Microba Life Sciences Limited · ASX:MAP
Microba Life Sciences — Investor Presentation (January 2026)
60 slides from Microba Life Sciences's investor presentation, Jan 29, 2026
Slide 1: Q2 FY26 Quarterly Investor Presentation & Webinar
ASX Announcement 29 January 2026 Q2 FY26 Quarterly Investor Presentation & Webinar Microba Life Sciences Limited (ASX: MAP) (“Microba” or the “Company”) is pleased to provide below its Q2 FY26 Investor Presentation and Investor Webinar with CEO, Dr Luke Reid presenting. Quarterly Investor Webinar Pr
Slide 2: Q2 FY26 Results: Building the platform for personalised, microbiome-based healthcare
Q2 FY26 Results Building the platform for personalised, microbiome-based healthcare ASX: MAP 29 JANUARY 2026 Authorised for release by the Board of Directors 1
Slide 3: Disclaimer
Disclaimer This presentation (Presentation) has been prepared by Microba Life Sciences Limited (Microba). Summary information - This Presentation contains summary information about Microba and its activities which is current only as at the date of release of this Presentation. Microba may in its abs
Slide 4: Key Risks & Forward Financial Information Assumptions
Key Risks & Forward Financial Information Assumptions Forward Financial Information Assumptions • Assumes that Operating Expenses, Product Development and Corporate Expenditure grow at a The achievement of the FY26 forward information & ~3-year strategic objectives detailed in slide 4 is rate below
Slide 5: We are building the platform for personalised, microbiome-based healthcare
“We are building the platform for ~3 Year Strategic Objective personalised, microbiome-based Strong penetration of healthcare.” FY26 innovator & early adopter clinicians. Transformative Expand clinical adoption. patient outcomes across FY25 Break-even in Australia & core regions. United Kingdom1. Br
Slide 6: Q2 FY26 Financial Highlights
Section 1 Q2 FY26 Financial Highlights 5
Slide 7: Core Testing Volumes up 90% YoY
Core Testing Volumes Global Core Test Volume 6000 up 90% YoY. +90% 5000 4000 Annualised run rate 21,300+ 3000 On track for >24,000 core test and regional break-even guidance 2000 Microbiome Explorer now 55% of total revenue 1000 0 Australia United Kingdom 6
Slide 8: Growth accelerating, and legacy products fully discontinued
Growth accelerating, and legacy products fully discontinued Growth $5,000,000 +129% Core tests & clinical software winning $4,000,000 a major new $25B diagnostic category $3,000,000 $2,000,000 $1,000,000 $0 H2 FY24 H1FY25 H2FY25 H1FY26 Base $4,000,000 $3,000,000 To continue with opportunity for futu
Slide 9: Q2 FY26 Business Highlights
Section 2 Q2 FY26 Business Highlights 8
Slide 10: Key Highlights
Sub-Section 2.1 Key Highlights 9
Slide 11: Diagnostic testing advancement
Diagnostic testing advancement Microba is creating a new diagnostic category in clinical microbiome testing, which the Company estimates represents a market opportunity exceeding US$100 billion. Category creation requires disciplined execution aligned to the customer adoption curve, progressing from
Slide 12: UK adoption outperforming AU adoption by 33%
UK adoption outperforming AU adoption by 33% Post launch regional • Leveraging the existing Post launch test volume, regional comparison – comparison – first QTRs acquired customer base 3,500 all time 900 in the UK, we are *Christmas holiday period impact Full market access * Full market access +33%
Slide 13: AI-Driven Transformation: Delivering major efficiency gains and customer value
AI-Driven Transformation: Delivering major efficiency gains and customer value AI implementation across all business functions is delivering measurable efficiencies, improved customer experiences, and operational advancements that position us for long-term success. Key examples: AI customer service
Slide 14: New Product Feature Releases: Oral Species Biomarker
New Product Feature Releases Oral Species Biomarker Released into Microbiome Explorer November 2025 The new Oral Species biomarker enables practitioners to assess how microbes from the mouth can appear in the gut, identifying a hidden contributor of intestinal inflammation, impacts of PPI use and ba
Slide 15: New Product Feature Releases: Pay on Invoice
