AdAlta (1AD) Q3 2026 TU earnings summary

Executive summary

• Launched "East-to-West" strategy with BZDS1901 CAR-T therapy, targeting mesothelioma and other solid cancers through a co-development agreement with SHcell.

• Early clinical results in advanced mesothelioma showed multiple tumour responses and two complete responses, with one patient alive 22 months post-treatment and no recurrence.

• Manufacturing transfer to Australia and automation initiatives aim to enhance scalability, reduce costs, and support future clinical trials.

• Monetisation efforts for i-bodyⓇ assets (AD-214 for fibrosis, WD-34 for malaria) continue, with new partnership and funding discussions underway.

Financial highlights

• Cash balance at end of Q3 FY26 was $0.83 million, down from $1.58 million at the end of Q2 FY26.

• Net cash operating outflows for Q3 FY26 were $1.93 million, including a $1.46 million payment to SHcell.

• $1.2 million raised via private placement; $0.15 million received as R&D Tax Incentive refund.

• Underlying cash operating costs for Q3 FY26 were $0.46 million, down from $0.52 million in Q2 FY26 (excluding SHcell payment).

Outlook and guidance

• Near-term objectives include US FDA pre-IND meeting, manufacturing optimisation, ongoing clinical results from China, and preclinical IND-enabling studies for BZDS1901.

• Additional capital raising initiatives are underway to support ongoing operations and strategic objectives.