Moleculin Biotech, Inc. · NASDAQ:MBRX
Moleculin Biotech — Investor Presentation (November 2025)
42 slides from Moleculin Biotech's investor presentation, Nov 24, 2025
Slide 1: Moleculin Corporate Presentation
Slide 2: Forward-looking statements
A All statements contained herein other than statements of historical fact, including statements regarding our futur results of operations and financial position, fur business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “believe,” “may” “wi
Slide 3: Technology Portfolio
Technology Portfolio Program Indication Phase 1 Phase 2 R/RAML STS Lung Mets Annamycin NextGen Pediatric R/R AML Anthracycline Pancreatic Cancer Pancreatic Cancer we1066: Adult aM STATS Inhibitor Pediatric Brain Tumors we1122 Anti GBM; Virology Metabolite
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 team
secutive? & Chi Financial Offcer om Oo Fe) etontte, @= 5 <4 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/ — ERE iSO The Phase 2 data shown here CRe! 60% represent more than 2x the OS for CR? 15 months+ complete remission rate of OS for 2L! 12 months+ the leading 2L AML OS for (1-7L)* 9 months treatments. CR Durability? 10 months+ Durability and OS are also MRD
Slide 8: Annamycin is the First Meaningful Advance in Anthracycline Therapy in Decades
Annamycin is the First Meaningful Advance in Anthracycline Therapy in Decades Non- Cardiotoxic ‘Composition of Matter Patents thru 2040 in US & EU Zero cardiotoxicity per independent expert (84 subjects reviewed to date) treated up to 5x FDA lifetime + More potent than Dox in most rex or Dox tumor m
Slide 9: Approved Therapies Leave an Unmet Need in ~60% of AML Patients
Approved Therapies Leave an Unmet Need in ~60% of AML Patients? Venetoclax Targeted fine) Therapy Regimen 743 Ven-Aza Gene-Targeted subpopulation FitPatients —Unfitlderly55%-65% Por (50%) (50%) Eligible Durable CR% 36%? 37% “21% All AML benefit? 14% 15% % Cardiotox; de Still leaves Limited to Critic
Slide 10: MB-106 (Annamycin + Ara-C; n=22)
MB-106 (Annamycin + Ara-C (AnnAraC); n=22) ine of therapy Saeeniae D A ! 10 1 i Subjects Evatable Not I Dosed per Proto 2 o I a H a Poe) GSREEE) sos(o6s) | 71 (53-78) | 695(62-78) ' 1 ‘Complete Remission (CR) 8 (36%) 2(50%) 1 5 (50%) 1 6 (43%) 1 1 Complete Remission eee Me ago) 1 6(60%) 7508) Partia
Slide 11: 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 Reso ; 50% : i z Achieve CR w/ LEME therapies 1 1 40% ' 1 C a) 1 1 30% fl 1 18.0% t 21% i 20% 18% 1 1 i 5.8% 1 - “Tole dk TD: 0% 1 : Gitertnib Enasidenib —wosidenibOutasdenib’ Gemtuzumab
Slide 12: AML Key Opinion Leaders' Support for Annamycin
AML Key Opinion Leaders’ Support for Annamycin “The preliminary inal activ of Annamycinn heavy pretreated, relaneed)/eratory ANA patents who had progrestive disave flowing AraC and VEN wry emting and would provide a much-needed tavho otheruise have very poor outcomes. Having arg that can ‘overcome t
Slide 13: FDA Established Pathway to Approval
e f | } | R AC : | FE FDA Established Pathway to Approval ulin RJR AML AnnAraC Glinical 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? | Com
Slide 14: Adaptive Trial Design MIRACLE
Adaptive Trial Design MIRACLE Moleculin R/R AML AnnAraC Clinical Evaluation Annamycin 2 Unblinded Data Readouts Annamycin Optimum Ad *Criteria Efficacy Control Arm Safety HIDAC + placebc Tolerability Control Arm HIDAC + placebo : Doses and adaptive design recommended by FDAin end of Phase 18/2 meeti
Slide 15: Potential Accelerated Timeline
Potential Accelerated Timeline 2025 2026 2027 Part A meets high end of ‘expectations, we may be able to ten Part B to single arm safety/0DE! only Drug approval Rolling NDA. process could start as early as 2026
Slide 16: MIRACLE
MIRACLE PartA&B ites Open (Sept 2025) elec BRAM, Aondr Cina Eaton Total ~45 sites targeted ners One Site Selection is Moving Quickly Tithuania arta ood ~B0sites Ukraine recruiting Geoigia Uzbekistan] Consistent feedback from face-to-face meetings with over 30+ potential investigators: “Annamycin is
Slide 17: MB-107 STS Lung Mets
as MB-107 STS Lung Mets w/ Annamycin Summary* **Per final clinical study report
Slide 18: 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 19: 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 ae Jom line for monotherapy 2"4
