Adherium Ltd. · ASX:ADR
Adherium — Investor Presentation (February 2026)
42 slides from Adherium's investor presentation, Feb 16, 2026
Slide 1: Equity Raising Investor Presentation
ASX: ADR Smarter Monitoring. Better Breathing. Lower Costs. Equity Raising Investor Presentation February 2026
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements The material contained herein is of a general nature & has only been prepared as a presentation aid. e. other risks & uncertainties related to the Company's prospects, assets products & This presentation does NOT contain all of the information that may be re
Slide 3: Disclaimer continued
Disclaimer continued Introduction Disclaimer THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, To the maximum extent permitted by law, the Company and Stralis Capital Partners Pty Limited (Sole DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA
Slide 4: Company / Transaction Overview
Company / Transaction Overview Major clinical need: immediate focus on moderate to severe/uncontrolled asthma and COPD patients Adherium is one of the first • Adherium's Serviceable Addressable Market in the U.S. is estimated to be approximately US$13B to offer a comprehensive • Clear health economi
Slide 5: ~40M Americans live with chronic respiratory disease
~40M Americans live with chronic respiratory disease Non-adherence to medications is a primary cause of avoidable hospitalisations, emergency department visits, and billions of dollars of costs to the healthcare system ©2026 Adherium. All rights reserved.
Slide 6: What are COPD and Asthma?
What are COPD and Asthma? Chronic Obstructive Asthma Pulmonary Disease (COPD) • Long-term lung disease that slowly gets • Swollen and tight airways worse over time While COPD and asthma • Common types: chronic bronchitis • Difficulty breathing (wheezing, are different conditions, (“smoker’s cough”)
Slide 7: Low medication adherence increases the risk of exacerbations, cardiovascular events, and death
Low medication COPD adherence increases 4th Leading Cause of the risk of exacerbations, Death in the U.S.20 Increased breathlessness cardiovascular events, and frequent productive cough = higher risk of and death exacerbations Flare up/Exacerbations Cardiopulmonary Exacerbations irreversibly Events
Slide 8: In the United States, the annual economic burden of COPD and asthma combined is nearly $120B
In the United States, the annual economic burden of COPD and asthma combined is nearly $120B1-3 ~$120B COPD ASTHMA 27M prevalence3 11M prevalence4 ~$6.3k/yr per ~$18k/yr per uncontrolled severe patient5 patient7 Nearly half of costs are Excess direct costs to US Over half of costs are tied to hospit
Slide 9: Adherium's Serviceable Addressable Market in the U.S. is estimated to be ~US$13B
Adherium's Serviceable Addressable Market in the U.S. is estimated to be ~US$13B9-11 U.S. COPD U.S. Asthma Patients Patients All patients 27M Uncontrolled All patients 11M 14M Moderate/Severe/ 8M Very Severe Severe/Very Severe Severe/Uncontrolled 2.2M 2.7M Total Addressable Market (TAM) = ~US$20b ac
Slide 10: When COPD patients are 60% or greater adherent to their medications, their risk of hospitalisation drops ~50%
When COPD Reduction to the Risk of Hospitalisations Based on Levels of Adherence in COPD patients are 60% or greater adherent to 80-100% their medications, Adherence 51% their risk of targeted adherence hospitalisation 60-80% threshold Adherence drops ~50%22 48% 40-60% Adherence 39% ©2026 Adherium.
Slide 11: The Hailie Smartinhaler Solution is positioned to drive adherence for better outcomes and lower costs
The Hailie® Smartinhaler® Solution is positioned to drive adherence for better outcomes and lower costs Closed-Loop Respiratory Management Hailie Smartinhaler: The Data Engine Hailie Platform: Precision Healthcare Intelligence provider Continuous real-world data from 15 US decision Food and Drug Adm
Slide 12: The Hailie Smartinhaler drives positive behavior increasing efficiency of healthcare spend
The Hailie® Smartinhaler® drives positive behavior increasing efficiency of healthcare spend and influencing outcomes On-sensor Tracks inhaler Addresses reminders medication use inhaler technique Reminds patients when Tracks patient inhaler Captures valuable insights, it is time to take their medica
Slide 13: Monetising patient care through two recurring revenue streams
Monetising patient care through two recurring revenue streams 2025+ via Remote Patient $ Monitoring (RPM) Fee For Service Reimbursable $$$ Value Based Care (VBC) Outcomes Driven (Reimbursable) 2026+ via US Payers Established RPM in 2025 and now ready for VBC Value Base Care ©2026 Adherium. All right
Slide 14: Value-Creation Milestones
Value-Creation Milestones COMPELLING ESTABLISHED CRITICAL MASS COST SAVINGS INFRASTRUCTURE EXPERIENCE IMH data Scalable >2100 RPM patients ©2026 Adherium. All rights reserved. 14
