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NASDAQ: MBRX | moleculin.com NASDAQ: MBRX | moleculin.com February 18, 2026 Corporate Presentation
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Disclaimer All statements contained herein other than statements of historical fact, including statements regarding our future results of operations and financial position, our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. Our potential to sustain our relationship with MD Anderson revolves around the continued collaboration and capitalizing on intellectual property resulting from sponsored research. The feasibility and promptness of our clinical trials are influenced by regulatory stipulations from entities like the US Food & Drug Administration (FDA) and their global counterparts. As such, all of our trials, including the MIRACLE trial, are subject to timely, future filings with and feedback, allowance, approvals, etc. from the FDA and their global counterparts. The implications of global events, such as the conflict in Ukraine, the COVID-19 pandemic, and prevalent supply chain challenges, play a role in our forward-looking statements. We will require significant additional financing, for which we have no commitments, in order to conduct our clinical trials as described in this presentation, and the milestones described in this presentation assume our ability to secure such financing on a timely basis. Additionally, our ongoing need for securing regulatory approvals in essential markets, and sourcing cost-effective drug solutions are core to our forward-looking statements. Furthermore, our commitments concerning intellectual property licenses, the potential efficacy of our drug candidates, market reception, potential product liabilities, and the emerging competitive landscape are also fundamental to our forward-looking statements. Any reference related to cardiotoxicity or the lack thereof concerning Annamycin is based on our expert’s opinion as detailed in our filings, from time to time, with the SEC. Our dependencies on third- party manufacturers, strategies for establishing business collaborations, the defense of our intellectual property rights, our plans for fostering company growth, and the imperative to retain key executive personnel also guide our projections. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this presentation may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. More detailed information about Moleculin is set forth in our filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC ’swebsite at http://www.sec.gov. Data related to currently active trials of Moleculin are preliminary and subject to change until a final Clinical Study Report is published. 2
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Technology Portfolio 3 Program Indication Preclinical/ IND/CTA Phase 1 Phase 2 Phase 3 Annamycin Next-Gen Anthracycline R/R AML STS Lung Mets Pediatric R/R AML Pancreatic Cancer Pancreatic Cancer WP10661 STAT3 Inhibitor Adult GBM Pediatric Brain Tumors WP1122 Anti- Metabolite GBM; Virology Miracle: Adaptive Phase 2B/3 Active 2 Trials - 1 Closed; 1 Not Recruiting; P3 Ready Emory IIT P1 Closed; Preclinical active and P2 Planning NU IIT with Radiation Active; P2 Active IIT P2 Ready Investigator-initiated funded development active or targeted 1. This is the oral formulation. WP1066 IV formula has preclinical work being performed at Emory ITT. All technology derived from or jointly developed with MD Anderson Cancer Center (Houston) Q1 2026 45th subject treated with unblinding of data for 45 subjects thereafter Received Positive FDA Feedback, Start of Phase 2B/3 Trial Expected 2027 Phase 1b/2: Investigator-Initiated at Atlantic Health System – IND planning active UNC Chapel Hill IIT in vitro / in vivo + other
