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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 1 COMMERCIALISING LIFE SAVING CELLULAR IMMUNOTHERAPIES “EAST TO WEST” ADALTA LIMITED (ASX:1AD) | INVESTOR PRESENTATION | AUGUST 2025 For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 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.For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 3 ADALTA: NEXT GENERATION CELL & PROTEIN THERAPEUTICS “East to West” cellular immunotherapy strategy for growth: AdCella 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 Two other valuable pipeline assets for monetisation First in class anti-fibrotic protein, AD-214, with strategic partners sought for continued development into Phase II outside the company 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: • Growth powered by “East to West” cellular immunotherapy strategy • Monetising other valuable assets For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 4 4 “EAST TO WEST” STRATEGY CENTRAL TO ADALTA’S GROWTH AdCella Pty Ltd, an AdAlta company For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 5 TREND #1 POWERING OUR STRATEGY: CAR-T REVOLUTION CAR-T cell Turbo-charging patient’s immune cells to “see” and “kill” cancer Living drug, single dose, durable, potentially curative Adapted from: https://www.cancer.go v/publicatio ns/dictionaries/cancer-terms/def/car-t-cell-therapy 7 CAR-T products approved in US since 20171 51-83% Complete response rates in relapsed and refractory patients with no other options2 2 Solid cancer T cell therapies approved in US in 20243 $20b Projected market by 2028; 50% solid cancers4 72% Top 25 oncology pharma companies invested in autologous T cell therapies in last 5 years5 1. US FDA: http s://www.fd a. gov/vaccin es-bloo d-biologics/cellular-gene-therap y-prod ucts/app ro ved-cellular-and-gene-therap y-prod ucts 2.Kymriah, Yescarta and Carvytki prescribing information; r/r = relap sed /refractory; pALL – paed iatric acute lymp ho blastic leuk emia, LBCL = large B cell lymp hom a, MM = multiple myeloma 3. http s://www.fd a.g ov/vaccines-blood-biologics/app ro ved-bloo d-prod ucts/amtagvi; https://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, Industry Analysis Repo rt”, June 2021 5. Co mpany press releases, GlobalData; Beaco n Intelligence For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 6 TREND #2 POWERING OUR STRATEGY: RISE OF CHINA BIOTECH Asia Pacific North America Europe RoW 61% Clinical trials are in Asia Pacific3 China biotech is now driving global biopharmaceutical innovation …2 … creating significant pool of highly innovative CAR-T products … … but still facing barriers to reach Western patients5 Capability Local market knowledge970+ Cellular immunotherapy clinical trials in China3 350+ Cellular immunotherapy developers in China4 30% Big pharma licensing deals now involving a China biotech1 Manufacturing Capital Trade barriers Transaction costs No non-China clinical data 1. https://www.bio pharmadive.com/spons/is-2025-the-chinese-year-of- bio pharma/738274/ 2. The Australian Financial Review, 15 July 2025; Fierce Biotech, 14 July 2025, CNBC, 4 August 2025 accessible https://apple.news/AVLrALfpzRhq3A0tbC0ahBQ 3. GlobalData, Pharma Intelligence Centre, Clinical Trials Database (accessed 5 April 2024) 4. Alliance fo r Regenerative Medicine, Developer Data Report Q3 2023 and H1 2025 5. Emerging Licensing Trends: Impact of Game Changing New Co’s” panel at 8th BCF Healthcare Conference, San Francisco, 12 January 2025 ; YAFO Capital For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 7 OUR SOLUTION: BECOMING A VALUATION MULTIPLIER FOR ASIAN PARTNERS 3. High value out-licensing to realise substantial value creation: Establish global manufacturing network and on-license to commercialisation partners. AdAlta and partner share increased value that partner could not achieve on their own 2. Build value cost effectively by transferring to “West” via Australia: Establish Western regulated manufacturing, obtain first Western regulated clinical trial data in Australia; 30-50% cheaper than US plus 43.5% R&D T ax Incentive 1. Low cost in-license of market leading assets from Asia (“East”): By financing to next inflection point AdAlta acquires a share of the asset at exit 3 2 1 3 For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 8 BUSINESS SYSTEM Low cost asset acquisition, efficient value-adding development, high value exit US$93m US$668m Substantial value to be created on exit Median deal value at end Phase 11 Up front payment T otal deal value 5. High value out-licensing 1. Opportunity identification and due diligence 2. Low cost in- licensing 3. Australian manufacturing transfer, clinical trial approval ~12 months 4. Efficient Phase 1 clinical trial ~24 months ~US$15m total investment per asset ~3-4 years from first investment to potential exit Larger biopharma companies conduct late-stage clinical trials and bring to market; pay AdCella milestones and royalties that are shared with China/Asia partner China/Asia biopharma partners create product, conduct