Slide 15: Adherium's iCARE study demonstrated robust clinical outcomes suggesting compelling cost savings
Adherium’s iCARE study demonstrated robust clinical outcomes suggesting compelling cost savings COMPELLING ESTABLISHED CRITICAL MASS COST SAVINGS INFRASTRUCTURE EXPERIENCE IMH data Scalable >2100 RPM patients ✓ ©2026 Adherium. All rights reserved. 15
Slide 16: iCARE study interim results demonstrated a 235% increase in adherence across COPD and asthma
iCARE study interim results demonstrated a 235% increase in adherence across COPD and asthma* Improved adherence compared to reported “norms” 12,23-25 70% 67% 60% 64% 50% 40% 30% 20% 22% 20% Benchmark 10% norm adherence 0% iCARE adherence Asthma COPD *Preliminary results iCARE Study in collaboration
Slide 17: 1/3 >80% adherence, 67% adherence
These adherence Reduction to the Risk of Hospitalisations levels indicate that Based on Levels of Adherence in COPD hospitalisations 80-100% of COPD patients Adherence 51% could be cut in half 60-80% Adherence 48% 40-60% Nearly one-third of iCARE study Adherence 39% patients achieved adherence >80%
Slide 18: Adherium has an established infrastructure servicing RPM patients and generating recurring revenue
Adherium has an established infrastructure servicing RPM patients and generating recurring revenue COMPELLING ESTABLISHED CRITICAL MASS COST SAVINGS INFRASTRUCTURE EXPERIENCE IMH data Scalable >2100 RPM patients ✓ ©2026 Adherium. All rights reserved. 18
Slide 19: >60k insurance-verified patients in the RPM channel alone
Signed partnerships which could give Adherium access to 1M+ patients* >60k insurance-verified patients in the RPM channel alone Access to 1M+ Respiratory Patients* US Health System RPM Specialty Medical US Payers/Value- Payer/Providers Groups/Clinics Based Programs • Current mix of device sales • HC
Slide 20: Every Clinic Partner Activation Creates New Recurring Revenue
Every Clinic Partner Activation Creates New Recurring Revenue • Allergy Partners is the largest single- specialty allergy & asthma practice in the U.S. • On pace to launch 100% of Allergy Partners clinics by early 2026 • 80% of 110 clinics are live, billing per- patient revenue today • >60K total ve
Slide 21: Each clinic activation embeds Adherium & drives recurring revenue
Remote Patient Monitoring Model in Motion: Each clinic activation embeds Adherium & drives recurring revenue 1. Clinic activation Patient Eligibility 1 Insurance Verification Partners 2. RPM patient onboarding 3. Patient activation 2 Patient Consent CALL CENTRE 4. Monthly patient monitoring 3 Produc
Slide 22: Strong momentum building in RPM enrolments and recurring revenue growth
Strong momentum building in RPM enrolments and recurring revenue growth Cumulative RPM Shipments RPM Revenue (accrual-based sales) AUD 000 2,149 $68.2 $55.1 $47.7 $37.0 $30.0 764 $24.9 $18.1 $20.5 351 $12.2 84 $0.0 March June September December Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25
Slide 23: Over 4.6K patients using the Hailie Smartinhaler today, with >10K RPM patients expected by end of 2026
Over 4.6K patients using the Hailie® Smartinhaler® today, including >2.1K RPM patients, with >10K RPM patients expected by end of 2026 COMPELLING ESTABLISHED CRITICAL MASS COST SAVINGS INFRASTRUCTURE EXPERIENCE IMH data Scalable >2100 RPM patients ✓ on track for >10,000 RPM patients by end of 2026 ©
Slide 24: RPM Patient targets to year-end 2026
Commercial Targets & Growth: RPM Patient targets to year-end 2026 14,000 Target: Approaching 10K 12,000 RPM active patients by December 2026 10,000 • Target: Approaching 10,000 RPM patients by Dec 2026 Patients 8,000 • Readying for Value Based Care Program 6,000 engagement in late 2026 4,000 • Poten
Slide 25: Adherium is now positioned for its next inflection point: US Payer Value-Based Care Contracts
Adherium is now positioned for its next inflection point: US Payer Value-Based Care (VBC) Contracts COMPELLING ESTABLISHED CRITICAL MASS COST SAVINGS INFRASTRUCTURE EXPERIENCE IMH data Scalable >2100 RPM patients U.S. PAYER READY positioned to unleash cost savings ©2026 Adherium. All rights reserved
Slide 26: Infrastructure built with RPM patients de-risks VBC entry
Infrastructure built with RPM patients de-risks VBC entry Fee For Service Value Based Care via Remote Patient Monitoring (RPM) via US Payers Device Care Team Adherium’s reimbursable Population Contract Activation Engagement RPM model builds the Outcomes Design infrastructure, data, and payer trust d
Slide 27: RPM Is the Wedge into the Higher Margin Value-Based Care Market
RPM Is the Wedge into the Higher Margin Value-Based Care Market Towards Profit Driven by Population Outcomes Remote Patient Monitoring Value-Based Care Per Patient/Month $55 $70+ Individual, active monitored Unit of Value Volume of patients in contract patient Revenue Drivers Usage + retention Size
Slide 28: IMH's payer arm Select Health could unlock significant savings of nearly $60M with only 10% of COPD patients
