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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 1 COMMERCIALISING CELLULAR IMMUNOTHERAPIES “EAST TO WEST” ADALTA LIMITED (ASX:1AD) | INVESTOR PRESENTATION | MAY 2025
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 2 IMPORTANT NOTICE & DISCLAIMER Investment in AdAlta is subject to investment risk, including possible loss of income and capital invested. AdAlta does not guarantee any particular rate of return or performance, nor do they guarantee the repayment of capital. This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making any investment in AdAlta, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment advisor if necessary. This presentation may contain forward-looking statements regarding the potential of the Company’s projects and interests and the development and therapeutic potential of the company’s research and development. Any statement describing a goal, expectation, intention or belief of the company is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those inherent in the process of discovering, developing and commercialising drugs that are safe and effective for use as human therapeutics and the financing of such activities. There is no guarantee that the Company’s research and development projects and interests (where applicable) will receive regulatory approvals or prove to be commercially successful in the future. Actual results of further research could differ from those projected or detailed in this presentation. As a result, you are cautioned not to rely on forward-looking statements. Consideration should be given to these and other risks concerning research and development programs referred to in this presentation.
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 3 ADALTA: NEXT GENERATION CELL & PROTEIN THERAPEUTICS “East to West” cellular immunotherapy strategy In-license next generation clinical stage assets from Asia , establish Western manufacturing and generate clinical data for on -licensing Leverages our unique skills, regional ecosystem and business model to create a leader in cellular immunotherapy for solid cancer patients Bridges the gap between Asian innovation and Western biopharma companies (and patients who can benefit from them) Creates a series of capital efficient, short investment horizon assets with frequent clinical milestones Other valuable pipeline assets Builds pipeline above first in class anti -fibrotic protein, AD-214, with strategic partners sought for continued development into Phase II outside the company, and world first pan-strain inhibitor of malaria parasites, WD-34, with strategic partners sought to advance to proof of concept AdAlta is a clinical stage biotech with its clinical pipeline growth powered by its “East to West” cellular immunotherapy strategy building on other valuable assets
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 4 ADALTA’S RENOUNCEABLE RIGHTS OFFER INDICATIVE TIMETABLE DATE Lodge transaction specific prospectus with ASIC and give to ASX Lodge appendix 3B applying for quotation of New Shares and New Options Monday 5 May 2025 Shares commence quotation on an ‘ex’ basis (‘ex’ date) Rights are quoted on a ‘deferred settlement basis’ from market open Wednesday 7 May 2025 Record Date to participate in rights offer Thursday 8 May 2025 at 7:00pm (Melbourne time) Dispatch offer documents to eligible shareholders Deferred settlement trading in rights ends Tuesday 13 May 2025 Rights offer opens Tuesday 13 May 2025 Rights trading ends at close of trading Wednesday 21 May 2025 Securities commence quotation on a deferred settlement basis from market open Thursday 22 May 2025 Rights offer closes Wednesday 28 May 2025 at 5:00 pm (Melbourne time) 1AD announces to market results of rights offer and notifies underwriter of shortfall Thursday 29 May 2025 Issue New Shares and New Options taken up under the pro rata entitlement (together with any shortfall shares and underwritten shares). Lodge appendix 2A applying for quotation of the New Shares and New Options Wednesday 4 June 2025 Deferred settlement trading ends Wednesday 4 June 2025 on market close Normal trading of New Shares and New Options starts Thursday 5 June 2025 on market open Renounceable offer of two (2) New Shares for every three (3) Shares held by Eligible Shareholders at the Record Date • Issue price 0.3 cents ($0.003) per New Share • 51% discount to 15 day VWAP One (1) New Option for every two (2) New Shares • Exercise price 1.0 cent ($0.01) • Three year term (expiry 3 June 2028) To raise $1.29 million if fully subscribed to be used: • Advance a first CAR-T product in-licensing transaction for AdCella subsidiary • Advance business development transactions for AD-214 and WD-34 • Evaluate other strategic options for the Company and, to the extent any funds remain, fund general working capital New Shares and New Optio ns will be issued by AdAlta Ltd ACN 120 332 925 under and in accordance with a pro spectus prepared in accordance with s713 of the Corporations Act that was lodged with ASIC and ASX on 5 May 2025 (Pro spectus). The offer of the New Shares and New Options (Offer) will be made directly to Eligible Shareholders and will be acco mpanied by a co py of the Prospectus.A person should consider the Prospectus in deciding whether to acquire the securities and to acquire New Shares and New Option s under the Offer. A person who decides to acquire the New Shares and New Options under the Offer will need to co mplete the application form that will accompany the Pro spectus. A copy of the Prospectus and th e Target Market Determin ation an d further informatio n regardin g the offer can be o btained at: https://investorhub.adalta.com.au/announcements. The Offer is being managed by Mahe Capital Pty Ltd ACN 634 087 684.
