Moleculin Biotech, Inc. · NASDAQ:MBRX
Moleculin Biotech — Investor Presentation (March 2026)
46 slides from Moleculin Biotech's investor presentation, Mar 19, 2026
Slide 1: Moleculin
vy oiMOLECULIN o's
Slide 2: Forward-looking statements
a All statements contained herein other than statements of historical fact, including statements regarding our future results of operations an financial position, ‘our business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “belive,” “may” ‘wi
Slide 3: Moleculin at a glance
7 FDA Approvals 2 ‘Big Pharma Exits Moleculin 18 Clinical Trials ~$1 laa, Milian in Management Investment in MBRX Years of Combined Drug 200 Development Experience
Slide 4: Technology Portfolio
Technology Portfolio Program Indication R/RAME STS Lung Mets Annamycin Next-Gen Anthracycline we1066:2 Adult GM STATS Inhibitor atric Brain Tumors we1122 Anti GBM; Virology Metabolite Phase 3
Slide 5: Opportunity for Market Cap Breakout
Opportunity for Market Cap Breakout 4 — Annamyci * Disruptive Technology — Patented NCE with superior safety & efficacy serving huge unmet need; First ever non-cardiotoxic alternative; avoids resistance mechanisms; superior tissue/organ distribution; ODD & Fast Track status; Rare pediatric potential
Slide 6: Annamycin
Annamycin:
Slide 7: Approved Therapies Leave an Unmet Need
Approved Therapies Leave an Unmet Need in —— of AML Patients! — Regimen 743 Ven-Aza Gene-Targeted Sub-population Fit Patients Unfit Elderly 55%-65% PoP (50%) (50%) Eligible Durable CR% 36%? 37% 718% All AML benefit? 14% 15% 9% Critical (NOaPaIOROMCe ll lStilleaves Limited to characteristics | MvO/ae
Slide 8: 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 iP we : 50% . 1 Achieve CR w/ Approved Therapies 1 1 40% I 1 t f 32% 1 1 ' oe 18. om : 2% 0% 20% oy 1% we) ot ' a 10% H I t 10% oa 223% 1m |) 24% | cK I; ‘| 1 i o% | | = - = -_ | 1 ' Gite
Slide 9: Anthracyclines: Ripe for Disruption
Anthracyclines: Ripe for Disruption ( — / ~50% ~60% 65% 60% $1.5 of cancers are treated with an anthracycline of pediatric cancer treatments of treatments > FDA limit result in heart damage of childhood cancer survivors develop cardiac dysfunction billion paid for the last anthracycline improvement
Slide 10: Annamycin: Disruptive Technology
Annamycin: Disruptive Technology ( — / Disruptive Next-Generation Technology — Next-gen anthracycline with major structural changes and novel lipid delivery system; Biggest advancement in history of anthracyclines First Ever Non-Cardiotoxic Alternative — Zero cardiotoxicity seen in >100 subjects tre
Slide 11: Major Structural Differences; Unique Lipid Delivery System
Major Structural Differences; Unique Lipid Delivery System _—~ Doxorubicin ee Mpa Annamycin wv) seria ‘Amino Group ‘Multilamellar Vesicle
Slide 12: Annamycin Delivered Superior Efficacy in R/R AML
Annamycin Delivered Superior Efficacy in R/R AM — CR CRe? OS for CR* OS for 2L: OS for (1-7L)* CR Durability? MRD Negative? BMT? 50% 60% 15.2 months+ 12.4 months 12.4 months 13.1 months 75% 50% The Phase 2 data shown here represent more than 2x the complete remission rate of the leading 2L AML treat
Slide 13: 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 -Dec Overall AnnAraC 40% CR rate and 60% CRc Saray || puswes|| seed || seer rate in Venetoclax R/R AML 78 Relapsed PD v7 3 cR 24.9" Recent study? of Ven-HMA failures in 1L patien
Slide 14: AML Key Opinion Leaders' Support for Annamycin
AML Key Opinion Leaders’ Support for Annamycin “he priminarycizal acy of Annaycin heavy pretreated, relared/rtractory AMA patients who had progretive dieate folowing Arc and VEN @ very eicting and would provide amichnweded treatment apton or ote patents who othraize have very poor outcomes Having 8d
Slide 15: Adaptive Trial Design MIRACLE
Adaptive Trial Design MIRACLE ‘Moleculin R/R AML AnnAraC Clinical Evaluation Annamycin 2Unbiinded 190 mg/m? + Data Readouts HIDAC (0-30) Annamycin Optimurr ‘Annamycin ‘Adult R/R AML 230 me/m? + tine HIDAC *Criteria: - (n=30) Efficacy Control Arm Safety | + placet Tolerability Control Arm HIDAC + Dos
