WRAP Retail Offer for up to £1,000,000

Renalytix is pleased to announce a retail offer via the Winterflood Retail Access Platform ("WRAP") to raise up to £1,000,000 (the "WRAP Retail Offer") through the issue of new ordinary shares of £0.0025 each in the capital of the Company (the "Ordinary Shares"). Under the WRAP Retail Offer up to 16,666,666 new Ordinary Shares (the "Retail Offer Shares") will be made available at a price of £0.06 (6 pence) per share.

In addition to the WRAP Retail Offer and as announced at 7 a.m. on 3 September 2026, the Company has also raised £10.1 million gross proceeds through a placing announced at 07:01 a.m. on 1 September 2026 (the "Placing Announcement") (the "Placing") of new Ordinary Shares (the "Placing Shares") and a subscription (the "Subscription") for new Ordinary Shares (the "Subscription Shares") (together, the "Fundraise") at an issue price of £0.06 (6 pence) per Placing Share (the "Placing Price"), of which £0.9m is conditional upon the passing of certain resolutions at a General Meeting of the Company (further details of which are set out below).

The Placing Price represents a premium of approximately 44.6 per cent. to the mid-market closing price of 4.15 pence per Ordinary Share on 28 August 2026 and a premium of 139 per cent. to the Company's 90 day closing average share price as of 28 August 2026 (being the latest practicable date prior to the Placing Announcement). The issue price of the WRAP Retail Offer Shares is equal to the Placing Price.

The Fundraise will be completed in two tranches, with the first tranche consisting of 109,082,253 Placing Shares (the "First Tranche Placing Shares") and the issue of 57,729,741 new Ordinary Shares (the "Conversion Shares") to a fund advised by Heights Capital Management Inc on conversion of US$4.69 million of non-amortizing senior convertible bonds (the "Conversion"). The second tranche will consist of the issue of up to 8,583,332 Placing Shares (the "Second Tranche Placing Shares") and the Subscription Shares together with the Retail Offer Shares.

The First Tranche Placing Shares, Second Tranche Placing Shares, Subscription Shares, Retail Offer Shares and Conversion Shares, together being the "New Ordinary Shares".

The Placing Announcement details the terms of the Placing and sets out the reasons for the Placing and use of proceeds. The proceeds of the WRAP Retail Offer will be utilised in the same way as the proceeds of the Placing.

The issue of the Retail Offer Shares (and the Second Tranche Placing Shares and the Subscription Shares) is conditional upon, inter alia, the passing of certain resolutions to be put to shareholders of the Company at a General Meeting, which is expected to be held at the Company's solicitors registered office at such date and time to be fixed and announced by the Company in due course. The WRAP Retail Offer, the Placing, the Subscription and the Conversion are additionally all conditional on the New Ordinary Shares being admitted to trading on the AIM Market ("AIM") of the London Stock Exchange plc ("Admission"). It is anticipated that Admission will become effective and that dealings in the First Tranche Placing Shares and the Conversion Shares will commence on AIM at 08:00 a.m. on 8 September 2026 and for all other New Ordinary Shares, Admission is expected to become effective with dealings commencing on AIM at 08:00 a.m. on 29 September 2026.

WRAP Retail Offer

Therefore, the Company is making the WRAP Retail Offer open to eligible investors in the United Kingdom, being new or existing shareholders of the Company, following release of this announcement and through certain financial intermediaries.

A number of retail platforms are able to access the WRAP Retail Offer. Non-holders or existing shareholders wishing to subscribe for Retail Offer Shares should contact their broker or wealth manager who will confirm if they are participating in the WRAP Retail Offer.

The WRAP Retail Offer is expected to close at 4:00 p.m. on 7 September 2026. Eligible retail investors should note that financial intermediaries may have earlier closing times. The result of the WRAP Retail Offer is expected to be announced by the Company on or around 8 September 2026.

There is a minimum subscription of £100 per investor under the WRAP Retail Offer. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges.

UK Product Governance Requirements

Solely for the purposes of the product governance requirements of Chapter 3 of the FCA Handbook Product Intervention and Product Governance Sourcebook (the "UK MiFIR Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the UK MiFIR Product Governance Requirements) may otherwise have with respect thereto, the Retail Offer Shares have been subject to a product approval process, which has determined that the Retail Offer Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in paragraphs 3.5 and 3.6 of the FCA's Conduct of Business Sourcebook ("COBS"); and (ii) eligible for distribution through all permitted distribution channels (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, distributors should note that: the price of the Retail Offer Shares may decline and investors could lose all or part of their investment; the Retail Offer Shares offer no guaranteed income and no capital protection; and an investment in the Retail Offer Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to any contractual, legal or regulatory selling restrictions in relation to the WRAP Retail Offer.