Percheron Therapeutics Limited · ASX:PER
Percheron Therapeutics — Emergence 2026 Investment Conference
26 slides from Percheron Therapeutics's conference presentation, Feb 18, 2026
Slide 1: ASX Announcement: Percheron Therapeutics Corporate Presentation
ASX Announcement PERCHERON THERAPEUTICS CORPORATE PRESENTATION Melbourne, Australia – 18 February 2026: 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 provid
Slide 2: Developing a Next Generation Immune Checkpoint Inhibitor for Patients with Cancer
For personal use only Developing a Next Generation Immune Checkpoint Inhibitor for the Treatment of Patients with Cancer Corporate Overview February 2026 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: Percheron is developing HMBD-002, a novel mid-clinical-stage immuno-oncology therapy
Percheron is developing HMBD-002, a novel, mid-clinical-stage, immuno-oncology therapy with applicability to multiple forms of cancer and high combination potential THE SCIENCE THE COMPANY THE OPPORTUNIT Y For personal use only Percheron is developing HMBD-002, Percheron is listed on the ASX (ASX: P
Slide 5: Immune checkpoint inhibitors reactivate the body's immune response against tumours
Immune checkpoint inhibitors such as HMBD-002 work by reactivating the body’s immune response so that it can attack the tumour For personal use only Immune cells Cancer cells HMBD-002 • Ordinarily, our immune system • Immune checkpoint inhibitors such as • Removal of the inhibitory signals • In addi
Slide 6: 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 7: Keytruda has become the largest cancer product in history
Keytruda® (pembrolizumab), one of the first-generation immune checkpoint inhibitors, has grown to become the largest cancer product in history For personal use only Like Percheron’s HMBD-002, Keytruda Keytruda has become the best-selling works by blocking the immune cancer medicine in history checkp
Slide 8: 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 9: HMBD-002 shows activity in preclinical tumour models 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 10: HMBD-002 is arguably the 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 11: 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 12: Phase I study adopted a standard 3+3 design
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 13: Overall response rates seen are 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 14: Patients showed 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 15: Phase II study will commence in one tumour type with ability to expand
PRELIMINARY The phase II study will commence in one tumour type, but will have the ability to expand to additional tumour types at the company’s discretion 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 Combining the arms into
Slide 16: Each arm will potentially have two stages
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 17: Four patient groups identified as high priority targets
PRELIMINARY Four patient groups have been identified as high priority targets, with selection of the first arm anticipated in Q2 CY2026 For personal use only Triple-Negative EGFR-Mutant HER2-Negative Endometrial Breast Cancer Non-Small Cell Lung Cancer Oesophageal Adenocarcinoma Cancer (TNBC) (NSCLC
Slide 18: The plan provides potential for 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 19: High-level market opportunity estimate suggests enormous commercial potential
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 20: Immuno-oncology assets are highly partnerable, with comparable deals
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; $200M milestones; royalties Jun
Slide 21: Board and Management Team bring extensive international experience
The Percheron Board and Management Team bring extensive international experience in drug development, commercialisation, and partnering For personal use only Dr Charmaine Gittleson Dr James Garner Deborah Ambrosini Non-Executive Chair of the Board Chief Executive Officer Chief Financial Officer & Ma
Slide 22: Ultra-lean operating model with majority of cash applied to R&D
AS AT 31 DEC 2025 Percheron benefits from an ultra-lean operating model, with the majority of cash outlays being applied directly to R&D Corporate Fundamentals (as at 31 December 2025) Share Price (AU$) Volume For personal use only 0.016 100 Market Capitalisation: AU$ 9M Millions TSR (31 Dec 24 – 31
Slide 23: 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 24: Pipeline progress and value-generating 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 25: For personal use only
For personal use only info@PercheronTx.com www.PercheronTx.com
Slide 26: Glossary
GLOSSARY Cold Tumours Tumours with few immune cells in the tumour microenvironment. They are Overall Survival (OS) A measurement of the average time to death from any cause in a clinical typically relatively resistant to immuno-oncology therapies. Some cancers, trial. When treated patients are compa
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