Adagio Medical Holdings, Inc · NASDAQ:ADGM
Adagio Medical — Investor Presentation (August 2026)
24 slides from Adagio Medical's investor presentation, Aug 13, 2026
Slide 1: August 2026
1 August 2026
Slide 2: Forward Looking Statements
2 - CONFIDENTIAL - 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 Proprie
Slide 3: Leadership Team
3 - CONFIDENTIAL - Leadership Team Over 200 Combined Years of Med Tech Experience Select Prior Experiences Doug Kurschinski VP Clinical Affairs Ilya Grigorov, PhD VP Global Marketing & Product Management Matthew Hakimi, MD Medical Director Marie-Claude Jacques Sr VP, Global Sales Antwan Gipson Sr VP
Slide 4: Adagio Medical Overview
4 - CONFIDENTIAL - Adagio Medical Overview ¹ Based on management’s analysis and calculations using internal and third-party estimates and resources, subject to certain assumptions and limitations. As of March 31, 2026. The Only Purpose-Built Catheter for the Large, Underserved VT Ablation Market VT
Slide 5: Building Value through Real, Achievable Near-Term Milestones
5 - CONFIDENTIAL - FDA IDE approval for vCLAS Ultra (next-gen substudy) Fully enrolled 209-patient FULCRUM-VT trial — < 11 months >13 compassionate use vCLAS cases completed Pivotal results presented at HRS 2026 ¹ Based on management’s analysis and calculations using internal and third-party estimat
Slide 6: Goals of VT Ablation
6 - CONFIDENTIAL - Goals of VT Ablation Restore Normal Heart Rhythm; Decrease ICD shocks and Anti-Arrhythmic Drugs 1) Adopted from: Mayo Clinic, https://www.mayoclinic.org/ Normal Electrical Conduction Ventricular Tachycardia (VT) Requires a safe procedure that achieves lesion depth and durability f
Slide 7: Estimated $5.8B Global TAM for VT Ablation
7 - CONFIDENTIAL - Estimated $5.8B Global TAM for VT Ablation Underpenetrated Market with Meaningful Growth Potential and Established U.S. Reimbursement Note: Market size, number of procedures and patients, and current market penetration are based on management's analysis and calculations using inte
Slide 8: VT Market Poised for AF-Like Acceleration
8 - CONFIDENTIAL - 0 200 400 600 800 1000 1200 1400 1600 2005 2010 2015 2020 2025 2030 Global Procedures1 VT Market Poised for AF-Like Acceleration Fueled by Data Supporting Guidelines and Purpose-Built VT Solution 1) The current catheter market size, historical and future market growth are based on
Slide 9: 11.5% Total Procedural Complication Rate with Current Technologies
9 - CONFIDENTIAL - 11.5% Total Procedural Complication Rate with Current Technologies1,2 Nitroglycerin Utilized to Reduce Vasospasm Irrigation Required in Fluid Compromised Patients High Risk of Hemolysis Thermal Effect/Steam Pop Electrical / Pulsed Current Epicardial Approach Required for Deep Lesi
Slide 10: Ultra Low Temperature Ablation (ULTA): Purpose Built for VT Ablation
1 0 - CONFIDENTIAL - Ultra Low Temperature Ablation (ULTA): Purpose Built for VT Ablation Clinically Tested in Patients with Ischemic and Non-Ischemic Cardiomyopathy Designed to address all VTs Durable lesions of titratable depth and size Endocardial ablations of mid-myocardial scar Catheter stabili
Slide 11: Greater Than 2x Lesion Depth with ULTA
1 1 - CONFIDENTIAL - Greater Than 2x Lesion Depth with ULTA Note: Video courtesy Dr. Petr Neuzil, Nemecina Na Homolce, Prague, CZ. Preclinical images are adopted from Verma et al. 1) De Potter T, Balt, JC, Boersma L, et al. First-in-Human Experience With Ultra-Low Temperature Cryoablation for Monomo
Slide 12: FULCRUM-VT Pivotal Study – vCLAS First Generation
1 2 - CONFIDENTIAL - Study Design Single arm; 209 patients across ~20 sites Ischemic cardiomyopathy / Non-ischemic cardiomyopathy Endocardial only PMA Submitted May 2026 Proposed Indication: Treatment of drug-refractory, recurrent, sustained monomorphic ventricular tachycardia in patients with ische
Slide 13: Compassionate Use Cases Highlight Clinical Need for vCLAS