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Opportunity for Market Cap Breakout Annamycin: Disruptive Technology – Unique, patented, non-cardiotoxic, overcomes multidrug resistance; addresses significant unmet need; other potential cancer targets; potential for multiple cycles Annamycin: Clinically Advanced – Phase 2 efficacy significantly better than any 2L AML therapy ever approved; Phase 3 Pivotal R/R AML trial underway with FDA guidance and low approval bar; two data readouts in 2026; Encouraging efficacy also seen in STS Phase 2 trial Diverse Pipeline – Additional oncology/viral drug candidates with successful Phase 1 trials being funded by investigator-initiated studies Broad Application – Multiple cancer indications (10X AML) are supported by preclinical models Deep Management Bench – 200 years of biotech experience; multiple FDA approvals 4
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Donald Picker, PhD Chief Scientific Officer Jonathan P . Foster Executive VP & Chief Financial Officer Dr . John Paul Waymack Senior Chief Medical Officer Wolfram C. M. Dempke, MD, PhD, MBA European Medical Advisor Robert Shepard, MD, FACP Medical Advisor Walter V. Klemp Founder, President, CEO and Chairman FDA Approvals7 Big Pharma Exits2 Moleculin Clinical Trials14 Million in Management Investment in MBRX~$1 Years of Combined Drug Development Experience 200 Our Team 5 Adriano Treve Strategic Advisor
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6 Annamycin: A New Disruptive Tool for Second Line AML and Beyond
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7 1 – Median; 2L subjects (n=10) 2 – Median; 1-3L CR’s (n=8). Durability for CRc is ~6 mos (n=9). 3 – CR or better responders (n=8). 4 continue with OS. 4 – For all subjects measurable OS (n=22). 5 -Bruno C. Medeiros, Is there a standard of care for relapsed AML?, Best Practice & Research Clinical, Haematology, Volume 31, Issue 4, 2018, Pages 384-386, ISSN 1521-6926; Roboz GJ, Sanz G, et al. Guadecitabine vs TC in relapsed/refractory AML after intensive chemotherapy: a randomized phase 3 ASTRAL-2 trial. Blood Adv. 2024 Apr 23;8(8):2020-2029. doi: 10.1182/bloodadvances.2023012062. PMID: 38231126; PMCID: PMC11103175.; Faderl S, Wetzler M, et al. Clofarabine plus cytarabine compared with cytarabine alone in older patients with relapsed or refractory acute myelogenous leukemia: results from the CLASSIC I Trial. J Clin Oncol. 2012 Jul 10;30(20):2492-9. doi: 10.1200/JCO.2011.37.9743. Epub 2012 May 14. PMID: 22585697; PMCID: PMC4874149. All – As of June 30, 2025. Data is preliminary subject change and subject to final Clinical Study Report. CR1 CRc1 OS for CR3 OS for 2L1 OS for (1-7L)4 CR Durability2 MRD Negative3 BMT3 50% 60% 15 months+ 12 months+ 9 months 10 months+ 75% 50% The Phase 2 data shown here represent more than 2x the complete remission rate of the leading 2L AML treatments. Durability and OS are also substantially higher. Annamycin Delivered Superior Efficacy in R/R AML Note: MB-106 Trial; Annamycin in combination with Ara-C (AnnAraC)
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8 0.5% 16.2% 65.4% 100.0% 0% 20% 40% 60% 80% 100% 100 300 550 850 mg/m2 FDA-recommended lifetime Cumulative Dose Limit of doxorubicin hydrochloride/m2 body surface area. Estimated Cumulative Percentage of Patients with On Study Cardiac Events, by Cumulative Dose Dose-Related Risk of Doxorubicin-Induced Congestive Heart Failure (CHF); Patients with CHF by Cumulative Dose 0.50% 1.80% 3.75% 8.25% 0% 2% 4% 6% 8% 10% 150 300 450 600 mg/m2 Traditional Anthracycline Cardiotoxicity Accumulates Over Time and Limits Efficacy