Slide 16: Potential Accelerated Timeline
Potential Accelerated Timeline Data Readout @n=90 Blinded Data Readout se A pew a @n=30 able to shorten Part B to le arm safety/DEl only Rolling NDA | Unblinded Data | Drugapproval Readout @ n=45 | process could Breakthrough start as early as Therapy aio
Slide 17: Recruitment & Preliminary Blinded Activity
Recruitment & Preliminary Blinded Activity Prelim Blinded Efficacy Recruitment (n=30) Efficacy is within mgt expectations . . . " 7 considering randomization CRe 40% CR 30% Preliminary and Subject to Change As of 2/10/26 Boorecuw’
Slide 18: Site Selection is Moving Quickly
ee Total ~45 sites targeted Inpioeess for Part Site Selection is MIRACLE blend BRAM Aree Gal atten Moving Quickly Focus is on increasing US recruitment Targeted Sites Pata Targeted 25 sites arta Targeted “$+ sites Consistent feedback from face-to-face meetings with over 30+ potential investigators:
Slide 19: AML Alone Has Home Run Potential
AML Alone Has Home Run Potential 1 Line N 286 199/174 [ CR 38% 37% 19% /25% 35% 18% 24% Re 48% 64% 23%/33% 40% 25% 47% ponisnnl 2% 50% 15-23% 30% aye 30% Revenue? ~$1SOM ~$700M (ami) —~$400M $1.58 $28 ~$.8B ~$1.5B Valuation —_Eit# N/A Exit Market Market N/A equa et equi ot etter, 2015) ‘es, 2023)
Slide 20: The Full Annamycin Opportunity Extends to Multiple Solid Tumor Indications
The Full Annamycin Opportunity Extends to Multiple Solid Tumor Indications USHEU 5,000,000 year Treated with anthracyclines
Slide 21: ~_ —_
~_ —_
Slide 22: Financials
+ ~$16M pro forma Q4 cash on hand with runway into the Q3 2026"? * ATM of $8.2M available Financials Nasdaq: MBRX \ \ \ / / = $1.96L — $5.30H 60 Day Stock Price? f x 5.3 Shares O/S* -f —_~183K — Daily Trading Vol.® ions for IIT programs for preclinical and clinical activity for ile accelerating Phas
Slide 23: Upcoming Annamycin & WP1066 Milestones
Upcoming Annamycin & WP1066 Milestones Precinical dita on WIE Wiermuation in AML & P: atic car coms aams 2 228 1 n \ | Update on non cardiotoxicity MIRACLE 90th TRACE Begin recruitment of 3° Primary eficy data review of subject data by the subject start of Part 8 Tine AML subjects for MIRACLE Compar
Slide 24: Appendix
— _ Appendix ro ) e
Slide 25: AML Clinical History
AML Clinical History Phase 1: MB-104. 117% CRi (at suboptimal dosing) Dosing limited by FDA Lifetime Anthracycline Dose (UIMAD) Tal location — US \Well-oleratedin the stu population United to low doses Morphologic leukemia free state was achieved in one subject inthe 120me/m? cohort Demonstrated saf
Slide 26: MB-106 (Annamycin + Ara-C; n = 22)
MB-106 (Annamycin + Ara-C (AnnAraC); n = 22) subjects valuable 2 4 ! 10 1 “4 1 Subjects valuable Not I Dosed per Protocl 2 ° 1 4 1 Median Ae-Years (Rane) 675 (19-78) sos(o6s) | 71 (53-78) | — 695(59-78) I Complete Remission (CR) 8 (36%) 2 (50%) I 5 (50%) Hl 6 (43%) 1 1 Complete Remision Composite (C
Slide 27: MB-106: Durability, MRD, Prior Therapies - CR/CRi
MB-106: Durability, MRD, Prior Therapies - CR/CRi Preliminary ~10 most median durabinty for CRS 50% of CRs briaged to EMT = Overall Survival = Continuing = Prior Lines of Therapy
Slide 28: MB-106 Response by Genotype and Mutation
MB-106 Response by Genotype and Mutation ME on ast cin 89% (n=9) of CRc responses came from KMT2A subjects with “generally poor prognosis RUNKI/1T1 cytogenetics and mutations” S361 ‘Annamycin appears to be 033 “genotype/mutation agnostic” ua ‘None/Not tested
Slide 29: Notes (see Slide 12)
a Notes (see Slide 12) 1 This chart compares Complete Response (CR) rates as submitted for FOA 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 trials with differing pr
Slide 30: FDA Established Pathway to Approval
oe { | } | R AC . | E FDA Established Pathway to Approval Moleculin 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?