New Product Feature Releases Pay on Invoice Released into Microbiome Explorer November 2025 Pay on Invoice supports enterprise sales workflows and adoption from medium and large clinics together with high volume individual clinicians. High volume practitioners can now sign a service agreement with M
Slide 16: New Product Feature Releases: Sunday collection and simplified instructions
New Product Feature Releases Sunday collection and simplified instructions Released into Microbiome Explorer December 2025 Patients can now collect and return their samples on a Sunday. This expands the sampling window, removing a key point of friction in the return process, and improving convenienc
Slide 17: New Microba Brand Launch
New Microba Brand Launch Global Microba Brand Released in November 2025 The Microba brand launch consolidated our global brands, driving operational efficiencies, and increased marketing effectiveness to increase sales and lower costs. An example of this is through streamlined global lifecycle marke
Slide 18: New Product Naming
New Product Naming MetaXplore is now Microbiome Explorer Released in November 2025 As a part of the new Microba brand launch, we refreshed our product names to make them simpler and clearer. MetaXplore is now known as Microbiome Explorer , available in three variants: • Microba Microbiome Explorer –
Slide 19: Growth Product Results
Sub-Section 2.2 Growth Product Results 18
Slide 20: Growing Microbiome Explorer sales and clinical adoption in Australia
Growing Microbiome Explorer sales and clinical adoption in Australia Microbiome Explorer Microbiome Explorer Test Sales Volume (AU) Ordering Clinicians (AU) 10,000 1,400 • Record Q2 Microbiome Explorer AU tests 9,000 sales of 4,360 8,245 1,200 1,146 8,000 1,035 • Q2 Microbiome Explorer AU annualised
Slide 21: Strong progress in UK market development for Microbiome Explorer
Strong progress in UK market development for Microbiome Explorer Microbiome Explorer Microbiome Explorer • Q2 Microbiome Explorer UK test sales Test Sales Volume (UK) Ordering Clinicians (UK) of 728 1800 500 1600 1,511 450 419 • Q2 Microbiome Explorer UK 400 annualised run-rate of 2,912 tests sold 1
Slide 22: Steady MetaPanel sales and clinical adoption in Australia
Steady MetaPanel sales and clinical adoption in Australia MetaPanel MetaPanel Test Sales Volume (AU) Ordering Clinicians (AU) • Steady Q2 MetaPanel test sales of 239 tests 600 350 306 • Focus remains on organic development of 500 496 300 Gastroenterology specialists which will drive 276 465 adoption
Slide 23: Base Product Results
Sub-Section 2.3 Base Product Results 22
Slide 24: Supplement growth focused on Invivo branded products
Supplement growth focused on Invivo branded products Supplement Supplement Unit Sales (UK) Revenue (UK) • Invivo branded and owned supplements delivered a 70,000 $3,000,000 record quarter of $0.72m. 60,000 • Leading PHGG prebiotic supplement volumes up $2,500,000 110% vs PCP 50,000 $2,000,000 • A su
Slide 25: Legacy Product Results
Sub-Section 2.4 Legacy Product Results 24
Slide 26: Roll-off of discontinued legacy product revenue complete
Roll-off of discontinued legacy product revenue complete Legacy Product Revenue 4,000,000 • As previously outlined, the Company has 3,500,000 been strategically discontinuing legacy revenue and focusing on our core testing 3,000,000 products. 2,500,000 • During the quarter, the Company replaced over
Slide 27: Therapeutic Partnering
Sub-Section 2.5 Therapeutic Partnering 26
Slide 28: Pipeline of assets backed by big-data, preclinical and clinical validation
Pipeline of assets backed by big-data, preclinical and clinical validation, targeting deals Therapeutic Assets • 5+ years of investment to develop a rich pipeline of live biotherapeutic assets and data, leveraging Microba’s world leading databank generated from it’s testing business • Multiple micro
Slide 29: Focus & Catalysts
Sub-Section 2.6 Focus & Catalysts 28
Slide 30: Key areas of focus & catalysts
Key areas of focus & catalysts Diagnostics Corporate Snapshot • Australia - continued growth in test sales and clinical ASX Code MAP adoption • United Kingdom - continued growth in test sales and Market capitalisation1 $57.9m clinical adoption Shares on issue 608.96m • Multiple upcoming feature rele
Slide 31: Microba Overview
SECTION 3 Microba Overview 30
Slide 32: The Microbiome Opportunity
Sub-Section 3.1 The Microbiome Opportunity The next frontier in precision healthcare 31
