Percheron Therapeutics Limited · ASX:PER
Percheron Therapeutics — Shareholder Meeting (October 2026)
30 slides from Percheron Therapeutics's shareholder meeting presentation, Oct 7, 2026
Slide 1: ASX Announcement: AGM Presentation
For personal use only ASX Announcement AGM PRESENTATION Melbourne, Australia – 7 October 2026: In advance of this morning’s Annual General Meeting of shareholders to be held at 10:00am, and in accordance with ASX Listing Rule 3.13.3, Percheron Therapeutics Limited (ASX: PER or ‘the Company’) is plea
Slide 2: Annual General Meeting 2026 - CEO and MD address
Annual General Meeting 2026 rsonal use only CEO and MD address Dr Michael Baker | October 2026 ASX: PER US OTC: PERCF WWW.PERCHERONTX.COM
Slide 3: 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 4: Percheron Investment Highlights
Percheron Investment Highlights Strong Science Interest For Investigator Led Studies rsonal use only HMBD-002 targets VISTA using a differentiated mAb Investigator initiated clinical studies may expand the scaffold supported by compelling preclinical data clinical data set at modest cost to Perchero
Slide 5: Corporate and Financial Overview
Corporate and Financial Overview Corporate Fundamentals PER Price and Volume - 12 months1 200000000 rsonal use only Market Capitalisation1 AU$ 7.3 million 0.014 Primary Listing: ASX: PER 0.012 Secondary Quotations: OTC: PERCF 150000000 0.01 Shares on Issue: 1,822 million 0.008 Cash Balance (June 30)
Slide 6: Checkpoint inhibitors play a key role in cancer treatment
rsonal use only Checkpoint inhibitors play a key role in cancer treatment
Slide 7: Checkpoint inhibitors can activate T cells or influence immunosuppressive myeloid cells
Checkpoint inhibitors can activate T cells or influence immunosuppressive myeloid cells Myeloid derived suppressor cells (MDSCs) and tumour associated macrophages (TAMs) express VISTA and can make the TME immunosuppressive supporting tumour growth Checkpoints act as an inhibitory signal and Checkpoi
Slide 8: Immune checkpoint inhibitors: fastest growing class, close to US$50 billion in annual sales
Immune checkpoint inhibitors have been one of the fastest growing classes of medicine in the immuno-oncology field, with close to US$ 50 billion in annual sales Immuno-oncology has grown to a Immuno-oncology therapies have had a profound rsonal use only ~US$ 40+ billion market impact on the cancer t
Slide 9: Successful immuno-oncology assets are highly partnerable
ILLUSTRATIVE Successful immuno-oncology assets are highly partnerable, with comparable deals suggesting attractive valuations1 Surface Lead asset Date Acquirer Target Tumour types Upfront Milestone payments target stage Lung cancer, GI $320m equity rsonal use only Jan-24 TIGIT Phase 3 NA cancer inve
Slide 10: VISTA is a novel checkpoint
rsonal use only VISTA is a novel checkpoint © Percheron Therapeutics
Slide 11: VISTA is an attractive target across a range of solid tumours
VISTA is an attractive target across a range of solid tumours VISTA is expressed in tumour A relevant case study: VISTA is the highest checkpoint gene expressed samples from a wide range of in late-stage glioma and is prognostic for survival2 rsonal use only cancer types1 0% 25% 50% 75% 100% High pr
Slide 12: Targeting VISTA is expected to enhance immune cell mediated tumour killing
Targeting VISTA is expected to enhance immune cell mediated tumour killing1 rsonal use only 1. VISTA mechanism of action is still being full elucidated; iNOS – Inducible Nitric Oxide Synthase; ROS – Reactive Oxygen Species; NO – Nitric Oxide © Percheron Therapeutics 10
Slide 13: Targeting VISTA enhances the activity of other anti-tumour strategies
Targeting VISTA enhances the activity of other anti-tumour strategies rsonal use only CT26 (colon cancer) – CT26 (colon cancer) – CT26 (colon cancer) – MOC2 (oral carcinoma) – Monotherapy1 αVISTA + αPD-12 αVISTA + αCTLA-43 αVISTA + Radiotherapy4 RT – Radiotherapy; 1. https://jitc.bmj.com/content/10/
Slide 14: HMBD-002 is arguably the most advanced VISTA antibody in clinical development
HMBD-002 is arguably the most advanced VISTA antibody in clinical development, and likely the only active member of the IgG4 class Program HMBD-002 TBS-2025 CI-8993 JNJ-61610588 W0180 rsonal use only Company Optimised Isotype IgG4 IgG1 IgG1 IgG1 IgG1 Phase 1 Phase 1 Phase 1/2 Phase 1 Phase 1 Stage P
Slide 15: HMBD-002 Development to date
rsonal use only HMBD-002 Development to date © Percheron Therapeutics
Slide 16: HMBD-002 has a compelling safety profile