IMH’s payer arm “Select Health” could unlock significant savings of nearly $60M with only 10% of COPD patients % of COPD patients COPD patients 50% annual cost savings Revenue onboarded enrolled (illustrative) hospitalisations / ED visits @ $70 pp/mo 5% participation 3.3K $30M $3M 10% participation
Slide 29: Cigna, national US payer, could save nearly $1B in direct costs with just 10% of its COPD patients
Cigna, national US payer, could save nearly $1B in direct costs with just 10% of its COPD patients; unlocking value for Adherium % of COPD patients COPD patients 50% annual Revenue onboarded enrolled (illustrative) cost savings26 @ $70 pp/mo 5% participation 53K $473M/yr $44M/yr 10% participation 10
Slide 30: Adherium is poised to transform respiratory care
Adherium is poised to transform respiratory care COMPELLING ESTABLISHED CRITICAL MASS US PAYER COST SAVINGS INFRASTRUCTURE EXPERIENCE READY IMH data Scalable >4,600 total shipments positioned to unleash cost savings ✓ ✓ Coming milestones: • Presentation of final iCARE study data • Scaling RPM patien
Slide 31: Equity Capital Raising Overview
Equity Capital Raising Overview Summary Details Adherium Limited is seeking to raise up to ~A$7.52 million via the issue of approximately 2,507,047,546 new fully paid ordinary shares (New Shares) consisting of: ▪ An institutional placement to raise up to ~A$1.34 million (before costs) (Placement); a
Slide 32: Equity Capital Raising Overview (continued)
Equity Capital Raising Overview (continued) Summary Details The Company has received a firm commitment of A$2.0 million from Trudell Medical Ltd which is greater than their pro-rata entitlement under the Institutional Entitlement Offer. The Commitments Equity Raising is not underwritten. ▪ Eligible
Slide 33: Use of Proceeds and Pro Forma Capital Structure
Use of Proceeds and Pro Forma Capital Structure Sources of funds1 A$m Uses of funds2 A$m General working capital to progress commercialisation initiatives, staff Placement ~1.34 ~7.12 recruitment, general administration costs and repayment of creditors. Entitlement Offer ~6.18 Equity Raising costs ~
Slide 34: Indicative Offer Timetable
Indicative Offer Timetable Event1 Date2 Trading halt Monday, 16 February 2026 Announcement of Placement and Entitlement Offer Monday, 16 February 2026 Placement and Institutional Entitlement Offer open Monday, 16 February 2026 Placement and Institutional Entitlement Offer close Tuesday, 17 February
Slide 35: Key Investment Risks
Key Investment Risks Business Risks industry includes companies with significantly greater financial, technical, human, research and Eligible Retail Shareholders should consider the various risks and difficulties frequently encountered development, and marketing resources than the Company. Competito
Slide 36: Offer Jurisdictions
Offer Jurisdictions INTERNATIONAL OFFER RESTRICTIONS had a document been filed and receipted by the securities regulator in the applicable Province. Furthermore, any resale of the This document does not constitute an offer of New Shares of the Company in any jurisdiction in which it would be unlawfu
Slide 37: Thank You
Thank You For more information, contact: Dawn Bitz, CEO DawnB@adherium.com
Slide 38: Glossary
CMS Centers for Medicare and Medicaid COPD Chronic Obstructive Pulmonary Disease IMH Intermountain Health Glossary RPM Remote Patient Monitoring RTM Remote Therapeutic Monitoring HCP Healthcare Professionals EMR Electronic Medial Record ©2026 Adherium. All rights reserved. 38
Slide 39: Adherium's Management Team has evolved significantly, and our focus on growing our patient base is clear
Adherium’s Management Team has evolved significantly, and our focus on growing our patient base is clear Dawn Bitz Keven Gessner Tom Quinlan Jason Hochman David Haddad Hetal Dhruve Chief Executive Officer Strategic Market Access Advisor / CFO Head of Commercial Head of Product Head of Medical and Cl
Slide 40: Adherium customer testimonials
Adherium customer testimonials "One of the great struggles has always been: you see a patient in the office and they're not doing well; you make a change in therapy, and you're always left with that question, 'are they really taking their medicine?' And, 'are they taking it correctly?' And I think t
Slide 41: Adherium's Hailie Technology has Registered Designs and Patents Worldwide
Intellectual Property and Global Patent Protection Adherium’s Hailie Technology has Registered Designs and Patents Worldwide 73 registered designs 25 registered designs 4 granted utility 4 granted utility patents patents UK/EU 180 US Japan China 10 registered designs 1 granted utility patents Patent
Slide 42: References
References 1. Zafari Z et al. Projecting Long-term Health and Economic Burden of COPD in the United States. Chest. 2021 Apr;159(4):1400-1410 2. Nurmagambetov T, Kuwahara R, Garbe P. The Economic Burden of Asthma in the United States, 2008-2013. Ann Am Thorac Soc. 2018;15(3):348-56. 3. American Lung