Percheron Therapeutics Limited · ASX:PER
Percheron Therapeutics — Investor Presentation (November 2025)
33 slides from Percheron Therapeutics's investor presentation, Nov 5, 2025
Slide 1: ASX Announcement: Percheron Therapeutics Corporate Presentation
ASX Announcement PERCHERON THERAPEUTICS CORPORATE PRESENTATION Melbourne, Australia – 5 November 2025: Percheron Therapeutics Limited (ASX: PER) (‘the Company’), an international biotechnology company focused on the development of novel therapies for oncology and rare diseases, is pleased to provide
Slide 2: Developing High Impact Therapies for Cancer and Rare Diseases
For personal use only Developing High Impact Therapies for Cancer and Rare Diseases Corporate Overview November 2025 www.PercheronTx.com ASX: PER | US OTC: PERCF
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the safe-harbor provisions such as the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts and may be accompanied by words such
Slide 4: Compelling, differentiated, competitively valued investment opportunity in immuno-oncology
Percheron presents a compelling, differentiated, competitively valued investment opportunity in the emerging field of immuno-oncology For personal use only ASX-Listed Biotech Potential First-in-Class Positive Phase I Trial Near-Term Large Commercial Company, Competitively Drug Candidate with Complet
Slide 5: Pipeline includes HMBD-002, a potential first-in-class immuno-oncology asset
Percheron’s pipeline includes HMBD-002, a potential first-in-class immuno-oncology asset with applicability to a wide range of cancer indications HMBD-002 Monoclonal antibody to VISTA For personal use only COMBINATION THERAPY PRECLIN. PHASE 1 PHASE 2 PHASE 3 MARKET PARTNERSHIPS & COLLABORATIONS Soli
Slide 6: Board and Management Team
The Percheron Board and Management Team bring extensive international experience in drug development, commercialisation, and partnering For personal use only Dr Charmaine Gittleson Dr James Garner Deborah Ambrosini Non-Executive Chair of the Board Chief Executive Officer Chief Financial Officer & Ma
Slide 7: Ultra-lean operating model with cash applied directly to R&D
AS AT 31 OCT 2025 Percheron benefits from an ultra-lean operating model, with the majority of cash outlays being applied directly to R&D Cashflows (AU$ ,000) For personal use only 3,000 Corporate Fundamentals (as at 31 October 2025) Market Capitalisation: AU$ 9M 2,000 Primary Listing: ASX: PER 1,000
Slide 8: Percheron is competitively valued against peer ASX-listed companies
Percheron is competitively valued in comparison to peer ASX-listed companies Indicative List of Comparator ASX-Listed Oncology Companies For personal use only Company Ticker Number of Highest Stage of Cash at Market Cap at Programs Development 30 June 25 30 June 25 IMM 4 Phase III $67.4M $350.5M RAC
Slide 9: Pipeline progress and news flow over FY2026
PRELIMINARY Percheron is focused on moving its pipeline forward expeditiously, with potential for rich, value-generating news flow over FY2026 CY2025 For personal use only Release of full phase I data 2H CY2025 ✓ Initiate manufacture of new batch of drug substance for clinical trial use 2H CY2025 ✓
Slide 10: HMBD-002 Monoclonal Antibody to VISTA
For personal use only HMBD-002 Monoclonal Antibody to VISTA
Slide 11: HMBD-002 establishes Percheron as an immuno-oncology company
HMBD-002 establishes Percheron as an immuno-oncology company, one of the most exciting areas at the forefront of cancer drug development Ordinarily, the immune system is our first line of To become established, the cancer cell must Immuno-oncology therapies stimulate the defence against newly-formed
Slide 12: Immune checkpoint inhibitors: more than US$40 billion in annual sales
Immune checkpoint inhibitors have been one of the fastest growing classes of medicine in the immuno-oncology field, with more than US$ 40 billion in annual sales Immuno-oncology therapies target the interaction between tumours and the Immuno-oncology has grown to a For personal use only immune syste
Slide 13: VISTA is a highly attractive target for novel oncology therapies
VISTA is a highly attractive target for novel oncology therapies, showing high expression on many tumours and clear correlation with prognosis VISTA is expressed on a wide range of High expression of VISTA is High VISTA expression is associated For personal use only tumours associated with worse pro
Slide 14: Preclinical evidence of activity and synergy with PD-1 inhibition
HMBD-002 has shown compelling evidence of activity in a range of preclinical tumour models, and is synergistic with PD-1 inhibition Monotherapy administration yields up to 80% tumour growth inhibition, Combination with PD-1 inhibition For personal use only depending on tumour type provides substanti
Slide 15: Most advanced VISTA antibody in clinical development
INDICATIVE HMBD-002 is arguably the most advanced VISTA antibody in clinical development, and likely the only active member of the IgG4 class Program HMBD-002 CI-8993 JNJ-61610588 SNS-101 W0180 For personal use only Company In general, IgG1 antibodies activate antibody-dependent cellular cytotoxicit
Slide 16: HMBD-002 is well-advanced with a clear path towards commercialisation
