Moleculin Biotech, Inc. · NASDAQ:MBRX
Moleculin Biotech — Investor Presentation (August 2026)
59 slides from Moleculin Biotech's investor presentation, Aug 31, 2026
Slide 1: Corporate Presentation
NASDAQ: MBRX | moleculin.com ooh MOLECULIN fe] P: BETTER TREATMENTS, MORE TOMORROWS Corporate Presentation AUGUST 25, 2026
Slide 2: Disclaimer
Disclaimer [All stotements contained hers other than stotaments of historical fact, including statements regarding out fur results of operations and financial poston, our business strategy ond plans, and our objectives fr future operations, are forward-looking statements, The words “beleve," “may” “
Slide 3: Executive Summary: Moleculin Biotech
EXECUTIVE SUMMARY + MOLECULIN BIOTECH (NASDAQ: MBRX) Annamycin: A Potentially Non-Cardiotoxic Anthracycline in a Pivotal, FDA-Guided Phase 3 RACE ST TERE 5) canon sarery eax pevoWE Fora anrAennouent 39% / 54% 1) ~$907M 75/90 {8/0%e Amann armepodesOu28 = WEA) cadotny tected N90 epee ‘ntLbee cone: a88
Slide 4: Our Team
Our Team leeoees' se ‘Walter V. Ktemp a Founder Pesident,CEO and Chairman Bag Donald Picker, PhD cee aes Chiet Scientiic Officer Sw Jonathan P. Foster oc, Execute VP& Chief Financia Ottcer Dr. John Paul Waymack Senior Chief Medical Oticer Robert Shepard, MD, FACP Medical Advisor Adriano Treve Strate
Slide 5: Technology Portfolio
Technology Portfolio Progam Indication Prectinica/IND/CTA Phase Prose? Prose vo (Ener 12028 ag aubjecttestodwth ’ Unbinglg of data for 45 Annamycin subject thetetier ee eee rocenccnce oe ‘WP1066'2 1. Thee or formulation, WP10801Vomlahas pracines wok being pedormed at Emr IT. 2.Rafrmulation of WP1066
Slide 6: Opportunity for Market Cap Growth
Opportunity for Market Cap Growth ANNAMYCIN | Disruptive Technology | Clinically Advanced | Market Potential Patented NCE with ODD & Fast Greater Phase 2 efficacy over FDA Nearly $1 bition market in AML ‘Track status and Rare pediatric approved 2L AML therapies®; Phase 3 alone; 10x growth potential
Slide 7: The Annamycin Opportunity: AML
‘THEANNAMYCIN OPPORTUNITY. AML, AnnAraC Could Meaningfully Address a Significant Unmet Need in R/R AML s0%0%, 50% “SOK. tomer ore aaaaaaa aaaaaaaa aaaaa aaaaaaa aaaaaaa aaaa 14 0 Six ~D x0 B= Positive outcome Current preferred therapies leave an unmet need for ~60% of AML Sicessulbone muro patients
Slide 8: Anthracyclines: Ripe for Disruption
Anthracyclines: Ripe for Disruption with an anthracycline" [= ~50% Lfcancersare treated ©) of childhood cancer survivors | >) 60% develop cardiac dysfunction* treatments? of pediatric cancer | Fa ~60% oe billion paid for the last Aa $1.5. anthracyctine improvement’ {8.6me.208, nochange in cariotoity
Slide 9: Major Structural Differences; Unique Lipid Delivery System
Major Structural Differences; Unique Lipid Delivery System L-ANNAMYCIN ‘naxtarubicin liposome DOXORUBICIN ANNAMYCIN — Amino Group ‘Multilamellar Vesicle
Slide 10: Annamycin vs. Currently Prescribed Anthracyclines
Annamycin vs. Currently Prescribed Anthracyclines ‘Comparative profile against the doxorubicin-class standard of care. “— El Terminal halt-tite -2 hours Net charge at physiological pH Nene None detected” Cardiotoxicity Independent review, 90 pts; doses to 2.970 mg/m; ALVEF ~0.12%6 (90.84 ‘Avoids MDR
