two small nucleic acid drugs, and one parathyroid hormone analogue.

The spectrum of diseases these newly approved drugs address is extensive, with a considerable proportion specifically aimed at rare diseases and oncological conditions. Multiple novel drugs have also been authorised in anti-infective therapies and central nervous system disorders. As observed in

previous years, a significant number of these drugs are anticipated to progress through expedited approval procedures to fulfill pressing medical requirements, particularly concerning rare diseases.

DISCOVERY

PRE-CLINICAL

CLINICAL

APPROVAL

IND Submission

NDA Submission

3-5 Years

$200-400

Million

1-2 Years

$100-200

Million

6-7 Years

$700-900

Million

0.5-2 Years

$20-70

Million

TOTAL

Cost (USD Billion)

Time for Development

Probability of Success

Biologic

Small Molecules

10,000-15,000

Compounds

250

Compounds

64%

LoA

5

Compounds

48-67%

LoA

1

Approved Drug

83%

LoA

Note: LoA - Likelihood of Approval; LoA for Phase 1 - 48%; LoA for Phase 2 - 25%, LoA for Phase 3 - 67%.

9%

18%

1-1.5

1.5-2

Global Pharma R&D Process

Source: Frost & Sullivan

Note: IND = Investigational New Drug, NDA = New Drug Approval

Diseases of the central nervous system (CNS) encompass a broad spectrum of conditions that compromise cerebral functionality, consequently impacting overall health and daily activities. These conditions may arise from inherited metabolic disorders, infections, degenerative diseases, cerebrovascular accidents (strokes), brain tumours, or unidentified or multifactorial origins. Movement disorders, such as Parkinson's disease, dystonia, and

essential tremor, represent a subset of central nervous system disorders. These conditions are characterised by the loss of sufficient, intact nervous system

circuits crucial for memory formation, as observed in Alzheimer's disease, or voluntary movement in certain movement disorders.

The rising incidence of CNS diseases is largely attributed to an ageing and growing global population, alongside increased exposure to lifestyle and environmental risk factors. Additionally, advances in systemic cancer treatments, while beneficial for overall survival, can paradoxically lead to more CNS metastases as patients live longer.

Although complete cures for the majority of these disorders remain elusive, the symptoms of central nervous system diseases can frequently be managed through a variety of treatment options that encompass both medical and surgical interventions. Furthermore, novel therapies are presently being explored.

Global Health Impact and Disparities

Neurological disorders constitute a significant global health challenge, impacting billions and contributing to substantial disability and mortality. More than one in three individuals worldwide experience neurological conditions, establishing them as the leading cause of illness and disability on a global scale. This burden is particularly pronounced in low- and middle-income countries, where the incidence of central nervous system infections is estimated to exceed that in high-income countries.

Market Trends and Industry Focus in CNS Therapy

Biopharmaceutical companies are increasingly concentrating on developing novel therapeutics for the central nervous system (CNS), including disease-modifying drugs, biologics, and gene therapies. This shift reflects a profound commitment within the industry to advance innovative treatment alternatives for CNS disorders.

In Alzheimer's disease (AD), Agitation is a common behavioural symptom characterised by restlessness, increased motor activity, and potential aggression or irritability. Various factors, including pain, sleep

disturbances, environmental changes, and changes in routine, can cause it. Up to 76% of Alzheimer's patients suffer from neuropsychiatric symptoms, including agitation. As the global population ages, the number of individuals living with Alzheimer's disease and its associated symptoms, including agitation, is expected to rise.

33

32 ANNUAL REPORT 2024-25 ANNUAL REPORT 2024-25

There is currently one approved treatment for agitation related to AD on the market. This antipsychotic carries potential side effects, including restlessness, dizziness, and an increased risk of death in older patients with dementia-related psychosis. It presents a significant opportunity for new entrants in the segment. As a result, the Agitation in Alzheimer's Disease market size is projected to experience consistent growth in the coming years, especially in nations with a large and growing ageing population, like Japan and the US.

Narcolepsy is another chronic neurological disorder marked by excessive daytime sleepiness and sudden sleep attacks, even during activities. Previously, treatment was hindered by misdiagnosis and a lack of awareness. Increased awareness and treatment advancements have driven significant growth in the narcolepsy segment. Research and development are

prioritised to improve symptoms and overall quality of life for those with narcolepsy.

The global narcolepsy therapeutics market is expected to reach US$ 7.50 billion by 2033 from US$ 3.74 billion in 2024, with a CAGR of 8.02% from 2025 to 2033.

Another disorder shaping the CNS space is Major Depressive Disorder (MDD), also known as clinical depression, a mental disorder characterised by persistent feelings of sadness, loss of interest, and other symptoms that significantly impair daily functioning. It involves a depressed mood or loss of interest in activities, along with several other symptoms lasting at least two weeks. Major MDD

markets comprise eight developed economies, namely the US, France, Germany, Italy, Spain, the UK, Japan, and Canada.

The MDD space is a crowded and competitive market with a large number of products, the majority of which are available as inexpensive generics. The growth in this market will be driven by an increase in the patient share of several recently approved drugs, along with

a handful of anticipated introductions of late-stage pipeline products.

The new pipeline products will have significantly higher therapy costs when compared with these generic products, because many of these pipeline products have novel mechanisms of action (MOAs) that will help them compete in this highly crowded

market space.

In 2023, seven leading major depressive disorder markets were valued at US$5.8 billion. The IMARC Group projects that by 2034, this value will increase to US$7.1 billion, reflecting a compound annual growth rate (CAGR) of 1.88% from 2024 to 2034.