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9 Annamycin - Efficacy of Traditional Anthracyclines with Less Toxicity Plus Potential for Maintenance Therapy Non-Cardiotoxic Zero cardiotoxicity per independent expert (84 subjects reviewed to date) Patients treated up to 5x FDA lifetime max for Dox Enables repeated cycles and consolidation with currently prescribed anthracyclines, Ara-C and Venetoclax in preclinical models Avoids Cross Resistance Annamycin Zero Cardiotoxicity Wider therapeutic window Avoids multidrug resistance Better tissue/organ targeting
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Approved Therapies Leave an Unmet Need in ~60% of AML Patients1 10 Notes: 1. Management estimates; 2. Net of relapse, Management estimate, varies depending on study; 3. % of AML population sustaining durable positive outcome via BMT or remission, allowance made for other therapies where appropriate in the percentages shown Fit? Positive Outcome 58% Unmet Need 18% 32% 31% 4% 4% 19% 14% 15% 50% 50% 7+3 (or other) BMT/ Remission BMT/ Remission Ven-Aza (or other) Daunorubicin (+ Ara-C) Venetoclax (+ Azacitidine) Targeted Therapy Regimen 7+3 Ven-Aza Gene-Targeted Sub-population Fit Patients (50%) Unfit Elderly (50%) 55%-65% Eligible Durable CR% 36%2 37% ~21% All AML benefit3 14% 15% 7% Critical characteristics Cardiotox; de novo/acquired resistance Still leaves significant unmet need Limited to certain gene mutations + + 36%2 + 80% + 37% + 80% Targeted +18% 7% 8% @ +80%
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MB-106 (Annamycin + Ara-C (AnnAraC); n=22) 11 Notes: 1) As of June 30 2025. Data from MB-106 are for intent to treat subjects who had efficacy determined (n=22); 2) Data from MB-106 are preliminary and subject to change – CSR to be published; and 3) Relapses include 1 death due to pneumonia (unrelated to drug). Line of Therapy All Lines (1st – 7th) 1st Line 2nd Line 2nd & 3rd Line Combined Subjects Evaluable 22 4 10 14 Subjects Evaluable Not Dosed per Protocol 2 0 1 1 Median Age - Years (Range) 67.5 (19-78) 56.5 (19-69) 71 (53 - 78) 69.5 (53-78) Complete Remission (CR) 8 (36%) 2 (50%) 5 (50%) 6 (43%) Complete Remission Composite (CRc) 9 (41%) 2 (50%) 6 (60%) 7 (50%) Partial Response (PR) 2 0 1 2 BMT to Date 4 1 2 3
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Annamycin Provided 2-Fold or Greater Efficacy than Targeted Therapies1 12 (FLT3) (IDH2) (IDH1) (IDH1) (CD33) (2nd Line)2 2 4 6 7 2,52,5 (CR rate x Eligibility) 21% 19% 22% 32% 13% 14% 18% 50% 5.8% 2.3% 1.7% 2.4% 1.3% 4.9% 18.0% 50.0% 0% 10% 20% 30% 40% 50% 60% Gilteritinib (Xsopata) Enasidenib (Idhifa) Ivosidenib (Tibsovo) Olutasidenib (Rezlidhia) Gemtuzumab (Mylotarg) Ziftomenib Ara-C (HiDAC) AnnAraC (Anna+AraC) ~18% of 2L AML Patients Expected to Achieve CR w/ approved therapies (NPM1/ KMT2Ar) See Appendix for Notes 2 CR Prevalence Weighted Benefit 3
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AML Key Opinion Leaders’ Support for Annamycin 13 “The preliminary clinical activity of Annamycin in heavily pretreated, relapsed/refractory AML patients who had progressive disease following Ara-C and VEN is very exciting and would provide a much-needed treatment option for other patients who otherwise have very poor outcomes. Having a drug that can overcome these resistance pathways and provide a benefit in these high-risk patients, while not doubling-up on toxicities could truly be a game-changer .”1 Giovanni Martinelli, MD, University of Bologna, Lead of the EU financed program IMPACT-AML and member of the Moleculin Scientific Advisory Board 1. Moleculin. (2024, December 11). Moleculin Announces Online Publication of Preclinical Data Demonstrating Significant Activity of Annamycin in Venetoclax Resistant AML Model [Press Release] 2. Moleculin. (2024, November 18). New Findings Show Moleculin’s Annamycin Overcomes Resistance to Venetoclax in AML [Press Release] 3. Andreeff, M. (2024, May 7). Acute Myeloid Leukemia (AML) Clinical Day. [Video]. Moleculin Biotech, Inc. 4. Moleculin. (2024, May 1). Moleculin Announces Formation of Scientific Advisory Board to Support Development of Annamycin [Press Release] 5. Cherry, M. (2024, October). Moleculin Biotech KOL Event. [Video]. Moleculin Biotech, Inc. “Annamycin combined with Ara-C could significantly advance the standard of care and provide better outcomes for these high-risk patients. I am excited to be a part of the next step in the development of this important asset2.