Slide 11: Scientific Support: AML Key Opinion Leaders
‘SCIENTIFIC SUPPORT + AML KEY OPINION LEADERS AML Key Opinion Leaders’ Support for Annamycin Giovanni Martinelti, MD olecun Serac Adve Bord “The prelisinarycliical seit nnamycin nhasly prtesed rlnped/aractay AL pasentwho hes Progressive diseve flowing hre-C and VEN veryexctng ‘ndwautdprovdeamuch-nea
Slide 12: Annamycin: Disruptive Technology Potential
Annamycin: Disruptive Technology Potential % Disruptive Technology Novel anthracyc advancementin hi vith major structural change ry of anthracyclines Potentially First Ever Non-Cardiotoxic Alternative Zero cardiotoxicity seen in >100 subjects treated, most dosed over the lifetime maximum allowable l
Slide 13: Adaptive Trial Design
Adaptive Trial Design ‘Annamycin 190 mg/m? + HiDAC (n=30) PartA Mau RR Annamyein AML es 230 mg/m? + HDAC (n=30) 2nd Line Control Arm HiDAC+ placebo (n=30) Note:The cna approvalith EMA wa {Par 8) ofthe sty. Rests lbe subi — MIRACLE Data Readouts Moleculin R/R AML AnnAraC Clinical Evaluation Rolled in
Slide 14: Estimated Regulatory Timeline
Estimated Regulatory Timeline 2026 2027 2028 2029/2030 Rolling NDA Unblinded Breakthrough 1n=90 fully Unblinded NDA Approval Readout, n=45 ‘Therapy Recruited Readout, n=80 090 une'2028 Designation 2026 Set neni ve planned a MOLECULIN — Tiatn alustatvesndforwartlooking:ertmated dates at aubjectto cln
Slide 15: MIRACLE Part A
MIRACLE Part A Aglobal, adaptive Phase 3 of Annamycin + HiDAC vs. HiDAC alone ARM 1 POPULATION aaa HIDAC + placebo AML adults —* randomization —> Puma paul aaa High-dose ovtarabine x adaptive N= 17 ct rst interim ENDPOINTS - MIRACLE PRIMARY ‘Complete remission rate (CR) SECONDARY/ —_ Composite Compl
Slide 16: n=45 Interim Results
n=45 Interim Results Both Annamycin arms outperform control on primary and secondary endpoints 29% 12% ote Controt ‘Annamycin 190 HDAC + placebo 0 mgym* + HIDAC IDMC RECOMMENDATION a4 Continue MIRACLE without modification No safety signal warranting protocol changes. ALREoIMEN seover 7 55.6% ‘Annamy
Slide 17: Pooled Analysis: Annamycin in R/R AML
POOLED ANALYSIS + ANNAMYCIN IN F/RAML Pooled Data: Consistent Efficacy Across 50 Subjects 54% 15/28 48% 24/50 36% 922 39% 38% ee ieee 11728 19/50 cR CRE CR GR MB-106 MB-108 (MIRACLE) Combined AAnnAvaG all tines (1st-7th) ‘Annamyein pooled wes6 08 ‘Allowed multiple eycies Measured after only one cyct
Slide 18: MIRACLE (MB-108) Blinded Subgroup
[MIRACLE (MB-106) + BLINDED SUBGROUP Preliminary Blinded Efficacy in R/R Ven-Treated Subjects 47% an7 INTERPRETATION 29% These are blinded results — the analysis 3/17 population shown here still includes the placebo control arm. All 17 subjects (of the first 45) received venetoclax as part of first-
Slide 19: Blinded Pooled Results & n=45 Interim Results
Action 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 CRo's (~30-50 days post cycle) Ventoturesnave 57% nas, 44% 50s ~~~ ~~ 295 29% Hi 12
Slide 20: Strategic Positioning: AML Treatment Landscape
