Slide 1: 2025 Annual Results Update
Stock Code: 6628.HK 2025 Annual Results Update March 31, 2026
Slide 2: Disclaimer
Disclaimer • The information and opinions contained in this presentation are provided as of the date of this presentation, are subject to change without notice and will not be updated or otherwise revised to reflect any developments, which may occur after the date of the presentation. • This present
Slide 3: Today's Agenda and Speakers
Today’s Agenda and Speakers 01 Pipeline & Clinical Progress 02 Manufacturing & Partnerships 03 Financial & Outlook Today’s Speakers Xueming Qian, Ph.D. Charlie Qi, M.D. Weiwei Liang, MBA Tyler Marciniak, M.Sc., MBA Founder/Chairman/CEO EVP, Head of Global R&D/CMO SVP, BD & Corp Strategy / SVP, Capit
Slide 4: Pipeline & Clinical Progress
01 Pipeline & Clinical Progress
Slide 5: Strong Momentum Across Key Therapeutic Franchises
Strong Momentum Across Key Therapeutic Franchises Oncology – Next-Generation Autoimmune Anti-Claudin Franchise Osteoporosis Modalities Diseases Osemitamab (TST001) – TST003 – First-in-class humanized anti- Blosozumab (TST002) – TST801 – First-in-class Potential best-in-class anti- GREMLIN-1 antibody
Slide 6: 2025: Advanced Clinical Programs, Executed Strategic Partnerships and Optimizing Operations
2025: Advanced Clinical Programs, Executed Strategic Partnerships and Continuously Optimizing Operations for Future Growth • Osemitamab Phase II data presented at ASCO Clinical Progress • Further analyses presented at ESMO Asia, showing the benefit in CLDN18.2 positive patients is independent of PD-
Slide 7: Featuring a Robust Pipeline Across Multiple Therapeutic Areas
Featuring a Robust Pipeline Across Multiple Therapeutic Areas Preclinical IND Phase 1 Phase 2 Phase 3 Rights A Full Franchise in CLDN18.2+ Solid Tumors Combination Therapy with PD1/Chemo Osemitamab (Claudin 18.2 mAb) Gastric / Global Combination Therapy with Chemo Gastroesophageal TST-106 (Claudin 1
Slide 8: Blosozumab (TST002)
Blosozumab (TST002) A Phase 2 Sclerostin mAb with Greater Efficacy, Less Frequent Dosing and Potential for USD $500 Million+ Peak Sales in Osteoporosis with High Fracture Risk
Slide 9: Osteoporosis Therapy has Evolved with Sclerostin mAbs
Osteoporosis Therapy has Evolved with Sclerostin mAbs Representing a Major Breakthrough in Bone-building Therapy 2019–Present Next-generation of innovation may include: Sclerostin mAb • Improved anabolic 2015–Present Breakthrough biologics with approval of • Long-acting antibodies 1995–2015 romosozu
Slide 10: Aging Population and Market Opportunity in China
An Aging Population and Significant Market Opportunity in China Present Potential for USD 500 Million+ Peak Sales Rising incidence of OP fractures Rising market size of anti- Aging population in China in China sclerostin drugs in China (RMB bn) 2023 Total OP E 35 patient in China over 20 90 million
Slide 11: Discovery of Sclerostin: A Master Negative Regulator of Osteoblast Stem Cell
Discovery of Sclerostin: A Master Negative Regulator of Osteoblast Stem Cell Sclerosteosis: From Rare Genetic Disorder to Therapeutic Innovation Scientists first discovered a rare genetic disease known as sclerosteosis in an African tribe. It causes excessive growth and hardening of bone tissue, and
Slide 12: Unique Dual Mechanism and Early Clinical Data Position Blosozumab
Unique Dual Mechanism and Early Clinical Data Position Blosozumab (TST002) as Potential Best-In-Class Therapy in Growing Osteoporosis Market % change from baseline of BMD at lumbar spine Dual Mechanisms of Blosozumab (TST002) after 1 year therapy More potent than all currently available anti-OP medi
Slide 13: Encouraging Phase 1b/2a Efficacy Support Further Clinical Development
Encouraging Phase 1b/2a Efficacy Support Further Clinical Development with Potential for Q2M or Q3M Administration Published Blosozumab SAD Study Results* Blosozumab SAD Study Design D85 lumbar spine BMD % change from baseline in TST002 1200mg，n=6+2 800mg，n=6+2 400mg，n=6+2 LSD* 2.77% 200mg，n=6+2 D-2
Slide 14: Recent FDA Changes Make Path to Market Faster
Recent FDA Changes and Signals Make Path to Market Faster, More Capital Efficient and with Higher Return on Investment
Slide 15: Global Development Strategy for Osteoporosis
