Ernexa Therapeutics Inc. · NASDAQ:ERNA
Ernexa Therapeutics — Investor Presentation (February 2026)
33 slides from Ernexa Therapeutics's investor presentation, Feb 26, 2026
Slide 1: Ernexa Therapeutics: Modulating the Immune System Through Synthetic iMSC Therapies
E ErneXa Breaking Through cers, el in op Ernexa Therapeutics: Modulating the Immune System Through Synthetic Induced-Mesenchymal Stem Cell (iMSC) Therapies ernexatx.com February 2026 Nasdaq: ERNA
Slide 2: Safe Harbor Statement
Safe Harbor Statement EmeXa Therapeutics: This presentation (this “Presentation”) and any oral statements made in connection with this Presentation are for informational purposes only and do not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any equit
Slide 3: Introduction & Company Overview
E- Fete Therapeutics* Breaking Through Defenses, Delivering Hope Introduction & Company Overview
Slide 4: Providing Hope: Our Mission
Providing Hope Our Mission Transform the treatment of cancer and autoimmune disease by developing scalable, affordable, off-the-shelf cell therapies that restore hope. We envision a future where cell therapies powered by synthetic iMSCs can offer new options for patients with limited treatment paths
Slide 5: A Publicly Traded, Preclinical-Stage Company Developing Synthetic iMSC Therapies
Ernexa Therapeutics: A Publicly Traded, Preclinical-Stage Company Developing Synthetic iMSC Therapies ErneXa * ERNA-101 is an allogeneic pro- * ERNA-201 is an allogeneic anti- inflammatory fusion cytokine (IL-7_IL-15)- inflammatory cytokine IL-10 secreting Synthetic Allogeneic iMSC secreting iMSC iM
Slide 6: Pipeline Driving Next-Generation iMSC Therapies Across Cancer and Autoimmune Disease
Pipeline Driving Next-Generation iMSC Therapies “e Across Cancer and Autoimmune Disease ErneXa Advancing Towards First-in-Human (FIH) Study With Lead Program ERNA-101 by 2H-2026 ach nee Satad TI i Bas Therapeutic aA Upcoming Building a dif r Indication é Preclinical Phase 1 Phase 2 iMSC-based portfo
Slide 7: Mesenchymal Stem Cells (MSCs): The Body's Natural Repair Cells and Regulators of Immunity
Mesenchymal Stem Cells (MSCs): The Body’s Natural Repair Cells and Regulators of Immunity FrmexX¢ MSCs are multipotent, immune-modulating cells that traffic to inflamed/tumor tissue and can be engineered or loaded to deliver therapy’ Tumor-homing vehicle: MSCs localize to tumors and can carry therap
Slide 8: Induced MSCs (iMSC): Overcoming the Limitations of Naturally Occurring MSCs
Induced MSCs (iMSC): Overcoming the Limitations of Naturally Occurring MSCs We Believe Ernexa’s Proprietary iMSC Technology Overcomes the Challenges of Traditional MSCs Therapeutic Limitations of Naturally Occurring MSCs MSC Ft g and Inc Taare Outcomes Limited Proliferative Capacity, and Early Senes
Slide 9: Genetically-Engineered Synthetic iMSC Therapy
Induced MSCs (iMSC): ot Genetically-Engineered “Synthetic” iMSC Therapy ErneXa Synthetic RNA molecules* encoding sy oa, Ss RNA-mediated reprogramming leaves reprogramming factors are 5. no genomic “footprint transfected into these cells ==) = & —= —— ED Non-pluripotent cells These cells were culture
Slide 10: Our Next-Generation MSC Therapeutics Overcome the Limitations of Naturally Occurring MSCs
Our Next-Generation MSC Therapeutics Overcome the Limitations ot. of Naturally Occurring MSCs & Add More Features to It ErneXa Commercially Available MSC Therapies (. Next Generation Synthetic MSCs os Autologous Allogeneic BM-derived | UC-derived | MSC Therapy | MSCs Therapy; ' t Li H 1 ' | ._, | De
Slide 11: Cell Therapy Momentum Continues To Build; Ernexa Is Well Positioned
Cell Therapy Momentum Continues To Build; “e Ernexa Is Well Positioned ErneXa Cell Therapy Market is Growing US. cell therapy market: ~$2.7B More Cell Therapy Approvals In Rising Business Activity In The CGT (2023); Expected to grow at >20% Recent Years”? Space* CAGR' Many Small Biotech Emerging (wi