By disease: The segment pertaining to mental health therapeutics represented the highest revenue-generating sector within the global market for central nervous system therapeutics in 2024. This can be attributed to the rising prevalence of mental health disorders, including depression, anxiety, and schizophrenia, in conjunction with an increase in

awareness and acceptance of mental health issues and

Furthermore, the segment pertaining to neurodegenerative diseases is anticipated to witness the highest Compound Annual Growth in the forthcoming years. This growth can be ascribed to the escalating prevalence of conditions, including Alzheimer's and Parkinson's disease, advancements in therapies that modify the progression of these diseases, and a growing elderly population that is increasingly susceptible to these conditions.

By drug class: In the year 2024, the segment of CNS stimulants produced the highest revenue within the global central nervous system therapeutics market. This growth was propelled by an increasing demand for treatments related to Attention Deficit Hyperactivity Disorder (ADHD), as well as the

expanding utilisation of stimulants for managing this condition in children, adolescents, and adults.

The anticonvulsants segment is anticipated to exhibit the most significant compounded growth in the future, owing to its extensive application in the management of epilepsy, bipolar disorder, and neuropathic

pain. Furthermore, developing next-generation anticonvulsants that provide reduced side effects and improved efficacy will further enhance this growth.

Distribution Channels and Regional Insights

By distribution channel: In 2024, the hospital pharmacy sector achieved the highest revenue for central nervous system therapeutics in the global market.

This increase in revenue is ascribed to a growing incidence of hospital admissions resulting from severe neurological and psychiatric disorders, coupled with the availability of specialised central nervous system treatments in hospital settings.

However, the retail pharmacy segment is anticipated to witness the highest compounded growth, propelled by the expanding presence of retail pharmacy chains, enhanced over-the-counter availability of CNS medications, and a growing preference for outpatient treatment, particularly in emerging markets.

By market: Historically, North America is projected to retain the predominant revenue share in the forthcoming years. This can be attributed to its

strong healthcare infrastructure, increased awareness regarding neurological and mental health disorders, substantial investments in research and development, and the engagement of significant market participants in advocating for the adoption of advanced

CNS solutions.

The Asia Pacific region, however, is anticipated to register the highest compound annual growth, propelled by escalating healthcare expenditures, heightened awareness of neurological and psychiatric disorders, expanded access to advanced treatments, and a significantly ageing population that is more susceptible to neurodegenerative conditions.

their treatments.

300

250

200

150

100

50

$116.88

$127.29 $138.62

$150.95 $164.39

$194.95

$179.02

$212.30

$249.07

$231.20

$267.62

0

2024

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034

Source: https://www.precedenceresearch.com/central-nervous-system-therapeutic-market

34

ANNUAL REPORT 2024-25

ANNUAL REPORT 2024-25 35

SUVEN LIFE SCIENCES LIMITED 01 Corporate Overview 24 Statutory Reports 108 Financial Statements

ABOUT THE COMPANY

Founded in Hyderabad by Mr Venkateswarlu Jasti, Chairman & MD, more than three decades ago, Suven Life Sciences is a biopharmaceutical company dedicated to discovering innovative therapies for central nervous system (CNS) disorders targeting G Protein-Coupled Receptors.

Their journey started as a bulk drug manufacturer offering Contract Research and Manufacturing Services (CRAMS); however, in the early 2000s, Suven shifted

to develop New Chemical Entities for Alzheimer's, dementia, narcolepsy, depression, ADHD, and other unmet needs.

They set up their US subsidiary in 2015, Suven Neurosciences, Inc., to advance clinical-stage therapeutics for neurodegenerative disorders.

SWOT ANALYSIS

In recent times, Suven faced financial strain from high R&D costs but gained traction with promising phase II results for a depression drug, boosting its stock.

Despite challenges, its focus on CNS innovation, stable promoter ownership, and alignment with India's robust pharmaceutical export sector positions it as a key player in the industry.

Though regulatory and financial hurdles persist, Suven's vision to address global healthcare gaps through novel molecules underscores its commitment to transforming lives.

FINANCIAL PERFORMANCE

Suven Life Sciences stands out due to its operating model, where R&D expenses exceed revenue. However, the Company continues its research into Central Nervous System disorders, with several molecules at the clinical development stage. As a result, Suven reports a net loss. A reversal from loss to profit is expected when the Company begins to monetise its molecules, either before or after achieving their endpoints.

KEY FINANCIAL RATIOS

Significant changes (i.e. change of 25% or more as compared to the immediately previous financial years) in Key Financial Ratios, along with an explanation, are as under:

*Note : The Company is currently in the research and development (R&D) and the revenue from operations are related to services rendered leveraging the R&D capabilities. They are not adequate to cover the entire expenses and hence these ratios cannot be meaningfully comparable. During the year, funds raised through a rights issue in earlier periods were temporarily invested in fixed deposits and subsequently withdrawn to meet R&D expenses. These factors, along with the increased R&D expenditure and absence of borrowings, have collectively resulted in significant variances across several financial ratios.

36 ANNUAL REPORT 2024-25 ANNUAL REPORT 2024-25 37

‌BOARD'S REPORT

To the Members of

Suven Life Sciences Limited

Your Company's Board of Directors has pleasure in presenting this 36th Annual Report together with Ind AS compliant Audited Financial Statements of the Company for the financial year ended 31st March, 2025.

Financial Summary (C in lakhs)

Pain disorders, and Gastrointestinal disorders. Suven has 5 clinical-stage assets across focus areas: Masupirdine (SUVN-502) for the treatment of agitation in patients with dementia of the Alzheimer's type (Phase 3 study ongoing); Samelisant (SUVN-G3031) for excessive daytime sleepiness (EDS) in narcolepsy (Phase 2 study for EDS completed; Phase 2 study for Cataplexy and pivotal Phase 3 study for EDS are in planning); Ropanicant (SUVN-911) for MDD (Open-label Phase 2a study completed; Placebo-controlled Phase 2b study ongoing); Usmarapride (SUVN-D4010) for cognitive disorders (Phase 2 study in planning), SUVN-I6107 for cognitive disorders (Phase 1 study ongoing). In addition to these clinical assets, we have 7 projects in research pipeline across multiple potential indications. Suven owns all intellectual property rights for its assets in all major markets.