Global Development Strategy for Osteoporosis Initiate P2b study for Blosozumab (TST002) in Patients with High-risk Osteoporosis Conduct CMC late phase development for pivotal trial material production Develop additional SubQ formulation for patients with osteopenia Initiate development activities fo
Slide 16: Growing Osteoporosis Market Offers Significant Commercial Potential
Growing Osteoporosis Market Offers Significant Commercial Potential for Multiple Indications in China and Beyond * Osteoporotic Vertebral Compression Fracture Source: [1] 2022 Chinese Guidelines for the Diagnosis and Treatment of Primary Osteoporosis [2] 2021 Chinese Guidelines for the Diagnosis and
Slide 17: Osemitamab (TST001)
Osemitamab (TST001) A Phase 3-ready, ADCC-enhanced mAb targeting Claudin18.2 with the potential for Best-in-class combination efficacy in 1L Gastric/Gastroesophageal Junction Cancers
Slide 18: Designed for Best-in-class Profile Targeting CLDN18.2 vs. Zolbetuximab
Specifically Designed to Produce a Best-in-class Profile Targeting CLDN18.2, Particularly vs. Zolbetuximab (approved 2024, FY25 sales projected $400M USD) A Best-in-class Anti-CLDN18.2 Antibody Synergistic Anti-tumor Activities Seen With PD(L)1 mAb CLDN18.2 Humanized positive/PDL1 Higher Enhanced an
Slide 19: Phase 2 Study in Combination with PD1 and Chemo in 1L CLDN18.2+ G/GEJC
Phase 2 Study in Combination with PD1 and Chemo in 1L CLDN18.2+ G/GEJC Cancer Continued to Show Best Therapeutic Potential ORR, DOR, PFS & OS for Patients with PDL1 CPS & CLDN18.2 Known Overall Response Rate Patients Profile CLDN18.2+, all CPS[1] CLDN18.2 + & CPS≥1* HR 0.549 (95% CI 0.302,0.997) CLD
Slide 20: Osemitamab Showed Better Efficacy Against Benchmarks in Cross Trial Comparisons
In Phase 2 Trials, Osemitamab Showed Better Efficacy Against Benchmarks in Cross Trial Comparisons Triple Osemitamab combination in CLDN18.2 (≥40%, ≥2+) & PDL1 CPS-known Group[1] Compared to Nivolumab+Chemo Data in Checkmate 649* and Zolbetuximab+Chemo Data in GLOW** (months) (months) (months) 80%
Slide 21: Global Phase 3 Study Design Overview
Global Phase 3 Study Design Overview All regions (US, Asia, Europe, ROW) 820 patients with CLDN18.2 positive, all PD-L1 CPS Locally Advanced or Includes Japanese cohort with early look at safety Metastatic Locally Advanced or Metastatic Gastric/GEJ Gastric/GEJ TST001 + CapOx or mFOLFOX6 + PD1 Adenoc
Slide 22: A New Standard of Care Treatment
Osemitamab, in Combination with PD1 Inhibitor Plus Chemotherapy, Could Change the Treatment Paradigm for over 300k Patients1,2 with CLDN18.2 positive solid tumors 2030 and 2021-2024 2025-2030 beyond 1L 1L 1L A New • Chemo • Zolbetuximab + • Osemitamab+PD1 +chemo Standard of Care chemo • PD1+chemo •
Slide 23: Osemitamab is the Cornerstone of Leadership in CLDN18.2-positive Tumors
Osemitamab is the Cornerstone of Leadership in CLDN18.2-positive Tumors, With Multiple Approaches Targeting Numerous Indications & Multi-billion Potential First-line G/GEJC Peri-Operative GC First-line PDAC First-line NSCLC Combo with CPI / Potentially First Mover Chemotherapy Anti-CLDN18.2 mAb Soli
Slide 24: Ozekibart (INBRX-109)
Ozekibart (INBRX-109) A DR5 Agonist for Chondrosarcoma and other Advanced Solid Tumors, for which Transcenta holds rights to develop and commercialize in Greater China
Slide 25: Global Registration Enabling Phase 2 Trial Achieved Primary Endpoint of mPFS
Global Registration Enabling Phase 2 Trial Achieved Primary Endpoint of mPFS Designed to Maximize Therapeutic Index of DR5 Activation While Avoiding Normal Tissue Toxicity Ozekibart significantly prolonged mPFS vs placebo and led to 52% reduction in the disease progression or death U.S. Biologics Li
Slide 26: Earlier Stage Pipeline
Earlier Stage Pipeline Featuring more than 10 innovative assets for oncology and non-oncology indications
Slide 27: TST106: Humanized Bispecific ADC Targeting CLDN18.2
TST106: A Humanized Bispecific ADC Targeting CLDN18.2 and an Undisclosed Tumor Antigen Expressed in Multiple Tumor Types Issues w/ current anti-CLDN18.2 agents Transcenta Approach for TST106 On Target Off-tumor Side Effect GI toxicities due to CLDN18.2 expression in normal gastric tissues Zolbe + FO
Slide 28: TST198: First in Class Claudin18.2 Targeting RDC
TST198: A First in Class Claudin18.2 Targeting RDC Developed Using Transcenta’s Site- Specific Conjugated Engineered Antibody Radiopharmaceuticals (SEAR) Technology
Slide 29: TST003: GREMLIN-1 is a Novel Target for Multiple Solid Tumors
