AdAlta (1AD) Status Update summary

Strategic direction and business model

• Pursues an "East to West" strategy by in-licensing next-generation clinical assets from Asia, establishing Western manufacturing, and generating clinical data for on-licensing to commercial partners.

• Focuses on cellular immunotherapy for solid cancer patients, leveraging unique skills and regional networks to bridge Asian innovation with Western biopharma markets.

• Employs a capital-light, scalable model with frequent clinical milestones and short investment horizons.

• Initial three assets are under exclusive negotiation term sheets from a pipeline of ten high-potential therapies.

Market opportunity and competitive advantage

• Cellular immunotherapy market for solid tumors is projected to reach $20.3B by 2028, with a 34% CAGR.

• Asia leads in clinical trials, providing a rich innovation pool, while Australia offers a strong clinical and manufacturing ecosystem.

• Strategic sourcing and disciplined asset selection focus on differentiated assets with clinical data in solid cancers.

• Asset financing for partners and the "East to West" approach reduce risk and enable more valuable exits.

Asset development and monetization

• In-licenses market-leading assets from Asia at low acquisition cost, then builds value by transferring to Western management and obtaining Western clinical data.

• Establishes global manufacturing and on-licenses to commercialization partners, sharing increased value.

• Capital is leveraged with third-party investment to achieve key inflection points before exit.