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 5 5 “EAST TO WEST” STRATEGY CENTRAL TO ADALTA’S GROWTH
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 6 “EAST TO WEST” STRATEGY OVERVIEW Substantial value inflection potential by bringing “Eastern” cellular immunotherapy innovations to “Western” regulated markets Combining Asia's innovative T cell therapies for solid cancers and Australia's manufacturing advantages leverages unique regional benefits Exclusive focus on T cell therapies for solid cancers targets less competitive markets while utilising proven cellular immunotherapies Robust asset selection process yielding access to first/best in class, highly differentiated products with clinical evidence of safety and efficacy Capital light model offers quick ROI potential: a single clinical trial to value inflection using external capital and AdAlta product management Highly scalable to become industry leader through systematic product licensing and pipeline expansion opportunities AdAlta has clear aspirational growth targets for its “East to West” strategy By end 2025 Three assets secured* From 2026 One asset into clinical trials each year * O n track – three assets un der exclusive n ego tiation
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 7 RATIONALE FOR OUR STRATEGY Market Opportunity Competitive Advantage First Assets 90% 34% $20.3B CAGR of cellular immunotherapy market and market size by 20281 50% 2 61% Cancers that are solid tumours and remain underserved by cellular immunotherapies Revenue estimated to be generated from solid tumours by 2030;2 recent FDA approvals setting stage3 • Networks: Asia's rich innovation, Australia's clinical and manufacturing ecosystem, AdAlta's pre-IND to clinical skills • Strategic sourcing: Disciplined asset selection of highly differentiated assets with clinical data in solid cancers • Unique value proposition: asset financing for partners enables more valuable exit; “East to West” reduces risk for buyers • Capital-light: modest investment leveraged with outside investment to achieve a single inflection before exit • Scalable: replicable across multiple assets Initial three assets under term sheet from pipeline of 10 high-potential therapies Asia leads in total clinical trials,4 providing a unique innovation pool in which AdAlta can lead Armored CAR-T for lung, gynaecological, pleural and peritoneal cancers First-in-class CAR-T for advanced colorectal and gastric First-in-class CAR-T for gastric and other epithelial cancers 1. Gran dview Research , “T-cell Therapy Market S ize, Share & Trends Analys is” Feb 2021; 2. Polaris Market Research, “CAR-T Cell Therapy Market Share, Size, Tren ds, Ind ustry An alysis Report”, Jun e 2021 2. Alliance fo r Regenerative Medicine, Developer Data Report Q3 2023; 3. http s://www.fd a.g ov/vaccines-bloo d-biologics/app roved-blood-prod ucts/amtagvi; https://www.fd a.g ov/vaccines-bloo d-biologics/aucatzyl 4. GlobalData, Pharma Intelligence Centre, Clinical Trials Database (accessed 5 April 2024)
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 8 BECOMING A VALUATION MULTIPLIER FOR ASIAN PARTNERS On-licensing: Establish global manufacturing network and on-license to commercialisation partners. AdAlta and partner share increased value that partner could not achieve on their own Build value by transferring to “West” under AdAlta management: Apply Western regulated manufacturing, obtain first Western regulated clinical data in Australia to create substantial inflection point for big pharma; managed by AdAlta and leveraged with third party investment In-license market leading assets from Asia (“East”): Low acquisition cost. By financing to next inflection point AdAlta acquires a share of the asset at exit 3 2 1 3