In view of the losses, the Board of Directors has not recommended any dividend for the year under review.

The Company has not transferred any amount to the general reserve during the current financial year.

The paid up Equity Share Capital of the Company as on March 31, 2025 was C2180.73 Lakhs. During the year under review, the Company has not issued any shares with differential voting rights nor granted stock options or sweat equity shares.

During the year under review, your company has spent

C3,043

During the year under review, Company continued to advance its innovation on discovering and developing novel pharmaceutical products, for central nervous system ("CNS") disorders using G Protein-Coupled Receptor targets. Company's focus has been on discovery and development of innovative molecules targeting diseases and areas, which has undiscovered medical treatment opportunities.

Company focuses on the discovery and clinical development of innovative medicines that address unmet medical needs in central nervous system (CNS) disorders. We have portfolio of advanced stage clinical candidates and research programs that are designed for CNS disorders such as Alzheimer's disease (AD), Sleep disorders, Major depressive disorders (MDD), Parkinson's disease (PD), Schizophrenia,

Lakhs on Research & Development of drug discovery molecules and will continue to spend in the years to come. Your Company reported a loss of C(4,708) Lakhs for the financial year 2024-25. The Earnings per Share (EPS) of your Company is C(2.16) per share in fiscal 2024-25 from the previous year EPS of C(1.13) per share in fiscal 2023-24. Your Company's standalone revenue from operations for the Financial Year 2024-25 is C666 Lakhs. The consolidated revenue from operations for the Financial Year 2024-25 remained the same as that of standalone revenue. The consolidated loss incurred C(16,074) Lakhs are mainly due to clinical development expenditure incurred by Suven Neurosciences, Inc., on various molecules in the clinical development programs.

The consolidated financial statements of the Company prepared in accordance with Indian Accounting Standards as specified in the Companies (Indian Accounting Standards) Rules, 2015, form part of the Annual Report.

During the year, your company has spent C14,396 Lakhs (consolidated basis) on innovative R&D in CNS therapies. Suven has 4 clinical stage compounds, ongoing phase 3 study on Masupirdine (SUVN-502) on Agitation in Alzheimer's type patients, completed Phase 2 study and ready for Phase 3 study on Samelisant (SUVN-G3031) on Narcolepsy (excessive day time sleep disorder), ongoing Phase 2 study on Ropanicant (SUVN-911) and ready for phase 2 study on Usmapride (SUVN-D4010).

In addition to these clinical assets, we have 7 projects in research pipeline across multiple potential indications.

The Company also regularly secures various product patents across the world as part of Research & Development of the Company to secure its discovery related innovation. The details on patent updates could be accessed at Company's website https://http://www.suven.com/Patentupdates.aspx.

Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of the Companies Act 2013, read with Rule 12 of the Companies (Management and Administration) Rules, 2014 the Annual Return as at March 31, 2025 can be accessed at Company's website https://http://www.suven.com/annualreports.aspx.

and held. The details of Board meetings and Audit Committee meetings are presented in the Corporate Governance report, which forms part of this Annual Report.

The Audit Committee composed of all independent directors. Shri Santanu Mukherjee is the Chairperson of the Audit Committee and Dr. Vajja Sambasiva Rao, Smt. J.A.S. Padmaja are members of the Audit Committee. The time gap between the said meetings was within the period prescribed under the provisions of the Companies Act, 2013 and the SEBI guidelines thereof.

Directors Responsibility Statement

Your Directors state that:

1. The applicable accounting standards have been followed in the preparation of the Annual Accounts.

2. Such accounting policies have been selected and applied consistently and judgments and estimates made when required that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period.

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the

   39

   38

   ANNUAL REPORT 2024-25 ANNUAL REPORT 2024-25

   assets of the Company and for preventing and detecting fraud and other irregularities.

4. The Directors have prepared the Annual Accounts on a going concern basis.

5. Proper internal financial controls were in place to be followed by the Company and that the financial controls were adequate and were operating effectively.

6. Proper systems devised to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Key Managerial Personnel, Senior Management and their remuneration, specifying criteria for evaluation of performance and process. The Remuneration Policy is stated in the Corporate Governance Report and also available at Company website https://http://www.suven.com/ policiesdocuments.aspx.

The Board has adopted a suitable Policy for Dividend Distribution as per the requirements of SEBI Guidelines. The policy is stated in the Annual Report and has been uploaded on the Company's website and can be accessed at https://http://www.suven.com/ policiesdocuments.aspx.

Details of investments made are furnished in the Standalone Financial Statement which can be referred at Note No. 6(a) of the Standalone Financial Statement.

The Company did not give any Loans, or provided Guarantees or any security during the year under the provisions of Section 186 of the Companies Act, 2013.

Your Company has one international wholly owned subsidiary company i.e. Suven Neurosciences, Inc. The consolidated financial statements of the Company are prepared in accordance with Indian Accounting Standards as specified in the Companies (Indian Accounting Standards) Rules, 2015, form part of the annual report.

Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, a statement containing salient features of financial statements of subsidiary in Form No. AOC-1 is attached to the financial statements of the Company. Further, pursuant to the

provisions of Section 136 of the Act, the separate audited financial statements in respect of the subsidiary company shall be kept open for inspection at the Registered Office of the Company during working hours for a period of 21 days before the date of the Annual General Meeting. Your Company will also make available these documents upon request by any Member of the Company interested in obtaining the same or it can be also accessed on the website of your Company at

http://www.suven.com/subsidiaryaccounts.aspx.