‘STRATEGIC POSITIONING + AML TREATMENT LANDSCAPE Targeted Therapies Create Another Opening for Annamyc Why the shift toward targeted therapy expands Annamycin’s potential role rather than threatening it Limited as Bestin monotherapy — combination THE LOGICAL OUTCOME NEAR TERM Universal salvage We be
Slide 21: Market Research: Oncologists
[MARKETRESEARCH » ONCOLOGISTS Oncologists Declare 6 out of 7 Likelihood to Prescribe Annamycin (APS INSTANOARD OF CARE HoH UKELINOOD To PRESCRIBE Only 1 of 19 oncologists is highly satisfied with current R/R AML options. Targeted therapies toonarrow Meaning goes ited to ~20-€0% of UR patients. Postv
Slide 22: Market Research: Payers
[MARKETRESEARCH » PAYERS Payers Believe Efficacy Rates Support Compe’ for Annamyc ive Pricing Operational burden, cost and policy complexity are primary payer concerns. Total cost of care eclipses drug acquisition Inpatient burden strains operations 7+Sincurs costs oten not ly set by DRG reimburseme
Slide 23: Market Sizing: Annamycin Portfolio
[MARKETSIZING + ANNAMYCIN PORTFOLIO AML Potentially Supports ~$900M Opportunity; Pipeline Indications Could Expand Peak Potential to ~$9.9B -_ | ~$907M $9.85B INo1caTION USINCIYA —ELUSINCR SHARE BASE PEAK CuNICAL STAGE Peak Annual Revenue Illustration ‘Als RUR AOL (0% unmet need PO 2600 16.000 we S0
Slide 24: Next Steps
Next Steps Enrollment continues to Part A completion and selection of the optimal dose for Part B RECRUITMENT TO DATE PartA target * n=90 75, 90 83% enrolled TODAY PART A First interim Full enrollment Adaptive readout Pivotal expansion ‘n= 45 analyzed (IT) 83% of 80 subjects enrlled to date Single A
Slide 25: Appendix
BETTER TREATMENTS, MORE TOMORROWS Appendix
Slide 26: History of Development
History of Development jeanne meswmene || Lies | | [xem] | Lsgemane ‘subtherapeutic (MB-107 initiated in FDA results in aoe) US; multi-center Phase 3 design ‘Aronex and Callisto begin singleagent STS stopdevelopmentdueto | assigns ights to Amnamyein escalation) compostion of ‘acquistion/insolvency;
Slide 27: AML Clinical History
AML Clinical History PHASE 1: MB-104 PHASE 1/2: MB-106 MONOTHERAPY MONOTHERAPY ‘COMBINATION THERAPY 100-120 mgm 120-240 mg/m? ‘Annamycin + HIDAC sone? + n=20 + T7WCRI at suboptimal dosing) ‘+ Median tines of prior therapy 4 ‘+ Dosing ited by FOALifetme + Median ago of 240 mg/m? (RPO2) 2nd Line 6096
Slide 28: Annamycin Delivered Superior Efficacy in MB-106 in R/R AML
Annamycin Delivered Superior Efficacy in MB-106 in R/R AML cr’ Re! OS for CR OS for 2" OS for (1-7L)* CR Durability? MRD Negative? BMT? 50% 60% 14.0 months 12.4 months 12.4 months 13.1 months 75% 50% wy The Phase 2 data shown here represent more than 2x the complete remission rate of the leading 2L
Slide 29: 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_—ANNARAC ANNARAC SURVIVAL AnnAraC 40% CR rate and 60% CRe AGE REFRACTORY EFFICACY (MONTHS) CYCLES EFFICACY (MONTHS
Slide 30: MB-106 Phase 1/2 (n = 22)
MB-106 Phase 1/2 (Annamycin + Ara-C (AnnAraC); n = 22) F my 260 & SOLINE LINE OF THERAPY ALL LINES (187-7) 1S" LINE (28° LINE i) COMBINED 1 SubjectsEvatuable 22 4 10 i 14 \ Subjects Evatuable Not é { f i Dosed per Protocol ' ; \ Median Age - Years : (Range) 67.5 (19-78) 56.5 (19-69) 71 (63-78) ! 69.
