Percheron Therapeutics Limited · ASX:PER
Percheron Therapeutics — Technical Presentation (October 2025)
34 slides from Percheron Therapeutics's technical presentation, Oct 7, 2025
Slide 1: HMBD-002 Phase I Clinical Trial Final Results
For personal use only HMBD-002 Phase I Clinical Trial Final Results 7 October 2025 www.PercheronTx.com ASX: PER | US OTC: PERCF
Slide 2: 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 3: Introduction
Introduction • HMBD-002 is an IgG4 monoclonal antibody that inhibits VISTA (v-domain immunoglobulin suppressor of T-cell activation). VISTA is a novel immune checkpoint, expressed on both tumour For personal use only cells and immune cells. • Expression and activation of VISTA is associated with a s
Slide 4: Background
3 For personal use only Background
Slide 5: Immuno-oncology has emerged as one of the most important new fields in cancer treatment
Immuno-oncology has emerged in the past decade as one of the most important new fields in the treatment of cancer Immuno-oncology therapies target the interaction between tumours and the Immuno-oncology has grown to a For personal use only immune system to enhance the immunological response to cance
Slide 6: VISTA is a compelling target for novel oncology therapies
VISTA is a compelling 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 prognosis
Slide 7: HMBD-002 is a potent inhibitor of VISTA, a well-validated immune checkpoint
HMBD-002 is a potent inhibitor of VISTA, a well-validated immune checkpoint inhibitor Tumours suppress immune function in their local environment; inhibition of For personal use only VISTA reactivates immune function via multiple pathways Reduces myeloid-derived suppressor HMBD-002 is a recombinant
Slide 8: HMBD-002 shows activity in preclinical tumour models, synergistic 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 9: Phase I studies are initial safety studies determining dose and key toxicities
Phase I studies are initial safety studies, designed to determine the appropriate dose of an investigational drug and identify key toxicities HMBD-002 has completed phase I For personal use only • Phase I studies are safety studies – they are primarily intended to determine the ‘maximum tolerated do
Slide 10: Study Design & Baseline Characteristics
For personal use only Study Design & Baseline Characteristics 9
Slide 11: The 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 therapy group (n=20) Patient Population & Study Design Dose Escalation For personal use only • Advanced cancer patients with no available Monotherapy Cohort 7
Slide 12: Baseline Characteristics
Baseline Characteristics Combination Commentary Monotherapy Overall Therapy For personal use only • The study population was generally typical of a phase I oncology study Sample size, n 28 20 48 • This was not a randomised study, and so it Age, years, mean (SD) 57.7 (12.7) 55.0 (11.0) 56.6 (12.0) is
Slide 13: Study population highly mixed in tumour type, low to intermediate tumour mutational burden
The study population was highly mixed in terms of tumour type, with a weighting towards low to intermediate tumour mutational burden Breakdown of tumour Types Assessment of tumour Mutational Burden For personal use only n=28 n=20 n=18 100% 100% High TMB (>20 mutations/MB) Typically associated with b
Slide 14: Patients were heavily pre-treated
Patients were heavily pre-treated, with up to 13 prior lines of drug therapy prior to study entry Monotherapy Cohort Combination Therapy Cohort Commentary For personal use only • Patients in this study were very heavily pre- Number of Prior Lines of Treatment Number of Prior Lines of Treatment treat
Slide 15: Heavily pre-treated patients typically have overall survival <12 months
In general, heavily pre-treated patients typically have overall survival <12 months and progression-free survival <4 months Median Overall Survival (months) Median Progression-Free Survival (days) For personal use only Triple-Negative Breast Cancer 10.7 (fourth line) Non-Small-Cell Lung Cancer 10.1
Slide 16: Safety Data
15 For personal use only Safety Data
Slide 17: Common treatment-related adverse events
Common treatment-related adverse events (TRAEs) included infusion reactions, gastrointestinal disorders, fatigue, and rash Commentary Few patients with TRAEs at Grade ≥3; For personal use only no incremental toxicity in combination • The safety profile of HMBD-002 appears very favourable in the cont
Slide 18: Patients received on average 8.8 weekly doses of HMBD-002
