Moleculin Biotech, Inc. · NASDAQ:MBRX
Moleculin Biotech — Investor Presentation (October 2026)
55 slides from Moleculin Biotech's investor presentation, Oct 16, 2026
Slide 1: Corporate Presentation
NASDAQ: MBRX | moleculin.com \ c ? co tMOLECULIN < %, 6 upe BETTER TREATMENTS, MORE TOMORROWS, : Corporate Presentation October 15, 2026
Slide 2: Disclaimer
Disclaimer [All statomens contained eran ether than statements of historca fot, inclding statements egoting our future results of eperavons and faneilposton, our businoss strategy ond ‘las, and our objectives fr fue operations, are orwariooking statements. The words “baleve," “may,” “wil” “estmate,"
Slide 3: Executive Summary
EXECUTIVE SUMMARY MOLECULIN BIOTECH (NASDAQ: MBRX) Annamycin: Re-Engineered Anthracycline in Pivotal Phase 2/3 One of chemotherapy's most proven drug classes, re-engineered to overcome its defining limitation. Encouraging data to date. Pivotal Phase 2/3 MIRACLE Trial underway. Part A data projects P
Slide 4: Our Team
Our Team ay i a —— a Donald Picker, PhD - — cr Exeoutwe VP & Chit Financial Oficer Dr. John Paul Waymack Senior Chet Medical Officer Robert Shepard, MD, FACP Medical Advisor ‘Adriano Treve ‘Strategic Advisorx-Big Pharma Exec. 200 1 -Dirctom and Execute Otcar 9 Group PorDet 4A lad August 24,2025 FDA
Slide 5: Science Advisors
Science Advisors Waldemar Priebe, PhD Dr. Daniet Von Hott MD Anderson Cancer Center Mayo Clinic Founding Scientist & SAB Chai HEMATOLOGY ONCOLOGY Dr. Michael Andreett Dr. Jorge Cortes Dr. Giovanni Martineltt MD Anderson Cancer Center University of Alabama Bologna University at Birmingham
Slide 6: Technology Portfolio
Technology Portfolio Program Indication Preclinical IND/CTA Phase Phase2 Phase2/3 voor a Pediatric Brain Tumors Annamycin recruited Pedic MRAM SSS reconccone ED crores en] ‘wP1066'2 WP1122 care wot ‘Lena armed 2027 a
Slide 7: Annamycin Combines Distinct Structural Enhancements With an Advanced Lipid Delivery System
Annamycin Combines Distinct Structural Enhancements With an Advanced Lipid Delivery System DOXORUBICIN ANNAMYCIN L-ANNAMYCIN rnaxtarubicin liposome ‘Muttilametlar Vesicle
Slide 8: Annamycin: Engineered to Increase Efficacy While Avoiding the Cardiotoxicity
Annamycin: Engineered to Increase Efficacy While Avoiding the Cardiotoxicity That Limits Today’s Anthracyclines ‘Anthracyclines are among oncology’s most effective chemotherapies, but cumulative heart damage caps the amount patients can safely receive, Annamycin was engineered to remove that ceiling
Slide 9: Annamycin vs. Currently Prescribed Anthracyclines
Annamycin vs. Currently Prescribed Anthracyclines ‘Comparative profile against the doxorubicin-class standard of care. PROPERTY ‘Annamy. Current Anthracyclines » Doxorubicin clase Terminathalttite “1-2hours 20-48" Net charge act Neutrat Positive (cationic) None detected” ’ Dose-dependent CHF” Cardio
Slide 10: The Annamycin Opportunity: AML
THEANNAMYCIN OPPORTUNITY. AML AnnAraC (Annamycin + HiDAC): Poten Significant Unmet Need in R/R AML lto Meaningfully Address a ~50%of 50% of TL ~50% of 2Lhave Peeeerrr err ss appropriate genotype Rann perertty + aaaaaaaz | + anna. w~ | s2aaeeeeaaas 222222222222 222222222222 Seer yyy EvEE yey Errry ~1
Slide 11: Ongoing Phase 2/3 Pivotal Trial in R/R AML MIRACLE
Ongoing Phase 2/3 Pivotal Trial in R/R AML MIRACLE Part A recruitment closed, following positive first interim results showing CR rates at least 3x control across both Annamycin arms. MIRACLE is an artificially truncated trial, limiting to a single cycle of treatment before measurement of the primar