Slide 31: MB-106: Durability, MRD, Prior Therapies
MB-106: Durability, MRD, Prior Therapies - CR/CRi Preliminary ” 2 Days 100 200 300 400 >600 >700 | rhiizpy|{ MRD | |BMT ~10mos+ motion durability for CRs e : “eae ‘ e elle : [a aL iS 0 eT p> la e\\e gee | 8 ~i>i0 ‘sof bay 18,2025, 1) Met06 dat ae pratminay and uber to SMOLECULIN dura fr CRs. Subact
Slide 32: MB-106 Response by Genotype and Mutation
MB-106 Response by Genotype and Mutation TF 18996 (n=9) of CRc responses ‘came from subjects with “generally poor prognosis cytogenetics and mutations” g Annamycin appears to be “genotype/mutation agnostic” mouecutin — Ne%=n+20:Somesubjectshad mule mations or nermalites, hence otal oftvatnatfaures F
Slide 33: Landscape of Targeted Therapy Efficacy
Landscape of Targeted Therapy Efficacy’ ~18% of 2L AML Patients Expected to Achieve CR w/ Approved Targeted Therapies XK 21% Gilteritinib (Xospata) (FLT3) subject ith comesponding mutations Motegi 1956 Enasidenib (ahitay (1oH2)? “\ 2% 13% 1% 4.9% = = I. [ vosidenib Olutasidenib Gemtuzumab —Ziftomeni
Slide 34: Notes (see slide Landscape of Targeted Therapy Efficacy)
Notes (see slide “Landscape of Targeted Therapy Efficacy”) This chart shows Complete Response (CR) rates as submitted for FDA approval for existing 2nd line therapies (as single agents); Note: these data are from separate clinical trials with differing protocol designs and should not be considered d
Slide 35: 2L Treatment Alternatives
2L Treatment Alternatives Ven-Aza? Targeted? AnnArac? (Paunbnnge at aco Approval study size (n) «67 \AceiontedapproliortLamt) 92-247 410 Sbjeasperdngin 2028 epproval Seed on 58 cRe 38% (in 21) 29% (average) 60% cr 16% (in 21) 2196 (average) 50% Median numberof cycles 13 45 178 Durability of response
Slide 36: AML Alone Has Significant Potential Value
AML Alone Has Significant Potential Value APPROVED PHASE 2 COMPLETE PRE-APPROVAL 1 Line 2-4 Line Jazz AbbVie Servier Kura’ Syndax! JN) Moleculin \ Vyreos Venclexta—Idhifa/Tibsovo Ziftomenib Revumenib 617.‘ Annamycin | N 153 286 199/174 20 87 7 ' 10 1 cR 38% 37% 1996/25% 35% 18% 24% | 50% CRe 48% 64%
Slide 37: Notes for Potential Revenue Estimate
Notes for Potential Revenue Estimate ‘aunmae ema Gaile tat ACoA iene 20 Seite Rll ACS Ca fo ion 2 tale he Sutamssoncaniansunss ‘iatastautasnna. snare ae iene Sines 225 Caen fo igen 20 SUN A My asa nt ct big onto Sere: Meme tats ate aaa ————————— Ela Scns nc re etn Coe rate Economies mcentbea regents
Slide 38: MIRACLE: FDA Established Pathway to Potential Approval
MIRACLE - FDA Established Pathway to MIRACLE Potential Approval Moleculin RIR AML AnnAvaC Clinical Evaluation ANNARAC 3 ARM W/ 2 EARLY CR= SoC POST R/R V. HIDAC DATA READOUTS. PRIMARY ENDPOINT EITHER ARM. Compare Adaptive trial design Primary Endpointis Standard of cere Annamycin per Project Optimus
Slide 39: n=45 Interim Results
n=45 Interim Results Both Annamycin arms outperform control on primary and secondary endpoints IDMC RECOMMENDATION Continue MIRACLE 50. 57% without modification a6 ene 44% ha, he nosaceprupaineiniaty 20/45 iia 36% protocol changes. 29% 29% 5/14 1345 37 12% 2n7 cr Re A cR % OVER [cr kee 75.6% AAs Con
