Adalta Ltd. · ASX:1AD
Adalta — Investor Presentation (August 2026)
35 slides from Adalta's investor presentation, Aug 13, 2026
Slide 1: Commercialising Life Saving Cellular Immunotherapies 'East to West'
For personal use only COMMERCIALISING LIFE SAVING CELLULAR IMMUNOTHERAPIES “EAST TO WEST” ADALTA LIMITED (ASX:1AD) | INVESTOR PRESENTATION | AUGUST 2026 AdAlta Limited (ASX:1AD) | Investor Presentation | August 2026 | 1
Slide 2: Important Notice & Disclaimer
IMPORTANT NOTICE & DISCLAIMER Investment in AdAlta is subject to investment risk, including possible loss of income and capital invested. AdAlta does not g uarantee any particular rate of return or performance, nor do they guarantee the repayment of capital. For personal use only This presentation i
Slide 3: AdAlta: Next Generation Cell & Protein Therapeutics
ADALTA: NEXT GENERATION CELL & PROTEIN THERAPEUTICS “East to West” cellular immunotherapy strategy for growth For personal use only Bringing the potential of cellular immunotherapies to solid cancer AdAlta is - a clinical patients: 90% of cancers, untapped opportunity leveraging existing success in
Slide 4: 'East to West' Strategy Central to AdAlta's Growth
For personal use only “EAST TO WEST” STRATEGY CENTRAL TO ADALTA’S GROWTH AdCella Pty Ltd, an AdAlta company AdAlta Limited (ASX:1AD) | Investor Presentation | August 2026 | 44
Slide 5: 'East to West' Strategy Summary
“EAST TO WEST” STRATEGY SUMMARY Substantial value inflection potential by bringing “Eastern” cellular For personal use only immunotherapy innovations to “Western” regulated markets Clear growth targets for “East to West” strategy Exclusive focus on T cell therapies for solid cancers targets less com
Slide 6: Using Human Cells as Living Drugs Is at the Cutting Edge of Cancer Care
USING HUMAN CELLS AS LIVING DRUGS IS AT THE CUTTING EDGE OF CANCER CARE Treatment goal Improve overall tumor response For personal use only • Shrinkage = partial response Cell therapy (CAR-T, etc) • Clearance (undetectable) = complete 2017 - (accelerate the immune system; response engineered,living
Slide 7: What Is CAR-T, and Why It Meets an Unmet Need?
WHAT IS CAR-T, AND WHY IT MEETS AN UNMET NEED? T cell therapies are living drugs: a patient's own T cells, re-engineered to find and kill cancer - offering durable, potentially curative responses from a single treatment For personal use only CAR T-Cell therapy: turbo charges the immune system to see
Slide 8: The Opportunity: 'Eastern' Innovation Surplus That Can't Reach Western Patients
THE OPPORTUNITY: “EASTERN”INNOVATION SURPLUS THAT CAN'T REACH WESTERN PATIENTS China has a deep pool of clinical-stage cell therapies, but few have a credible, compliant path to access Western approval and reimbursement For personal use only The innovation surplus (“East”) The access deficit (barrie
Slide 9: The Model: In-License Cheaply, Westernise, Exit, Recycle
THE MODEL: IN-LICENSE CHEAPLY, WESTERNISE, EXIT, RECYCLE Unit economics For personal use only per asset In-license Add value Exit ~US$15m Recycle All-in investment per asset to exit (“East”) (“West”) (on-license) • Acquire highly • Phase 1 in Australia • License the de- • Retain regional rights 3-4
Slide 10: 1st Asset EW-001: A Stand-Out Armoured MSLN CAR-T for Solid Cancers
1ST ASSET EW-001: A STAND-OUT ARMOURED MSLN CAR-T FOR SOLID CANCERS MSLN-targeted, anti-PD1 nanobody-armoured autologous CAR-T. Developed as BZDS1901 by, and licensed from, Shanghai Cell Therapy Group; exclusive rights outside greater China (7 patent families). For personal use only Optimised • Meso
Slide 11: Complete Responses: The Highest-Value Early Signal in Solid Tumour CAR-T
COMPLETE RESPONSES: THE HIGHEST-VALUE EARLY SIGNAL IN SOLID TUMOUR CAR-T EW-001 has produced complete responses – CR, complete tumour clearance - in advanced mesothelioma. CR is rare in advanced mesothelioma, is the strongest predictor of durable, potentially curative outcomes, and it is what change
