AdAlta (1AD) H1 2026 earnings summary

Executive summary

• Launched 'East to West' cellular immunotherapy operations via AdCella, executing a major collaboration with Shanghai Cell Therapy Group to co-develop BZDS1901, a next-generation CAR-T therapy for solid cancers.

• Focused on advancing out-licensing and partnering opportunities for AD-214 (fibrotic diseases) and WD-34 (malaria prophylaxis), with active discussions ongoing.

• Raised $2.8 million through placements and received $0.93 million in R&D Tax Incentive refunds, improving the balance sheet and repaying the Radium RDTI advance loan facility.

• Reduced quarterly cash operating costs by 31% (Q2 FY26 vs Q1 FY26) through cost management initiatives.

Financial highlights

• Revenue from ordinary activities decreased 18.4% to $306,150 compared to the same period last year.

• Net loss after tax decreased 5.4% to $2,437,141 (31 Dec 2024: $2,576,431).

• R&D expenditure increased to $1,607,550 (31 Dec 2024: $495,350), while corporate and admin expenses fell to $632,039 (31 Dec 2024: $1,484,400).

• Cash position at 31 Dec 2025 was $1,583,394 (31 Dec 2024: $1,627,036).

Outlook and guidance

• Near-term milestones include securing additional AdCella financing, completing a pre-IND FDA meeting for BZDS1901, treating more patients in China, and advancing a second product in AdCella's pipeline.

• Ongoing efforts to license or co-invest in AD-214 and WD-34, but timing of partnership agreements remains uncertain.