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 9 VALUE AT EXIT: PHASE I CAR-T LICENSING TRANSACTIONS Date Drug(s) Licensor Licensee Deal stage Lead indications Total value (US$m) Upfront (US$m) May-24 MAGE-A4 targeting TCR T cell therapy Phase 2 (ongoing; global) Head & neck cancer 665 85 Nov-23 DLL3 targetingautologous CAR-T cell therapy Phase 1 (ongoing; US) SCLC, LCNEC 1,110 100 May-23 CD20 and CD19/20- directed autologousCAR-T cell therapy Phase 1 (completed; China) B-cell NHL, Follicular lymphoma, mantle cell Lymphoma, DLBCL n/a 245 Jan-23 CART-ddBCMA Phase 2 (ongoing; US) Multiple myeloma n/a 325 Dec-22 Anti-BCMA CAR-T cell therapy P1b (ongoing; Israel) Multiple myeloma 34.55 1.5 Dec-20 Mesothelin- targeted autologous and allogeneic CAR-T cell therapy Phase 1 (ongoing for autologoustherapy; US) Peritoneal / pleural mesothelioma 670 60 MEDIAN 667.5 92.5 Source: Company press releases, GlobalData; Beaco n Intelligence 5y 72% Global top 25 oncology pharma companies investing in autologous cell therapy (licensing, M&A, CVC) 2y 44%
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 10 PROGRESS AND POTENTIAL Oct-2024 “East to West” cell therapy strategy announced; MoU with SYNBV Preferred manufacturing partnership with CTPL 10 assets in diligence 1st non-binding in-licensing term sheet Consultant CMO appointed Three in-licensing term sheets signed (90-120 days exclusive negotiation) Oct-2024Jul-2024May-2024Apr-2024 Carina Biotech collaboration to develop i-body® bi-specific CAR-T cells Aug-2021 First technology transfer to commence (F) Three high value assets secured (F) First IND approval (F) Australian clinical trial data facilitates pivotal studies, licensing agreements and asset sales We are here today 1H-2025 2H-2025 2028+ End-2025 2026+ Initiate one new clinical trial per year (target) More term sheets in development Asset acquisition stream • T echnical and on-site diligence essentially complete • Minor adjustments to timelines, sequencing and financial milestones being finalized – on track for first asset license Q2 2025 Financing stream • Seed financing from SYNBV, subject to closing conditions • On going discussions with global financial partners – generally conditional on securing first license
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 11 THREE ASSETS UNDER EXCLUSIVE DUE DILIGENCE Armored-CAR-T term sheet #1 CAR-T term sheet #2 CAR-T term sheet #3 Field Lung, mesothelioma, ovarian, cervical, pancreatic, colorectal Epithelial solid cancers incl. colorectal, lung and gastric Gastric, gynaecological and other epithelial cancers Patients worldwide p.a >1.5 million >1.5 million >1.65 million First and best in class Yes Yes Yes Key advantage High potency, armoured to overcome immune suppression Rapid, virus free manufacturing Selective activation and safety kill switch Potential for multi-dosing without lymphodepletion, IP administration First to achieve US FDA IND on this target Short manufacturing process T argets tumour, circulating tumour cells and cancer stem cells Investigator Initiated Trials in China 3 (n=33) 2 (n=9, includes 4 with 2+ doses) 2 (n=18) Safety and efficacy Efficacy substantially superior to current second line standard of care; manageable safety Activity/efficacy signals in heavily pre- treated patients; preliminary understanding of safety Response above third line and comparable to second line therapies with high disease control rate in advanced gastric cancer Regulatory engagement China Phase I IND approval US Orphan Drug Designation and pre-IND meeting Extensive and compelling preclinical package in multiple difficult tumour models China and US gastric cancer and China pan-cancer Phase I INDs approved US Orphan Drug Designation (gastric) Competition No competitive product beyond Phase II trials Very few competitor products against this target Other targets in development for these indications do not have same tumor coverage IP protection US, EU, China and others T arget binding and armouring sequences, transduction technology US, EU, China and others T arget binding sequence, method of avoiding lymphodepletion, method of optimising CAR US, EU, China and others T arget binding sequence; CAR-T product and use of CAR-T against circulating tumour cells