pre-clinical testing, generate initial human initial trial data AdAlta leverages third party financing to create value for shareholders – indicative only Ownership – 1st financing Ownership – later financing AdAlta 3rd party financing 1. Company press releases, GlobalData; Beaco n Intelligence For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 9 ASSET #1: FIRST-IN-CLASS ARMOURED X-CAR-T Product #1 Armoured-X-CAR-T What is the product? Anti-PD1 secreting CAR-T manufactured using 30h virus free process Which cancers could it address? Lung, mesothelioma, ovarian, cervical, pancreatic, colorectal cancers >1.5 million relapsed, refractory, metastatic patients pa Why does it stand out from the competition? • First armoured CAR-T against target X • Anti-PD1 secretion addresses known tumour resistance mechanism, bystander effect on all immune cells • Response and survival in advanced mesothelioma superior to current second line (relapse) treatments • Demonstrated activity in other cancers • Rapid, virus free manufacturing reduces manufacturing cost, patient turnaround times What is its development status? 33 patients treated in 3 China clinical (IIT) studies China Phase 1 IND (clinical trial) approval US Orphan Drug Designation (regulatory, tax benefits) Advanced, solid cancer patient: sustained response to armored-CAR-T X-CAR-T Source: Partner data room; GlobalData For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 10 ASSET #2: FIRST-IN-CLASS Y-CAR-T Product #2 Y-CAR-T What is the product? Novel target CAR-T with safety switch, administered IV, IP without lymphodepletion Which cancers could it address? Epithelial solid cancers incl. colorectal, lung and gastric >1.5m relapsed and refractory patients pa Why does it stand out from the competition? • Novel target Y – superior tumour targeting compared to alternatives tried to date • Multi-dosing without lymphodepletion – enables more, higher dosing for better outcomes • Systemic (IV) and local (IP) administration – improved primary and metastatic tumour access • Activates at high antigen density only – minimises off tumour targeting • Safety switch – enables turning off CAR-T What is its development status? 9 patients treated in 2 China clinical (IIT) studies Extensive pre-clinical research in China Additional bispecific follow-on products and platform technology acquisition opportunity • We conducted a tumor re-challenge study in which mice were re-engraftment with tumor cells after having experienced a complete response to a primary tumor using B4T2-001 CAR-T cells exhibited superior persistence and protective capacity in vivo ⁻ B4T2-001 CAR-T cells were NOT re- administered upon re-engraftment • Ten days after the tumor re-engraftment, the tumors in all animals started to be eliminated B4T2-001 B4T2-001 CAR-T pancreatic tumor re-challenge NSG mice n=59 19 29 39 47 57 67 77 87 97 107 117 127 0 50 100 150 200 400 600 800 1000 1 10 100 1,000 10,000 100,000 1,000,000 Days Post CAR-T Dosing Tumor Volume mm3 B4T2-001 CAR-T Blood Exposure: CAR T cell /100ul Blood Untransduced T Cell Control B4t2-001 CAR-T Blood Level (by FACS) CAR-T Infusion Tumor Re-engraftment 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 gastro-intestinal cancer patient Pancreatic tumor cleared by Y-CAR-T in re-challenge model Y-CAR-T treated Y-CAR-T blood level (RHS) Tumor engraftment + CAR-T Tumor engraftment only Source: Partner data room; GlobalData For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 11 “EAST TO WEST” STRATEGY SUMMARY Substantial value inflection potential by bringing “Eastern” cellular immunotherapy innovations to “Western” regulated markets Exclusive focus on T cell therapies for solid cancers targets less competitive markets while utilising proven cellular immunotherapies Combining Asia's innovative T cell therapies for solid cancers and Australia's manufacturing advantages leverages unique regional benefits 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 AdCella 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 For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 12 12 AD-214: A NEW APPROACH TO FIBROSIS AVAILABLE FOR PARTNERING For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 13 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$4.3b1 ✓ Multiple US$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 1. GlobalData, Idiopathic Pulmonary Fibrosis: Competitive Landscape, April 2023; Roche and Boehringer Ingelheim financial reports, AdAlta analysis For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 14 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 For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 15 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 For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 16 16 WD-34 I-BODY: A POTENTIAL BREAKTHROUGH IN MALARIA AVAILABLE FOR PARTNERING For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 17 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$990 million market for anti-malarial drugs4 (travellers, deployed personnel ✓ Market limited by poor efficacy, cost of 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://pu blichealth.jh u.edu/2023/malarias-comeback-in-the-us an d h ttps://blogs. biomedcen tral. co m/bu gbitten/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. 