Slide 12: EW-001 CAR-T Results to Date Point to a Better Outcome
EW-001 CAR-T RESULTS TO DATE POINT TO A BETTER OUTCOME EW-001’s CR rate could support accelerated / conditional approval pathways and anchors value in comparable-deal range For personal use only Not good Target Lesion Best change in tumor size Patient #03 1 PD 5cm tumours cleared for more than 2 yea
Slide 13: EW-001 Is Built for Low-Cost Manufacturing
EW-001 IS BUILT FOR LOW-COST MANUFACTURING For cell therapy acquirers, manufacturing is underwritten as heavily as efficacy. EW-001 (BZDS1901)'s process is a durable, transferable advantage from day one. For personal use only <2 days, LVV free Fast: <2 day manufacturing reduces facility cost, increa
Slide 14: Exit Precedents: Phase 1 CAR-T Licensing Transactions
EXIT PRECEDENTS: PHASE 1 CAR-T LICENSING TRANSACTIONS Global top 25 oncology pharma companies investing 5y 2y 73 In vivo CAR-T assets at end of 2024 Will be seeking proven in autologous cell therapy (licensing, M&A, CVC) payloads for optimized 72% 44% 5 In vivo CAR-T assets in clinic in 2025 deliver
Slide 15: Atara–Bayer Deal: US$60M Up Front, US$610M Milestones
ATARA – BAYER DEAL: US$60M UP FRONT, US$610M MILESTONES BEFORE ANY PHASE 1 RESULTS ATA2271 attracted these terms despite being less advanced, For personal use only with less compelling data than EW-001 has today* Outcome measure Gen 1 ATA2271 EW-001 • Bayer takes exclusive, worldwide license to ATA2
Slide 16: Built Ecosystem: AdCella's Cell Therapy Advantage
BUILT ECOSYSTEM: ADCELLA'S CELL THERAPY ADVANTAGE AdCella uses mature, FDA-recognised Australian clinical and manufacturing infrastructure that is materially cheaper than the US. For personal use only • Globally recognised early-stage clinical research Australia’s national • 55 institutions treating
Slide 17: AD-214: A New Approach to Fibrosis
For personal use only AD-214: A NEW APPROACH TO FIBROSIS AVAILABLE FOR PARTNERING AdAlta Limited (ASX:1AD) | Investor Presentation | August 2026 | 17 17
Slide 18: Monetising Fibrosis Disease Drug Candidate AD-214
MONETISING FIBROSIS DISEASE DRUG CANDIDATE AD-214 Investment to date has built strong value proposition Key Priority: Seek out-licensing or third-party investment to For personal use only unlock next level of value First in class molecule targeting established mode ✓ Competitively positioned as only
Slide 19: Pharma Companies Value IPF/Fibrosis Assets
PHARMA COMPANIES VALUE IPF/FIBROSIS ASSETS Upfront payment to Contingent Clinical Phase at Date Licensor/target Licensee/acquirer Transaction licensor milestones transaction For personal use only Aug-22 License US$100m US$600m 2 complete Apr-20 Acquisition US$45m Not disclosed 2a complete Nov-19 Acq
Slide 20: WD-34 i-body: A Potential Breakthrough in Malaria
For personal use only WD-34 I-BODY: A POTENTIAL BREAKTHROUGH IN MALARIA AVAILABLE FOR PARTNERING AdAlta Limited (ASX:1AD) | Investor Presentation | August 2026 | 20 20
Slide 21: World First Pan-Species High Potency Anti-Malarial
WORLD FIRST PAN-SPECIES HIGH POTENCY ANTI-MALARIAL WD-34 i-body has potential to transform malaria treatment Strategy: seeking non-dilutive and commercial For personal use only ✓ 247 million cases, 619,000 deaths in 20211 partners to advance outside AdAlta Malaria remains a ✓ Re-emerging in US and E
Slide 22: Corporate Information
For personal use only CORPORATE INFORMATION AdAlta Limited (ASX:1AD) | Investor Presentation | August 2026 | 22 22
Slide 23: Corporate Snapshot
CORPORATE SNAPSHOT AdAlta Limited Specialist in next-generation cell and protein Code ASX:1AD For personal use only therapeutics for fatal diseases Market Capitalisation (5 Aug 2026) $12.8m Enterprise Value $11.5m "East-to-West" cellular immunotherapy Cash (30 June 2026 balance, excludes RDTI rebate
Slide 24: Experienced Team with Global Reach
EXPERIENCED TEAM WITH GLOBAL REACH AdAlta Board Executive “East-to-West” Strategy Strategic partners For personal use only Paul MacLeman, DVM Angus Tester, PhD Kevin Lynch Chair Senior Director Operations Consultant CMO A/Prof Emily Blyth Clinical Lead, Immune Effector Service, Westmead Hospital Tim