The Particulars of contracts or arrangements with related parties referred to in sub-section (1) of section 188 in the prescribed Form AOC-2 pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014, forms part of this report as "Annexure - A".

The Board has approved a policy for related party transactions which has been uploaded on the Company's website. https://http://www.suven.com/policiesdocuments.aspx.

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year of the Company and date of this Report i.e. 13th May, 2025. There has been no change in the nature of business of the Company.

The information on conservation of energy, technology absorption, foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of the Companies (Accounts) Rules, 2014, forms part of this report as "Annexure - B".

Business risks are inevitable for any business enterprise. Suven is an IP creating and protecting company, strictly adheres to and harmonize with the global patent regime. The Company through its Risk Management policy identifies the various risks and challenges, internally as well as externally and takes appropriate measures with timely actions to mitigate risk. Risk management committee oversee and advise on current risk exposures of the company and future risk strategies and also recommend the Board about risk assessment and minimization procedures. The risk management procedure is reviewed by the Risk Management Committee and Board of Directors periodically. Risk Management committee also reviewed the Enterprise Risk Management Framework of the Company which is developed based on the Risk

Management policy of the Company. The audit committee has additional oversight in the area of financial risks and controls. To ensure the mitigation of risk the Company manages monitors and reports on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives.

In compliance with Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules 2014, the Company has established Corporate Social Responsibility (CSR) Committee composed of Dr. Vajja Sambasiva Rao as Chairperson, Prof. Seyed E. Hasnain, Shri Venkateswarlu Jasti and Smt. J.A.S. Padmaja as members.

The Company continues to incur losses and not made any profits during three immediately preceding financial years. Therefore, there is no spending obligation of the Company under CSR. Accordingly, the Statement on CSR activities is not applicable. However, the CSR Committee reviewed the other compliance requirements viz. formulating & monitoring the CSR policy, etc. in accordance with the provisions of the law. CSR policy of the Company can be accessed on the Company's website at the link: https://http://www.suven.com/corporatesocialresponsibility.aspx

During the year under review, the shareholders of the Company at 35th Annual General Meeting held on 02nd August, 2024, approved the re-appointment of Shri Venkateswarlu Jasti (DIN: 00278028) as a Managing Director of the Company for further period of five years commencing from 01st November, 2024 to 31st October, 2029, whose office shall be liable to retire by rotation.

In the opinion of the Board, all the Independent Directors possess the integrity, expertise and experience including the proficiency required to be Independent Directors of the Company, fulfill the conditions of independence as specified in the Act and the Listing Regulations and are independent of the management and have also complied with the Code for Independent Directors as prescribed in Schedule IV of the Companies Act, 2013.

Except as stated above the Company did not appoint any Director or Key Managerial Personnel during the year under review. None of the Director or Key Managerial Personnel has resigned during the year under review.

All independent directors of the Company have given declarations under Section 149(7) of the Companies Act, 2013 confirming that they meet the criteria of independence as provided in Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI LODR

Regulations and also affirmed compliance with Code of conduct as required under Regulation 26(3) of the SEBI LODR Regulations.

In accordance with the provisions of the Companies Act, 2013, Smt. Sudharani Jasti, Whole-time Director (DIN: 00277998) of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offers herself for re-appointment.

The brief profile(s) of the director(s) seeking appointment/ re-appointment at the ensuing Annual General Meeting are presented in the Annual Report.

Pursuant to the provisions of the Companies Act, 2013 and as per the SEBI (LODR) Regulations, 2015, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Committees. The Independent

Directors separately carried out evaluation of Chairperson, Non Independent Directors and Board as a whole. The performance of each Committee was evaluated by the Board, based on views received from respective Committee Members. The overall performance evaluation of the Individual Director was reviewed by the Chairperson of the Board and feedback was given to Directors. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

During FY 2024-25, the Company has not accepted any fixed deposits, and, as such, no amount on account of principal or interest on deposits was outstanding as on the date of the balance sheet.

financial reporting. Your Company has laid down set of standards which enables to implement internal financial control across the organization and ensure that the same are adequate and operating effectively (1) to provide reasonable assurances that: transactions are executed in conformity with generally accepted accounting principles/standards or any other criteria applicable to such statements, (2) to maintain accountability for assets; access to assets is permitted only in accordance with management's general or specific authorization and the maintenance of records that are in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; and (3) Provide reasonable assurance regarding prevention or

41

40

ANNUAL REPORT 2024-25 ANNUAL REPORT 2024-25

timely detection of unauthorized acquisition, use or disposition of the assets that could have a material effect on the financial statements. The Audit Committee of the Board reviews reports submitted by the independent internal auditors and monitors the functioning of the system.

The Company promotes ethical behavior in all its business activities. Towards this, the Company has adopted a policy on Vigil Mechanism and Whistle Blower to deal with instance of fraud and mismanagement, if any. The details of the Whistle Blower Policy is explained in the Corporate Governance Report and also posted on the website of the Company: https://http://www.suven.com/policiesdocuments.aspx.

The information required under Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this report as "Annexure - C".

A detailed Report on Corporate Governance prepared in substantial compliance with the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, together with the Certificate issued by Practicing Company Secretary regarding the compliance of conditions of corporate governance, is presented in a separate section forming part of this Annual Report.

Management's Discussion and Analysis Report for the year under review, as stipulated under Regulation 34 of the SEBI (LODR) Regulations, 2015, is presented in a separate section forming part of this Annual Report.

Statutory Auditors

Pursuant to the provisions of section 139 of the Companies Act, 2013 and the Rules framed thereunder the Company in its Annual General Meeting (AGM) held on 04th August 2022 has appointed M/s. KARVY & Co., Chartered Accountants (Firm Registration No. 001757S), as statutory auditors of the Company for a period of five years i.e. from the conclusion of the 33rd Annual General Meeting till the conclusion of the 38th Annual General Meeting to be held in the year 2027.