Slide 12: ERNA-101: Pro-Inflammatory Fusion Cytokines (IL-7_IL-15) Secreting iMSC
E- Fete Thera peutics™ Breaking Through Defenses, Delivering Hope ERNA-101: Pro-Inflammatory Fusion Cytokines (IL-7_IL-15) Secreting iMSC for Allogeneic Therapy
Slide 13: ERNA-101: Pro-Inflammatory Fusion Cytokines (IL-7_IL-15) Secreting iMSC for Allogeneic Therapy
ERNA-101: Pro-Inflammatory Fusion Cytokines (IL-7_IL-15) Secreting iMSC for Allogeneic Therapy ErneXa Therapeutics” Demonstrated Promising Preclinical Results With 58.2% Survival Advantage Advancing Towards Phase 1 Study in Platinum-Resistant Ovarian Cancer (PROC) in 2H-2026 Mechanism of Action ERNA
Slide 14: A Significant Opportunity in Platinum-Resistant Ovarian Cancer (PROC)
A Significant Opportunity in Platinum-Resistant Ovarian Cancer (PROC) PROC is a subset of recurrent ovarian cancer, defined by disease letii ii based IP 9 P | progression within six hs after c chemotherapy Ovarian Cancer: Incidence: 20,890 (2025)! Prevalence: 243,572 (2022)! Incidence of PROC: ~17,0
Slide 15: Mechanism of Action of ERNA-101: Leveraging the Intrinsic Tumor-Homing Ability of MSCs
Mechanism of Action of ERNA-101: Leveraging the Intrinsic Tumor- ot Homing Ability of MSCs to Create a Trojan Horse for Cancer ErneXa FF. Solid Tumor ¢ ERNA-101 consists of IMSCs engineered to secrete a novel immune- og enhancing fusion of the cytokines IL-7 and IL-15 (IL-7_IL-15) ERNA-101 selective
Slide 16: ERNA-101 Infiltration Observed in Tumor Micro-Environment (TME)
Was Observed in se Tumor Micro-Environment (TME) Emexa * Ovarian tumor-bearing mice were treated with PBS (no treatment control), iMSC-GFP (control iMSCs) or ERNA- 101 (IL7_IL15-iMSCs). Tumors were stained for human CD73 antibody to detect infiltration of iMSCs into the TME * Significant infiltratio
Slide 17: Infiltration of ERNA-101 in TME Resulted in Accumulation of IL7_IL15 Into the TME
Infiltration of ERNA-101 in TME Resulted in os Into the TME ErneXa PBS GFP-iMSC ERNA-101 iia rs _ 4 Ey * The migration of ERNA-101 to TME resulted in significant accumulation of the human IL7_IL15 fusion cytokine in the TME * No IL7_IL15 “fusikine” was identified in the TME of PBS and negative contr
Slide 18: ERNA-101 Treatment Leads to Significant Increase in CD4 and CD8 T Cell Infiltration into the TME
ERNA-101 Treatment Leads to Significant Increase in CD4 and CD8 T Cell Infiltration into the TME ErneXa PBS GFP-iMSC ERNA-101 Visiopharm analysis of the CD4 and CD8 stained tumor tissues showed significant increase in both CD4 and CD8 T cell accumulation into the “sil22 1 809 ‘S92 1 vad tumor follow
Slide 19: ERNA-101 Treatment in Syngeneic Ovarian Cancer Model
ERNA-101 Treatment in “et Syngeneic Ovarian Cancer Model ErneXa Control 5109 - PBS & 4x10 3 GFP-iMSC © 310° ++ ERNA-101 3° & 2x109 7 @ 1x10° ——+ ) T Day 23 Day 52 Day 71 Days since tumor cell injection The spot in the Control group on Day 71 represents an animal from the group which was euthanized d
Slide 20: ERNA-101 Injected Mice With Ovarian Cancer Have Prolonged (58.2%) Survival Advantage
ERNA-101 Injected Mice With Ovarian Cancer Have Prolonged 2 (58.2%) Survival Advantage as Compared to Control Treatments ErneXa Survival curve showing enhanced survival in ERNA-101 (FUS) treated mice bearing ID8 ovarian tumor representing advanced stage of the disease. The median survival of ERNA-10
Slide 21: Planned First-In-Human Phase 1 Open Label, Single Arm Study of ERNA-101
Planned First-In-Human Phase 1 Open Label, Single Arm “ Study of ERNA-101 + Pembrolizumab and Bevacizumab EmeXa ERNA-101 (IP) Monotherapy Dose-Escalation - Q3W | 4 | | | Scan Scan Scan Biopsy Biopsy Biopsy 1 2 3 4 5 6 7 8 9 10 11 12 13 14 oon 52 ERNA-101 (IP) + Pembrolizumab (IV) + Pembroli: b (IV)
Slide 22: ERNA-201: Anti-Inflammatory Cytokines (IL-10) Secreting iMSC for Allogeneic Therapy
E- Fete Therapeutics* Breaking Through Defenses, Delivering Hope ERNA-201: Anti-Inflammatory Cytokines (IL-10) Secreting iMSC for Allogeneic Therapy
