ADALTA LIMITED — AGM Information 2025

Nov 25, 2025

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ASX Announcement | 26 November 2025 AdAlta Limited (ASX:1AD)

Chair and CEO presentations to AGM

AdAlta Limited (ASX:1AD) (“AdAlta” or “the Company”) , developer of next generation cell and protein therapeutic products is pleased to attach copies of the Chair remarks and CEO presentation to be made at today’s Annual General Meeting.

To engage in discussion about this announcement or the AGM visit AdAlta’s InvestorHub here: https://investorhub.adalta.com.au/link/r6Va4r. Answers to any questions asked at the AGM will also be posted at this link after the AGM.

This ASX announcement has been authorised for release by the CEO of AdAlta Limited (ASX:1AD).

For further information, please contact:

AdAlta Limited (ASX:1AD)

Tim Oldham CEO & Managing Director P: +61 403 446 665 E: ir@adalta.com.au

About AdAlta

AdAlta (ASX: 1AD) is a clinical stage biotechnology business addressing the need for effective cellular immunotherapies for the treatment of solid cancers.

Through its ‘East to West’ strategy, the Company is integrating Asia's prowess in T cell therapy development with the efficiency and quality of Australia's clinical and manufacturing ecosystem to create a pathway connecting ‘Eastern’ innovation in cellular immunotherapies with ‘Western’ regulated markets and patients.

AdAlta in-licenses products from Asian originators and invests to establish US FDA regulated manufacturing and conduct Phase I clinical studies with potential to position each product for on-licensing to larger biopharmaceutical companies for potential registrational studies and commercialization.

AdAlta implements a disciplined approach to asset selection focused on highly differentiated T cell therapy products supported by clinical data in solid cancers. The company adopts a capital efficient business model delivering a rapid return on investment in each project that is replicable and provides opportunities to scale across multiple products.

Solid tumours account for 90% of cancers yet remain underserved by current cellular immunotherapies. AdAlta aims to dominate this high-growth segment. The cellular immunotherapy market is projected to grow at a compound annual growth rate of 34% to reach US$20.3 billion by 2028.

AdAlta’s first in class fusion protein, AD-214, takes a whole new approach to fibrotic diseases of the lung and kidney, such as the degenerative and fatal Idiopathic Pulmonary Fibrosis. Following demonstration of efficacy in multiple animal models of disease and two successful Phase I clinical studies, AD-214 is available for partnering.

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AdAlta Limited (ASX:1AD) · ABN: 92 120 332 925 · www.adalta.com.au Suite 1.01, 117 Camberwell Road, Hawthorn East VIC 3123, Australia

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To learn more, please visit: www.adalta.com.au

For more information

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Join our InvestorHub

Follow us on LinkedIn Follow us on X (formerly Twitter)

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Chair address to 2025 Annual General Meeting

AdAlta is now a year into our transformation journey, foreshadowed at our 2024 AGM.

In early 2025 we fully committed to our “East to West” cellular immunotherapy strategy to drive growth in clinical stage assets, while recognising that there remains significant value to be unlocked by monetising our existing assets including AD-214 and WD34. We now stand poised to capitalise on the work done during past year to give effect to this transformation.

Our “East to West” cellular immunotherapy (CAR-T) strategy is supported by two seismic shifts in biotechnology: the growing evidence that T cell therapies can deliver transformational therapeutic outcomes impossible with other therapeutic modalities (and where applying this technology to solid cancers is the next frontier), and the rise of China as a global powerhouse of biopharmaceutical innovation (but with real barriers to their exporting that innovation, that we can solve). We completed due diligence and development planning for two highly differentiated CAR-T cell therapies in the first half of 2025 and are now in the late stages of negotiating development and collaboration agreements for the first, and extending negotiations for the second to include options on additional assets. Both assets already have human clinical evidence in China in solid cancers, providing stronger evidence of safety and efficacy than could be achieved with animal studies alone. The merits of sourcing assets from China continued to be validated both by the increasing volume of licensing transactions across our industry involving Chinese assets, and by positive investor feedback about our business model. We have multiple ongoing and highly productive discussions with potential investors that we anticipate will enable us to secure the capital to support licensing our first CAR-T asset in the very near future.