Slide 12: MIRACLE
MIRACLE Adaptive Trial Design - End of Phase 2 FDA Meeting ————— PARTA ENROLUMENTCLOSED-DATAXPECTED Qt? nz90 | [ pate -qzar Select the Dose S0perarm | | Supports Approval (Chooses which Annamycin ose advances, Produces the frst durability, MAD The optimum dose against contol, 1:1. ‘and genotyping da
Slide 13: MIRACLE Part A: Interim Analysis
MIRACLE Part A: Interim Analysis Aglobal, adaptive Phase 2/3 of Annamycin + HiDAC vs. HiDAC + placebo MIRACLE POPULATION ate HIDAC + placebo AMLadutts —* randomization —* RiRafterfist-ne High-dose ojtrabine n 7 ENDPOINTS - MIRACLE PRIMARY ‘Complete Remission Rate (CR) SECONDARY/ Composite Complete R
Slide 14: MIRACLE
MIRACLE n=45 Interim Analysis Results Both Annamycin arms outperform control on primary and secondary endpoints IDMc RECOMMENDATION 50% ae Continue MIRACLE without 43m a 36. modification LJ [] a Tac dent taerigerdaed oes ‘Ane in 190, Ane sin 230, _ a lax regir ape aoe amyen coer) = 75.6% i 311%. mim
Slide 15: MIRACLE
MIRACLE MIRACLE 0-106) + Intorimn45 + BUNDED SUBGROUP ne BRA dan ee Preliminary Blinded Efficacy in R/R Ven-Treated (“Unfit”) Subjects 47% an7 INTERPRETATION 29% ‘These are blinded results —the analysis population shown here stillineludes the placebo control arm, 87 {AlL17 subjects (ofthe first 45)
Slide 16: MIRACLE
MIRACLE POOLED ANALYSIS + ANNAMYCININ RAMU ne BR anc ee Pooled Data: Consistent Efficacy Across 50 Subjects oe ex 39% 38% 11708 nae I “Neco qanacte) Combined 220 pooted MB-106+MB-108 yone eycle 8 n=50 Meanie (Rc CRCRCRH. MB-06 Anna Bouotrcum ete arn 0 un 25 tian MB RACE: p amin 0°28 me
Slide 17: MIRACLE
MRF Part A: Enrollment, Dose Selection and Pivotal Expansion Enrollment for Part A complete - focused now on data lock to unblind and select the optimal dose for Part B e @ Topay PART A First interim Enrollment closed Adaptive readout Pivotal expansion ‘Single Annamycin dose advances Optimal doseve.
Slide 18: MIRACLE
MIRACLE Part Als to Choose the Dose and Ae a et ne oan Part B Is to Achieve Approval In Part A, both Annamycin arms showed higher CR and CRc rates than control at the first interim look, providing encouraging direction as MIRACLE advances toward the pivotal Part B analysis. Part A: Encouraging Direc
Slide 19: Estimated MIRACLE Timeline
Estimated MIRACLE Timeline Study design: 282 subjects in the pivotal analysis (incl. Part A arms n=60) PARTA » n=90 PARTS «© n=222 Annamyein 190 a-30 Optimum dose Select Optimum ‘Annamycin 230 930 Dos + controt 2av( tt) Stans 922027 +18 Control a-30 months Pooted pivotal dataset, n=282 MIRACLE Key d
Slide 20: Scientific Support + AML Key Opinion Leaders
[SCIENTIFIC SUPPORT + AML KEY OPINION LEADERS. Key Opinion Leaders’ Support for Annamycin for R/R AML Giovanni Martinelli, MD
Slide 21: Market Research + Oncologists
!MOLECULIN MARKETRESEARCH + ONCOLOGISTS Oncologists Declare 6 out of 7 Likelihood to Prescribe Annamycin ‘oH UXELHOOD TO PRESCREE Only 1 of 19 oncologists is highly satisfied with current R/R AML options. Targeted therapies toonarrow Meanings gain med to-20-60% of PR patents Post-venetoclaxis acriti
Slide 22: Market Research + Pricing
MARKETRESEARCH + PRICING Independent Payer Research Supports Premium Pricing for Annamycin PAYERS Payer Value Drivers PRICING iat Payer-Supported Range 121827 500 to $95,000 pertain rors vim seventeen uaa tene A 8 Cost-of-Care Impact 7) Pricing Benchmark ~$30K PERINFUSION Premium over Vyxeos: Supper
