Sun Pharma Advanced Research Co. Ltd. · NSE:SPARC
Sun Pharma Advanced Research — Investor Day (January 2026)
47 slides from Sun Pharma Advanced Research's investor day presentation, Jan 8, 2026
Slide 1: Cover letter to stock exchanges: Investor Presentation
SPARC/Sec/SE/2025-26/47 January 08, 2026 National Stock Exchange of India Ltd., BSE Limited, Exchange Plaza, 5th Floor, Market Operations Dept. Plot No. C/1, G Block, P. J. Towers, Bandra Kurla Complex, Dalal Street, Bandra (East), Mumbai – 400 051. Mumbai - 400 001. Scrip Symbol: SPARC Scrip Code:
Slide 2: R&D Day: Updates on prioritized programs
R&D DAY Updates on prioritized programs 8 January 2026
Slide 3: Disclaimer
‘> Disclaimer sparc? This presentation and its contents should not be, published or reproduced, in whole or part. Any failure to comply with these restrictions may constitute a violation of applicable laws. Accordingly, any persons in possession of this presentation should inform themselves about an
Slide 4: Discussion flow
‘> Discussion flow SPARC’s growth charter & priorities Anil Raghavan SPARC © 2026 SCD-153 update Mudgal Kothekar SBO-154 update Sandeep Inamdar QRA sparc
Slide 5: Revisiting the post-PROSEEK focus — Portfolio execution progressing as planned
‘> SPARC © 2026 Revisiting the post-PROSEEK focus — Portfolio execution progressing as planned Portfolio optimization © Oncology and Immunology as key TA focus Prioritize resourcing for SBO-154 & assets under SCD-153 to development achieve meaningful value inflection points Business model flexibilit
Slide 6: SCD-153 and SBO-154 lead the SPARC portfolio and are set for important catalysts
SCD-153 and SBO-154 lead the SPARC portfolio and are set for important catalysts in the medium term Both programs achieved their planned milestones ahead of time O SCD-153 O SBO-154 © Prodrug of an analogue of an endogenous © Antibody Drug Conjugate targeting tumour associated MUC1 immunosuppressive
Slide 7: Sezaby PRV summary judgement granted in SPARC's favour
‘> Sezaby PRV summary judgement granted in SPARC's favour © Pediatric Rare Diseases Voucher (PRV) e US. District Court for the District of Columbia granted summary judgement in favour of SPARC e Agency has 60 days to appeal against the motion © Subject to a possible appeal from the agency, SPARC exp
Slide 8: PDP-716 CRL resubmission completed
‘> PDP-716 CRL resubmission completed © Ocuvex Therapeutics acquired SPARC’s commercialization partner, Visiox Pharmaceuticals in August, 2024 © API manufacturing site of third party partner received Voluntary Action Indicated (VAI) status from US FDA © Ocuvex resubmitted PDP-716 NDA with US FDA in
Slide 9: NewCo creation accelerates clinical development
‘> . a Sparc NewCo creation accelerates clinical development P Tiller Therapeutics on track for IND filing and clinical proof-of-concept study © SCO-155/TILR-097 is a Small Molecule Drug Conjugate (SMDC) developed under research collaboration with University of California, San Francisco (UCSF) © Str
Slide 10: Vodobatinib poses resource allocation challenges in a shifting CML landscape
‘> Vodobatinib poses resource allocation challenges in a shifting CML landscape Additional allosteric inhibitors expected Dasatinib Dasatinib and Bosutinib Asciminib to enter late stage approved Nilotinib approval (1L) 3L+ approval clinical (2) approved (1L) development * * * * * 2 * + + 2 Imatinib
Slide 11: Streamlined, thematically cohesive portfolio
‘> Streamlined, thematically cohesive portfolio Focused on high growth therapeutic areas and emerging modalities Targeted delivery of multi-modal cancer therapeutic: Immune-Stimulating Antibody Conjugates (ISACs) Small molecule drug conjugates siRNA nanoparticle platform for extra hepatic delivery e
Slide 12: Modular constructs with platform potential
