Adagio Medical Holdings, Inc · NASDAQ:ADGM
Adagio Medical — BofA Securities 2026 Health Care Conference
25 slides from Adagio Medical's conference presentation, May 2026
Slide 1: BofA Securities 2026 Health Care Conference
May 2026 B of A Securities 2026 Health Care Conference 1
Slide 2: Disclaimer: Forward Looking Statements
Disclaimer Forward Looking Statements This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, contained in this presentation, including statements regarding the potential of our Proprietary Ult
Slide 3: Leadership Team
Leadership Team Over 200 Combined Years of Med Tech Experience T odd Usen Debbie Kaster Al e x B a b k i n , P h D Nabil J u b r a n Chief Executive Officer Chief Financial Officer & Chief Technology Officer Chief C om pl i a nc e Officer - CONFIDENTIAL - Chief Business Officer An t w a n G i p s o
Slide 4: Adagio Medical Overview
Adagio Medical Overview The Only Purpose-Built Catheter for the Large, Underserved VT Ablation Market $5.8B 2.4% 84% VT ABLATION MARKET LOWEST MAJOR ADVERSE FREEDOM FROM ICD SHOCK Only 6% penetrated today EVENT RATE at 6 months vs. 18–21% for current devices - CONFIDENTIAL - 350+ Q4 ’26 2-Year PATIE
Slide 5: 2026 Value Creating Milestones
Adagio Medical: 2026 Value Creating Milestones Executing on Every Front – Significant Catalysts Still Ahead Before Year End 209 <11 >13 5 Patients Enrolled Months to Complete Enrollment Compassionate Use Cases Remaining 2026 Catalysts ✓ Accomplished ◎ Upcoming — Year End 2026 Fully enrolled 209-pati
Slide 6: Estimated $5.8B Global TAM for VT Ablation
Estimated $5.8B Global TAM for VT Ablation Underpenetrated Market with Meaningful Growth Potential and Established U.S. Reimbursement ~$5.8B Global TAM Idiopathic VT and Premature Ventricular Contractions ~1.6M ~780K Cases Unserved Global Patients Eligible for - CONFIDENTIAL - VT Ablation Annually ~
Slide 7: VT Market Poised for AF-Like Acceleration
VT Market Poised for AF-Like Acceleration Fueled by Data Supporting Guidelines and Purpose-Built VT Solution AF: Historic 10-13% VT: Historic 5-8% Growth1 1600 Growth1 Large patient population 1400 Large, heterogeneous (and sick) (~12M patients) patient population (1.6M patients) Significant investm
Slide 8: Challenges of Current VT Ablation Catheters
Challenges of Current VT Ablation Catheters Current Products are Repurposed Catheters Designed for Atrial Ablations Lack of Depth for Effective Lesions High Risk of Hemolysis Epicardial Approach Required for Lack of Stability in Deep Lesions Adds Risk Moving Ventricular Structures - CONFIDENTIAL - I
Slide 9: vCLAS Catheter Purpose Built for VT Ablations
vCLAS Catheter Purpose Built for VT Ablations Clinically Tested in Patients with Ischemic and Non-Ischemic Cardiomyopathy Overview Durable lesions of titratable depth and size Endocardial ablations of mid-myocardial scar Designed to address all VTs Catheter stability during energy delivery - CONFIDE
Slide 10: FULCRUM-VT Pivotal Study
FULCRUM-VT* Pivotal Study 84% 2.4% 72% >50% Freedom from ICD Shock Major Adverse Events Reduction or Elimination of AAD Reduction in Number of Lesions at 6 months vs. 10-18% for RF and PFA ablation** at 6 months vs. RF, PFA and PFA/ RF ablation*** Overview FULCRUM-VT Centers - CONFIDENTIAL - Study D
Slide 11: Clinical Evidence Quality — FULCRUM-VT Stands Alone
Clinical Evidence Quality — FULCRUM-VT Stands Alone Endpoints for VT Trials Have Not Been Standardized — Study Rigor / Patient Selection, Safety and Patient Scale Help Tell the Real Story Adagio Medical (vCLAS) JNJ Adagio FULCRUM-VT - What We Know PFA/ PFA+RF (ICM Only) 250 Studies ✓ First large-sca
Slide 12: Compassionate Use Cases
Compassionate Use Cases Highlights Clinical Need for vCLAS Selected Case Details Adagio receives vCLAS compassionate use requests Clinical Situation Treatment History Prior to vCLAS regularly and cases are ongoing • Surgical repair of LV • 2 prior RF ablations, including Patient 1 aneurism; Hypertro