Slide 23: Market Sizing + Annamycin Portfolio
[MARKETSIZING + ANNAMYCIN PORTFOLIO AML Potentially Supports ~$900M Opportunity; Pipeline Indications Could Expand Peak Potential to ~$9.9B unease Peak Annual Revenue llustration Aan RIRAHLCD 12900 1800 wm s06s8 nent en ao 12000 we $0208 us ces rome 13000 25.000 tom $0488 inde 7000 -20000—1.000 BLRR
Slide 24: Strategic Positioning + AML Treatment Landscape
[STRATEGIC POSITIONING + AML TREATMENT LANDSCAPE. Targeted Therapies Create Another Opening for Annamycin Why the shift toward targeted therapy expands Annamycin’s potential role rather than threatening it Limited as Best monotherapy —* combination THE LOGICAL OUTCOME NEAR Tenn Universal salvage We
Slide 25: Anthracyclines Remain a Foundational Class of Chemotherapy
Anthracyclines Remain a Foundational Class of Chemotherapy Powerful Treatment Known for Their Potent Effects and Long-Standing Role in Cancer Treatment Need for disruption Global Anthracycline Market Expected to Grow at a CAGR of 8.4%" ~ 50 % . $418 of all cancers are treated with an anthracycline?
Slide 26: Cardiotoxicity Creates a Lifetime Ceiling on Anthracycline Use
Cardiotoxicity Creates a Lifetime Ceiling on Anthracycline Use Traditional Anthracycline Cardiotoxicity Despite Risk of Cardiotoxicity, Anthracyclines Accumulates Over Time and Limits Efficacy Are Still Widely Used Due to Their Potent Effects Estimated Cumulative Percentage of Patients ‘ath On Stay
Slide 27: Eliminating Cardiotoxicity
Eliminating Cardiotoxicity More Than Five Times the Lifetime —_*3000n0» Zero Cardiotoxichy in 2d Limit. No Cardiotoxicity Detected. 10056 FDA Lifetime Cardiac Limit Event Level Includes Echo, GLS and troponin evaluation 65% Cardiac >8% Heart Event Level Failure Independent review by Cleveland Clinic
Slide 28: Opportunity for Market Cap Growth
Opportunity for Market Cap Growth ano | Disruptive Technology | Clinically Advanced | Market Potential Patented NCE wh ODD Fest Greater Phase etfcay eves FOA Nea $1 Bion moran AM Teckettusand ore pestis soprond Lar te done 1x grow potent eee eee 2sPheat MAP il under scaltonalndeatone supped {Ysupeto
Slide 29: Appendix
BETTER TREATMENTS, MORE TOMORROWS Appendix
Slide 30: Global Network
Global Network All technology licensed from MD Anderson Cancer Center (MDACC) al 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 Anderson Cancer Cente
Slide 31: Blinded Pooled Results & n=45 Interim Results
Aetion Blinded Pooled Results & n=45 Interim Results Pooled, blinded, interim data — Both Annamycin arms outperform controlon primary and secondary treatment failures occur faster endpoints. (-5-10 days post cycle) vs CRe's (30-50 days post cycle) Blinded (n-30) Bunded (n-62) Pooledallarms,evaluable
Slide 32: History of Development
History of Development foanchounead teres Mesosiotutedn EL: eon eondoied = SMILE (tomes yW. tusmadoenee tonclased CU; mltteoner abated to FDA MO Ande (limited by FDA to — E0P2 meeting with a? US; multi-center Phase 2/3 design Uicense rights returned to. Inc. as part of Fast Track designation ‘Drug d
Slide 33: AML Clinical History
AML Clinical History PHASE 1: MB-104 MONOTHERAPY 100-120 mg/m? + ae? * A7WCRI (a suboptimal dosing) + Dosinglintedby FDA Lite, Antrayetine Dose (LIMA) + TWallecation US KEY FINDINGS | Welltolerated inthe study population United tow doses 1 Morphologl leukemia re state achieved Inone subjectinthe 120
