Alaunos Therapeutics, Inc. · NASDAQ:TCRT
Alaunos Therapeutics — Merger or Acquisition (October 2026)
26 slides from Alaunos Therapeutics's merger presentation, Oct 13, 2026
Slide 1: Transaction & Corporate Overview
Transaction & Corporate Overview October 2026 Confidential
Slide 2: Disclaimers and forward-looking statements
Disclaimers and forward-looking statements Disclaimer This presentation has been prepared by Velaris Therapeutics, Inc. (“Velaris” or the “Company”). The information contained herein is provided as of the date hereof, is subject to change without notice, and is based on publicly available informatio
Slide 3: Transaction highlights
Transaction highlights Structure: The acquisition of Velaris was structured as a stock-for-stock transaction whereby all of Velaris’ outstanding equity interests were exchanged for a combination of shares of Alaunos common stock and newly created non-voting Series C convertible preferred stock. Fina
Slide 4: Capitalization
Capitalization Confidential As of 10/13/2026 Pre-merger Alaunos common stock outstanding (f.d.) 3,797,326 Merger consideration Shares of preferred 138,340 Preferred conversion ratio 1,000 Total common equivalent (Merger) 138,340,000 Concurrent financing Shares of common 687,789 Shares of preferred 2
Slide 5: Velaris pipeline for pulmonary hypertension and cardiopulmonary disease
Program Discovery IND-enabling Clinical Ligand trap VLR199 IND or CTA 2H27 VLR247 IND or CTA 1H28* VLR258 Monoclonal antibody VLR360 IND or CTA 2H27 VLR869 Bispecific antibody VLR6109 Velaris is developing a pipeline of potentially transformative therapies for pulmonary hypertension and cardiopulmon
Slide 6: Winrevair's rapid growth is one of the largest cardiopulmonary launches ever
Source: VisibleAlpha Winrevair’s rapid growth makes it one of the largest cardiopulmonary launches ever Projected Winrevair revenue in PAH Sales (US $M) Confidential Annualizing $2B two years into launch with current label for PAH alone $8B peak sales estimate in PAH alone ~$8B Winrevair is the only
Slide 7: PAH could be the tip of the iceberg in cardiopulmonary disease
PAH could be the tip of the iceberg in cardiopulmonary disease Large, untapped opportunity awaits in secondary PH and cardiopulmonary indications Estimated number of US patients No. patients (thousands) Secondary PH and cardiopulmonary disease 60-70K 120Ka 180Ka 250K 500Kb 30-50K PAH PH-ILD IPF PPF
Slide 8: Pulmonary vascular remodeling is a shared pathology across PH groups
Pulmonary vascular remodeling from imbalanced growth signaling is a shared pathology across PH groups Confidential Interstitial lung disease PH-lung disease (Group 3) PAH (Group 1) (e.g., PH-ILD, PH-COPD, PH-IPF, PH-PPF) PH-HFpEF (Group 2) Healthy PH Left-sided heart failure (e.g., Cpc-PH-HFpEF, Ipc
Slide 9: Anti-PDGF-B is a distinct MoA from Winrevair's
Anti-PDGF-B is a distinct MoA from Winrevair’s Velaris is pursuing multiple potentially best-in-class therapies with pipeline-in-a-product potential Confidential Multiple ligand trap approaches yield distinct opportunities with potential to improve on Winrevair and command PH market share VLR199 Des
Slide 10: VLR199 is designed to replicate Winrevair's proven pharmacology
VLR199 is designed to replicate Winrevair’s proven pharmacology Confidential ActRIIA extracellular domain, with broad ligand trapping activity Fc domain of human IgG1 BMP-10 BMP-9 Activin A Activin B GDF-8 GDF-11 Anti-proliferative Pro-proliferative VLR199 Inhibitory profile matches Winrevair Winrev
Slide 11: Velaris pipeline designed to improve on areas where Winrevair may not be optimized
Velaris pipeline is designed to improve on areas where Winrevair may not be fully optimized Confidential Potential Ability to Differentiate Area for optimization Potential Velaris initiatives VLR199 VLR247 VLR258 Dosing Winrevair titrated from 0.3 to 0.7 mg/kg Q3W Comprehensive dose-ranging for opti
Slide 12: Multiple approaches to optimize activity beyond VLR199
ActRIIA extracellular domain (similar to Winrevair) Fc domain of human IgG1 VLR247 Inhibitory profiles for lead spares BMP-9/10 Winrevair HS235 VLR258 exemplary lead VLR258 Both designed to be BMP-9/10-sparing ActRIIB extracellular domain (similar to HS235*) Confidential Velaris is pursuing multiple
Slide 13: VLR360 targets PDGF-B, an emerging target with monotherapy potential
