Moleculin Biotech, Inc. · NASDAQ:MBRX
Moleculin Biotech — Investor Presentation (January 2026)
42 slides from Moleculin Biotech's investor presentation, Jan 20, 2026
Slide 1: Moleculin Corporate Presentation
Slide 2: Forward-looking statements
Aj All statements contained herein other than statements of historical fact, including statements regarding our future results of operations and financial position, four business strategy and plans, and our objectives for future operations, are forward-iocking statements. The words “believe,” “may”
Slide 3: Technology Portfolio
Technology Portfolio Preclinical/ IND/CTA Phase 1 Phase 2 phases Program Indication 202 R/RAML Guat) 45° subject tr tunblinding STS Lung Mets subjects shor Annamycin Next-Gen Pediatric R/R AML Anthracycline Pancreatic Cancer Pancreatic Cancer esti funded development active or targete we1066: Adult G
Slide 4: Opportunity for Market Cap Breakout
Opportunity for Market Cap Breakout — Annamycin: Disruptive Technology — Unique, patented, non-cardiotoxic, overcomes multidrug resistance; addresses huge unmet need; other potential cancer targets; potential for multiple cycles Annamycin: Clinically Advanced — Phase 2 efficacy significantly better
Slide 5: Management experience
Advano Tove Statgi Avior ©e FDA Approvals Big Pharma Exits Moleculin Clinical Trials Million in Management Investment in MBRX Years of Combined Drug Development Experience
Slide 6: Annamycin: A New Disruptive Tool for Second Line AML and Beyond
Annamycin: A New Disruptive Tool for \ Second Line AML and Beyond
Slide 7: Annamycin Delivered Superior Efficacy in R/R AML
Annamycin Delivered Superior Efficacy in R/ — CR CRe* OS for CR® OS for 2L OS for (1-7L)* CR Durability? MRD Negative BMT? 50% 60% 15 months+ 12 months+ 9 months 10 months+ 75% 50% The Phase 2 data shown here represent more than 2x the complete remission rate of the leading 2L AML treatments. Durabi
Slide 8: Estimated Cumulative Percentage of Patients with On Study Cardiac Events
Estimated Cumulative Percentage of Patients with On Study Cardiac Events, by Cumulative Dose 100 | om 300 1% % 2% o*% ~ 10%
Slide 9: Non-Cardiotoxic
Non-Cardiotoxic Zero cardiotoxicity per independent expert (84 subjects reviewed to date) Patients treated up to 5x FDA lifetime max for Dox Enables repeated cycles and consolidation Avoids Cross Resistance with currently prescribed anthracyclines, ‘Ava-C and Venetoclax in preclinical models Annamyc
Slide 10: Approved Therapies Leave an Unmet Need in ~60% of AML Patients
Approved Therapies Leave an Unmet Need in ~60% of AML Patients? a Venetoclax Targeted dine) Therapy i ~ ‘ner ( ieee opt (50%) (50%) Eligible Durable cr% [UNNBCHA 37% “21% All AML benefit? 14% 15% 1% Cardiotox; de Stillleaves__—_Limited to Critical | novo/acquired significant _—_certain gene characte
Slide 11: MB-106 (Annamycin + Ara-C; n=22)
MB-106 (Annamycin + Ara-C (AnnAraC); n=22) ine of therapy ‘Subjects Evaluable 22 4 H 10 H 14 Subjects Evaluable Not 1 Dosed per rotc 2 o I a H , ec GISCENE) sos(io6s) | 71 (53-78) | 695(s9-78) ui 1 ‘Complete Remission (CR) 8 (36%) 2(50%) 1 5 (50%) 1 6 (43%) 1 1 Complete Remission Composite (CR) OCHS
Slide 12: Annamycin Provided 2-Fold or Greater Efficacy than Targeted Therapies
Annamycin Provided 2-Fold or Greater Efficacy than Targeted Therapies: 60% 1 ~18% of 2L AML Patients Expected to oral : 50% : + 1 Achieve CR w/ ee therapies 1 1 40% ' u C a) 1 1 30% i A 18.0% | 1 21% i 20% 18% 1 A I 5.8% I ” “Tole di: kT: 0% 1 : Giertnib Enasidenib —wosideribOlutasidenib’ Gemtuzumab
Slide 13: AML Key Opinion Leaders' Support for Annamycin