Slide 34: Annamycin Delivered Superior Efficacy
Annamycin Delivered Superior Efficacy i cr 50% Rc! 60% OS for CR® 14.0 months OS for 21 12.4 months OS for (1-7L)* 12.4 months CR Durability? 13.1 months MRD Negative® 75% BMT? 50% MB-106 in R/R AML wy The Phase 2 data shown here represent more than 2x the complete remission rate of the leading 2L A
Slide 35: 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-AZA/ VEN-DEC VEN-DEC overALL RELAPSEDOR BEST__—«<CYCLES_ANNARACANNARAG SURVIVAL ‘AnnAraC 40% CR rate and 60% CRe AGE REFRACTORY EFFICACY (MONTHS) CYCLES EFFICACY. (MONTH
Slide 36: MB-106 Phase 1/2 (Annamycin + Ara-C; n = 22) & SPLINE
MB-106 Phase 1/2 (Annamycin + Ara-C (AnnAraC); n = 22) 20 & SPLINE LINE OF THERAPY ALLUINES (1-7 4STLINE 20UNE ‘COMBINED 1 Subjects Evaluable 22 4 10 t 14 1 Subjects evaluable Not, 5 1 1 1 Dosed per Protocol \ 1 Median Age Years 67.5 (19-78) 96.5 (19-69 -78) | 69.5 (59-79 ae (19-78) (19-69) 7052-78)
Slide 37: MB-106: Durability, MRD, Prior Therapies - CR/CRi
MB-106: Durability, MRD, Prior Therapies - CR/CRi Preliminary - (“Prior ~) Days 100 200 300 400 >600 >700 | therapy @ 1 6 >| |e; @ 1 3 e ®:f qn e @ 1 4 ® 0 e@ @® 1 e @ & » ° ® 2 e| 2 al, BB - duct tPemision J]-oveatsunnat Pp =contrung # <Prortnesot tery @ =seencustaow | &| §/E Bwouecuun
Slide 38: MB-106 Response by Genotype and Mutation
MB-106 Response by Genotype and Mutation fk &) ®) ae ast cHan soroin-9) oor ETE corrieskonoyres “generally poor prognosis, RUNKV/ITT cytogenetics ardmutations” aay ASK ( g oss pura anpoarstobe ioe “genolypermutation agnostic” ion 53 None/Not tested Asof hl 18,2025
Slide 39: Landscape of Targeted Therapy Efficacy
Landscape of Targeted Therapy Efficacy’ ~18% of 2L AML Patients Expected to Achieve CRw/ Approved Targeted Therapies A 2196 5.8% Gitteritinib (Xospata) (Fu3) 19% 2.3% Enasidenio (lahita) (oH ~\ ELLE Ivosidenib (Tibsovo) (DHT Olutasidenib. Gemtuzumab —Ziftomenib (Rezlihia) (OHI (Mylotarg) (e033) (NPM
Slide 40: Notes (see slide Landscape of Targeted Therapy Efficacy)
Notes (see slide “Landscape of Targeted Therapy Efficacy”) 1. This chart shows Complete Response (CR) rates as submitted for FDA approval for existing 2nd tine therapies (as single agents); Note: these data are from separate clinical trials with itfering protocol designs and should not be considered
Slide 41: 2L Treatment Alternatives
2L Treatment Alternatives Ven-Azat Targeted? AnnArac® 10-106; Po unbindinge a Hand Study size (n) 67 (eesteatedapprovaltor LAM) 92-247 (pprovalsze) 10 cosutjecte poningin 226, spprovel expeciodon 182) cRe 3896 (in 2) 29% (average) 60% cR 16% (in 21) 21% (average) 50% Median numberof cycles 13 45 175
Slide 42: AML Alone Has Significant Potential Value
AML Alone Has Significant Potential Value [APPROVED PHASE 2 COMPLETE PRE-APPROVAL 1 Line 24 Line Jazz AbbVie Servier Kura’ ‘Syndax' JNJ) Moleculin } Vyxeos —Venclexta_Idhifa/Tibsovo Zittomenib_ Revumenib. 617 ' Annamycin | N 153 286 199/174 20 87 7 1 10 I cR 38% 37% 19%6/25% 35% 18% 24% | 50% CRe 48
Slide 43: Notes for Potential Revenue Estimate
Notes for Potential Revenue Estimate
Slide 44: Annamycin: A Novel Anthracycline
Annamycin: A Novel Anthracycline e! Eon ‘Annamycin Doxorubicin Idarubicin [UNIQUE NEW STRUCTURE Incorporates key structural elements of 3 different clinically used anthracyclines, plus The 3'-deamination and introduction of iodine at C-2; lodine is a material add tothe molecular mass RESULT Eliminat