Auditors' Report: The Auditors' Report for the year under review does not contain any qualification, reservation or adverse remark.

Secretarial Auditors

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. DVM & Associates LLP, Company Secretaries in Practice, Hyderabad to undertake the Secretarial Audit of the Company for FY 2024-25. The Report of the Secretarial Audit Report forms part of this report as "Annexure - D". The Secretarial Audit Report does not contain any qualifications, reservation or adverse remark.

Further, as per Section 204 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, and SEBI (LODR) read with SEBI (LODR) (Third Amendment) Regulations, 2024 the Board has recommended to appoint M/s. DVM & Associates LLP, (Firm Registration No. L2017KR002100) Company Secretaries as the Secretarial Auditors of the Company for the term of 5 (five) years

i.e. from Financial Year April 01, 2025 to March 31, 2030.

During the year under review in terms of Cost (Records and Audit) Amendment Rules, 2014 dated 31st December 2014 issued by the Central Government, the requirement of Cost Audit is not applicable to the Company.

The Company is maintaining such accounts and record as specified by the Central Government and as applicable to the Company under sub-section (1) of section 148 of the Companies Act, 2013.

The Company granted share-based benefits to eligible employees with a view to attracting and retaining the best talent, encouraging employees to align individual performances with Company objectives, and promoting increased participation by them in future growth of the Company.

On September 17, 2020, pursuant to approval by the shareholders in the AGM, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the SLSL ESOP 2020 scheme. In terms of the scheme the total number of options to be granted are 10,00,000 of face value of C1/- each.

The nomination and remuneration committee (NRC) has granted 6,20,000 options under the SLSL ESOP 2020 scheme during the year ended 31st March, 2025. The granted options shall vest in tranches as decided by the NRC. Further, the total number of equity shares to be allotted to the employees of the Company and its subsidiaries under the SLSL ESOP 2020 does not cumulatively exceed 1% of the issued capital.

The SLSL ESOP 2020 is in compliance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, as amended and there has been no material change to the plan/ scheme during the fiscal. Employee Compensation Expenses (Share based payment expenses) for the year ended March 31, 2025, is C127.45 Lakhs, as given in Note No. 18 of standalone & consolidated financial statements.

The details of Employees Stock Option Scheme pursuant to Rule 12(9) of Companies (Share Capital and Debentures) Rules, 2014 are provided as "Annexure - E" to this Report. Further, information pursuant to Section 62 of the Companies Act, 2013 read with Rules made thereunder and details of the Scheme as specified in Part F of Schedule - I of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 are available on Company's website and may be accessed at https://www.suven.com.

The Business Responsibility and Sustainability Report as required under the SEBI Listing Regulations, describing the initiatives taken by the Company from environment, social and governance perspective, forms part of this report as "Annexure - F".

During the FY 2024-25, the Company has transferred C4,62,491.00 Unpaid & Unclaimed Dividend to Investor Education and Protection Fund (IEPF) in accordance with the provisions of Section 125 of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016.

In accordance with the aforesaid provisions, the company has transferred 43244 equity shares held by 191 Shareholders respectively whose dividends were remaining unpaid/ unclaimed for seven consecutive years i.e. from FY 2017-18 to IEPF Authority. Any shareholder whose shares are transferred to IEPF Authority can claim the shares by making an online application in Form IEPF-5 (available on https://www.iepf.gov.in) with a copy to the Company.

The Company has complied with the provisions relating to the constitution of Internal Complaints Committee as specified under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

Your Directors further state that during the year under review, there were no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

There are no Companies have become or ceased to be your Company's subsidiaries, joint ventures or associate Companies during the year. The Company has complied with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India during the year under review.

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

1. Details of frauds reported by auditors under sub-section

   (12) of section 143 other than those which are reportable to the Central Government.

2. the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year.

3. the details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof.

4. There are no significant material orders passed by the Regulators/ Courts, which would impact the going concern status of the Company and its future operations.

   Acknowledgements

   Your Directors wish to place on record their gratitude to Shareholders for the confidence reposed by them and thank all the shareholders, customers, dealers, suppliers and other business associates for their contribution to your Company's activities. The Directors also wish to place on record their appreciation of the valuable services rendered by the executives, staff and workers of the Company.

   Your Directors also thank the Central Government and State Government, the Financial Institutions and Banks for their support during the year and we look forward to its continuance.

   For and on behalf of the Board of Directors

   Venkateswarlu Jasti

   Place: Hyderabad Chairman & MD

   Date: 13 May, 2025 DIN: 00278028

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   POLICY in brief: POLICY FOR DIVIDEND DISTRIBUTION Annexure -A to the Board's Report

   Form No. AOC-2

   Your Company's Board follows the provisions of the Companies Act, 2013 and other applicable Regulations of SEBI LODR with regard to payment of dividends at its discretion during the fiscal year and may recommend the interim/special dividends paid as final dividends. Your Company observed all the parameters prescribed by SEBI in relation to the following key aspects for considering payment of dividend for any year.

   1. The circumstances under which the shareholders of the company may or may not expect dividend

   2. The financial parameters that shall be considered while declaring dividend

   3. Internal and external factors that shall be considered for declaration of dividend

   4. How the retained earnings shall be utilized

   5. Parameters that shall be adopted with regard to various classes of shares

For detailed policy please visit website of your Company at the web link: https://http://www.suven.com/pdf/Policy-for-Dividend-Distribution.pdf

(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)

Disclosure of particulars of contracts/ arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm's length transactions under third proviso thereto

1. There are no contracts/arrangements/transactions entered into by the company with related parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013 which are not at arm's length basis- Nil.