AML Key Opinion Leaders’ Support for Annamycin “he preliminary clinical acy of wry emting and would provide a much-needed ‘overcome thete resistance pathvays and provide be tment option for other pa in thes high-rak patent, whe not doublng-up on txts could tube namycinn heavy pretestd,relapsed/retra
Slide 14: FDA Established Pathway to Approval
e f | } | R AC : | E FDA Established Pathway to Approval leculin R/R AML AnnAraC Clinical Evaluation 3 Arm w/ CR= AnnAraC 2 Early Data Primary SoC Post R/R v. HiDAC? Readouts Endpoint Either Arm Compare Adaptive trial design | Primary Endpoint is | Standard of Care Annamycin per Project Optimus? | C
Slide 15: Adaptive Trial Design MIRACLE
Adaptive Trial Design MIRACLE Moleculin R/R AML AnnAraC Clinical Evaluation Annamycin 2 Unblinded 190 mg/m? + Data Readouts HIDAC Annamycin Optimum Annamycin ult nan | HIDAC “Criteria: (r Efficacy m Control Arm Safety HIDAC + placebc Tolerability Control Arm HIDAC + Doses and adaptive design recomme
Slide 16: Potential Accelerated Timeline
Potential Accelerated Timeline 2025 2026 2027 Part A (0 Part A meets high end of expectations, we may be able to shorten Part B to single arm safety/0DE! only Drug approval Rolling NDA. process could start as early as 2026
Slide 17: MIRACLE site selection
ee Total ~45 sites targeted iiproces: for ert 8 MIRACLE blood RAM Ara Cnc! Easton Site Selection is Moving Quickly Part Consistent feedback from face-to-face meetings with over 30+ potential investigators: “Annamycin is desperately needed to fill the unmet need for R/R AML despite advancements with
Slide 18: MB-107 STS Lung Mets
MB-107 STS Lung Mets w/ Annamycin Summary* **Per final clinical study report
Slide 19: MB-107 Overview
MB-107 Overview \_ LIPOSOMAL ANNAMYCIN (L-ANNAMYCIN}', MIB-107 ~ PHASE 18/2 STUDY OF LIPOSOMAL ANNAMYCIN (L- ANNAMYCIN) IN SUBJECTS WITH PREVIOUSLY TREATED SOFT TISSUE SARCOMAS WITH PULMONARY METASTASES A multi-center, open-label, single-arm study that in Phase 1B determined the Maximum Tolerable Do
Slide 20: Median OS Outperforming in STS Lung Mets
Median OS Outperforming in STS Lung Mets Meta Analysis of 10 Studies MB-107 (n=36) and 2,267 Subjects* (a in) (Range of Salvage Therapies) nnamycin, Annamycin delivering better 13.5 Months performance 7" line than 13.4 Months would be expected even in 2"4 8-12 Months : Pe Pm line for monotherapy 2"4
Slide 21: PFS and OS Improved in Dose Dependent Manner
PFS and OS Improved in Dose Dependent Manner Median PFS Geel Median OS (months) Responders (SD or PR) after 2 cycles showed improvement in OS and PFS af : 210-390 mena, S 20 210-390 meno, ES 330 Median 6 prior lines Median 6 prior lines, $330 mg/m2 and 2 prior lines of therapy showed improvement in
Slide 22: The Full Annamycin Opportunity Extends to Multiple Solid Tumor Indications
The Full Annamycin Opportunity Extends to Multiple Solid Tumor Indications? Treated with anthracyclines
Slide 23: Slide 23
Slide 24: Financials
+ ~$14M Cash on hand with runway into = the 2nd Qtr. 2026"? * ATM of $8.2.M available Financials Nasdaq: MBRX ~$40 M Market Cap? x 3.2 Shares O/S* -f= — ~2.5M-— Daily Trading Vol.> Mgt has reduced overhead and engaged wit ions for IIT programs for preclinical and clinical activity for Annamycin & WP
Slide 25: Upcoming Milestones
. . yo Upcoming Milestones < >» a, Annamycin AML cen EE a ae os Urdasonnencaniasty [TaRAGETSOR] [aRACLETSD |] (—yaar beghrecutmereetst — (Rivayatioy a rerowsausecaaabrtne | jen ey ||| Sees aces oe Gee |. ||| ees é : Tae naar ee ee ‘with unblinding of data for 45, Grcal voltages Begin pediatric AML.