1 3 - CONFIDENTIAL - Common Clinical Studies Selected Case Details Compassionate Use Cases Highlights Clinical Need for vCLAS Clinical Situation Treatment History Prior to vCLAS Patient 1 • Surgical repair of LV aneurism; Hypertrophic basal lateral scar • 2 prior RF ablations, including through CS •
Slide 14: Next Generation vCLAS Ultra: Faster, Colder, Deeper
1 4 - CONFIDENTIAL - Next Generation vCLAS Ultra: Faster • Colder • Deeper FULCRUM-VT Expansion Trial: CMS Approved to Cover Trial Cost and Enrollment Underway * K. Dyrda et al. Initial Pre-Clinical Evaluation of the Augmented Ultra-Low Temperature Cryoablation Catheter for Ventricular Ablations. J
Slide 15: First Human Case: Next-Gen vCLAS Ultra System
1 5 - CONFIDENTIAL - First Human Case: Next-Gen vCLAS Ultra System Patient Profile Non-ischemic cardiomyopathy with a history of multiple failed radiofrequency (RF) and coronary venous alcohol ablations for ventricular tachycardia (VT) Regulatory Pathway Procedure performed under FDA Expanded Access
Slide 16: ULTA vs. Traditional Cryo
1 6 - CONFIDENTIAL - ULTA vs. Traditional Cryo Device Example Cryogen Approx. Min. Cryogen Temp. Approx. Ablation Element Temp. Cooling Power Use Case Lesion Depth Limitations / Advantages Traditional Cryo (Nitrous Oxide-Based) Nitrous oxide -85°C -60°C Low Endocardial; limited to atrial application
Slide 17: Established U.S. Reimbursement
1 7 - CONFIDENTIAL - Established U.S. Reimbursement VT Ablation Covered by Existing Codes1 1) 2027 Codes; Outpatient code is proposed 2) The incremental payment gets added to the standard payment for the intervention 3) Payment amount varies and depends on hospital specific charges and metrics 4) BD
Slide 18: Anticipated Regulatory Timeline & Major Milestones
1 8 - CONFIDENTIAL - Anticipated Regulatory Timeline & Major Milestones Next Gen vCLAS Ultra System vCLAS ULTA System Enrollment Complete & Acute Data Read Out Q4 2025 ✓ Late Breaker Pivotal Data (HRS) & FDA Submission Q2 2026 PMA Approval Q4 2026 / Q1 2027 U.S. Launch (Limited Market Release) 1H 20
Slide 19: Pulsed Field Cryoablation Pipeline Technology & IP
1 9 - CONFIDENTIAL - Pulsed Current ~ 25 amp2 Zero < 1 amp Ablation Time <10s of seconds1 ~60-120 seconds3,4 ~30 seconds5,6 Pulsed Field Cryoablation Pipeline Technology & IP Desired Depth with Less Energy than PFA Alone 1) Shapira-Daniels A, et al. Circ Arrhythm Electrophysiol 2019 2) Verma A, et a
Slide 20: Adagio Medical: VT Ablation without Compromise
2 0 - CONFIDENTIAL - Adagio Medical: VT Ablation without Compromise Purpose-Built Solution to Effectively Treat VT while Avoiding Challenges of Current Technologies Ultra-Low Temperature Ablation – Deep, Fast, Titratable Nitroglycerin Irrigation High risk of Hemolysis Epicardial Approach No Instabil
Slide 21: Select Financials and Capitalization
2 1 - CONFIDENTIAL - Select Financials and Capitalization ($ in millions) At 06/30/26 Cash and Cash Equivalents $7.7M Convertible Notes Payable (including accrued interest) $24.8M Shares Outstanding 22.2M Total Base Warrants ($10 ex. price) 7.5M Total Convert Warrants ($24 ex. price) 1.5M Total PIPE
Slide 22: October 2025 Financing of Up to $50 Million
2 2 - CONFIDENTIAL - Additional leading healthcare investors October 2025 PIPE of up to $50M To Advance vCLAS and vCLAS Ultra Adagio closed a private investor confidence in our proprietary, disruptive technology for VT and validating our product and FDA pathway • $19 million in upfront funding • $31
Slide 23: Investment Highlights
2 3 - CONFIDENTIAL - Investment Highlights 1) Market size and current market penetration are based on management's analysis and calculations using internal and third-party estimates and resources, subject to certain assumptions and limitations. Two-Year Lead with Purpose Built Catheter to Address VT
Slide 24: - CONFIDENTIAL - 2 4
- CONFIDENTIAL - 2 4
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