Slide 13: Next Generation vCLAS Ultra: Faster, Colder, Deeper
Next Generation vCLAS Ultra: Faster • Colder • Deeper FULCRUM-VT Expansion Trial Underway 1st Gen 2nd Gen Freeze Time Per Lesion Reduction* Sheath Compatibility 9 Fr 8.5 Fr ~4. min. Shaft Stiffness Profile Uniform Variable - CONFIDENTIAL - Bi-Directional Deflection F/F D/F 75% Reduction Ablation Ele
Slide 14: Benefits of ULTA for the Patient, Provider & Physician
Benefits of ULTA for the Patient, Provider & Physician Purpose-Built VT Solution Without Compromise Benefit Patient Provider Physician >80% reduction in ICD shocks >72% reduction in amiodarone dependence Nitroglycerin not needed — removes hypotension risk Reduced anesthesia requirements - CONFIDENTI
Slide 15: Established U.S. Reimbursement
Established U.S. Reimbursement VT Ablation Covered by Existing Codes $22-27k $26.7k Reimbursement Existing U.S. Inpatient (DRG) Payment Amount Outpatient (APC) Payment Amount ~40% ~60% - CONFIDENTIAL - % of VT Ablation Procedures % of VT Ablation Procedures Breakthrough Designation Increases Likelih
Slide 16: Anticipated Regulatory Timeline & Major Milestones
Anticipated Regulatory Timeline & Major Milestones Acute Data Late Breaker U.S. Launch vCLAS Enrollment Read Out / VT Primary End FDA PMA (Limited Market Complete Symposium Points / HRS Submission Approval ULTA Q4 2025 Q4 2025 Q2 2026 Q2 2026 Q4 2026 Release) Q1 2027 System - CONFIDENTIAL - 2025 202
Slide 17: Select Financials and Capitalization
Select Financials and Capitalization ($ in millions) At 03/31/26 Cash and Cash Equivalents $12.9M Convertible Notes Payable (including accrued interest) $22.9M - CONFIDENTIAL - Shares Outstanding 22.2M Total Base Warrants ($10 ex. price) 7.5M Total Convert Warrants ($25 ex. price) 1.5M Total PIPE Wa
Slide 18: Transformational October 2025 PIPE of up to $50M
Transformational October 2025 PIPE of up to $50M To Advance vCLAS and vCLAS Ultra Through FDA Approval and Commercialization October 2025 Financing of Up to $50 Million Validation From Leading Healthcare Investors Adagio closed a private investor confidence in our proprietary, disruptive technology
Slide 19: Investment Highlights
Investment Highlights Two-Year Lead with Purpose Built Catheter to Address VT Ablations without Compromises Addressing Underserved, 6% Penetrated, $5.8 Billion VT Ablation Market1 - CONFIDENTIAL - Best-in-Class Results from Rigorous CRYOCURE-VT and FULCRUM-VT Studies FDA Approval of vCLAS as First A
Slide 20: - CONFIDENTIAL -
- CONFIDENTIAL - 20
Slide 21: Appendix
Appendix - CONFIDENTIAL - 21
Slide 22: Clinical Evidence Supporting VT Ablation as First Line Therapy
Clinical Evidence Supporting VT Ablation as First Line Therapy is Building VANISH-21 PAUSE-SCD2 Ablation vs Antiarrhythmic Drugs (AAD) in post-myocardial infarction Prophylactic ablation + ICD vs AAD + ICD in secondary prevention or implantable cardioverter-defibrillators (ICD) patients with prior V
Slide 23: ULTA vs. Traditional Cryo
ULTA vs. Traditional Cryo Comparison of Cryogens Used in Medical Devices for Cardiac Applications Approx. Approx. Min. Ablation Cooling Device Example Cryogen Cryogen Use Case Lesion Depth Limitations / Advantages Element Power Temp. Temp. Medtronic Medtronic Traditional Cryo Cryoballoon Linear Abla
Slide 24: Effectiveness by Etiology – FULCRUM-VT
Effectiveness by Etiology – FULCRUM-VT EFFECTIVENESS for both ICM and NICM patients K-M FREEDOM FROM ANY ICD THERAPY: 61.8% K-M FREEDOM FROM ICD SHOCK: 84.3% Cumulative Freedom From ICD Therapy, % Cumulative Freedom From ICD Shock, % NICM*: 84.5% - CONFIDENTIAL - NICM*: 63.2% ICM: 84.0% ICM: 60.7% p
Slide 25: Pulsed Field Cryoablation
Pulsed Field Cryoablation Desired Depth with Less Energy than PFA Alone Increased impedance of frozen tissue dramatically reduces PFA current PFA ULTA PFCA Consistent tissue contact No phrenic nerve capture Pulsed -145°C -145°C - CONFIDENTIAL - Catheter E-field No or minimal skeletal muscle -30°C ac
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