Slide 40: Annamycin: A Novel Anthracycline
Annamycin: A Novel Anthracycline nO om 6 pete al pee - een 7 adbtavda oan my ‘ GY om 8 &) hy mm, im epitbicn learn : Doxorubicin 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
Slide 41: Traditional Anthracycline Cardiotoxicity Accumulates Over Time
Traditional Anthracycline Cardiotoxicity Accumulates Over Time and Limits Efficacy Estimated Cumulative Percentage of Patients Dose-Related Risk of Doxorubicin-Induced Congestive with On Study Cardiac Events, by Cumulative Heart Failure (CHF); Patients with CHF by Cumulative Dose’ Dose’
Slide 42: Annamycin: Efficacy of Traditional Anthracyclines with Less Toxicity
Annamycin - Efficacy of Traditional Anthracyclines with Less Toxicity Plus Potential for Maintenance Therapy NON-CARDIOTOXIC ANNAMYCIN Zero cardiotoxicity per independent expert Zero Cardiotoxicity (84 subjects reviewed to date) ° On ° Patients treated up to 5x FDA lifetime max for Dox i Enables rep
Slide 43: Annamycin: The Next Generation Anthracycline
ANNAMYCIN -THE NEXT GENERATION ANTHRACYCLINE Engineered to Increase Efficacy While Avoiding the Cardiotoxicity That Limits Today’s Anthracyclines Anthracyctines are among oncology’s most effective chemotherapies, but cumulative heart damage caps the amount patients can safely receive, Annamycin was
Slide 44: Eliminating Cardiotoxicity
Eliminating Cardiotoxicity 3000 main 100% FDA Lifetime Cardiac Limit Event Level 0% 65% Cardiac >8% Heart Event Level Failure Cardiac Events B50 meine 550 me Currently Prescribed Anthracyclines Annamycin ‘Source Curent Crdalogy Raion, AneylneCardotoeiy: Prva MOLECULIN 197(11}206579. Congestive han f
Slide 45: Absence of Detectable Cardiotoxicity Despite High Cumulative Exposure
Absence of Detectable Cardiotoxicity With Annamycin Despite esc High Cumulative Anthracycline Exposure ieesastiae ox 660 mam tev nen cen Fan omen No correlation wr o Sis OGY a 2 MOLECULIN
Slide 46: FDA Recommended Model Shows Annamycin's Lack of Cardiotoxicity
FDA Recommended Model Shows Annamycin’s Lack of Cardiotoxicity % of Mice with Heart Lesions The gold standard 00 preclinical Bertazzoli model for ‘measuring cardiotoxicity shows Annamycin is effectively non-cardiotoxic when compared 0 with doxorubicin. 25 : | | ul 1] ] | formulated) is essentially n
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 Median survival Pvs vehicle Ps ARA-C Pys L-Ann Disease (MRD) vehicle “4 068 ARA.C 7 08 <0,0001 ANN LANNY ARAC LAN 345 <0,0001 <0,0001 Day 36 Day 36 LANNSARAC 58 <
Slide 48: Performance of AML Therapies in 2nd Line
Performance of AML Therapies in 2" Line CLAVELA: International Randomized Phase 3 Study of Elacytarabine Versus Investigator Choice in Patients with Relapsed/Refractory Acute Myeloid Leukemia 381 Elacytarabine Therapies compared: R/R AML (compared with) * high-dose cytarabine + low-dose cytarabine s
Slide 49: AnnAraC Demonstrated Superior Complete Remission Rate