… This is very striking data, and what is interesting it holds up for patients who had Venetoclax based treatments but also patients who have chemotherapy. We are involved in a large number of new agents and the data that is shown here is always inferior to these really incredibly high response rates to Annamycin.”3 Michael Andreeff, MD, PhD, Professor of Medicine, Department of Leukemia, Division of Cancer Medicine, The University of Texas MD Anderson Cancer Center and a member of the Company’s Scientific Advisory Board “Definitely there is unmet need, and we have to remember that more than 50% of patients are still dying from AML despite all the recent advances. And the situation is more grim in the relapsed/refractory setting, where if you don't have a targetable mutation, then your only chance for cure is bone marrow transplant. So, the exciting idea about a new anthracycline without cardiotoxicity is extremely important, and especially where Venetoclax might fail.”5 Mohamad Cherry, MD, Medical Director of Hematology at Atlantic Health System “The latest preliminary AML data suggest that Annamycin could result in a promising new treatment for AML. I am excited to work alongside the Moleculin team to continue advancing its development and further explore its potential to address these areas of significant unmet need.”4 Martin Tallman, MD, Internationally Renowned Clinical Investigator whose Discoveries have Fueled the Progress of Leukemia-Targeting Therapies
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FDA Established Pathway to Approval 14 Adaptive trial design per Project Optimus2 determines Part B dose Compare Annamycin + HiDAC (AnnAraC) v. HiDAC alone AnnAraC v. HiDAC1 3 Arm w/ 2 Early Data Readouts CR = Primary Endpoint SoC Post R/R Either Arm Primary Endpoint is Complete response after ~35 days (OS is secondary) Notes: 1 – High-Dose Ara-C (2 gm/m2/day for 5 days); 2 – See Project Optimus slide in Appendix Standard of Care available to all R/R subjects post initial treatment Met with the FDA in summer 2024 for an End of P1B/2 Meeting which assisted with development of the MIRACLE trial. FDA agreed that MB-106 demonstrated no cardiotoxicity.
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15 Adaptive Trial Design Adult R/R AML 2nd Line n=~75-90 randomize 1:1:1 Control Arm HiDAC + placebo (n=30) Annamycin 190 mg/m2 + HiDAC (n=30) Annamycin 230 mg/m2 + HiDAC (n=30) Establish Optimum Dose* Adult R/R AML 2nd Line n=222 randomize 1:1 Annamycin Optimum Dose + HiDAC (n=111) Pooling of Part A (30) and Part B (111) Control Arm HiDAC + placebo (n=111) Pooling of Part A (30) and Part B (111) *Criteria: Efficacy Safety Tolerability 2 Unblinded Data Readouts Part A Part B Doses and adaptive design recommended by FDA in end of Phase 1B/2 meeting; Primary Endpoint = CR rate at ~1 month; US IRB approved; may reduce Part A to 75 subjects if dose optimization possible at first unblinding (n=45) Note: The clinical trial approval with EMA was granted under the condition that the Company present results of appropriate nonclinical GLP studies before initiating the Phase 3 portion (Part B) of the study. Results will be submitted as a substantial modification to the existing approved protocol.