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 12 1. FIRST IN CLASS ARMOURED CAR-T Advanced, solid cancer patient: sustained response to armored-CAR-T Target market • Mesothelioma, lung cancer plus ovarian, cervical, pancreatic, colorectal • More than 1.5 million relapsed, refractory or metastatic patients requiring second-line treatment (2L) worldwide Development status • Three Investigator Initiated Trials (IIT) in China (33 advanced cancer patients treated) • Approved for Phase I trials as investigational new drug (IND) by China NMPA • Orphan drug designation (ODD) in US for one indication • Patent applications protecting CAR and armoring binders and transduction technology Clinical data • Advanced mesothelioma: ORR 63.5%; CR 9%; PR 54.5%; SD 36.4 %; mPFS 5 months; mOS > 40 months • Substantially superior to second line (2L) standard of care (SoC) on all measures • Activity in other cancers, confirmed response in OC • Manageable safety profile Product differentiation • First in class, best in class • PD1 armored CAR-T • Non-viral vector transduction – lower cost • Rapid (30h) manufacturing process – lower cost, increased capacity • High potency (low dose required) Competitive position • Excellent target which has previously struggled to advance beyond Phase II • Armoring provides potential to overcome lack of potency of other CAR-Ts and modalities; enables endogenous as well as CAR-T cells • Big pharma focused on bispecifics, antibody drug conjugates (ADCs): all at Phase I • No directly competitive product >Phase II
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 13 2. FIRST IN CLASS CAR-T Target market • Colorectal cancer and a wide range of epithelial solid cancers including gastric and lung • More than 1.5 million relapsed or refractory patients worldwide each year • 130,000 3L colorectal cancer patients each year Development status • Compelling preclinical package in multiple difficult tumor, rechallenge models • Two Investigator Initiated Trials (IIT s) in China (nine very advanced patients treated) • Two major CAR-T cancer centres engaged • Patent applications protecting CAR binder, avoiding lymphodepletion, method of optimising CAR Clinical data • Activity in 9 heavily pre-treated patients • 4/9 received two or more doses • Engraftment in 8/9, 5/5 without lymphodepletion • One case of complete resolution, two of reduced severity of malignant ascites • Kill switch tested • Early data suggests manageable toxicity profile Product differentiation • First in class – novel target • Potential for multi-dosing with low/no lymphodepletion • Potential for IP and IV administration • Selective activation at high antigen density • Activity at very low doses, kill switch incorporated • Demonstrated manufacturing on lower cost Cocoon platform Competitive position • Limited competitor products against this target family; no CAR-T products against this target • This target most widely expressed of family in cancer • Experienced, networked development team • Western clinical centres already engaged 5,000 5,000 3,000 1,000 50 0 Day -3 Day 1 (CAR-T) Day 9 Day 11 Day 18 Day 22 Complete resolution of malignant ascites in Stage IV GI cancer patient
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 14 ORR (%) mOS (w) Comparative efficacy versus standard of care Product X 2nd line Third line 40 27-45 10 >40 38-46 24 3. FIRST IN CLASS CAR-T Target market • Gastric cancer and other epithelial cancers including gynaecological cancers • More than 1.5 million relapsed or refractory patients worldwide each year • 150,000 advanced gastric cancer patients each year Development status • 18 patients treated in two Investigator Initiated Trial in China (10 assessed for efficacy) • China IND for advanced gastric cancer; 2nd IND for other cancers pending • US FDA IND for advanced gastric cancer • Patent applications protecting CAR binder, CAR-T product and use against circulating tumour cells Clinical data • Up to 40% ORR and >40 weeks mOS, well in excess of current 3L therapy and comparable with 2L in advanced gastric cancer at current RP2D • 90% disease control rate • Demonstrated safety Product differentiation • First in class • First CAR-T on this target to achieve US FDA IND • T argets circulating tumour cells and cancer stem cells as well as primary tumour cells • Short (5d) manufacturing process with potential to reduce COGS 50% Competitive position • T arget well known but only recently attracting renewed interest as therapeutic target • Expression only partially overlaps with other epithelial cancer targets – protected patient pools • T eam launched one of first CAR-T products in China as Fosun-Kite