PRELIMINARY HMBD-002 is well-advanced in clinical development, with a clear path towards commercialisation Preclinical Development Clinical Development For personal use only ✓ ✓ ✓ Preclinical IND-Enabling NDA-Enabling Phase I Phase II Phase III Validation Toxicology Toxicology Clinical Trial Clinica
Slide 17: HMBD-002 Phase I Clinical Trial Data
For personal use only HMBD-002 Phase I Clinical Trial Data
Slide 18: Phase I study design: 3+3 dose escalation
The HMBD-002 phase I study adopted a standard ‘3+3’ design, with an initial monotherapy group (n=28) followed by a pembrolizumab combination group (n=20) Patient Population & Study Design Dose Escalation For personal use only • Advanced cancer patients with no available Monotherapy Cohort 7 1,400 tr
Slide 19: Highly mixed, late-stage, heavily pre-treated study population
The study population was highly mixed in terms of tumour type, and comprised very late-stage, heavily pre-treated patients Breakdown of Tumour Types Baseline Disease Parameters For personal use only n=28 n=20 100% Age (mean) 56.6 Age Range 27 – 81 80% Time Since Diagnosis (mean) 4.1 years 60% Time S
Slide 20: Treatment-related adverse events
Common treatment-related adverse events (TRAEs) included infusion reactions, gastrointestinal disorders, fatigue, and rash Commentary Few patients with TRAEs at Grade ≥3; For personal use only no incremental toxicity in combination • The safety profile of HMBD-002 appears very favourable in the cont
Slide 21: 28% of patients showed best response of stable disease
28% of patients in the study showed a best observed response of ‘stable disease’ (SD) Best Observed Response (%) Commentary per RECIST 1.1 For personal use only • 18% of patients in the monotherapy group n=28 n=20 and 30% of patients in the combination 100% therapy group had a best observed 3 Not Ev
Slide 22: Response rates common for targeted and cytostatic therapies
Overall response rates such as were seen in this study are common for targeted and cytostatic therapies Reported Best Observed Response in Key Phase I Studies (%) Commentary For personal use only n=48 n=173 n=23 n=25 n=92 n=39 • Many targeted therapies have shown similar 100% response profiles in ea
Slide 23: Patients showing evidence of clinical benefit
A number of patients in the study showed evidence of clinical benefit, providing a positive signal of potential future efficacy For personal use only Patient Diagnosis Time Since Prior Lines Treatment Group Maximum Tumour Time on Therapy Diagnosis of Therapy Reduction 27M Metastatic dedifferentiated
Slide 24: HMBD-002 Phase II Clinical Trial Design
For personal use only HMBD-002 Phase II Clinical Trial Design
Slide 25: Phase II trial designed to achieve five strategic objectives
The planned phase II trial for HMBD-002 is designed to achieve five strategic objectives For personal use only Minimise time, cost, and risk to clinical proof-of-concept, while generating maximally valuable data 1 2 3 4 5 Provide multiple shots on goal Maintain operational flexibility Generate frequ
Slide 26: Multiple tumour types through independent arms in a single study
PRELIMINARY The phase II study will evaluate multiple tumour types through independent arms in a single study, a well-established approach that provides efficiency and flexibility For personal use only 1 Arm 1 Each arm resembles a standalone study in a specific patient population Arm 2 Arm 3 Arm 4 2
Slide 27: Each arm has two stages: exploratory and confirmatory
PRELIMINARY Each arm will potentially have two stages, allowing for an early read-out of activity before investing in confirmatory data Arm 1 For personal use only Arm 2 Arm 3 Arm 4 3 Decision to ‘graduate’ from exploratory to confirmatory stage is Arm 4 under company’s control and may take many inp
Slide 28: Four high priority arms identified
PRELIMINARY Four arms have been identified as high priority targets, with the potential for others to be added in future For personal use only Triple-Negative EGFR-Mutant HER2-Negative Endometrial Breast Cancer Non-Small Cell Lung Cancer Oesophageal Adenocarcinoma Cancer (TNBC) (NSCLC) ~36,000 patie
Slide 29: Plan provides significant news flow from CY2026 onwards
INDICATIVE PRELIMINARY The plan provides the potential for significant news flow from CY2026 onwards 2026 2027 2028 Indicative Cost Estimates For personal use only Design and set-up Approximate Cost per Patient Enrol patients to open-label Graduate one or more initial arms of study; selection ~US$ 1
Slide 30: HMBD-002 Commercial Opportunity
For personal use only HMBD-002 Commercial Opportunity
Slide 31: High-level estimate of market opportunity for HMBD-002
ILLUSTRATIVE A high-level estimate of market opportunity suggests enormous commercial potential for HMBD-002; only one indication needs to be successful for a profitable product Triple-Negative EGFR-Mutant HER2-Negative For personal use only Breast Cancer Non-Small-Cell Oesophageal Cancer Endometria
Slide 32: Successful immuno-oncology assets are highly partnerable
ILLUSTRATIVE Successful immuno-oncology assets are highly partnerable, with comparable deals suggesting attractive valuations Date Asset Licensor Licensee Target Stage Deal Terms For personal use only Early-Mid Clinical Oct 2018 COM701 PVRIG Phase I / II $20M upfront; $200M milestones; royalties Jun
Slide 33: For personal use only
For personal use only info@PercheronTx.com www.PercheronTx.com 31
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