Phase 1 data revealed that HMBD-002 has a compelling safety profile Few patients with TRAEs at Grade ≥3; no incremental toxicity in combination Key Takeaways rsonal use only n=28 n=20 HMBD-002 safety profile is 100% Clinical experience comprises 48 patients favourable for an anti-cancer receivin
Slide 17: Patients treated with HMBD-002 showed evidence of clinical benefit
Patients treated with HMBD-002 showed evidence of clinical benefit, providing a positive signal of potential future efficacy Maximum rsonal use only Time Since Prior Lines Patient Diagnosis Treatment Group Tumour Time on Therapy Diagnosis of Therapy Reduction 27M Metastatic dedifferentiated liposarc
Slide 18: HMBD-002 Development Strategy
rsonal use only HMBD-002 Development Strategy © Percheron Therapeutics
Slide 19: HMBD-002 has potential to enhance activity of anti-cancer therapeutics
PRELIMINARY HMBD-002 has excellent potential to enhance the activity of a range of anti-cancer therapeutics Preclinical Development Clinical Development rsonal use only Preclinical IND-Enabling NDA-Enabling Phase 1 Phase 2 Phase 3 Validation Toxicology Toxicology Clinical Trial Clinical Trial Clinic
Slide 20: Strategies to determine the best phase 2 study for HMBD-002
Strategies to determine the best phase 2 study to test HMBD-002 • Identify leading cancer centres interested in combining HMBD-002 with standard of care treatments. Initiate Investigator • Support completion of clinical studies and assess the efficacy of the rsonal use only Sponsored Trials (IST) to
Slide 21: What are the best combination strategies for HMBD-002
What are the best combination strategies for HMBD-002 rsonal use only Checkpoint Inhibitors (CPIs) Radiotherapy (RT) Immunogenic Cell Death • i.e. PD-1/PD-L1, CTLA-4 • Causes immunogenic cell death and Modalities • VISTA blocks T cell activation, PD-1 increases antigen release • i.e. Oncolytic virus
Slide 22: What are the most promising tumour types to target
What are the most promising tumour types to target rsonal use only Acute myeloid Triple negative breast Non-small cell lung Late-stage glioma3 leukemia (AML)1 cancer (TNBC)2 carcinoma (NSCLC)4,5 VISTA expression on Yes, highly expressed on Yes, expressed on Yes, expressed on myeloid Yes, and was the
Slide 23: Investigator Sponsored Trial (IST) for AML
rsonal use only Investigator Sponsored Trial (IST) for AML © Percheron Therapeutics
Slide 24: AML is the most common form of leukaemia in adults
Acute myeloid leukaemia (AML) is the most common form of leukaemia in adults Pathology Clinical Picture Standard of Care rsonal use only AML is a cancer of the progenitor cells Common symptoms of AML include fatigue, bruising, bleeding, and First-line treatment is with intensive which ordinarily giv
Slide 25: VISTA is a highly relevant target for treatment of AML
VISTA is a highly relevant and attractive target for treatment for AML1 Blocking VISTA improves rsonal use only VISTA is highly expressed VISTA expression correlates clinical outcome in AML on AML blasts with survival in AML models models Healthy Donor AML Control Anti-VISTA antibody VISTA High VIST
Slide 26: The study is planned in two stages under an open label design
PRELIMINARY The study is planned to be conducted in two stages, under an open label design1 Stage 1 Stage 2 rsonal use only Venetoclax Confirm dose of • Inhibits Bcl-2 protein, implicated in HMBD-002 in Identify signals of several blood cancers combination with potential efficacy • Discovered at Wal
Slide 27: Pipeline progress and potential news flow over FY2027
Percheron is focused on moving its pipeline forward expeditiously, with potential for rich, value-generating news flow over FY2027 CY2026 rsonal use only Release of completed HMBD-002 drug substance (DS) 2H CY2026 New CEO and MD commenced 2H CY2026 Release of completed HMBD-002 drug product (DP)
Slide 28: Thank you
rsonal use only Thank you L30, Collins Place 35 Collins Street Melbourne, VIC 3000 Australia +61 3 9827 8999 info@PercheronTx.com ASX: PER US OTC: PERCF WWW.PERCHERONTX.COM
Slide 29: Glossary
Glossary Cold Tumours Tumours with few immune cells in the tumour microenvironment. They are Overall Survival (OS) A measurement of the average time to death from any cause in a clinical trial. typically relatively resistant to immuno-oncology therapies. Some cancers, such as When treated patients a
Slide 30: Deal References
Deal References 1. https://www.gilead.com/news/news-details/2024/gilead-and-arcus-announce-amended-collaboration-and-equity-investment 2. https://investors.coherus.com/news-releases/news-release-details/coherus-acquire-surface-oncology 3. https://www.biontech.com/au/en/home/mediaroom/news/press-rele
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