Adagio Medical Holdings, Inc · NASDAQ:ADGM
Adagio Medical — Investor Presentation (February 2026)
25 slides from Adagio Medical's investor presentation, February 2026
Slide 1: February 2026
February 2026 1
Slide 2: Disclaimer: Forward Looking Statements
Disclaimer Forward Looking Statements This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation, including statements regarding the potential of our Proprietary Ult
Slide 3: Leadership Team
Leadership Team Over 200 Combined Years of Med Tech Experience Todd Usen Debbie Kaster Al e x B a b k i n , P h D Nabil J u b r a n Chief Executive Officer Chief Financial Officer & Chief Technology Officer Chief C o m p li a nce Officer Chief Business Officer - CONFIDENTIAL - An t w a n G i p s o n
Slide 4: Adagio Medical: Purpose-Built for the VT Ablation Market
Adagio Medical $5.8 Billion VT Ablation Market Only 6% Clinically Penetrated Validated: Established Over 350 Reimbursement Patients Treated Adagio’s Proprietary Ultra Low Temperature - CONFIDENTIAL - Cardiac Ablation (ULTC) is the only Technology Purpose-Built for the Large, Underserved Ventricular
Slide 5: Goals of VT Ablation
Goals of VT Ablation Restore Normal Heart Rhythm; Decrease ICD shocks and Anti-Arrhythmic Drugs Nor m a l Electrical Conduction • This is done by creating small scars in the heart to block the faulty electrical signals causing the arrhythmia. - CONFIDENTIAL - • Ablation aims to interrupt the abnorma
Slide 6: Estimated $5.8B Global TAM for VT Ablation
Estimated $5.8B Global TAM for VT Ablation Underpenetrated Market with Meaningful Growth Potential and Established U.S. Reimbursement ~$5.8B Global TAM Idiopathic VT and Premature Ventricular Contractions ~1.6M ~780K Cases Unserved Global Patients Eligible for - CONFIDENTIAL - VT Ablation Annually ~
Slide 7: Challenges of Current VT Ablation Catheters
Challenges of Current VT Ablation Catheters Current Products Are Repurposed Catheters Designed for Atrial Ablations Lack of Depth for Effective Lesions High Risk of Hemolysis Epicardial Approach Required for Lack of Stability in Moving Ventricular Deep Lesions Adds Risk Structures - CONFIDENTIAL - I
Slide 8: VT Market Poised for AF-Like Acceleration
VT Market Poised for AF-Like Acceleration Fueled by Data Supporting Guidelines and Purpose-Built VT Solution AF: Historic 10-13% VT: Historic 5-8% Growth1 1600 Growth1 Large patient population 1400 Large, heterogeneous (and sick) (~12M patients) patient population (1.6M patients) Significant investm
Slide 9: vCLAS Catheter Purpose Built for VT Ablations
vCLAS Catheter Purpose Built for VT Ablations Clinically Tested in Patients with Ischemic and Non-Ischemic Cardiomyopathy Overview Durable lesions of titratable depth and size Endocardial ablations of mid-myocardial scar Designed to address all VTs Catheter stability during energy delivery - CONFIDE
Slide 10: Greater Than 2x Lesion Depth with ULTC
Greater Than 2x Lesion Depth with ULTC ULTC Freeze and Lesions Ventricle Depth from Different (Pre-Clinical) Energy Sources1 18 Minimal 16 attenuation 14 in scar tissue Lesion Depth 12 10 - CONFIDENTIAL - 2.1x 8 6 2.6x 4 2 0 Radiofrequency ULTC Wider Deeper Healthy Tissue Scar Standard Deviation D
Slide 11: CRYOCURE-VT Study Results
CRYOCURE-VT Study Results Clinical Results Supported CE Mark Approval1 81% 94% 97% Freedom From ICD - CONFIDENTIAL - Shock at 6 months ACUTE MORPHOLOGIES EFFECTIVENESS Consistent results in both ischemic and non-ischemic cardiomyopathy SAFETY Procedural 0% Characteristics 60% chronic effectiveness 6
Slide 12: FULCRUM-VT Pivotal Study
FULCRUM-VT* Pivotal Study Overview FULCRUM-VT Centers Study Design Single arm; 209 patients across ~20 sites Ischemic cardiomyopathy Non-ischemic cardiomyopathy MHI M c G ill FDA Performance Goals Brigham & Women - CONFIDENTIAL - B e t h - I sr a el UM C r yo c u r e - VT Cornell M etrics V a lu e R
Slide 13: Compassionate Use Cases