Of our existing assets, we are particularly focused on AD-214 and WD-34. AD-214 offers a whole new approach to treating degenerative and fatal fibrotic diseases such as idiopathic pulmonary fibrosis. Eli Lilly inlicensed a Phase 1 antibody product candidate (the same stage of development as AD0214) in January 2025 for US$99 million up front and US$687 million in milestones plus royalties, confirming the value of new assets in this field. We continue to advance partnering discussions for this asset.

WD-34 is, we believe, the world’s first antibody-like molecule conferring pan-species inhibition of malaria, offering the potential for a new, single dose prophylactic treatment for travellers, military personnel, mine and rig workers in endemic areas, and children and pregnant women in endemic areas. It has also shown activity against Babesia, a growing disease threat in the US; and Toxoplasmosis, a threat in pregnant women and the immunosuppressed. We are exploring ways to out-license this pre-clinical stage candidate for further development.

We are excited by, and committed to, the potential for near term transactions to transform our business and unlock value for shareholders. The financing environment for biotechnology has remained challenging during the year due to global financial market volatility and partnering discussions for our existing assets are progressing more slowly than we had hoped. We have implemented significant and appropriate cost reduction measures. The financing environment is however now improving, as evidenced by our ability to place $1.6m in response to inbound investor enquiries in October on top of the $1.3m raised in our entitlement offer earlier in the year. We have also strengthened our balance sheet and capital table by retiring all remaining share issuance obligations under the New Life Sciences Capital and Meurs Investment Agreements.

We thank our existing and new shareholders for their continued support. On behalf of the entire AdAlta Board, I would like to acknowledge and thank our former staff for their commitment and contribution to our business.

We are on the cusp of an opportunity to create a regional leader in cellular immunotherapies at the forefront of two seismic shifts in our industry.

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COMMERCIALISING LIFE SAVING CELLULAR IMMUNOTHERAPIES “EAST TO WEST” Tim Oldham, CEO & Managing Director

ADALTA LIMITED (ASX:1AD) | AGM PRESENTATION | NOVEMBER 2025

AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 1

IMPORTANT NOTICE & DISCLAIMER

Investment in AdAlta is subject to investment risk, including possible loss of income and capital invested. AdAlta does not guarantee any particular rate of return or performance, nor do they guarantee the repayment of capital.

This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making any investment in AdAlta, the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment advisor if necessary.

This presentation may contain forward-looking statements regarding the potential of the Company’s projects and interests and the development and therapeutic potential of the company’s research and development. Any statement describing a goal, expectation, intention or belief of the company is a forward-looking statement and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those inherent in the process of discovering, developing and commercialising drugs that are safe and effective for use as human therapeutics and the financing of such activities.

There is no guarantee that the Company’s research and development projects and interests (where applicable) will receive regulatory approvals or prove to be commercially successful in the future. Actual results of further research could differ from those projected or detailed in this presentation. As a result, you are cautioned not to rely on forward-looking statements. Consideration should be given to these and other risks concerning research and development programs referred to in this presentation.

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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 2

ADALTA: NEXT GENERATION CELL & PROTEIN THERAPEUTICS

AdAlta is - a clinical stage biotech:

• Growth powered by AdCella “East to West” cellular immunotherapy spin-out

• Monetising other valuable assets

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“East to West” cellular immunotherapy strategy for growth

In-license next generation clinical stage assets from Asia , establish Western manufacturing and generate clinical data for on-licensing

Leverage our unique skills, regional ecosystem and business model to create a leader in cellular immunotherapy for solid cancer patients

Bridge the gap between Asian innovation and Western biopharma companies (and patients who can benefit from them)

Create a series of capital efficient, short investment horizon assets with frequent clinical milestones

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Two other valuable pipeline assets for monetisation

First in class anti-fibrotic protein, AD-214 , with strategic partners sought for continued development into Phase II outside the company

W orld first pan-strain inhibitor of malaria parasites, WD-34 , with strategic partners sought to advance to proof of concept

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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 3

ONE YEAR INTO DELIVERY OF NEW STRATEGY

2025 in review

• Committed to “East to West” cellular immunotherapy strategy

• 3 term sheets; 2 still active; robust pipeline

• First product licensing agreement finalization and initial financing pending

• Multiple investors engaged in discussions to invest in AdCella subsidiary

• Advancing discussions to monetise existing i-body® assets: AD-214 for fibrosis and WD-34 for malaria