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Recruitment & Preliminary Blinded Activity 16 30 5 2 11 4 0 10 20 30 40 50 60 Recruitment Identified Consented/Failed Screening Screening Treating/ed No Data Treated Prelim Results 9 3 18 CR CRh No Response Efficacy is within mgt expectations considering randomization CRc 40% CR 30% CRh 7% 30% 10% 23% failed screening 48 consented to date Preliminary and Subject to Change As of 2/10/26 Prelim Blinded Efficacy (n=30)
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Potential Accelerated Timeline 17 Note: NDA rolling process length dependent upon level of funding of CMC and supporting NDA data efforts. Part A (n=~90; 3 arm; 1:1:1) Type A Part B (per protocol; n=~222; 2 arm; 1:1) Part B (amended n=~120; 1 arm) 2025 2026 2027 Rolling NDA If Part A meets high end of expectations, we may be able to shorten Part B to single arm safety/DEI only Drug approval process could start as early as 2027 Blinded Data Readout @ n=30 Unblinded Data Readout @ n=45 Data Readout @ n=90
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US Site Selection is Moving Quickly 18 Sites Open (Feb 2026) In process for Part B Part A Targeted ~5+ sites Part A Targeted ~25 sites 1 recruiting Ukraine Consistent feedback from face-to-face meetings with over 30+ potential investigators: “Annamycin is desperately needed to fill the unmet need for R/R AML despite advancements with targeted therapies.” Competing R/R AML trial in the EU is a 2nd and 3rd line basket trial of high intensity vs low intensity regimens ~10 sitesPart B APAC Rim Targeted Sites Part A & B Total ~45 sites targeted Georgia Poland Lithuania Romania Part A = 30+ sites Part B = ~45 sites Focus is on increasing US recruitment
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19 MB-107 STS Lung Mets w/ Annamycin Summary* *Per final clinical study report
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MB-107 Overview LIPOSOMAL ANNAMYCIN (L-ANNAMYCIN)1, MB-107 – PHASE 1B/2 STUDY OF LIPOSOMAL ANNAMYCIN (L- ANNAMYCIN) IN SUBJECTS WITH PREVIOUSLY TREATED SOFT TISSUE SARCOMAS WITH PULMONARY METASTASES A multi-center, open-label, single-arm study that in Phase 1B determined the Maximum Tolerable Dose and recommended Phase 2 Dose (“MTD”, “RP2D” respectively) and safety of L-Annamycin and in Phase 2 explored the efficacy of L-Annamycin as a single agent for the treatment of subjects with Soft Tissue Sarcoma (STS) with lung metastases (“STS Lung Mets” ,“Advanced STS”) for which chemotherapy was considered appropriate. Phase 1b 19 subjects Dose range: 210 - 390 mg/m2 Total n=36, with n=32 evaluable for PFS (4 lost to follow up or withdrew) 1 – Also known as “Annamycin” and “Naxtarubicin”. Source: Table 5 of Clinical Study Report (“CSR”) RP2D established: 330 mg/m2 Phase 2 17 subjects treated at RP2D 20
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Median OS Outperforming in STS Lung Mets *Comandone A, et al; “Salvage Therapy in Advanced Adult Soft Tissue Sarcoma: A Systematic Review and Meta-Analysis of Randomized Trials”; The Oncologist 2017;22:1518–1527 SoC Experimental 2nd Line 7th Line 8-12 Months 13.5 Months Meta Analysis of 10 Studies and 2,267 Subjects* (Range of Salvage Therapies) MB-107 (n=36) (Annamycin) Annamycin delivering better performance 7th line than would be expected even in 2nd line for monotherapy 13.4 Months 21
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PFS and OS Improved in Dose Dependent Manner n=32 CBR after 2 cycles n=18 ≤ 2 prior lines n=7 63 122 127 13.5 19.7 19.9 n=32 Median PFS (Days) Median OS (Months) 210-390 mg/m2, Median 6 prior lines ≤ 330 mg/m2 CBR after 2 cycles n=18 ≤ 2 prior lines n=7 ≤330 mg/m2 and ≤2 prior lines of therapy showed improvement in OS and PFS Responders (SD or PR) after 2 cycles showed improvement in OS and PFS 210-390 mg/m2, Median 6 prior lines ≤ 330 mg/m2 22
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The Full Annamycin Opportunity Extends to Multiple Solid Tumor Indications1 23 Cancer cases per year US+EU 5,000,000 Treated with anthracyclines ~50% 2,500,000 Annamycin courses per year 10% 250,000 Annual revenue potential $20k - $50k per course (~4-5x current generics) $5 - $12 billion Indication Status US Incidence AML Phase 3 22,000 STS Lung Phase 2 13,000 Pancreatic Liver Pre-clinical 60,000 Colorectal Liver Pre-clinical 104,000 Colorectal Lung Pre-clinical 104,000 RCC Lung Pre-clinical 67,000 Endometrial Lung Pre-clinical 67,000 HCC Pre-clinical 33,000 TNBC Lung Pre-clinical 41,000 Osteosarcoma Lung Pre-clinical 1,000 Total 512,000 1 - Per management’s estimates Indications Supported by Existing Clinical & Preclinical Data How Big Could the Market Be for Annamycin?