Slide 26: Opportunity for Market Cap Breakout
Opportunity for Market Cap Breakout ( _— Approved Phas 2.Complete e-Approva 1 Line AbbVie Ven-Aza | Idhifa/ N 153 286 199/174 20 57 CR 38% 37% 19% /25% 35% 18% CRe | 48% 64% 23%6/33% 40% 25% repuiieall| 20% 50% 15-23% 30% 203 Revenue? $128M $28 ~$150M $1.58 $28 ~$.8B ~$1.5B Valuation Exit? N/A Exit
Slide 27: Appendix
A ppendi x gq
Slide 28: AML Clinical History
AML Clinical History Phase 1: MB-104 INOTHERAPY Phase 1/2: MB-105 MONC Phase 1/2: MB-106 117% CRi at suboptimal dosing) DDosing limited by FDA Lifetime Anthracycline Dose (UIMAD) Tal location — US ‘Wel-tlerated in the study population Limited to low doses Morphologic leukeria free state was achieved
Slide 29: MB-106: Durability, MRD, Prior Therapies - CR/CRi
MB-106: Durability, MRD, Prior Therapies - CR/CRi Preliminary Days 100 200 300 400 >600 >700 ~40 most median durabitty for CRS 75% of ORs MRD negative 50% of CRs bridged to EMT Neg @@O@ E> Durabitty ot Remission f= Overt survival © = see Notes Beiow Pos
Slide 30: MB-106 Response by Genotype and Mutation
MB-106 Response by Genotype and Mutation TF’s or PR CRe’s ME ots ca crm 3] vran ‘89% (n=9) of CRc responses came from subjects with “generally poor prognosis ruNKa/IT1 cytogenetics and mutations” fof] F361 D303 el ‘Annamycin appears to be Oof0 033 ““genotype/mutation agnostic” et 03 [ics | toH2 00f0
Slide 31: MB-106: AnnAraC 2L Efficacy in Venetoclax R/R Patients
MB-106: AnnAraC 2L Efficacy in Venetoclax R/R Patients Venetoclax regimen failure leaves patients with dismal options Ven-Aza/ | Ven-Ava/ Ven Dac Dec Overall AnnAraC 40% CR rate and 60% CRe Relapsedor | Best cydes | Annvrac | Annvrac | Survival rate in Venetoclax R/R AML Refractory | Efficacy | (mon
Slide 32: Notes (see Slide 12)
Aj Notes (see Slide 12) 1 This chart compares Complete Response (CR) rates as submitted for FDA approval for existing 2nd line therapies (as single agents) to preliminary CR data for AnnAraC (the combination of Annamycin and Ara-C); Note: these data are from separate clinical tials with differing pr
Slide 33: Annamycin: A Next-Generation Anthracycline
Annamycin: A Next-Generation Anthracycline enon A -cuon ——-Annamyein nn | <n mi em 8 b ton * oe ts, Epircbicin Idarbicin Doxorubicin
Slide 34: Eliminating Cardiotoxicity
Eliminating Cardiotoxicity 3000 ine Zero Cardiotoxicity in “100 100% Cardiac Event Patients Treated FDA Lifetime Limit (ee) ase >8% Heart Failure Level + Includes Echo, GLS and ‘troponin evaluation ‘+ Independent review by Cardiac Genta Events + 81 subjects taken over - lifetime limit; up to greater
Slide 35: FDA Recommended Model Shows Annamycin's Lack of Cardiotoxicity
FDA Recommended Model Shows Annamycin’s Lack of Cardiotoxicity % of Mice with Heart Lesions in is effectively xic when compared = : toxic than . doxorubicin and L-Annamycin (as 0 [_ formulated) is essentially non Beworecuum
Slide 36: Annamycin Synergizes with Ara-C in Increasing Survival
Annamycin Synergizes with Ara-C in Increasing Survival in Highly Aggressive p53-null, FLT3 mutated AML Model Analysis of Minimal Residual Disease (MRO) ANN LANN+ ARA-C Day 36 Day 36 1004 Bone marrow Spleen T gigmeeni > LANN+ARAS 7 i ‘102030 40 60 60 70 60 90 100 170 120 130 Time, days 60: Percent su
Slide 37: Performance of AML Therapies in 2nd Line
Performance of AML Therapies in 2"! Line CLAVELA: International Randomized Phase III Study of Elacytarabine Versus Investigator Choice in Patients with Relapsed/Refractory Acute Myeloid Leukemia 381 Elacytarabine Therapies compared: R/R AML (compared with) * high-dose : low-dose cytarabine subjects
Slide 38: AnnAraC Demonstrated Superior Complete Remission Rate
AnnAraC Demonstrated Superior Complete Remission (CR) Rate Compared to Current Standard of Care __ Complete Remission (CR) SB MOLECULIN
Slide 39: WP1066 Update
WP1066 Update Clinical Trial with WP1066 at Northwestern University — * Externally funded Phase 2 trial of oral WP1066 in combination with radiation treating glioblastoma (GBM), a form of brain cancer * Northwestern is actively enrolling subjects with 7 recruited dosed to date + Minimal investment f
Slide 40: Science Advisors
Science Advisors Waldemar Priebe, PhD MD Anderson Cancer Center Dr. Daniel Von Hoff Mayo Clinic Founding Scientist & SAB Chair ——_—_—_— Hematology Oncology Dr. Martin Tallman Dr. Jorge Cortes Northwestern University ‘Augusta University Dr. Michael Andreet Dr. Giovanni Martinelli MD Anderson Cancer C
Slide 41: Recent Developments
Recent Developments Relapsed or Refractory Acute Myeloid Leukemia Y Enrollment and dosing underway in Phase 3 clinical trial, MIRACLE, evaluating Annamycin (naxtarubicin) in combination with Ytarabine (AnnAraC) for the treatment of F/R AML Multinational with active sites inthe United States, Europe,
Slide 42: All technology licensed from MD Anderson Cancer Center
e= All technology licensed from MD Anderson Cancer Center (MDACC) Supports continuing preclinical research on our technology at MDACC Active contractors in US, EU and Asia for drug production and distribution as well as for clinical trial management Past & current externally funded trials ~ MD Ander
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