• Closed discovery laboratory following strategic review

• Improved balance sheet, capital structure : reduced burn rate, raised $$2.9 million, completed obligations under NLSC and Meurs investment agreements

Looking forward to 2026

• Fully launch AdCella “East to West” cellular immunotherapy powerhouse

• Potential first CAR-T in-licensing agreement in next 3 months, subject to modest financing requirement

  • Additional clinical data 9-12 months

• Potential second in-licensing agreement in first half

• Evaluating several options for third asset

• Actions and partnerships to strengthen manufacturing portability and automation

• Continuing to evaluate options to advance AD-214, WD-34 via partnerships and non-dilutive funding

• Continuing to evaluate other strategic transactions

Significant unrealised option value

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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 4

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“EAST TO WEST” STRATEGY CENTRAL TO ADALTA’S GROWTH AdCella Pty Ltd, an AdAlta company

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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 5 5

FIRST PILLAR OF STRATEGY: CAR-T REVOLUTION

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Turbo-charging
patient’s immune
cells to “see” and
“kill” cancer
CAR-T
Living drug, single
cell
dose, durable,
potentially
curative
Adapted from: https://www.cancer.gov/publications/dictionaries/cancer-terms/def/car-t-cell-therapy
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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 6

T CELL THERAPY FOR SOLID CANCER: THE NEXT FRONTIER FOR CELLULAR IMMUNOTHERAPY

Bringing the same hope to solid cancer patients requires:

7 FDA-approved CAR-T therapies Transforming blood cancer outcomes since 2017

>US$2.6B earned in 2022[1]

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Complete response rates:[2 ]

83% r/r pALL

51-65% r/r LBCL 78% r/r MM

Two T cell therapies for solid cance r approved by FDA in 2024 (melanoma, sarcoma , opening the much larger solid cancer market segment[3 ]

1. A utologous T cells - the most potent immune cells

2. Engineering additional features to overcome trafficking, immune suppression, persistence

50% of US$20.3B forecast cellular immunotherapy revenue for 2028[4]

1. Significantly reducing manufacturing cost, complexity to facilitate access

4. Step change in efficacy

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For autologous cell therapy partnering, biopharma partners need to see step change in:

This is the challenge AdCella is solving

• Efficacy

• Commercial manufacturing cost

• • Process portability across sites and platforms

1. Company websites and financial filings

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2. Kymriah, Yescarta and Carvytki prescribing information; r/r = relapsed/refractory; pALL – paediatric acute lymphoblastic leukemia, LBCL = large B cell lymphoma, MM = multiple myeloma

3. https://www.fda.gov/vaccines-blood-biologics/approved-blood-products/amtagvi; https://www.fda.gov/vaccines-blood-biologics/aucatzyl

4. Grandview Research, “T-cell Therapy Market Size, Share & Trends Analysis” Feb 2021; Polaris Market Research, “CAR-T Cell Therapy Market Share, Size, Trends, Industry Analysis Report”, June 2021

AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 7

SECOND PILLAR OF STRATEGY: RISE OF CHINA BIOTECH

China biotech is now driving global biopharmaceutical innovation …[2]

… creating significant pool of highly innovative CAR-T products …

… but still facing barriers to reach Western patients[5]

Big pharma licensing deals now 30% involving a China biotech[1]

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RoW
Europe Manufacturing Limited clinical
lacks maturity, data, no non-
portability China data
61%
Clinical
North
trials are Asia
America
in Asia
Pacific Capital
Capability
Pacific [3]
Local market Transaction and
knowledge, opportunity costs
970+ networks for big biotech
Cellular immunotherapy
Trade barriers
clinical trials in China [3]
350+
This is the challenge AdCella is
Cellular immunotherapy
solving
[[4]]
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Cellular immunotherapy developers in China[[4]]

1. https://www.biopharmadive.com/spons/is-2025-the-chinese-year-of-biopharma/738274/ ; 2. The Australian Financial Review, 15 July 2025; Fierce Biotech, 14 July 2025, CNBC, 4 August 2025 accessible https://apple.news/AVLrALfpzRhq3A0tbC0ahBQ ; 3. GlobalData, Pharma Intelligence Centr ~~e~~ , Clinical Trials Database (accessed 5 April 2024); 4. Alliance for Regenerative Medicine, Developer Data Report Q3 2023 and H1 2025; 5. Emerging Licensing Trends: Impact of Game Changing New Co’s” panel at 8th BCF Healthcare Conference, San Francisco, 12 January 2025 ; YAFO Capital

AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 8

ADCELLA’S SOLUTION: BECOMING A VALUATION MULTIPLIER FOR ASIAN PARTNERS

3. On-licensing:

• Establish global manufacturing network and on-license to commercialisation partners.