TST003: GREMLIN-1 is a Novel Target with Potential for Multiple Solid Tumor Indications Tumors enriched with stromal cells are less responsive to immunotherapy • TST003 is a humanized neutralizing antibody with high affinity to GREM1 • A global FIH study ongoing in the U.S. and China; monotherapy d
Slide 30: TST786: Trispecific Antibody Targeting PD1, VEGF and GREMLIN1
TST786: A Next Generation Trispecific Antibody Candidate Targeting PD1, VEGF and GREMLIN1 • VEGF and PD1 combination is clinically validated for efficacy improvement in many solid tumors • Bispecific PD1/VEGF antibody demonstrated promising PFS benefit vs. PD1 mAb but overall survival benefit to be
Slide 31: TST801: First-in-class Bifunctional Antibody Fusion Protein
TST801: A First-in-class Bifunctional Antibody Fusion Protein of Anti-BAFF Antibody Fused with TACI Receptor • With superior dual neutralization of BAFF and APRIL, TST801 is expected to bring better clinical outcomes • In vivo studies in human BAFF overexpressing transgenic mice demonstrated Best-in
Slide 32: TST808: Best-in-class Long-Acting Anti-APRIL for IgAN
TST808: A Best-in-class Long-Acting Anti-APRIL for the Treatment of IgAN with Less Frequent Dosing • APRIL is a validated target for IgAN with first generation mAb showing 50% proteinuria reduction in P3 trial • TST808 is a next generation long-acting biparatopic molecule with higher affinity and ex
Slide 33: Manufacturing & Partnerships
02 Manufacturing & Partnerships
Slide 34: Our Strengths: Highly Integrated Continuous Bioprocessing
Highly Integrated Continuous Bioprocessing ( ) Technology Provides a Key Advantage for Transcenta and Opens up Significant Partnering Opportunities Our Strengths Advanced Perfusion Technology Faster Quality Significant Cost Saving • Implemented state-of-the art intensified perfusion platform • Achie
Slide 35: Industrialized Platform
Industrialized Platform n Achieve VPR as high as 8 g/L PER day; > 800Kg DS/year w/ single 500L SUB n Co-development with Merck KGaA, Darmstadt, Germany, n Enhance process and product control leveraging BioContinuum™ platform n Single platform to produce both n Highly intensified and automated while
Slide 36: Significantly lower upfront and total CapEx investment
• Significantly lower upfront and total CapEx investment • Speed to capacity while minimizing capital investment risks due to demand uncertainty • Significant reduction in COGM; 2-ton yearly output = > $100M savings per year Same cell line Same output # of reactors total bioreactor runs per year ~ 3
Slide 37: Strategic Collaboration and Non-Exclusive Licensing Transaction Snapshot
Strategic Collaboration and Non-Exclusive Licensing-transaction Snapshot Transaction Facts Strategic Rationale § Enables external adoption of Transcenta’s § Parties: Transcenta | EirGenix continuous biomanufacturing platform § Structure: Strategic collaboration + non- § Monetizes HiCB platform throu
Slide 38: Financial & Outlook
y 03 Financial & Outlook
Slide 39: 2025FY Financial Results (Non-IFRS)
2025FY Financial Results (Non-IFRS) Revenue RMB7.4 million Other Income RMB15.2 million Diversified and Differentiated -34.5% Diversified and -Differentiated 35.3% Pipeline Pipeline R&D Expenses RMB136.2 million SG&A Expenses RMB55.4 million -23.5% -8.4% Diversified and Differentiated Diversified an
Slide 40: Events After the Reporting Period
Events After the Reporting Period 1 The company received a 10 million RMB upfront payment of technology out-licensing of HiCB The company received a 43 million RMB new credit line and withdrew a new bank loan 2 of 13 million RMB The company is in the contract negotiation for an investment from a maj
Slide 41: Outlook
Outlook Focus on Fund Raising, Promote Partnership, Advance Pipeline & Operational Excellence • Raise funds of at least 100m USD Fund Rasing & Business • Continue product and technology partnership Development • Improve operational efficiency and cut operating cost • Expanding technology partnership
Slide 42: Q&A Today's Speakers
Q&A Today’s Speakers Xueming Qian, Ph.D. Charlie Qi, M.D. Weiwei Liang, MBA Tyler Marciniak, M.Sc., MBA Founder/Chairman/CEO EVP, Head of Global R&D/CMO SVP, BD & Corp Strategy / SVP, Capital Markets, Investor Relations Acting CFO and Corporate Communications
Slide 43: Thank You
G TRANSCENTA INNOVATE TO EXCEL THANK YOU!