Slide 23: ERNA-201: Anti-Inflammatory Cytokine (IL-10) Secreting iMSC For Allogeneic Therapy
ERNA-201: Anti-Inflammatory Cytokine (IL-10) “ Secreting iMSC For Allogeneic Therapy ErneXa Designed to Deliver IL-10 Directly to Inflamed Tissues, Rebalancing Immune Activity and Driving Durable Remission in Autoimmune Disease & 9 4 G Future Milestones Mechanism of Action Target Indications Current
Slide 24: Persistent Unmet Need in Rheumatoid Arthritis (RA) Despite Therapeutic Advances
Persistent Unmet Need in “e Rheumatoid Arthritis (RA) Despite Therapeutic Advances ErneXa Chronic, sy i i di. characterized by persistent joint inflammation, progressive tissue destruction, and loss of Limitations of Current Therapies: function Incomplete Disease Control: RA: 30-40% of patients fail
Slide 25: ERNA-201 Selectively Home to the Site of Inflammation and Deliver Anti-Inflammatory IL-10
ERNA-201 Selectively Home to the Site of Inflammation and oe Deliver Anti-Inflammatory IL-10: Putative Mechanism of Action ErneXa Al inflammatory IL-10 ERNA-201 (IL-10 Express’ Impressive efficacy as systemic nical models recombinant IL-10 therapy . . . : clin! + ERNA-201 consists of iMSCs engineere
Slide 26: Study of ERNA-201 in Rheumatoid Arthritis (RA) Mouse Model
Study of ERNA-201 in Rheumatoid Arthritis (RA) Mouse Model Purpose: To determine if ERNA-201 (IL-10-CCR2 iMSCs) treatment can decrease the severity of the arthritic phenotype in a CIA mouse model Timeline: Paw Score: Grouping Cll Emulsion and Dose 1 Dose 3 [I-10_ccRz2 0.5E6 (3 dose) vs 1.0E6 (1 dose
Slide 27: Corporate Overview, Business Strategy and Key Takeaways
E- Fete Therapeutics* Breaking Through Defenses, Delivering Hope Corporate Overview, Business Strategy and Key Takeaways
Slide 28: Trading Snapshot
Nasdaq: ERNA - Trading Snapshot ErneXa Sufficient Capital to Fund Clinical Development Through Multiple Value Driving Milestones, Including the Launch of the First-in-Human Study $10.5 MM Key Highlights Completed $10.5 MM public offering on February 6, 2026, to fund critical clinical, regulatory, an
Slide 29: Management Team
Management Team ErneXa Therapeutics: Sanjeev Luther Robert Pierce, MD President and CEO Chief Scientific Officer Dorothy Clarke Sandra Gurrola Kanika Chawla, Ph.D General Counsel Senior Vice President, Finance Senior Vice President, Technical & MERCK Cocornerstone @ GE HealthCare tb NOVARTIS Johnson
Slide 30: Upcoming Near-Term Milestones Expected to Drive Significant Value
Upcoming Near-Term Milestones Expected to Drive “e Significant Value Ernexa Therapeutics * Completed PoP = Complete = Data readout studies (V) Manufacturing " First-in-Human Process . i i . | 7 Phase 1 IST at MD Phase 2 Trial (with Pre-IND Meeting Development Anderson Co-development with FDA ) Partn
Slide 31: JEAP (JETRO) Outcomes and Implications
Ernexa Therapeutics: “e JEAP (JETRO) Outcomes and Implications ErneXa JEAP participation provided direct market validation, development feedback, and partnering/investment signals for Japan entry Future (abana raters si Top-Tier eens 5 Enhanced Validation Clinical Development Signal Global Credi Pre
Slide 32: Investment Summary
Investment Summary ErmeXa Rapidly Transitioning to a Clinical-Stage Company With Multiple Programs Entering First-in-Human Studies in the Near Term The Platform Lead Programs & Near-Term Milestones Upcoming Plans © (inixatineciiMio-dials | ERNA-101: | * Our iMSC based therapeutic platform allogeneic
Slide 33: We Are Driving Towards Meaningful Outcomes; More Time for the Moments That Matter
We Are Driving Towards Meaningful Outcomes; More Time for the Moments That Matter * Despite decades of progress, outcomes for platinum- H C) P resistant ovarian cancer remain devastating * Families carry the emotional burden We aim to change what it means to live with ovarian cancer, ¢ Partners beco
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