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 15 15 AD-214: A NEW APPROACH TO FIBROSIS AVAILABLE FOR PARTNERING
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 16 MONETISING FIBROSIS DISEASE DRUG CANDIDATE AD-214 Investment to date has built strong value proposition First in class molecule targeting established mode of action in fibrotic disease ✓ Competitively positioned as only antibody-like therapeutic entering late-stage development pipeline Pre-clinical efficacy in multiple animal models of fibrotic disease – derisks clinical studies in US$b indications ✓ Led by Idiopathic Pulmonary Fibrosis (IPF): TAM US$4.3b ✓ Multiple US$b indication potential: kidney, eye, cancer Phase I successfully completed (two studies) ✓ Well tolerated, evidence of target binding Clinically viable dosing regimen ✓ Intravenous (IV) every 2 weeks established ✓ Subcutaneous (SC) every week feasible ✓ Models linking PK/PD and preclinical efficacy to establish dose Strong intellectual property , regulatory position ✓ Patents protecting asset to 2036 and beyond ✓ US FDA Orphan Drug Designation for IPF ✓ 10-12 years market exclusivity (US, EU) 1. Generate clinical proof of concept (efficacy) • Demonstrate efficacy signals in patients • IV or SC administration • Substantially increases number of potential licensing partners Design and execute clinical strategy in IPF patients 2. Develop market preferred formulation • Weekly SC preferred over two weekly IV • Enhanced market share, reduced COGS • Achieves commercial ready COGS Develop formulation, integrate into clinical trials Key Priority: Seek out-licensing or third-party investment to unlock next level of value Advisors engaged; pipeline of active discussions Product development priorities
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 17 UNDERSERVED AND LARGE FIBROTIC DISEASE MARKET 3.55 4.30 5.11 2019 2022 2027E Global IPF sales (US$ billion)¹ Many other fibrosis market opportunities2 8-year CAGR: 4.7% IPF market is underserved today • Poor efficacy: Existing therapies slow but do not halt progression and do not significantly extend life expectancy • Side effects: Their side effects result in 30-50% of patients discontinuing therapy after one year • Expensive: US$136,000 pa cost of treatment in US Lung US$4b Kidney US$10b Eye US$15b Per Cancer US$1b New drivers of incidence may include: • Re-emergence of silicosis • Long COVID3 1. GlobalData, Idiopathic Pulmonary Fibrosis: Competitive Landscape, April 2023; Roche and Boehringer Ingelheim financial reports, AdAlta analysis 2. GlobaData, disease analysis reports 3. PM George, et al, “Pulmonary fibrosis and COVID-19: the potential role for antifibrotic therapy”, Lancet published online May 15, 202
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 18 PHARMA COMPANIES VALUE IPF/FIBROSIS ASSETS Date Licensor/target Licensee/acquirer Transaction Upfront payment to licensor Contingent milestones Clinical Phase at transaction Aug-22 License US$100m US$600m 2 complete Apr-20 Acquisition US$45m Not disclosed 2a complete Nov-19 Acquisition US$390m US$1,000m 2 complete Jan 23 China only license US$76m US$240m 2 underway Feb 23 Acquisition US$425m N/A 2a underway Jan 25 License US$99m US$687m 2 (Ready) Nov-21 Acquisition US$353m N/A 2 (Ready) Nov-20 License €25m €295m 2 (Ready) Sep-21 License US$152m US$450m 2 (Ready) Feb-21 License Not disclosed US$517.5m 1 underway Jul-19 License €45m €1,100m 1 underway Oct-22 Acquisition US$255m Not disclosed Pre-clinical (+ platform) AD-214 is Phase 2 (ready) Source: Company press releases, GlobalData; Beaco n Intelligence
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 19 19 WD-34 I-BODY: A POTENTIAL BREAKTHROUGH IN MALARIA AVAILABLE FOR PARTNERING