‘> Modular constructs with platform potential SPARC portfolio carries several scalable prototypes Targeted delivery of multi-modal cancer therapeutics Bi-specific Small targeting & Molecule Targeted Bi-functional Drug Oligos payloads Conjugate SPARC © 2026 DDR pathway inhibitors for synthetic lethal
Slide 13: Modular constructs with platform potential
‘> Modular constructs with platform potential SPARC portfolio carries several scalable prototypes Targeted delivery of multi-modal cancer therapeutics Bi-specific Small targeting & Molecule Bi-functional Drug payloads Conjugate SPARC © 2026 Targeted Oligos lethality : Targeting . PARPi resistance DD
Slide 14: Targeted delivery of multi-modal payloads expected to drive the next big wave in Oncology
‘> SPARC © 2026 Targeted delivery of multi-modal payloads expected to drive the next big wave in Oncology © ADCs are on the way to becoming one of the most impactful therapeutic modalities in Oncology on the back of improved technology and targeting © The number of oncology deals related to key nove
Slide 15: SPARC's humanized anti-MUC1-SEA mAbs provide an opportunity to create multiple ADCs
‘> SPARC’s humanized anti- MUC1-SEA mAbs provide an opportunity to create multiple MUC1-SEA-targeted ADCs with different payloads r° Anti-MUC1 ADC of MMAE (SBO-154) o—~\ + Dosing Vehicle te00 | COL0387 pancreatic Cancer 4 580-1548 mg/h, H Score: 130 M.a40 Xa) 300 ° T T T, T, 1 Hy § 8 " * * * * Days
Slide 16: Immune-Stimulating Antibody Conjugate (ISAC)
‘> Immune-Stimulating Antibody Conjugate (ISAC) Harnessing the immune system against cancer © ISACs combine targeted drug delivery with activation of cells of the innate immune system for effective tumor control and long-term remission Hypothesized mechanism of the synergy between STING pathway acti
Slide 17: MUC1-SEA ISACs deliver SPARC's proprietary STING agonists
‘> MUC1-SEA Immune-Stimulating Antibody Conjugates deliver SPARC’s proprietary STING agonists Leverages a novel, internally developed linker system for better internalization & safety margins Va ® Waterfall plots of antitumor efficacy of ISAC & > so ° Days i a ee i loin 1 2 1004 5 E 2 wo 2 =z | Day
Slide 18: T-cell engagers orchestrate tumor targeted T-cell activation
T-cell engagers (TCE) orchestrate tumor targeted T-cell activation Remodeling TCEs to limit the risk of broad cytokine release syndrome ° 2 2 SPARC © 2026 T-cell engagers represent a revolutionary approach in cancer immunotherapy, leveraging the immune system's inherent cytotoxic potential to select
Slide 19: Anti-MUC1 TCE Albufusion achieved proof-of-concept
Anti-MUC1 TCE Albufusion achieved proof-of-concept Sparc SPARC's TCE shows potent cytotoxicity and durable tumor regression, promising a highly differentiated TCE technology © SPARC'’s MUC1-SEA x CD3 bispecific TCE binds to both MUC1+ human carcinoma cells and CD3+ human T cells © MUCI-SEA-targeted
Slide 20: Modular constructs with platform potential
‘> Modular constructs with platform potential SPARC portfolio carries several scalable prototypes Targeted delivery of multi-modal cancer therapeutics DDR pathway inhibitors for synthetic lethality Bi-specific Small : Targetit Targetit targeting & Molecule Targeted | « PARP! SONA S Bi-functional Dru
Slide 21: Synthetic lethality and DDR pathway blockade expanding beyond PARP inhibition
SPARC © 2026 Synthetic lethality and DNA Damage Response (DDR) pathway blockade expanding beyond PARP inhibition © Homologous Recombination (HR) deficiency is observed with many solid tumors and is mechanistically connected with DDR © HR is one of the major repair pathways activated by DDR to fix do
Slide 22: Target 1: SPARC lead assets outperform key competitor asset in GBM and TNBC
‘> Target 1: SPARC lead assets outperform key competitor asset in GBM and TNBC % Viability of Colonies © SPARC's DDR-targeting approach is agnostic to mutational background, applicable across tumor types © SPARC lead compounds show superior chemo-sensitization vs competitor assets in GBM (U251MG) an
Slide 23: Target 2: strong dose-dependent tumor growth inhibition in BRCA1-mutant TNBC model