Compassionate Use Cases Highlights Clinical Need for vCLAS Selected Case Details Clinical Situation Treatment History Prior to vCLAS Adagio receives vCLAS compassionate use requests Patient 1 • Surgical repair of LV aneurism; • 2 prior RF ablations, including regularly and cases are ongoing Hypertro
Slide 14: Pipeline: Next Generation ULTC – Single Freeze
Pipeline: Next Generation ULTC – Single Freeze Smaller • Colder • Deeper • Faster Overview 8.5 Fr sheath provides improved compatibility Enabled by “new physics” – expansion of the cryogen within the distal cryoablation element Lower ablation temperatures allow for faster ablation without bonus free
Slide 15: Adagio Medical: VT Ablation with No Compromises
Adagio Medical: VT Ablation with No Compromises Purpose-Built Solution to Effectively Treat VT while Avoiding Challenges of Current Technologies Irrigation High risk of Hemolysis Nitroglycerin ULTC: - CONFIDENTIAL - No Compromises VT Ablation Epicardial Approach Thermal Effect/Steam Pop No Instabili
Slide 16: Established U.S. Reimbursement
Established U.S. Reimbursement VT Ablation Covered by Existing Codes $22-27k $26.7k Reimbursement Existing U.S. Inpatient (DRG) Payment Amount Outpatient (APC) Payment Amount ~40% ~60% - CONFIDENTIAL - % of VT Ablation Procedures % of VT Ablation Procedures Breakthrough Designation Increases Likelih
Slide 17: Select Financials and Capitalization
Select Financials and Capitalization Sept 30,2025 as Reported and Pro Forma for October 2025 PIPE Transaction ($ in millions) At 9/30/25 Cash and Cash Equivalents $4.7M Convertible Notes Payable (including accrued interest) $21.19M Shares Outstanding 15.38M Total Base Warrants ($10 ex. price) 7.53M
Slide 18: Investment Highlights
Investment Highlights Two-Year Lead with Purpose Built Catheter to Address VT Ablations with No Compromises Addressing Underserved, 6% Penetrated, $5.8 Billion VT Ablation Market1 Best-in-Class Results from CE Mark Study for VT - CONFIDENTIAL - Breakthrough Device Designation from FDA Enrollment of
Slide 19: - CONFIDENTIAL -
- CONFIDENTIAL - 19
Slide 20: Appendix
SN errrrLC“(‘i‘SNN Appendix - CONFIDENTIAL - 20
Slide 21: Clinical Evidence Supporting VT Ablation as First Line Therapy
Clinical Evidence Supporting VT Ablation as First Line Therapy is Building VANISH-21 PAUSE-SCD2 Ablation vs Antiarrhythmic Drugs (AAD) in post-myocardial infarction Prophylactic ablation + ICD vs AAD + ICD in secondary prevention or implantable cardioverter-defibrillators (ICD) patients with prior V
Slide 22: ULTC vs. Traditional Cryo
ULTC vs. Traditional Cryo Comparison of Cryogens Used in Medical Devices for Cardiac Applications Approx. Approx. Min. Ablation Cooling Device Example Cryogen Cryogen Use Case Lesion Depth Limitations / Advantages Element Power Temp. Temp. Medtronic Medtronic Traditional Cryo Cryoballoon Linear Abla
Slide 23: Favorable Safety and Effectiveness Profile
Favorable Safety and Effectiveness Profile Adagio Results Overcome Challenges of Currently Approved and Investigational Devices for VT Acute Complications1 Energy Procedure # of Irrigation Indication Access Acute Chronic Manufacturer / Device / Study Source Time, min Lesions Volume, L All Death Stro
Slide 24: Pulsed Field Cryoablation
Pulsed Field Cryoablation Desired Depth with Less Energy than PFA Alone Increased impedance of frozen tissue dramatically reduces PFA current PFA ULTC PFCA Consistent tissue contact No phrenic nerve capture Pulsed Catheter -145°C -145°C - CONFIDENTIAL - E-field No or minimal skeletal muscle -30°C ac
Slide 25: Private Placement Financing of up to $50M
Private Placement Financing of up to $50M Proceeds to Fund Ongoing Development and Submission Activities to Support FDA Evaluation of Company’s First and Next Generation Proprietary Ultralow Cryoablation Technologies Transaction Overview On October 20, Adagio announced the closing of Upfront Financi
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