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 20 WORLD FIRST PAN-SPECIES HIGH POTENCY ANTI-MALARIAL WD-34 i-body has potential to transform malaria treatment Malaria remains a global killer ✓ 247 million cases, 619,000 deaths in 20211 ✓ Re-emerging in US and EU2 ✓ New markets in related tick-borne diseases eg Babeziosis Meaningful global market ✓ US$250-500 million for travellers and deployed personnel ✓ Market limited by poor efficacy, cost of current therapies in emerging markets Limitations of current therapies ✓ Small molecules: rapid development of resistance and inconvenient dosing regimens ✓ Antibodies: typically strain specific or limited inhibition ✓ Vaccines: limited efficacy; antigen variability WD-34 i-body offers a potential breakthrough ✓ Novel discovery strategy targeted a conserved region of AMA-1 protein ✓ Recognises AMA1 from multiple malaria (Plasmodium) species as well as Babesia and T oxoplasma ✓ High potency inhibition of multiple life cycle stages ✓ IP filed Opportunity ✓ Long acting, single dose (3-6mo) prophylaxis for deployed personnel, travellers ✓ Seasonal prophylaxis for children in endemic malaria regions ✓ Novel method of antigen identification for more effective vaccines Strategy: seeking non-dilutive and commercial partners to advance outside AdAlta Active discussions to spin out asset 1. World Health Organisatio n, Wo rld Malaria Rep ort 2022, https: //www.who.int/pub lication s/i/item/9789240064898 2. http s://publichealth.jhu.edu/2023/malarias-comeback-in-the-us an d http s://blogs. biomedcentral. co m/bugbitten/2023/08/25/locally-acquired-malaria-in-europe-and-the-us / 3. Adapted from Drew et al. Cell. Mol. Life Sci. 80, 74 (2023) using BioRender Model of plasmodium falciparum malaria (PPM) with AMA1 / RON2 protein complex and host erythrocyte3 showing how WD-34 inhibits invasion via AMA1 PPM Host red blood cell AMA1 WD-34 i-body
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 21 21 CORPORATE INFORMATION
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 22 CORPORATE SNAPSHOT AdAlta Limited Code ASX:1AD Market Capitalisation $4.0m Enterprise Value $3.2m Cash (31 March 2025) $0.8m Significant Shareholders Sacavic Group 15.8% Meurs Group 14.5% Platinum International Healthcare Fund 12.7% ~1,500 other shareholders 57% Specialist in next-generation cell and protein therapeutics for fatal diseases First three term sheets signed of "East-to- West" cell therapy strategy, with team and network in place Capital-light, highly scalable model with numerous value inflection points in the rapidly growing cellular immunotherapy market AD-214, a new approach for fibrotic diseases, (Phase 1 trials complete) and AMA1 i-body first in class anti-malarial now available for partnering
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 23 EXPERIENCED TEAM WITH GLOBAL REACH Board Paul MacLeman, DVM Chair Tim Oldham, PhD CEO / Managin g Director Michelle Burke Independent Director Dr David Fuller Independen t Director Iain Ross Independen t Director Executive Angus Tester, PhD Senior Manager, Projects and Pro grams Janette Dixon, DBA Head of Business Development Andrew O’Brien, PhD Head of Co rporate Development Darryn Bampton Director, Clinical and Regulatory Operations “East-to-West” Strategy Kevin Lynch Consultant CMO Prof Andrew Wilks VC Adviso r DHC secondment Head of Asset Development AD-214: Fibrosis TBA - engaged Consultant CMO Joseph Tyler Consultant CMC Expert Prof Tamera Corte Clinical Advisory Board Steve Felstead Clinical Advisory Board Prof Toby Maher Clinical Advisory Board AdAlta has been building capability for its “East-to-West” strategy
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 24 TRANSACTION-BASED GROWTH STRATEGY IS BEING DELIVERED “East to West” cellular immunotherapy growth strategy leveraging regional and business model advantages in high value, high growth sector is now delivering The first three assets under exclusive due diligence for the “East to West” clinical pipeline to create a leader in cellular immunotherapy for solid cancer patients Experienced team and accessible global network ready to execute a diverse pipeline of opportunities AD-214, available for partnering to unlock value created, heading to Phase II (US$4.3b IPF market), substantially de-risked by Phase I study clinical readouts WD-34, available for partnering to create additional value Attractive valuation relative to commercial potential of pipeline – potential for a single transaction to materially influence valuation