2. The following are the contracts/arrangements/transactions entered into by the company with related parties referred to in subsection (1) of Section 188 of the Companies Act, 2013 which are at arm's length basis:

Nil

For and on behalf of the Board of Directors

Venkateswarlu Jasti

Place: Hyderabad Chairman & MD

Date: 13 May, 2025 DIN: 00278028

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CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

[Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014]

1. CONSERVATION OF ENERGY

   1. the steps taken or impact on conservation of energy;

      Suven Life Sciences is mainly an R&D facility involved in discovering and developing drugs for unmet medical needs in Central Nervous System (CNS) diseases arena and requires very nominal energy requirement for the upkeep of the facilities and equipment.

   2. the steps taken by the company for utilizing alternate sources of energy;

      Source the requirement is nominal we source the energy requirement partially from renewable energy sources.

   3. the capital investment on energy conservation equipment's; Nil

2. TECHNOLOGY ABSORPTION

   1. Efforts made towards technology absorption;

      Suven Life Sciences is into innovation of discovering and developing drugs for unmet medical needs in CNS arena uses many innovative technologies in the discovery of novel medications and creation of intellectual property in the chosen field of CNS therapies.

   2. Benefits derived like product improvement, cost reduction, product development, import substitution;

      The efforts in drug discovery for CNS therapies lead to the grant of 128 global product patents during the year which will enable us for clinical development of prioritized compounds with patent protection thus paving the way for global launch of the product if successful in clinical trials with market exclusivity.

   3. In case of imported technology (imported during the last 3 years reckoned from the beginning of the financial year).

      a	Technology imported	NIL
      b	Year of import	NA
      c	Whether the technology been fully absorbed	NA
      d	If not fully absorbed, areas where absorption has not taken place, and the reasons thereof.	NA

   4. R & D Expenditure: (C in lakhs)

      	Expenditure on R&D	Standalone		Consolidated
      		FY 2024-25	FY 2023-24	FY 2024-25	FY 2023-24
      (a)	Capital	3725.43	44.26	3725.43	44.26
      (b)	Recurring	5308.66	4134.74	16661.68	13538.58
      (c)	Total R&D expenditure	9034.09	4179.00	20387.11	13582.84

3. FOREIGN EXCHANGE EARNINGS AND OUTGO

Duringtheyearunderreview, the Foreign Exchangeearnedintermsofactualinflowsis C222.63 Lakhsandoutflowis C13,189.36 Lakhs.

For and on behalf of the Board of Directors

Venkateswarlu Jasti

Place: Hyderabad Chairman & MD

Date: 13 May, 2025 DIN: 00278028

Information required under Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

1. The ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year;

   Sl. No.	Name of the Director	Ratio of the remuneration to the median remuneration of the employees
   1.	Shri Venkateswarlu Jasti - Chairman & MD	-
   2.	Smt. Sudharani Jasti - Whole-time Director	3.34 : 1

   Shri. Santanu Mukherjee, Smt. J.A.S. Padmaja, Dr. Vajja Sambasiva Rao, Independent Directors and Prof Seyed E. Hasnain, Non-executive Director were paid only sitting fees for attending the Board/ Committee Meetings.

2. The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the financial year

   Sl. No.	Particulars	Percentage increase in remuneration
   1.	Chairman & MD	NIL
   2.	Whole-time Director	NIL
   3.	Chief Financial Officer	11.51
   4.	Company Secretary	19.41

   Shri. Santanu Mukherjee, Smt. J.A.S. Padmaja, Dr. Vajja Sambasiva Rao, Independent Directors and Prof. Seyed E. Hasnain, Non-executive Director were paid only sitting fees for attending the Board/ Committee Meetings.

3. The percentage increase in the median remuneration of employees in the financial year: 19%.

4. the number of permanent employees on the rolls of company;

   There were 138 permanent employees as on 31st March 2025.

5. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration;

   Average percentage increase made in the salaries of employees other than the managerial personnel in the last financial year was 19%. Whereas the remuneration of managerial personnel worked out 15.46% for the same financial year.

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6. Affirmation that the remuneration is as per the remuneration policy of the company. Yes

Statement of particulars of employees pursuant to the provision of Sec 197(12) of the Companies Act, 2013 read with Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended. List of top ten employees in terms of remuneration drawn will be provided upon request by any Member of the Company interested in obtaining the same.

To

The Members

SECRETARIAL AUDIT REPORT

For the Financial Year ended 31st March, 2025

FORM NO. MR-3

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

Dr. N.V.S. Ramakrishna is holding 0.19 percentage of the total Equity Shares of the Company.

None of the employee is related to the Directors except Shri Venkateswarlu Jasti who is spouse of Smt. Sudharani Jasti.

For and on behalf of the Board of Directors

Venkateswarlu Jasti

Place: Hyderabad Chairman & MD

Date: 13 May, 2025 DIN: 00278028

Suven Life Sciences Limited

Hyderabad.

We have conducted Secretarial Audit pursuant to Section 204 of the Companies Act 2013, on the compliance of applicable statutory provisions and the adherence to good corporate practices by Suven Life Sciences Limited (hereinafter called as the "Company"). The Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of the books, papers, minutes books, forms, returns filed and other records as maintained by the Company and also the information and according to the examinations carried out by us and explanations and information furnished and representations made to us by the Company, its officers, agents and authorized representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has during the Audit Period covering the Financial Year ended on 31st March, 2025 complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.

