AdAlta (1AD) Investor presentation summary

Business model and strategy

• Leverages an 'East to West' model, in-licensing Asian cell therapy innovations and advancing them through Australian clinical and manufacturing infrastructure for Western markets.

• Focuses on solid tumor CAR-T therapies, targeting the underserved 90% of cancers not addressed by current immunotherapies.

• Capital-efficient approach with ~$15M all-in per asset, 43.5% Australian R&D tax incentive, and 25-50% lower costs than the US.

• Assets are in-licensed only with existing human clinical data, de-risking development and enabling rapid progression to exit in 3-4 years.

• Proceeds from commercialization are shared 50-60% with partners, with capital recycled into new assets.

Market opportunity and innovation gap

• Asia, especially China, leads in cellular immunotherapy innovation, with 970+ clinical trials and 350+ developers, but faces barriers to Western market access.

• 61% of global CAR-T clinical trials are run in Asia-Pacific, yet Western regulatory, manufacturing, and commercial hurdles limit global reach.

• Western pharma increasingly sources assets from China, but at high transaction and opportunity costs.

• AdAlta's model bridges this gap, enabling compliant, efficient Westernization of proven Asian therapies.

Lead asset: EW-001 (BZDS1901)

• EW-001 is a mesothelin-targeted, anti-PD1 nanobody-armored autologous CAR-T therapy for solid tumors, licensed from Shanghai Cell Therapy Group.

• Demonstrated up to 20% complete response rate and 50% overall response rate in advanced mesothelioma, exceeding current standards.

• Manufactured in under two days without viral vectors, enabling lower cost of goods and faster production.

• Clinical data supports accelerated or conditional approval pathways, anchoring high-value deal potential.

• Addressable market for mesothelioma alone is ~$4.2B, with potential expansion to 10+ other MSLN-positive cancers.