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 25 FOR MORE INFORMATION PLEASE CONTACT: TIM OLDHAM CEO & MANAGING DIRECTOR +61 403 446 665 T.OLDHAM@ADALTA.COM.AU IR@ADALTA.COM.AU WWW.ADALTA.COM.AU
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 26 THE MARKET OPPORTUNITY What is T-cell therapy? Involves re-engineering and turbo-charging patient’s own immune cells to “see” cancer Living drug, single dose, potentially curative 6 FDA-approved CAR-T therapies since 2017 transformed blood cancer outcomes, but so far only for blood cancers >US$2.6B earned in 20221 In 2024, FDA approved two T cell therapies for solid cancer (melanoma, sarcoma), opening the much larger solid cancer market segment3 50% of US$20.3B forecast cellular immunotherapy revenue for 20284 T cell solid cancer therapy: the next frontier for cellular immunotherapy Complete response rates: 2 83% r/r pALL 51-65% r/r LBCL 78% r/r MM 1. Comp an y web sites and financial filings 2. Kymriah, Yescarta and Carvytki prescribing information; r/r = relap sed /refractory; pALL – paed iatric acu te lymph ob lastic leuk emia, LBCL = large B cell lymp hom a, MM = mu ltiple myeloma 3. http s://www.fd a.g ov/vaccines-bloo d-biologics/app roved-blood-prod ucts/amtagvi; http s://www.fd a.g ov/vaccines-bloo d-biologics/aucatzyl 4. Grandview Research, “T-cell Therapy Market S ize, Share & Trends Analys is” Feb 2021; Polaris Market Research, “CAR-T Cell Therapy Market Share, Size, Trends, Ind ustry Analysis Report”, June 2021
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 27 ACCESSING QUALITY ASSETS FROM ASIA Asia Pacific 449 North America 439 Europe 185 RoW 31 Cellular immunotherapy developers 20232 (n = 1,104) Quality Asia cellular immunotherapy pipeline, barriers to reach West Asia Pacific 1,108 North America 583 Europe 162 RoW 41 Cellular immunotherapy clinical trials 20243 (n = 1,804) 61% Clinical trials are from Asia Pacific 41% Developers are from Asia Pacific New CAR-T therapies from China doubled every year since 2014 Flow of innovation from Asia to the West is hampered by: lack of capital in Asia, lack of Western experience and networks, opportunity cost for large biopharma to conduct due diligence, difficulty transferring data and know-how, lack of patient diversity in clinical data and geopolitical challenges.1 1. Emerging Licensing Trends: Impact of Game Changing New Co ’s” panel at 8th BCF Healthcare Conference, San Francisco, 12 January 2025 2. Alliance fo r Regenerative Medicine, Developer Data Report Q3 2023 3. GlobalData, Pharma Intelligence Cen tre, Clinical Trials Database (accessed 5 April 2024) 4. BioCentury, 23 Janu ary 2025 5. https://www.biopharmadive.com/spo ns/is-2025-the-chinese-year-of-biopharma/738274/ “At JPM Week, biopharma innovation from China and Asia was the topic of conversation — reshaping the global biopharma landscape”4 >50% of global ADC, bispecific antibody and CAR -T clinical pipeline is China originated 5 US$500m Series A investments in 3 China NewCos in first week of 2025 30% of big pharm licensing deals now involve a China biotech 5
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AdAlta Limited (ASX:1AD) | Investor Presentation | May 2025 | 28 LEVERAGING ADALTA’S COMPETITIVE ADVANTAGES Highly scalable model • T cell therapies for solid cancers • Differentiated, multi -functional product design • Clinical data in hand (safety, efficacy) • Manufacturable at scale • Best/first-in-class potential Strategic asset sourcing discipline • Tap Asian innovation • Utilise Australian translational and manufacturing excellence • Leverage Australian cost advantage over US Network & ecosystem advantages • AdAlta managed; JV/asset financed • Defined investment in clinically derisked asset • Short time to value creation: ~3-year horizon per asset • Leverage Australian R&D Tax Incentive Capital-light and risk managed • Asset financing to ”Westernise” • Generate important FDA regulated clinical data, manufacturing site • Partner maintains control of asset; benefits from value inflection Unique partner value proposition