1. We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the Financial Year ended 31st March, 2025 ("Audit Period") and we report that during the period under review the Company has complied with the provisions of the following Acts, Rules, Regulations, Guidelines and Standards:

   1. The Companies Act, 2013 (the Act) and the Rules made thereunder;

   2. The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the Rules made thereunder;

   3. The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;

   4. The Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign Direct Investment and Overseas Direct Investment;

   5. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI Act'): -

      1. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;

      2. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;

      3. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;

      4. The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;

      5. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

      6. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

   6. The Secretarial Standards on the Meetings of the Board of Directors and the General Meetings issued by the Institute of Company Secretaries of India ('ICSI').

2. The Company is engaged in the Drug Discovery and Development of New Chemical Entities (NCEs) in Central Nervous System (CNS) disorders targeting global unmet medical needs. In view of the Management and on the basis of the Guidance Note issued by the ICSI, the following Industry Specific Acts are applicable to the Company:

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   1. Drugs and Cosmetics Act, 1940 read with the Drugs and Cosmetics Rules, 1945;

   2. Narcotic Drugs and Psychotropic Substances Act, 1985 read with the Narcotic Drugs and Psychotropic Substances Rules, 1985;

      Having regard to the compliance system prevailing in the Company and on the basis of the representations and compliance certificates provide, the Company has generally complied with the said Industry Specific Acts.

3. We report that:

   To

   The Members

   Suven Life Sciences Limited

   Hyderabad.

   ANNEXURE

   1. The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors, Independent Directors and Woman Directors. Further during the Audit Period, Mr. Venkateswarlu Jasti was re-appointed as Managing Director of the Company for a period of 5 years with effect from 01st November, 2024 to 31st October, 2029.

   2. Adequate Notice along with agenda and detailed notes on agenda is given to all the Directors electronically to schedule the Board Meetings.

   3. There exists a system for seeking and obtaining further information and clarifications on the agenda items before the meeting and meaningful participation at the meeting.

   4. The Company has authorized the Company Secretary to instruct/ advise the Share Transfer Agent and attend Shareholders Grievances, from time to time and the Board has been taking note of the same.

   5. Decisions at the meetings of the Board of Directors and the Committees of the Board of the Company were taken unanimously.

   6. During the Audit Period, the Board of Director has amended the Suven Life Sciences Ltd Employee Stock Option Scheme -2020 inter-alia increasing the number of options that the NRC can grant at its discretion to each employee per grant within the overall quantum limit.

   7. The Company has complied with the requirements of Regulation 3(5) and 3(6) of SEBI (PIT) Regulations, 2015. i.e., maintenance of Structured Digital Database (SDD) and submission of Compliance Certificate to the Stock Exchanges.

   8. It is to be noted that for the Audit Period the following Acts are not applicable:

      1. The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;

      2. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021;

      3. The Securities and Exchange Board of India (Buy-back of Securities) Regulations 2018;

   9. There exist adequate systems and processes in the Company that commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

4. We further report that during the audit period, there were no specific events/ actions having a major bearing on the Company's affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc., except as provided in Auditor's Report.

For M/s. DVM & Associates LLP

Company Secretaries L2017KR002100

ICSI Peer Review Certificate No. 890/2020

DVM Gopal

Partner

M No: F6280

Place: Hyderabad CP No: 6798

Date: 13th May, 2025 UDIN: F006280G000321661

Note: This letter is to be read with our letter of even date, which is annexed, and form an integral part of this report.

Our Report of even date is to be read along with this letter:

1. Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on the random test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.

4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of the Management. Our examination was limited to the verification of procedures on a random test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For M/s. DVM & Associates LLP

Company Secretaries L2017KR002100

ICSI Peer Review Certificate No. 890/2020

DVM Gopal

Partner

M No: F6280

Place: Hyderabad CP No: 6798

Date: 13th May, 2025 UDIN: F006280G000321661

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Details of Employees Stock Option Scheme

(Pursuant to Rule 12(9) of Companies (Share Capital and Debentures) Rules, 2014)

The details of Stock Options as on March 31, 2025, under the Employees Stock Option Scheme-2020 of the Company are as under:

BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

[Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015]

The present report has been formulated in accordance with the SEBI Guidelines for Business Responsibility and Sustainability Reporting (BRSR). Its principal aim is to enhance transparency by showcasing how businesses generate value through active contributions to a sustainable economy. The report serves to emphasize our steadfast dedication to fostering sustainable development and creating enduring value for our stakeholders.

1. DETAILS OF THE ENTITY

   S. No	Particulars	Response
   1	Corporate identity Number (CIN) of the Listed Entity	L24110TG1989PLC009713
   2	Name of the Listed Entity	Suven Life Sciences Limited
   3	Year of incorporation	1989
   4	Registered office address	8-2-334, SDE Serene Chambers, 6th Floor, Road No.5, Avenue 7, Banjara Hills, Hyderabad - 500 034, Telangana, India.
   5	Corporate address	8-2-334, SDE Serene Chambers, 6th Floor, Road No.5, Avenue 7, Banjara Hills, Hyderabad - 500 034, Telangana, India.
   6	E-mail	investorservices@suven.com
   7	Telephone	+91 040 2354 1142/ 1152
   8	Website	https://www.suven.com
   9	Financial year for which reporting is being done	FY 2024-25
   10	Name of the Stock Exchange(s) where shares are listed	BSE Limited and National Stock Exchange of India Limited
   11	Paid-up Capital	C21,80,73,717
   12	Name and contact details (telephone, email address) of the person who may be contacted in case of any queries on the BRSR report	Mr. Shrenik Soni, Company Secretary Telephone: 040 2354 1142/1152 Email: investorservices@suven.com
   13	Reporting boundary - Are the disclosures under this report made on a standalone basis (i.e., only for the entity) or on a consolidated basis (i.e. for the entity and all the entities which form a part of its consolidated financial statements, taken together).	Standalone basis
   14	Name of assessment or assurance provider	None
   15	Type of assessment or assurance obtained	Not Applicable