Slide 33: Changing the gut microbiome can treat chronic disease
Changing the gut microbiome can treat chronic disease 21,000+ 150+ Global clinical studies Research publications demonstrate that demonstrate a clear link microbiome modulation can between chronic diseases influence disease outcomes and the gut microbiome* and clinical symptoms* Gastrointestinal Men
Slide 34: Clear, global and ambitious vision
Clear, global and ambitious vision Broad-based Regular testing is Usage of approved Millions of patients acceptance commonplace therapeutics is living healthier lives The microbiome is High quality and clinically routine Microbiome diagnostics recognised by healthcare useful microbiome testing Micro
Slide 35: Combating chronic disease through microbiome diagnostics and therapeutics
Combating chronic disease through microbiome diagnostics and therapeutics $1.4 trillion healthcare disruption opportunity Microbiome testing to diagnose and match Microbiome therapy to treat patients with the right treatment chronic diseases $125B Est. TAM $1.3T Est. TAM 34
Slide 36: Unlocking the $1.4 trillion healthcare disruption opportunity
Unlocking the $1.4 trillion healthcare disruption opportunity Diagnostics Therapeutics Clinical microbiome testing Precision microbiome therapeutics • Opening a $100B new Two tests. • 5 years of R&D established 3 programs. diagnostic category. GASTROINTESTINAL pipeline of live biotherapeutic INFLAMM
Slide 37: Diagnostics Products, TAM & Clinical Data
Sub-Section 3.2 Diagnostics Products, TAM & Clinical Data 36
Slide 38: Our diagnostics focus
Our diagnostics focus Patients suffering from gastrointestinal disease Gastrointestinal Mental Cardiovascular Oncology Longevity Fertility → 82,690,000 patients suffering 50% no resolution with routine care 37
Slide 39: Addressing the GI symptom challenge
Addressing the GI symptom challenge Microba’s comprehensive diagnostic products Gastrointestinal pathogen test Launched March 2024 Diagnosing pathogenic causes of GI symptoms Stool DNA test. 175 targets. Expertly curated clinical recommendations for targeted treatment. Gastrointestinal disorde
Slide 40: GI disease is a silent epidemic
GI disease is a silent epidemic New answers and resolution for millions of patients suffering 82,690,000 50% >70% >60% patients suffering no resolution with get new results get improved outcomes Presenting annually with lower GI routine care Demonstrated in studies on over 5k Independent studies hav
Slide 41: Supported by multiple clinical studies across >30k patients
Supported by multiple clinical studies across >30k patients Released to ASX 30 April 2025 Released to ASX 14 May 2025 Released to ASX 21 May 2025 Inflammatory Bowel Disease (IBD) Chronic GI Symptoms GI Infectious Disease • MetaPanel test identifies gastrointestinal • 71.4% of reports from 4,616 pati
Slide 42: The market is big, and we only need to capture a small amount
The market is big, and we only need to capture a small amount to 800% impact at scale Future Addressable Market All flavours of pie. Top-down, bottom up, primary, secondary and tertiary 7 major markets. Top 10 indications. Established in clinical practice guidelines with reimbursement, routine use f
Slide 43: Diagnostics Real Patient Impact
Sub-Section 3.3 Diagnostics Real Patient Impact 42
Slide 44: I have struggled with gastrointestinal symptoms for over half my life
“I have struggled with gastrointestinal symptoms for over half my life. I have tried resolving with many specialists, restrictive eating plans and natural therapies. My Microbiome Explorer test this year identified clear problems and a personalised treatment plan. I am grateful that through followin
Slide 45: Before completing the Microbiome Explorer test with my practitioner
“Before completing the Microbiome Explorer test with my practitioner, my health was in constant distress. I looked and felt bloated all the time, to the point of appearing six months pregnant. My severe constipation led to bowel movements only every 5-6 days with trapped gas causing extreme pain. Af
Slide 46: Diagnostics Product-accelerated growth
Sub-Section 3.4 Diagnostics Product-accelerated growth 45
Slide 47: The Microba Market Adoption Curve