‘> Target 2: SPARC’s asset demonstrates strong dose-dependent tumor growth inhibition in BRCA1-mutant TNBC mode / ‘© Vehicle (10 ml/kg, bid) © SPARCxx« (5 mg/kg, p.0. 4.4.) © SPARCxxx (30 mg/kg, pio, qd.) © Tumor growth kinetics. @ © Olaparib (75 mg/kg, p.o, bid.) © SPARCx«x (5 mg/kg, p.o., qd.) + O
Slide 24: Modular constructs with platform potential
‘> Modular constructs with platform potential Spare SPARC portfolio carries several scalable prototypes Targeted delivery of multi-modal cancer therapeutics Topical alternatives to SoC in Derma Auto-immune diseases DDR pathway inhibitors for synthetic lethality CD8+ Bi-specific Small Targetit Target
Slide 25: Safer alternatives and synergetic combinations will drive growth in Immunology
Safer alternatives and synergetic combinations will drive growth in Immunology 2 2 2 1) SPARC © 2026 Dermato-immunological conditions such as alopecia areata, vitiligo, atopic dermatitis etc. present a persistent challenge in balancing efficacy, safety, and long-term disease control Agents that are
Slide 26: Diversified portfolio with multiple high-value bets and maturing platforms
Diversified portfolio with multiple high-value bets and maturing platforms Robust pipeline spans biologics and small molecules with focus on differentiated "] mechanisms, targeting high unmet needs in oncology and immunology DED ee Ieee ‘Anti-MUC1 ADC SPARCI22 cae | Solid tumors MC SPARC125 ‘Anti-MU
Slide 27: Near-term milestones and priorities
Near-term milestones and priorities SPARC © 2026 lS Q4 2026 : é © PRV appeal ® Initiation © PDP-716 NDA e SBO-154 Phase /outcome of IND enabling outcome 1a readout studies for ® Tiller license Target 1 © SCD-153 Vitiligo e SCD-153 Phase 1b agreement Phase 1b/2a topline readout © Initiation study ini
Slide 28: SPARC optimized cost structure while expanding the portfolio
‘> SPARC optimized cost structure while expanding the portfolio Spare Achieved cost savings through lab consolidation and headcount rationalization ® Headcount & ~ (~ @ Number @ Value ($Mn) » 450 25 409 © Headcount reduction: Overall workforce “0 to reduce by 40%, with a significant decrease 350 324
Slide 29: Consistent cost focus and optimized resource allocation reduces the burn
‘> 5 . woe . SPare Consistent cost focus and optimized resource allocation reduces the burn P Sustained cost discipline and optimized cost allocation to extend cash runway j and support growth priorities 7 Total spend over the years ¢@ { © Operational cost @ Fixed cost ) 5° © Streamlined clinical op
Slide 30: Clinical Programs update
Clinical Programs update
Slide 31: SCD-153
SCD-153 First-in-class topical drug \ for Alopecia Areata
Slide 32: SCD-153 overview
‘> SCD-153 overview Novel mechanism offering class-alternative topical therapy to JAK inhibitors re) sparc~ Collaboration with Novel mechanism Topical delivery JHU and IOCB of action advantage © Jointly developed with © Employs an innovative © Developed topical foam JHU and |OCB approach to address
Slide 33: Phase 1b Multiple Ascending Dose (MAD) Study Design
‘> Phase 1b Mutiple Ascending Dose (MAD) Study Design Double-blind vehicle controlled SPARC © 2026 Period 1 Period 2 | if Period 3 Period 4 1 week 2 weeks 10 weeks 12 weeks i > | + i , + ee J J J J SCD-153/vehicle will be used as topical solution in cohort 1 and as foam in cohort 2 onwards © Study P
Slide 34: Updates and current status of Phase 1b study
‘> Updates and current status of Phase 1b study © DCGI approval received for protocol amendment of MAD study in AA patients © Change in formulation from solution to foam e Revision in baseline SALT score for eligibility e Waiver for review of cohort 1 safety data by CDSCO before proceeding to subseq
Slide 35: Next steps for SCD-153
Next steps for SCD-153 Q3 ax Phase 1b Enrolment Completion Sparc
Slide 36: Vitiligo is an autoimmune skin disease with similar pathogenesis as Alopecia Areata