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2. PRODUCTS/SERVICES

   S.No.	Description of Main Activity	Description of Business Activity	% of Turnover of the entity
   1	Professional, scientific and technical	Scientific research and development	100

   1. Details of business activities (accounting for 90% of the turnover):

      b) Differently abled Employees and workers:

      S. No	Particulars	Total (A)	Male		Female
      			No. (B)	% (B / A)	No. (C)	% (C / A)

      Differently Abled Employees

      1	Permanent (D)	NIL
      2	Other than Permanent (E)
      3	Total differently abled employees (D + E)

      S.No.	Product/Service	NIC Code	% of total Turnover contributed
      1	Scientific Research & Technical Services	74909	100

   2. Products/Services sold by the entity (accounting for 90% of the entity's Turnover):

3. OPERATIONS

   1. Number of locations where plants and/or operations/offices of the entity are situated:

      Location	Number of plants	Number of offices	Total
      National	2	1	3
      International	0	0	0

   2. Markets served by the entity:

      1. Number of locations

         Locations	Number
         National (No. of States)	3
         International (No. of Countries)	3

      2. Contribution of exports:

         What is the contribution of exports as a percentage of the total turnover of the entity?

         29

      3. Type of Customers

         A brief on types of customers

         Suven Life Sciences is primarily engaged in providing services to

         • Pharmaceuticals.

         • Life Sciences Companies.

4. EMPLOYEES

   1. Details at the end of the year of financial year:

      1. Employees and workers (including differently abled):

         S. No	Particulars	Total (A)	Male		Female
         			No. (B)	% (B / A)	No. (C)	% (C / A)

         Employees

         1	Permanent (D)	138	101	73	37	27
         2	Other than Permanent (E)	0	0	0	0	0
         3	Total employees (D + E)	138	101	73	37	27

         Workers

         1	Permanent (F)	0	0	0	0	0
         2	Other than Permanent (G)	49	46	94	3	6
         3	Total workers (F + G)	49	46	94	3	6

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         ANNUAL REPORT 2024-25

         Differently Abled Workers

         1	Permanent (F)	NIL
         2	Other than Permanent (G)
         3	Total differently abled workers (F + G)

         • Permanent Employees: Includes all full-time and part-time employees on the payroll.

         • Other than Permanent Employees: Comprises contractual associates, interns, trainees.

         • Permanent Workers: None.

         • Other than Permanent Workers: Includes casual staff, administration, security, and housekeeping personnel.

   2. Participation/Inclusion/Representation of women:

      Category	Total (A)	No. and percentage of Females
      		No. (B)	% (B / A)
      Board of Directors	6	2	33.33
      Key Management Personnel*	2	0	0

      *Key Management Personnel includes Company Secretary and Chief Financial Officer.

   3. Turnover rate for permanent employees and workers:

      	FY 2024-25 (Turnover rate in current FY)			FY 2023-24 (Turnover rate in previous FY)			FY 2022-23 (Turnover rate in the year prior to the previous FY)
      	Male	Female	Total	Male	Female	Total	Male	Female	Total
      Permanent Employees	14%	5%	19%	17%	7%	24%	13%	36%	18%
      Permanent Workers	NIL	NIL	NIL	NIL	NIL	NIL	NIL	NIL	NIL

5. HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES (INCLUDING JOINT VENTURES)

   1. Names of holding / subsidiary / associate companies / joint ventures:

      S. No.

      Name of the holding / subsidiary / associate companies / joint ventures (A)

      Indicate whether holding/

      Subsidiary/

      A t

      ssociate/ Join

      Venture

      % of shares held by listed entity

      Does the entity indicated at column A, participate in the Business Responsibility initiatives of the listed entity?

      (Yes/No)

      1 Suven Neurosciences Inc. Subsidiary 100 No

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      ANNUAL REPORT 2024-25

6. CORPORATE SOCIAL RESPONSIBILITY (CSR) DETAILS

   1. S. No.	Requirement	Response
      1	Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No)	No*
      2	Turnover (in C)	C6,65,58,359/-
      3	Net worth (in C)	C799,51,09,829/-

      *There is no CSR spending obligation to the Company as the Company has continued to incur losses since more than three preceding financial years.

7. TRANSPARENCY AND DISCLOSURES COMPLIANCES

1. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct:

   Stakeholder group from whom complaint is received	Grievance Redressal Mechanism in Place (Yes/No) (If yes, then provide web-link for grievance redress policy)	FY 2024-25 (Current Financial Year)			FY 2023-24 (Previous Financial Year)
   		Number of complaints filed during the year	Number of complaints pending resolution at close of the year	Remarks	Number of complaints filed during the year	Number of complaints pending resolution at close of the year	Remarks
   Communities	Yes,	NIL	NIL	None	NIL	NIL	None
   	https://www.suven. com/pdf/BRSR_ Policies_Suven-Life.pdf
   Investors (other than shareholders)	NA	NIL	NIL	None	NIL	NIL	None
   Shareholders	Yes, https://www.suven. com/pdf/BRSR_ Policies_Suven-Life.pdf	NIL	NIL	None	NIL	NIL	None
   Employees and workers	Yes, https://www.suven. com/pdf/BRSR_ Policies_Suven-Life.pdf	NIL	NIL	None	NIL	NIL	None
   Customers	Yes https://www.suven. com/pdf/BRSR_ Policies_Suven-Life.pdf	NIL	NIL	None	NIL	NIL	None
   Value Chain Partners	Yes, https://www.suven. com/pdf/BRSR_ Policies_Suven-Life.pdf	NIL	NIL	None	NIL	NIL	None
   Others	NA	NIL	NIL	None	NIL	NIL	None

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   ANNUAL REPORT 2024-25

2. Overview of the entity's material responsible business conduct issues:

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk along-with its financial implications, as per the following format:

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