Slide 45: Annamycin - Efficacy of Traditional Anthracyclines with Less Toxicity
Annamycin - Efficacy of Traditional Anthracyclines with Less Toxicity Plus Potential for Maintenance Therapy POTENTIALLY NON-CARDIOTOXIC ANNAMYCIN Zero cardiotoxicity per independent expert Zero Cardiotoxicity (90 subjects reviewed to date) Patients treated up to 6x FDA lifetime max for Dox Lt t Ena
Slide 46: FDA Recommended Model Shows Annamycin's Lack of Cardiotoxicity
FDA Recommended Model Shows Annamycin’s Lack of Cardiotoxicity in This Model % of Mice with Heart Lesions co <0 preclinical Bertazzoli model for ‘measuring cardiotoxicity shows Annamycin is effectively non-cardiotoxic when compared with doxorubicin. 3 — a Free Annamycin (API only) is substantially l
Slide 47: 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 (MRD) ANN LANN+ ARA-C Day 36 Day 36 Bone marrow Spleen vehicle ARAC LANN LANN + ARAG Percent survival Median survival Ps vehicle “ v7 388 se Pye ARAC Pyvs
Slide 48: Performance of AML Therapies in 2nd Line
Performance of AML Therapies in 2" Line CLAVELA: International Randomized Phase 2/3 Study of Elacytarabine Versus Investigator Choice in Patients with Relapsed/Refractory Acute Myeloid Leukemia 381 Elacytarabine Therapies compared: PUR AML (compared with) + high-dose cytarabine + low-dose cytarabine
Slide 49: AnnAraC Demonstrated Superior Complete Remission (CR) Rate
AnnAraC Demonstrated Superior Complete Remission (CR) Rate Compared to Current Standard of Care Complete Remission (CR) 50% iad Annamycin NDA to be based on iA CR rate in 24 line subjects at~1 month woxc! osc? anteac® annseac sanseoc3 Meroe Ta Classic Tat aitComers 2nd rd Line 2nd ine Mino Tal 154 2
Slide 50: MB-107 STS Lung Mets
MB-107 STS Lung Mets w/ Annamycin Summary* *Perfinal clinical study report
Slide 51: MB-107 Overview
MB-107 Overview LIPOSOMAL ANNAMYCIN (L-ANNAMYCIN)', MB-107— PHASE 1B/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 52: Median OS Outperforming in STS Lung Mets
Median OS Outperforming in STS Lung Mets !MOLECULIN Annamycin delivering better performance 7" line than would be expected even in 24 line for monotherapy Meta Analysis of 10 Studies and 2,267 Subjects’ MB-107(n=36) (Range of Salvage Therapies) (Annamycin) 13.4 Months 19.6 Months 8-12 Months @ SoC 2
Slide 53: PFS and OS Improved in Dose Dependent Manner
PFS and OS Improved in Dose Dependent Manner Median PFS (Days) Median OS (Months) 122 ed Responders (SD or PR) after 19.7 2 cycles showed improvement in OS and PFS 19.9 CBR after ee 2cycles CBR after Raa 2cycles <2prior lin 210-390 mym2, $330 210-390 maym2, Median 6 prior lines, mgm Median 6 prior l
Slide 54: Market Research: Payers & Competitive Pricing
MARKETRESEARCH "AYERS & COMPETITIVE PRICING. Payers Support a Premium Where Efficacy and Total Cost of Care Align Total cost of care, not drug price atone Hosptalizaton, mentoring, complcatons and sequent ‘therapy dominate te AML cost Duden, Inpatient IV carries DRG risk ‘Org cost can exceed the bun
Slide 55: WP1066 Update
WP1066 Update Clinical Trial with WP1066 at Northwestern University + Externally funded investigator-initiated Phase 2 trial of oral WP1066 in ey combination with radiation treating glioblastoma (GBM), a form of brain cancer ® + Northwestern is actively enrolling subjects with 7 recruited dosed to d
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