The Microba Market Adoption Curve Like with all technology Early Late Majority Majority adoption, a natural bell-curve forms separating innovators from laggards. Early Adopters In Microba's case, this curve Laggards can be traversed by addressin Innovators g increasing levels of clinician scepticism
Slide 48: Moving through the adoption curve powered by features
Moving through the adoption curve powered by features that address higher levels of market demands over time Enhanced Interpretability Enhanced Actionability Enhanced Business Integration Enhanced Workflow Integration E.g. Health Categories, Marker Cards E.g. Key findings, Suggested Actions E.g. Pai
Slide 49: Driving down CAC with marketing and product efficiency
Driving down CAC with marketing and product efficiency Custome r Ac quisition C os t Time Sales-Influenced Growth Product-Assisted Growth Product-Led Growth Sales Calls, Clinic visits, Lunch & learns, Live Self-serve education, always-on marketing Self-serve onboarding, self-serve support, Mentoring
Slide 50: Scalable product-accelerated growth and strong net revenue retention
Scalable product-accelerated growth and strong net revenue retention drive increasing operating leverage Growth & Unit Economics Formula “We are forecasting strong and enduring year- on-year growth, driven by increasing market Customer & Market Growth ↑ Increase referring HCPs adoption and the scala
Slide 51: CAPEX & OPEX efficiency through leveraging top tier strategic partners
CAPEX & OPEX efficiency through leveraging top tier strategic partners “Microba is to gut health what Cochlear is to hearing Partnering models and Pro Medicus is to imaging—category-defining, Laboratory partner clinically trusted, and digitally dominant. It is building CAPEX efficiency. Scale as sof
Slide 52: Therapeutics
Sub-Section 3.5 Therapeutics Leveraging Microba’s leading databank with years of R&D and investment 51
Slide 53: Attractive Upside
Attractive Upside Low cost, high return opportunity leveraging years of R&D and investment Historical & Forecast Therapeutic Asset Investment • Over 5 years of strategic investment has built a rich pipeline of live biotherapeutic assets, leveraging Microba’s world leading databank generated from its
Slide 54: Advanced AI Development of Next Generation Precision Live Biotherapeutics
Advanced AI Development of Next Generation Precision Live Biotherapeutics Target Prediction Disease Relevant Activity Disease Donor Prevalence Isolation Human Data AI & Precision Driven Machine Microbiome Health Data Learning Therapeutics Biome Data In Silico Analysis Species Supportive Identificati
Slide 55: A pipeline of assets backed by big-data, deep preclinical and early clinical validation
A pipeline of assets backed by big-data, deep preclinical and early clinical validation Therapeutic Assets Core Program Discovery R&D Preclinical Phase 1 Phase 2 Development Partners Phase 2 IND MAP 315 submission (LBP) currently being compiled IBD (Ulcerative colitis) Undisclosed (LBP) Pre-clinical
Slide 56: Two major commercial pathways to value return
Two major commercial pathways to value return Assets Commercial strategy Opportunity Live Biotherapeutic Out license $1.5 - $11B deal precedents Pharmaceutical drug (FDA – BLA) • Upfront MAP-315 • Milestone payments • Strategic partnerships • Royalties • Non-dilutive equity investment IBD • Non-dilu
Slide 57: Recent Comps & Activity
Recent Comps & Activity Pharma Deal Comps Next Gen Probiotic Activity Licenso Total Next generation Licensee Date Company Headline Date Deal Type r/ Stage Upfront Deal probiotic species / Acquiror Target Value Danone acquires The Akkermanisa Company for June 2025 Akkermansia muciniphila an undisclos
Slide 58: Sector readouts supporting partnering
Sector readouts supporting partnering The microbiome therapeutic, and more specifically live biotherapeutic modality has been maturing in its development. Many prospective partners are awaiting definitive Phase 1b/2a efficacy data that will validate the live biotherapeutic modality in a major chroni
Slide 59: Contacts
&N microba SUB-SECTION 3.1 Contacts
Slide 60: Contact
Dr Luke Reid Contact Chief Executive Officer luke.reid@microba.com Head Office Level 10, 324 Queen Street Brisbane QLD Australia Pasquale Rombola Chair Laboratory pasquale.rombola@microba.com Princess Alexandra Hospital Woolloongabba QLD Australia 59
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