Immuron Limited Appendix 4D Half-year 31 December 2023 Name of entity: Immuron Limited ABN: 80 063 114 045 Half-year ended: 31 December 2023 Previous period: 31 December 2022 Results for announcement to the market $ Reve

for announcement to the market

calculation of net tangible assets excludes right-of-use assets arising from AASB 16 Leases.

explanation of the key financial elements contributing to the revenue and result above can be found in the review of operations included

within the directors' report.

dividends have been paid or declared by the company for the current financial period. No dividends were paid for the previous financial

in controlled entities

have been no changes in controlled entities during the half-year ended 31 December 2023.

information required by Listing Rule 4.2A

financial statements have been reviewed by the group's independent auditor without any modified opinion, disclaimer or emphasis of matters.

the half-year 31 December 2023

report - 31 December 2023

interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this

report should be read in conjunction with the annual report for the year ended 30 June 2023 and any public announcements made by Immuron

Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

of operations and activities

Limited has reported a loss for the half-year ended 31 December 2023 of A$2,073,182 (31 December 2022: A$1,978,383). The group's net

assets decreased to A$17,526,515 compared with A$19,616,836 at 30 June 2023, including cash reserves of A$15,213,462 (30 June 2023: A$17,159,764).

Revenue from ordinary activities for the half-year ended 31 December 2023 was A$2,355,580 (31 December 2022: A$583,646) generating, for

Hyperimmune products, Gross profit of A$1,580,348 (31 December 2022: A$427,920) and Operating profit of A$854,715 (31 December 2022:

sales of A$2.4 million for H1, FY24 up A$1.8 million on H1, FY23

Sales of Travelan increased to AUD $1,853,048 in H1, FY24, compared to AUD $260,205 in H1, FY23. Sales increased by $1,054,164

(132%) on the pre-pandemic peak period (H1, FY20). This increase partially reflects 3 months (May, June, July) of backorders accrued

while awaiting GMP Clearance from the TGA. TGA GMP clearance was obtained in August 2023.

Bureau of Statistics: short term resident returns in October 2023 were 47% higher than October 2022 and approaching pre-pandemic levels

(93% of October 2019)1.

Sales of Travelan increased to AUD $481,920 in H1, FY24, compared to AUD $295,410 in H1, FY23. Sales were lower by $31,633

(-6%) on the pre-pandemic peak period (H1, FY20).

Trade Administration Total U.S. citizen international visitor departures from the United States in September 2023 were 17% higher than

in September 2022.2 Immuron's target departure markets 3, July - September 2023 departures were 1% higher

than the pre-pandemic period July - September 2019.2

completes in-patient phase of IMM-124E Phase 2 clinical trial

inpatient challenge phase of the Travelan clinical study led by Principal Investigator Dr Mohamed Al- Ibrahim at the Pharmaron CPC

FDA inspected Clinical Research Facility Inpatient Unit located in Baltimore, Maryland US, has been completed. The double-blind study

was separated into two cohorts of approx. 30 subjects (60 in total) dosed with Travelan or placebo for two days prior to challenge continuing

for a total of 7 days. All study participants were challenged with Escherichia coli, monitored for symptoms, and treated with antibiotics.

Safety data at two weeks and 4 weeks post challenge has been collected and the final 6 month follow up interviews will be initiated in

January 2024 and are expected to be completed in April 2024. Headline results from the clinical trial are anticipated to be reported

in June 2024. The Phase 2 clinical trial is designed to evaluate the safety and protective efficacy of Travelan compared to a placebo

in a controlled human infection model (CHIM). The primary efficacy outcome is prevention and/or reduction of moderate to severe diarrhea.

ClinicalTrials.gov Identifier: NCT05933525.

completes in-patient phase of CampETEC Phase 2 clinical trial

NMRC has recently completed the in-patient stage of the campylobacter challenge clinical study. The clinical study is being led by

Principal Investigator Dr Kawsar Talaat, MD at the Johns Hopkins University (JHU) Center for Immunization Research (CIR) Inpatient

Unit, located at the JHU Bayview Medical Campus, Baltimore, Maryland. U.S. A total of 30 participants were enrolled in the study, of

which 27 participants were dosed with either the Investigational Medical Product or placebo and all subjects were challenged with

Campylobacter. All study volunteers have now been treated with antibiotics and discharged from the clinic. The study participants

will return as outpatients for several follow-up visits, with the last patient last visit scheduled to be completed in June 2024.

