Adalta Ltd. · ASX:1AD
Adalta — Investor Presentation (April 2026)
16 slides from Adalta's investor presentation, May 11, 2026
Slide 1: New Hope for Mesothelioma Patients
For personal use only NEW HOPE FOR MESOTHELIOMA PATIENTS BZDS1901 CAR-T: OVERVIEW AND PATIENT CASE STUDY RESTRICTED ADALTA LIMITED (ASX:1AD) | INVESTOR PRESENTATION | APRIL 2026 AdAlta Limited (ASX:1AD) | Investor Presentation | April 2026 | 1
Slide 2: Important Notice & Disclaimer
IMPORTANT NOTICE & DISCLAIMER Investment in AdAlta is subject to investment risk, including possible loss of income and capital invested. AdAlta does not g uarantee any particular rate of return or performance, nor do they guarantee the repayment of capital. For personal use only This presentation i
Slide 3: BZDS1901 CAR-T addresses a US$4.2B mesothelioma market opportunity
ADALTA’S BZDS1901 CAR-T PRODUCT ADDRESSES A US$4.2B MARKET OPPORTUNITY FOR MESOTHELIOMA, POTENTIAL IN 10+ OTHER CANCERS Total market forecast for Mesothelioma US$12.2bn mesothelioma drugs by 20342 • Rare cancer of the membranes surrounding lungs, heart, abdominal organs For personal use only • Asbes
Slide 4: Mesothelioma remains a rapidly lethal disease
MESOTHELIOMA REMAINS A RAPIDLY LETHAL DISEASE First line therapy: <2y average survival, tumour clearance very rare CHECKMATE-743 study: 1 first line treatment for mesothelioma – standard of care Outcome measure Chemotherapy Immunotherapy For personal use only Overall survival (%) Complete Response R
Slide 5: BZDS1901 CAR-T results to date point the way to a better outcome
BZDS1901 CAR-T RESULTS TO DATE POINT THE WAY TO A BETTER OUTCOME • Multiple responses, response rates more than double benchmark response rates in advanced (second line) disease only • Complete tumor clearance in two of 14 patients – very Not good difficult to achieve in advanced mesothelioma – long
Slide 6: Patient #3: 5cm tumors cleared for nearly two years
PATIENT #3: 5cm TUMORS CLEARED FOR NEARLY 2 YEARS CT imaging – measures soft tissue density Advanced pleural mesothelioma First line treatment For personal use only • 4 cycles of combination immunotherapy (nivolumab + ipilimumab) • Progressed (tumors growing again) after 6 months Target Lesion 1 Sec
Slide 7: Patient #17: Multiple tumors cleared in one month
PATIENT #17: MULTIPLE TUMORS CLEARED IN ONE MONTH Advanced peritoneal mesothelioma First line treatment PET-CT imaging – measures cell growth rates (metabolic activity) For personal use only • 3 cycles of chemotherapy (pemetrexed + cisplatin) • Progressed (tumors growing again) after 14 months Follo
Slide 8: Using human cells as living drugs is at the cutting edge of cancer care
USING HUMAN CELLS AS LIVING DRUGS HELPS ACHIEVE THESE OUTCOMES AND IS AT THE CUTTING EDGE OF CANCER CARE Treatment goal Improve overall tumor response For personal use only • Shrinkage = partial response Cell therapy (CAR-T, etc) • Clearance (undetectable) = complete 2017 - (accelerate the immune sy
Slide 9: CAR-T revolution: living drugs offering durable, potentially curative outcomes
CAR-T REVOLUTION: LIVING DRUGS OFFERING DURABLE, POTENTIALLY CURATIVE OUTCOMES For personal use only Turbo-charging patient’s immune cells to “see” and “kill” cancer Living drug Single dose Durable Potentially curative Adapted from: https://www.cancer.gov/publications/dictionaries/cancer-terms/def/c
Slide 10: From blood cancers to solid cancers
FROM BLOOD CANCERS TO SOLID CANCERS 6yo girl with aggressive ALL (leukaemia) 16 mo of chemo, 2 relapses, ineligible for bone marrow transplant, considered terminal For personal use only Single dose of CAR-T made from her own cells – cancer free 13 years later 7 FDA-approved CAR-T therapies Transform
Slide 11: Potential value at exit: Phase I CAR-T licensing transactions
POTENTIAL VALUE AT EXIT: PHASE I CAR-T LICENSING TRANSACTIONS Global top 25 oncology pharma companies investing 5y 2y 73 In vivo CAR-T assets at end of 2024 Will be seeking proven in autologous cell therapy (licensing, M&A, CVC) payloads for optimized 72% 44% 5 In vivo CAR-T assets in clinic in 2025
Slide 12: Atara-Bayer deal: US$60M up front, US$610M milestones before any Phase 1 results
ATARA – BAYER DEAL: US$60M UP FRONT, US$610M MILESTONES BEFORE ANY PHASE 1 RESULTS ATA2271 attracted these terms despite being less advanced, For personal use only with less compelling data than BZDS1901 has today* Outcome measure Gen 1 ATA2271 BZDS1901 • Bayer takes exclusive, worldwide license to
Slide 13: AdAlta's scalable 'East to West' strategy
ADALTA’S SCALABLE “EAST TO WEST” STRATEGY: BECOMING A VALUATION MULTIPLIER FOR ASIAN PARTNERS For personal use only 3 1. In-license market leading 3 1 assets from Asia (“East”): 3. On-licensing: • Highly differentiated assets • Establish global manufacturing • Low acquisition cost network and on-lic
Slide 14: Next steps for AdAlta
NEXT STEPS FOR ADALTA Milestone/activity When Significance BZDS1901 For personal use only ➢ US FDA regulatory advice (pre-IND H1 FY27 Confirms and de-risks remaining manufacturing and preclinical meeting) activities required prior to Phase 1 ➢ Manufacturing technology transfer and Begin Confirms rel
Slide 15: 'East to West' growth strategy to create value
“EAST TO WEST” GROWTH STRATEGY TO CREATE VALUE For personal use only “East to West” cellular Ground breaking CAR-T BZDS1901 Multiple near-term catalysts: immunotherapy growth strategy addressing $4b mesothelioma clinical, regulatory and manufacturing addressing largest market: solid market is first
Slide 16: For more information please contact
For personal use only FOR MORE INFORMATION PLEASE CONTACT: TIM OLDHAM CEO & MANAGING DIRECTOR +61 403 446 665 T.OLDHAM@ADALTA.COM.AU IR@ADALTA.COM.AU WWW.ADALTA.COM.AU AdAlta Limited (ASX:1AD) | Investor Presentation | April 2026 | 16