AdAlta (1AD) Investor Update summary

Strategic focus and growth initiatives

• Pursuing an "East-to-West" strategy to in-license differentiated Asian cell therapies for solid cancers, leveraging Western clinical validation and market access, and advancing AD-214 for fibrotic diseases through out-licensing or co-investment.

• Focused on scalable, capital-efficient growth in cellular immunotherapy and fibrotic disease markets, targeting value creation through transactions and partnerships.

• Robust asset selection prioritizes innovation, manufacturability, and clinical activity, with a deep opportunity pipeline and plans to secure the first asset in H1 2025 and three by year-end.

• Initial pipeline includes advanced CAR T cell therapies for lung, colorectal, gastric, and other solid tumors, with annual new clinical trials targeted from 2026.

• Announced strategy in 2021, with multiple assets in diligence, collaborations established, and first non-binding in-licensing term sheet signed.

Competitive advantages and business model

• Capital-efficient, de-risked investment model focuses on assets with existing clinical data, limited competition, and short development cycles.

• Unique partnering approach offers asset-specific financing and value sharing, enabling partners to benefit from Western market uplift.

• Integrates Asian innovation with Australian clinical and manufacturing strengths, leveraging a global network for rapid value inflection.

• Australia provides a cost-effective, advanced ecosystem for cell therapy development and delivery.

• On-licensing to commercialization partners supports scalable growth and repeated product licensing.

Market opportunity and positioning

• Cellular immunotherapy market projected to reach US$20.3B by 2028, with solid tumors expected to contribute over 50% of revenues by 2030.

• Asia leads in clinical trials, but innovation flow to Western markets is limited by capital and regulatory barriers.

• AD-214 targets a US$4.3B market for idiopathic pulmonary fibrosis.