Slide 31: Annamycin: A Next-Generation Anthracycline
Annamycin: A Next-Generation Anthracycline Doxorubicin
Slide 32: Doxorubicin cardiotoxicity
tional racy tox Mute Estimated Cumulative Percentage of Patients with On Study Cardiac Events, by Cumulative Dose Dose Relat Heart Fal ‘of Doxorubicin induced Congestive xe (CHF); Patients with CHF by Cumulative Dose
Slide 33: Non-Cardiotoxic
Non-Cardiotoxic Zero cardiotoxicity per independent expert (84 subjects reviewed to date) Patients treated up to 5x FDA lifetime max for Dox oon Wider therapeutic Enables repeated cycles and consolidation g window Avoids Cross Resistance oo 8 with currently prescribed anthracyclines, oH Better ‘Ara-
Slide 34: Eliminating Cardiotoxicity
Eliminating Cardiotoxicity 3000 in: Zero Cardiotoxicity in ~100 Patients Treated FDA Lifetime Limit 65% Cardiac Event Level 550 von Currently Prescribed Anthracyclines Annamycin
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 Brorecuum
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 | rer Mecian survival | Prsvehide | Pyare | Pystann Disease (MRO) ANN LANN+ ARA-C Day 36 Day 36 1004 Bone marrow 1 seal DANN + ARAL F i ‘0 102030 40 60 60 70 60 9
Slide 37: Performance of AML Therapies in 2L
Performance of AML Therapies in 24 Line CLAVELA: International Randomized Phase 3 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 cytarabine (
Slide 38: AnnAraC Demonstrated Superior Complete Remission Rate Compared to Standard of Care
AnnAraC Demonstrated Superior Complete Remission (CR) Rate Compared to Current Standard of Care ___ Complete Remission (CR) Swouecuun
Slide 39: MB-107 STS Lung Mets
MB-107 STS Lung Mets w/ Annamycin Summary* © *Per final clinical study report
Slide 40: MB-107 Overview
MB-107 Overview UPOSOMAL ANNAMYCIN (L-ANNAMYCIN}:, MB-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 18 determined the Maximum Tolerable Dose an
Slide 41: 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* (Annamycin) (Range of Salvage Therapies) Annamycin delivering better 13.4 Months 13.5 Months performance 7" line than [=] a2 Monee would be expected even in 2"4 line for monotherapy = Line 7* Line
Slide 42: PFS and OS Improved in Dose Dependent Manner
PFS and OS Improved in Dose Dependent Manner Median PFS perl Median OS (months) Responders (SD or PR) after 2 cycles showed improvement in OS and PFS 210-390 me/n2, eee 210-390 me/mz, <2 Median 6 prior lines Median 6 prior lines $330 mg/m2 and $2 prior lines of therapy showed improvement in OS and P
Slide 43: 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 fro
Slide 44: Science Advisors
Science Advisors ‘Waldemar Priebe, PhO 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 Andreeff Dr. Giovanni Martinelli MD Anderson Cancer Center
Slide 45: Recent Developments
Recent Developments Relapsed or Refractory Acute Myeloid Leukemia Enrollment and dosing underway in Phase 3 clinical trial, MIRACLE, evaluating Annamycin (naxtarubicin) in combination with ¢Ytarabine (AnnAraC) for the treatment of R/R AML Multinational with ative sites inthe United States, Europe, U
Slide 46: Global Network
Global Network 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 trial
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