AnnAraC Demonstrated Superior Complete Remission (CR) Rate Compared to Current Standard of Care Complete Remission (CR) 50% bess Annamycin NDA a to be based on CR rate in 24 line n=22 are i subjects at~1 month Hipact HDAC? Annarac Annarac 3 Annarac3 Mitos Taal tase Tat Comers and *idne 2nd Une Sedim
Slide 50: MB-107 STS Lung Mets
MB-107 STS Lung Mets w/ Annamycin Summary* *Per final clinical study report
Slide 51: MB-107 Overview
MB-107 Overview LIPOSOMAL ANNAMYCIN (L-ANNAMYCIN)', MB-107 - PHASE 18/2 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 1B determined the Maximum Tolerable Dose a
Slide 52: Median OS Outperforming in STS Lung Mets
Median OS Outperforming in STS Lung Mets Annamycin delivering better performance 7" line than would be expected even in 2" line for monotherapy MOLECULIN Meta Analysis of 10 Studies and 2,267 Subjects’ MB-107 (n=36) (Range of Salvage Therapies) (Annamycin) 13.4Months 13.5 Months. 8-12 Months @ nN So
Slide 53: PFS and OS Improved in Dose Dependent Manner
PFS and OS Improved in Dose Dependent Manner Median PFS (Days) Median OS (Months) 122 127 Responders (SD or PR) after ® 19.9 2 cycles showed improvement in OS and PFS CBR after 2cycles 210-390 mgma, $330 210-390 mgma, $330 Median 6 prior lines me/ma Median 6 prior lines mg/m $330 mg/m2 and <2 prior
Slide 54: Market Research: Pricing
[MARKETRESEARCH * PRICING How Market Research Arrived at ~33K per Infusion sromnnToNatORnScAESeonNOn —_ONNDNRIDONCENNOHE som Upton etter pol Acoptabe band volunteered $27,500- eens eee eenmay, 60500 ee Meme Bers SIC Payers anchor new IV agents to Vyxeos: Upper-range insurer view: $30,000-$35,000 PER
Slide 55: Market Research: Payers & Competitive Pricing
[MARKETRESEARCH * PAVERS & COMPETITIVE PRICING Payers Support a Premium Where Efficacy and Total Cost of Care Align [MOLECULIN MANAGEMENT CONCLUSION Total cost of care, not drug price alone ‘therapy dominate the AML cost burden. Inpatient IV carries DRG risk Drug cost can exceed the bundled DRG paym
Slide 56: WP1066 Update
WP1066 Update Clinical Trial with WP1066 at Northwestern University + Externally funded investigator initiated Phase 2 trial of oral WP1066 in ~) combination with radiation treating glioblastoma (GBM), a form of brain cancer iS) + Northwestern is actively enrolling subjects with 7 recruited dosed to
Slide 57: Science Advisors
Science Advisors Waldemar Priebe, PhD MD Anderson Cancer Center Founding Scientist & SAB Chair HEMATOLOGY ONCOLOGY Dr. Martin Tallman Northwestern University Dr. Michael Andreeft MD Anderson Cancer Center Dr. Daniet Von Hott Mayo Clinic Dr. Jorge Cortes University of Alabama at Birmingham Dr. Giovan
Slide 58: Recent Developments
Recent Developments Relapsed or Refractory Acute Myeloid Leukemia “Enrollment and dosing underway in Phase 3 clinical trial, MIRACLE, evaluating Annamycin (naxtarubicin) in combination with eytarabine (AnnAraC) for the treatment of F/R AML Fratpationt weatedin March 2025 90+ tea elected for Part As
Slide 59: Global Network
Global Network 4 Gti Pwocecuum All technology licensed from MD Anderson Cancer Center (MDACC) ‘Supports continuing preclinical 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 extern
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