Slide 20: PFS and OS Improved in Dose Dependent Manner
PFS and OS Improved in Dose Dependent Manner Median PFS nl Median OS (months) Responders (SD or PR) after 2 cycles showed improvement in OS and PFS 210-390 mena, = a0 210-390 me/no, Ss 330 Median 6 prior lines Median 6 prior lines $330 mg/m2 and 2 prior lines of therapy showed improvement in OS and
Slide 21: The Full Annamycin Opportunity Extends to Multiple Solid Tumor Indications
The Full Annamycin Opportunity Extends to Multiple Solid Tumor Indications? ported by Existing Prec Data How Id the Market Be for Annamycin? USHEU 5,000,000 Treated with anthracyclines
Slide 22: Slide 22
Slide 23: Financials
Financials Nasdaq: MBRX = —* “Runway into the 1st Qtr. 2026" with Ee] pro forma $7.1M 3-25 Cash Balance? * Plus S6M ATM Available ~$21.7M Market Cap? x 51.7M Shares O/S* -f= —~3.4M - Daily Trading Vol.> Mgt has reduced overhead, pushed CMC proj ty for non-Annam, into 2026, and engaged with instituti
Slide 24: Upcoming Milestones
Upcoming Milestones Annamycin 7iUsiawon ete. [impactof daa readin Besin ervlmert of ne ee vere | Nees) onreginory sates MIRACLE? nan Y Mesicatconernce aaa ree ‘vial sites, pposters/presentations Ghent | | | mee 2n20 —— 202005 1am = seus — we — me ma a ¥ Updaconste ¥ arrit [toate Ta Rando (30) ri rar
Slide 25: Opportunity for Market Cap Breakout
Opportunity for Market Cap Breakout (\— 2 Comple Approved Phas Approval 1 Line AbbVie Ven-A. 199/174 CR 38% 37% 19%/25% 35% 18% 24% Re 48% 64% 23%/33% 40% 25% 47% AML 50% 50% 15-23% 30% 2a 30% Population Revenue? $128M $28 ~$150M $1.58 $28 ~$.8B ~$1.5B Valuation eit N/A Exit’ Market Market N/A (eqn
Slide 26: Moleculin
S!MOLECULIN NASDAQ: MBRX | moleculin.com
Slide 27: Appendix
—" ——— Appendix pol #
Slide 28: AML Clinical History
AML Clinical History MONOTHE n=7 117% CRi at suboptimal dosing) DDosing limited by FDA Lifetime Anthracycline Dose (UIMAD) Tal location — US ‘Well-tolerated in the study population Limited to low doses Morphologic leukerna free state was actievedin one subject inthe 120me/m? cohort Demonstrated safe
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 1 6 ~10 most median durabinty for CRs 75% of CRS MRD negative 50% of CRs bridged to EMT urabilty of Remission fil @ = see notes Below a haan arenes Respect tere Suet ‘sc ny 35,205
Slide 30: MB-106 Response by Genotype and Mutation
MB-106 Response by Genotype and Mutation TF’s or PR CRe’s ME ots cai crm 3] vran ‘89% (n=9) of CRc responses came from subjects with “generally poor prognosis rUNKa/ITL cytogenetics and mutations” fof] F361 ss ‘Annamycin appears to be dof 33 ““genotype/mutation agnostic” oo 073 [icis | toe 00f0 iow.
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 Dac vera AnnAraC 40% CR rate and 60% CRe Relapsedor | Best Annie | Anta | Survival rate in Venetoclax R/R AML Refractory | Efficacy | (months) | cydes | Efficacy | (mont
Slide 32: Notes (see Slide 12)
A 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 pro
Slide 33: Annamycin: A Next-Generation Anthracycline
Annamycin: A Next-Generation Anthracycline Zeonon Zenon Annamycin a Sor | <n mn em 8 bs) ce énon = to ts, Epircbicin Idarbicin Doxorubicin
Slide 34: Eliminating Cardiotoxicity
Eliminating Cardiotoxicity > 300m Zero Cardiotoxicity in “100 100% Cardiac Event Patients Treated FDA Lifetime Limit ers) 65% Cardiac Event | ~ >8%Heart Failure L, Level + Includes Echo, GLS and P + Independent review by Caielete Cleveland Clinic and FDA Events + 81 subjects taken over - lifetime li
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 non-cardiotoxic when compared with doxorubicin. - Free Ann ° substant | doxorubicin 0 [_ formulated) is essentia Brouecuum
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 f sone) > LANN+ ARAL ‘ i ‘102030 4060 60 70 60 90 100 170 120 130 Time, days 60: Percent survi
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) o~ Pee n=157 (@ s6<oy) I (@ 2027) S 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, 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 Andreet Dr. Giovanni Martinelli MD Anderson
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 cytarabine (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
O- 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 ‘Ande
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