VLR360 targets PDGF-B, an emerging target with potential as a monotherapy… Confidential VLR360 Anti-PDGF-B activity Potential for greater potency than REGN13335 Fc-modified for half-life extension Potential for less frequent dosing than REGN13335 Highly selective for PDGF-B Potential to avoid off-ta
Slide 14: Engineered with combination potential in mind
…and has been engineered with combination potential in mind Confidential Combinations are foundational to the pulmonary treatment paradigms VLR199 Designed to replicate Winrevair’s proven pharmacology Designed to optimize ActRII-Fc tolerability VLR360 Designed to replicate imatinib’s effects without
Slide 15: PAH Provides a Path to Rapid PoC and Clinical Development
PAH Provides a Path to Rapid PoC and Clinical Development
Slide 16: PAH offers a potentially efficient development path
PAH offers Velaris a potentially efficient development path, including a small initial study that could demonstrate PoC Confidential n ≈ 20 - 30 Healthy Volunteers Activin signaling inhibition offers specific PD biomarkers (e.g., FSH) and on-target heme changes Extensive Winrevair precedent enables
Slide 17: Multiple PD markers anticipated to provide early confidence in clinical similarity
Multiple PD markers anticipated to provide early confidence in clinical similarity to Winrevair FSH decrease (in postmenopausal women) Hgb changes BSAP increase Early HV PK/PD data expected to enable dose matching to Winrevair, potentially supporting Winrevair-like activity in Phase 2/3 Activin sign
Slide 18: HFpEF, Group 2 PH, is a blockbuster expansion indication
Heart Failure with preserved Ejection Fraction (HFpEF), Group 2 PH, is a blockbuster expansion indication
Slide 19: Activin signaling inhibition shows early efficacy signs in PH-HFpEF
Activin signaling inhibition is the only PAH MoA to show early signs of efficacy in the larger PH-HFpEF population Confidential PH-HFpEF (Group 2 PH): Results after left-sided heart failure causes progressive, pulmonary vasculature changes comparable to PAH Market size markedly larger than PAH No ap
Slide 20: Winrevair is only PAH agent to show efficacy signal in PH-HFpEF
Winrevair is only PAH agent to demonstrate efficacy signal in PH-HFpEF Winrevair advancing to Phase 3 with lower (0.3 mg/kg) dose Velaris has potential to efficiently advance into late-stage studies HFpEF: Winrevair has shown early signs of efficacy in heart failure, a potentially ~10x larger popula
Slide 21: Potential expansion into Group PH and adjacent indications
Potential expansion into Group 3 PH and adjacent indications
Slide 22: PAH drugs have utility in PH-ILD and pulmonary fibrosis
PAH drugs have demonstrated utility in the large markets of PH-ILD and pulmonary fibrosis Confidential PH-ILD (Group 3) and pulmonary fibrosis share in common underlying lung parenchyma disorder Some PAH drugs have demonstrated efficacy, showing the path, but leaving remaining unmet need Activin sig
Slide 23: PAH drugs have an established path into PH-ILD and pulmonary fibrosis
PAH drugs have an established path into PH-ILD and pulmonary fibrosis Confidential Prostacyclin sGC PAH Tyvaso Mosliciguat PH-ILD Pulmonary Fibrosis Est. Addressable US Pts 30-50K 60-70K 300K FDA Approval 2009 FDA Approval 2021 Two Positive IPF Ph3s 2025 & 2026 + PPF Ph3 Est. 2027 Potential Indi
Slide 24: Evaluating the activin MoA in lung disease is an opportunity
Given Winrevair’s superior efficacy in PAH, evaluating the activin MoA in lung disease is a compelling opportunity Confidential Improvement in exercise capacity TRIUMPH (Tyvaso), STELLAR (Winrevair) For illustrative purposes only; no H2H study was conducted Tyvaso Winrevair Pbo-adj D 6MWD (m) 12 wk
Slide 25: Velaris programs expected to enter clinic in 2027, PoC data in 2028
Velaris programs expected to enter clinic in 2027 with key clinical PoC data expected in 2028 Confidential 2027 2028 VLR199 (ActIIRA-Fc) IND/CTA (2H) PoC data VLR247 (ActIIRA-Fc BMP9/10 sparing) IND/CTA (1H)* VLR258 (ActIIRB-Fc BMP9/10 sparing) VLR360 (anti-PDGF-B) IND/CTA (2H) PoC data External cat
Slide 26: Company led by an experienced leadership team
Company led by an experienced leadership team Confidential Robert Postma Board member Watermill Asset Management Corporation Holger Weis Chairman Michael Jerman Board member Hollywell Partners Jaime Vieser Board member Brushwood, Castle Hill Asset Management Peter Harwin Incoming Board member Fairmo
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