‘> Vitiligo is an autoimmune skin disease with similar pathogenesis as Alopecia Areata Stem cells in the HF bulge ey ¥ Py Epidermal relanoeyte a Sebacus gland Bulge eos (heart and telanocye steel) Bub ful melanocyte om © CD8+ cytotoxic T-cells are the major disease-causing cell-type in both diseases
Slide 37: SCD-153 inhibits chemokine expression in stimulated human melanocytes & keratinocytes
‘> SCD-153 inhibits chemokine expression in stimulated Spare human melanocytes & keratinocytes Melanocytes ¢ CXCLO CXCL10 cXCL11 Hi Unstimulated I Vehicle © In vitro SCD-153 3000 em 50-153, 0M inhibits the : following ina 00 0 0 1 im ScD-153, 30 uM manner: ° ° ° li SCD-153, 100 uM © IFN-y induced ex
Slide 38: Efficacy of SCD-153 is being evaluated in Melanoma-Treg-induced Vitiligo mouse model
‘> oO Efficacy of SCD-153 is being evaluated in Melanoma-Treg-induced Spare Vitiligo mouse model Day 0 Day 12 Day 60 Day 120 Mouse tail fo Ne. Depigmentation Day 4 & Day 10 cpa depletion antibody ¢- Nn Dermal inoculation of melanoma cells to produce tumor & Melanocyte antigen Nn Initiation of depigm
Slide 39: SBO-154
SBO-154 Anti-MUC1 ADC of MMAE
Slide 40: SBO-154 targets the membrane proximal SEA domain of MUC1
‘> SBO-154: targets the membrane proximal SEA domain of MUC1 Novel approach: SBO-154 does not bind to MUC1 VNTR domains, unlikely to be subjected to a sink effect in plasma N © MUC1 is a glycoprotein antigen displayed on the cell surface as a heterodimer of extracellular a chain non-covalently but t
Slide 41: High MUC1-SEA expression level in human tumors of highly prevalent cancers
‘> High MUC1-SEA expression level in human tumors of highly Spare prevalent cancers oO Mouse anti-human MUC1-SEA mAb IHC staining in Cancer Stage IV © ~\ { © Circumferential/Cytoplasmic © Circumferential/Cytoplasmic & Apical ® Apical © H Score Below 150 300 os ' | ss | I ' 1 i i 2 i i i ' 1 J279 1 '
Slide 42: In-Vivo efficacy of SBO-154 in COLO357 xenograft model
‘> In-Vivo efficacy of SBO-154 in COLO357 xenograft model MUC1-SEA expression level is a major determinant of antitumor efficacy of SBO-154 SPARC © 2026 1°) Waterfall plots of antitumor efficacy of SBO-154 on Day 29 MUC1-SEA+ ++COLO357 (IHC-H score 130) MUC1-SEA++++COLO357 (IHC-H score 200) 10) 7-8)
Slide 43: Phase 1a study: Adaptive Dose Escalation and Expansion Design
‘> Phase 1 study: Adaptive Dose Escalation and Expansion Design Inclusion © > 18 years, Evaluable disease via RECIST 1.1 ° ECOG 0-1 © Relapsed/ not eligible to receive SoC advanced or metastatic solid tumors © Pre-existing sensory or motor neuropathy (2 Grade 2) e Uncontrolled CNS metastases Dose es
Slide 44: Phase 1a study updates
‘> Phase 1 study updates o IND filed and approved by multiple regulatory agencies © Study initiated in USA, India and Australia © Eleven sites activated across the 3 countries © 2 dose escalation cohorts completed © No unexpected safety signals or Dose Limiting Toxicities observed in the initial coh
Slide 45: Major upcoming milestones
Major upcoming milestones Q3 2026 Maximum Tolerated Dose Established SPARC © 2026 Q4 2026 Phase 1b Initiation Q2 2027 Preliminary clinical proof-of-concept Sparc
Slide 46: Building value through portfolio, platform innovation and cost optimization
‘> Building value through portfolio, platform innovation Spare and cost optimization Platform technologies creating pipeline Execution focus and cost Strategic portfolio management efficiencies in a product Optimized multi-modal Modular plug and Execution focus portfolio aligned to play technology s
Slide 47: Thank You
fe) sparc Thank You The SPARC Logo is a trademark of Sun Pharma Advanced Research Company Ltd. In addition to Company data, data from market research agencies, Stock Exchanges and industry publications has been used for this presentation. This material is for use during an oral presentation; it is n
Sun Pharma Advanced Research Company — Investor Day (January 2026) on 6ix