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24 Corporate
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Financials • ~$14M Pro forma Q3 cash on hand with runway into the 2nd Qtr. 20261, 2 • ATM of $8.2M available ~$30 M Market Cap3 3.2 Shares O/S4 ~500K – Daily Trading Vol.5 25 Nasdaq: MBRX 1: Based on management’s current estimates of operations. 2: Cash on hand as of September 30, 2025, plus proceeds from financing post quarter-end; 3: 90 day high x shares O/S as of February 17, 2026; 4: As of February 17, 2026; 5. As of February 17, 2026– 3 mo. avg. per iHUB. Mgt has reduced overhead and engaged with institutions for IIT programs for preclinical and clinical activity for Annamycin & WP1066 programs while accelerating Phase 3 data readouts.1
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Q1 2026 2028 26 Upcoming Annamycin & WP1066 Milestones Update on non-cardiotoxicity review of subject data by the Company’s independent expert Primary efficay data for MIRACLE Annamycin AML & Pancreatic WP1066 - CNS Q1 2026 2H 2026 Phase 2 GBM at Northwestern continues Phase 2 pediatric trial brain tumor begins at Emory Preclinical data on WP1066 IV formulation Rolling NDA BeginsEnd recruitment of Part B Begin pediatric AML clinical study Begin recruitment of 3rd line AML subjects 2027 MIRACLE – 45th subject treated in Q1 with unblinding of data for 45 subjects late Q2 2H 2026 Atlantic Health pancreatic cancer clinical trial begins MIRACLE – 90 subjects unblinded Q3 2026 MIRACLE – 90th subject recruited MIRACLE – Start of Part B
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27 1. All three are pursuing essentially the same patient population; best overall performance from either NPM1 mutation or KMT2A rearrangement cohorts; 2. Limited to 2nd Line due to low CRc performance; 3. Jazz and AbbVie revenue per SEC disclosure, Servier revenue per Management estimate based on Agios revenue disclosure for Tibsovo sales and Idhifa royalties; 4. Company press release - https://investor.jazzpharma.com/news-releases/news-release-details/jazz-pharmaceuticals-and-celator-pharmaceuticals-announce; 5. Company press release - https://servier.com/wp-content/uploads/2022/11/servier-completes-acquisition-agios-oncology-business_PR.pdf; 6. See Corporate slide. Opportunity for Market Cap Breakout Approved Phase 2 Complete Pre-Approval 1st Line 2nd Line Jazz AbbVie Servier Kura1 Syndax1 JNJ1 Moleculin Vyxeos Ven-Aza Idhifa/Tibsovo Ziftomenib Revumenib 617 Annamycin N 153 286 199/174 20 57 17 10 CR 38% 37% 19%/25% 35% 18% 24% 50% CRc 48% 64% 23%/33% 40% 25% 47% 60% AML Population 50% 50% 15-23% 30%2 24%2 30%2 60% Revenue3 $128M $2B ~$150M Valuation $1.5B N/A $2B ~$.8B ~$1.5B N/A ~$.024B Exit4 (Acquisition of Celator, 2016) Exit5 (Acquisition of Agios, 2021) Market Cap6 Market Cap6 Market Cap6