Slide 25: Recent Achievements
RECENT ACHIEVEMENTS For personal use only Jan. 2026 Mar. 2026 Apr. 2026 Apr. 2026 Jul. 2026 Licensed BZDS1901 First Joint Development New EW-001 clinical Signed first work order Oktopi AI enabled R&D (now EW-001) armored Committee meeting with data highlighting for EW-001technology peer review MSLN-
Slide 26: Next Steps for AdAlta
NEXT STEPS FOR ADALTA Milestone/activity When Significance EW-001 For personal use only ➢ US FDA regulatory advice (pre-IND H1 FY27 Confirms and de-risks remaining manufacturing and preclinical meeting) activities required prior to Phase 1 ➢ Manufacturing technology transfer and H1 FY27 Confirms rel
Slide 27: 'East to West' Growth Strategy to Create Value
“EAST TO WEST” GROWTH STRATEGY TO CREATE VALUE For personal use only “East to West” cellular Ground breaking CAR-T EW-001 Multiple near-term catalysts: immunotherapy growth strategy addressing $4b mesothelioma clinical, regulatory and manufacturing addressing largest market: solid market is first as
Slide 28: For More Information Please Contact
For personal use only FOR MORE INFORMATION PLEASE CONTACT: TIM OLDHAM CEO & MANAGING DIRECTOR +61 403 446 665 T.OLDHAM@ADALTA.COM.AU IR@ADALTA.COM.AU WWW.ADALTA.COM.AU AdAlta Limited (ASX:1AD) | Investor Presentation | August 2026 | 28
Slide 29: License for Groundbreaking Solid Cancer CAR-T Cell Therapy: BZDS1901
LICENSE FOR GROUNDBREAKING SOLID CANCER CAR-T CELL THERAPY: BZDS1901 BRINGING NEW HOPE TO PATIENTS WITH MESOTHELIOMA For personal use only EW-001 (formerly BZDS1901): Next-gen Development roadmap Capital efficiency and financing CAR-T • Manufacturing: establish Australia- • Budget: US$14-19 million
Slide 30: EW-001 CAR-T Addresses a US$4.2B Market Opportunity for Mesothelioma
ADALTA’S EW-001 CAR-T PRODUCT ADDRESSES A US$4.2B MARKET OPPORTUNITY FOR MESOTHELIOMA, POTENTIAL IN 10+ OTHER CANCERS Total market forecast for Mesothelioma US$12.2bn mesothelioma drugs by 20342 • Rare cancer of the membranes surrounding lungs, heart, abdominal organs For personal use only • Asbesto
Slide 31: Solution: EW-001, Stand-Out Armoured MSLN-CAR-T
SOLUTION: EW-001, STAND-OUT ARMOURED MSLN-CAR-T SOLVES FOR THE MARKET OPPORTUNITY ✓ Proven promise in clinical studies ✓ Well established target EW-001: distinctive advantages 36 patients in 3 IITs; responses superior to For personal use only Mesothelin (MSLN) is highly expressed on current 2nd line
Slide 32: Mesothelioma Remains a Rapidly Lethal Disease
MESOTHELIOMA REMAINS A RAPIDLY LETHAL DISEASE First line therapy: <2y average survival, tumour clearance very rare CHECKMATE-743 study: 1 first line treatment for mesothelioma – standard of care Outcome measure Chemotherapy Immunotherapy For personal use only Overall survival (%) Complete Response R
Slide 33: EW-001 CAR-T Results to Date Point the Way to a Better Outcome
EW-001 CAR-T RESULTS TO DATE POINT THE WAY TO A BETTER OUTCOME • Multiple responses, response rates more than double benchmark response rates in advanced (second line) disease only • Complete tumor clearance in two of 14 patients – very difficult to achieve in advanced mesothelioma – longest over No
Slide 34: Patient #3: 5cm Tumors Cleared for Over 2 Years
PATIENT #3: 5cm TUMORS CLEARED FOR OVER 2 YEARS CT imaging – measures soft tissue density Advanced pleural mesothelioma First line treatment For personal use only • 4 cycles of combination immunotherapy (nivolumab + ipilimumab) • Progressed (tumors growing again) after 6 months Target Lesion 1 Secon
Slide 35: Patient #17: Multiple Tumors Cleared in One Month
PATIENT #17: MULTIPLE TUMORS CLEARED IN ONE MONTH; OVER 12 MONTHS SURVIVAL Advanced peritoneal mesothelioma PET-CT imaging – measures cell growth rates (metabolic activity) First line treatment For personal use only • 3 cycles of chemotherapy (pemetrexed + cisplatin) • Progressed (tumors growing aga