AdAlta (1AD) Study Update summary

Strategic Transformation and Pipeline Development

• Pursuing an East-to-West strategy by in-licensing next-generation cellular immunotherapy assets from Asia, establishing Western manufacturing, and generating clinical data for on-licensing to biopharma partners.

• Focused on T cell therapies for solid cancers, targeting less competitive markets with high unmet need and leveraging Asia's innovation and Australia's manufacturing strengths.

• Three highly differentiated CAR-T assets are under exclusive negotiations, with technical and on-site due diligence nearly complete and first asset license targeted for Q2 2025.

• Business model is capital-light and scalable, using third-party investment for asset development and aiming for frequent clinical milestones and short investment horizons.

• Initial financing is underway, with a rights offer to raise AUD 1.3 million and seed investment commitments.

Market Opportunity and Competitive Positioning

• The cellular immunotherapy market for solid tumors is projected to reach US$20.3 billion by 2028, with 50% of revenue from solid tumors by 2030.

• Over 60% of global clinical trials in cellular immunotherapies are in China, providing a rich source of innovation.

• Australia offers a robust clinical and manufacturing ecosystem, with high CAR-T cell therapy penetration.

• Recent licensing deals for Phase I CAR-T assets have median total values of $667.5M and upfront payments of $92.5M.

• The company acts as a bridge, enabling Asian innovations to access Western markets by generating first Western clinical data.

Asset Pipeline Highlights

• Three lead CAR-T assets target solid tumors, each with first-in-class or best-in-class differentiation and clinical data in humans.

• Armored CAR-T shows 63.5% ORR and over 40 months mOS in advanced mesothelioma, with manageable safety and US Orphan Drug Designation.

• Second CAR-T asset demonstrates activity in heavily pre-treated patients, potential for multi-dosing without lymphodepletion, and a kill switch for safety.

• Third CAR-T asset achieved US FDA IND, targets circulating tumor and stem cells, and shows up to 40% ORR and over 40 weeks mOS in advanced gastric cancer.

• Each asset is developed through a finite investment cycle, with the goal of annual clinical trial entries and first exit by 2028.