On average, patients in the study received 8.8 weekly doses of HMBD-002 (~2 months of treatment) Commentary Average Total Number of Doses of HMBD-002 Received per Cohort For personal use only 20 • The most common reason for treatment 18.0 cessation was disease progression, 18 17.4 reflecting the adv
Slide 19: No cases of cytokine release syndrome were seen
No cases of cytokine release syndrome were seen, likely reflecting the IgG4 phenotype of HMBD-022 Program HMBD-002 CI-8993 JNJ-61610588 SNS-101 W0180 For personal use only Company In general, IgG1 antibodies activate antibody-dependent cellular cytotoxicity (ADCC), recruiting immune cells such as na
Slide 20: Efficacy Data
19 For personal use only Efficacy Data
Slide 21: 28% of patients showed best response of stable disease
28% of patients in the study showed a best observed response of ‘stable disease’ (SD) Best Observed Response (%) Commentary per RECIST 1.1 For personal use only • No patients in either group demonstrated a n=28 n=20 complete response (CR) or partial response 100% (PR). 3 Not Evaluable 90% 5 e.g. due
Slide 22: Overall response rates 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 low 100% overall response rate (ORR)
Slide 23: Monotherapy: loose association between dose, response and time on treatment
In the monotherapy group, there is a loose association between dose, tumour response, and time on treatment Commentary Change in tumour Size (% from baseline) 60% For personal use only • Patients in the 180mg monotherapy dose 180mg QW monotherapy group all progressed rapidly. (20, 60, and 360mg QW m
Slide 24: Combination therapy: loose association between dose, response and time on treatment
In the combination therapy group, there is a similarly loose association between dose, tumour response, and time on treatment Commentary Change in tumour Size (% from baseline) 60% For personal use only • The 180mg dose again showed limited 180mg QW combination evidence of activity. 360mg QW combina
Slide 25: Illustrative Clinical Vignette #1
Dose Cohort 360mg Monotherapy Illustrative Clinical Vignette #1 27-year-old male with metastatic dedifferentiated liposarcoma Liposarcomas Cancer History Prior Systemic Cancer Therapies For personal use only • tumours originating from 1 Adriamycin + Ifosfamide 3 months (adjuvant) fat cells (lipoblas
Slide 26: Illustrative Clinical Vignette #2
006-003 Dose Cohort 360mg Monotherapy Illustrative Clinical Vignette #2 67-year-old female with metastatic triple-negative breast cancer Breast Cancer Cancer History Prior Systemic Cancer Therapies For personal use only • The most common 1 Cyclophosphamide + 3 months Partial Response Doxorubicin + P
Slide 27: Illustrative Clinical Vignette #3
Dose Cohort 360mg Combination Illustrative Clinical Vignette #3 49-year-old male with metastatic non-small-cell lung adenocarcinoma Lung Cancer Cancer History Prior Systemic Cancer Therapies For personal use only • Most common cancer in 1 Carbo. + Pem. + Pembro. 1 month (adjuvant) the world, with mo
Slide 28: Illustrative Clinical Vignette #4
Dose Cohort 720mg Combination Illustrative Clinical Vignette #4 45-year-old female with metastatic triple-negative breast cancer Breast Cancer Cancer History Prior Systemic Cancer Therapies For personal use only • The most common 1 Carbo. + Pem. + Pembro. 1 month (adjuvant) cancer in women, with 2 B
Slide 29: Illustrative Clinical Vignette #5
Dose Cohort 720mg Combination Illustrative Clinical Vignette #5 59-year-old male with metastatic squamous cell cancer of the head & neck Head & Neck Cancer Cancer History Prior Systemic Cancer Therapies For personal use only • A catch-all term which 1 Carbo. + 5FU + Pembro. 4 months (adjuvant) mainl
Slide 30: Conclusions & Next Steps
For personal use only Conclusions & Next Steps 29
Slide 31: Conclusions
Conclusions • HMBD-002 appears safe and well-tolerated at doses up to 1,400mg, both as monotherapy and in combination with pembrolizumab. For personal use only • The study recruited 48 patients with advanced cancer, most of whom were late-stage and heavily pre-treated, a challenging population in wh
Slide 32: Percheron will consult clinicians and advisors to determine path for phase II
ILLUSTRATIVE Percheron will consult clinicians and advisors in 2H CY2025 to determine the optimal path forward for phase II For personal use only Potential Phase II Strategy 1 2 3 Combination with Combination with Monotherapy Existing Other Treatment Potential to deploy more than one Immunotherapies
Slide 33: Pipeline progress with potential 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 34: For personal use only
For personal use only info@PercheronTx.com www.PercheronTx.com
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