4. Grandview Research, “Anti-malarial Drugs Market Size, Share & Trends Analysis Report 2024-2030”. 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® For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 18 18 CORPORATE INFORMATION For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 19 CORPORATE SNAPSHOT AdAlta Limited Code ASX:1AD Market Capitalisation $3.0m Enterprise Value $1.7m Cash (30 June 2025) $1.3m Significant Shareholders Sacavic Group 14.4% Meurs Group 8.0% Platinum International Healthcare Fund 7.1% Chunyan Niu 5.8% ~1,340 other shareholders 64.7% Specialist in next-generation cell and protein therapeutics for fatal diseases Exclusive position on three "East-to-West" cell therapy assets, with team and execution 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 Attractive valuation (trading at cash value) For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 20 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 Executive Angus Tester, PhD Senior Director Operations 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 For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 21 TRANSACTION-BASED GROWTH STRATEGY IS BEING DELIVERED “East to West” cellular immunotherapy growth strategy positioned for growth leveraging Asia region and business model advantages in high value, high growth sector Exclusive position on first two assets 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 – trading at shell value, potential for a single transaction to materially influence valuation For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 22 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 For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 23 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 7 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$20.3B forecast cellular immunotherapy revenue for 20284 T cell solid cancer therapy: the next frontier for cellular immunotherapy Complete response rates: 2 83% r/r pALL 51-65% r/r LBCL 78% r/r MM 1. Comp an y web sites and financial filings 2. Kymriah, Yescarta and Carvytki prescribing information; r/r = relap sed /refractory; pALL – paed iatric acu te lymph ob lastic leuk emia, LBCL = large B cell lymp hom a, MM = mu ltiple myeloma 3. http s://www.fd a.g ov/vaccines-bloo d-biologics/app roved-blood-prod ucts/amtagvi; http s://www.fd a.g ov/vaccines-bloo d-biologics/aucatzyl 4. Grandview Research, “T-cell Therapy Market S ize, Share & Trends Analys is” Feb 2021; Polaris Market Research, “CAR-T Cell Therapy Market Share, Size, Trends, Ind ustry Analysis Report”, June 2021 For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 24 VALUE AT EXIT: PHASE I CAR-T LICENSING TRANSACTIONS Date Drug(s) Licensor Licensee Deal stage Lead indications Total value (US$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% For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 25 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 for Regenerative Medicine, Developer Data Report Q3 2023 3. GlobalData, Pharma Intelligence Centre, Clinical Trials Database (accessed 5 April 2024) 4. BioCentury, 23 January 2025 5. https://www.bio pharmadive.com/spons/is-2025-the-chinese-year-of-bio pharma/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 For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 26 LEVERAGING ADCELLA’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 Process: asset sourcing discipline • Tap Asian innovation; ongoing Asia clinical trials leverage • Utilise Australian translational and manufacturing excellence • Leverage Australian cost advantage over US Place: network and ecosystem • 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 Value: capital-light, risk managed • Asset financing to ”Westernise” • Generate important FDA regulated clinical data, manufacturing site • Partner maintains control of asset; benefits from value inflection Value: USP for partners For personal use only
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AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 27 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 Exclusive access to three assets (term sheets signed, exclusive negotiation period) Oct-2024Jul-2024May-2024Apr-2024 Carina Biotech collaboration to develop i-body® bi-specific CAR-T cells Aug-2021 2 assets selected for licensing First transaction targeted Q3 2025 (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; multiple products being monitored Asset acquisition stream – exclusive access secured • T echnical and on-site diligence, development planning complete • On track for first asset license Q3 2025 • Discussions opening with clinical trial sites Financing stream • Seed financing from SYNBV, subject to closing conditions • On going discussions with global financial partners – generally conditional on securing first license Negotiating platform technology access For personal use only