Headline results from the clinical trial are anticipated to be reported in H2 2024. The Phase 2 clinical trial is designed to

evaluate the safety and protective efficacy of the new product manufactured by Immuron compared to a placebo in a controlled human

infection model (CHIM). The primary efficacy outcome is prevention and/or reduction of moderate to severe diarrhea.

ClinicalTrials.gov Identifier: NCT06122870.

Services University Travelan clinical field trial reaches 50% recruitment

Infectious Diseases Clinical Research Program (IDCRP), the UK Ministry of Defence and the New York City Travel Clinic are jointly conducting

the randomized clinical trial to evaluate the efficacy of Travelan in Travelers' Diarrhea. The P2TD study is a randomized,

double-blind, placebo controlled multicenter clinical trial designed to evaluate the effectiveness of IMM-124E (Travelan ) passive

immunoprophylaxis verses a placebo, during deployment or travel to a high-TD risk region (ClinicalTrials.gov Identifier: NCT04605783).

All study participants (868 in total) will be randomized to Travelan or placebo (434 per arm).

Problem: Travelers' diarrhea (TD) remains a highly prevalent disease that impacts operational readiness of military personnel

and is also debilitating civilian travel. In addition to its acute morbidity, TD is associated with acquisition of antimicrobial resistance

genes and long-term sequelae. Current mitigation strategies including pre-travel counseling and antibiotics for prevention and treatment

have important limitations, and there are currently no licensed, pathogen-specific vaccines for TD prevention.

Approach: Passive immunotherapy may offer safe and relatively inexpensive preventive strategies by promoting gut resistance to enteropathogens,

and potentially lessening the use of antibiotics. USU's Infectious Diseases Clinical Research Program (IDCRP), the UK Ministry

of Defence and the New York City Travel Clinic are jointly conducting a randomized clinical trial to evaluate the efficacy of these nutraceutical

products for TD prevention and inform strategies for Force Health Protection.

of IMM-529 drug substance manufacture by CSIRO

's manufacturing campaign for a new therapeutic product which targets the Clostridioides Difficile (C. Diff) bacteria, IMM-529

drug substance was completed in December 2023 by CSIRO Agriculture and Food. IMM-529 is the second therapeutic drug candidate the company

is planning to take into the clinic and has been specifically developed to target (i) toxin B, (ii) spores and (iii) vegetative cells

of Clostridioides Difficile (C. Diff) which are thought to be the primary cause of C. Diff disease recurrences. A research services agreement

has recently been executed with Monash University to assist with vaccine manufacture and stability testing of the Investigational Medical

Product to support the pre-IND information package. A research services agreement has also been executed with VivoPharm Global Preclinical

Services to conduct a GLP compliant toxicity study in rodents. The study protocol has been submitted and approved by the Animal Ethics

Committee and the study is planned to commence in Q1 2024. The company is working towards submitting a Pre-IND information package to

the U.S. Food and Drug Administration (FDA) in H1 2024.

to present at The Military Health System Research Symposium (MHSRS)

MHSRS is the U.S. Department of Defense's premier scientific meeting that focuses specifically on the unique medical needs of the

Warfighter. This annual symposium brings together 3,000 healthcare professionals, researchers, U.S DoD leaders and decision markers as

well as various funding bodies. The company attended the meeting as an Exhibitor and presented two posters at the event. One entitled

Clinical Evaluation of an Oral prophylactic for prevention of Travelers diarrhea in active-duty military assigned abroad.'

The company was also invited by the Medical Technology Enterprise Consortium (MTEC) to showcase Immuron and its collaborative work with

the U.S. Department of Defense including an overview of the current MTEC award entitled Biologics license application of a bovine

immunoglobulin supplement that prevents travelers' diarrhea caused by enterotoxigenic Escherichia coli (ETEC).' The Naval

Medical Research Command (NMRC) also presented a poster at the symposium on the new oral therapeutic targeting Campylobacter and Enterotoxigenic

Escherichia coli (ETEC) developed in collaboration with Immuron. The NMRC poster is entitled Research and Development of Hyperimmune

Bovine Colostrum Products for the Prevention of Travelers' Diarrhea.' Copies of the presentations are available on the Company's

website. https://www.immuron.com.au/product-science/

Your directors present their report on the consolidated

entity consisting of Immuron Limited and the entities it controlled at the end of, or during, the half-year ended 31 December 2023.

The following persons were directors of Immuron Limited

during the whole of the half-year and up to the date of this report:

Paul Brennan, Independent Non-Executive Chairman

Roger Aston, Independent Non-Executive Director