• AdCella and partner share increased value that partner could not achieve on their own

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1
2
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4
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1. In-license market leading

assets from Asia (“East”):

• Highly differentiated assets

• Low acquisition cost

• By financing to next inflection point AdCella “buys” a share of the asset at exit

2. Build value cost effectively by transferring to “West”:

• Clinical proof of concept : Phase 1 in Australia under US IND

• Manufacturing proof of concept : closed, partially automated, demonstrated portability across platforms and sites; pathway to low cost commercial scale

• 30-50% cheaper than in US, plus 43.5% R&D Tax Incentive rebate

• Creates substantial value inflection; lower transaction cost for big pharma

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4. Regional commercialization for continuous revenue streams:

• Retain regional rights for inlicensed Phase 1 assets

• Acquire regional marketing rights for later stage assets

AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 9

ADCELLA VALUE PROPOSITION TO STAKEHOLDERS

• First in class asset with demonstrated superior efficacy , acceptable safety over competitive targets and modalities

• Asset ready for pivotal/registrational studies in first indication Out-licensing partners

• • Portable manufacturing process : (customers)

• confidence process is scalable and can be adapted to partner’s preferred platform and manufacturing network

• • Low risk transaction

• • Asset financing: asset is advanced through US FDA Phase 1 clinical trials at no cost to partner

• • Enhanced partnerability of asset : In-licensing clinical efficacy in diverse patient partners Shareholders

• population, enhanced and portable (suppliers)

• manufacturing and transaction structure with reduced sovereign risk

• Turnkey execution of global expansion

• Derisked exposure to novel asset class: all projects already with clinical data

• Rapid capital recycling : 3-4 year from in-licensing to project exit

• Capital efficient: low acquisition costs, modest project investment

• Substantial value creation potential: ~50% share of exit deal value; option to take selected assets to Phase 2 and beyond

• Growth potential into adjacent parts of value chain

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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 10

BUSINESS SYSTEM

Low cost asset acquisition, efficient value-adding development, high value exit

Larger biopharma companies conduct late-stage clinical trials and bring to market; pay AdCella milestones and royalties that are shared with China/Asia partner

1. Efficient Phase 1 5. High value clinical trial out-licensing ~24 months

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~US$15m total investment per asset

Substantial value to be created on exit Median deal value at end Phase 1[1]

1. Australian ~3-4 years manufacturing from first 1. Opportunity transfer, investment to identification clinical trial potential exit and due approval ~12 diligence months

US$93m Up front payment Total deal value US$668m

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China/Asia biopharma partners create product, conduct pre-clinical testing, generate initial human initial trial data

1. Low cost inlicensing

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AdAlta leverages third party financing to create value for shareholders – indicative only

Ownership – 1[st] financing

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Ownership – later financing

3[rd] party financing

AdAlta

AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 11

1. Company press releases, GlobalData; Beacon Intelligence

VALUE AT EXIT: PHASE I CAR-T LICENSING TRANSACTIONS

Global top 25 oncology pharma companies inves in autologous cell therapy (licensing, M&A, CVC)
	5y 72 ting	% 4	2y 4% 7	3 5 _In vivo_CAR-T assets at end of 2024 _In vivo_CAR-T assets in clinic in 2025 Will be seeking proven payloads for optimized delivery systems
Date Drug(s) Licensor Licensee Deal stage Lead indications Total value (US$m) Upfront (US$m)
May-24 MAGE-A4 targeting TCR T cell therapy Phase 2 (ongoing; global) Head & neck cancer 665 85
Nov-23 DLL3 targeting autologous CAR-T cell therapy Phase 1 (ongoing; US) SCLC, LCNEC 1,110 100
May-23 CD20 and CD19/20- directed autologous CAR-T cell therapy Phase 1 (completed; China) B-cell NHL, Follicular lymphoma, mantle cell Lymphoma, DLBCL n/a 245
Jan-23 CART-ddBCMA Phase 2 (ongoing; US) Multiple myeloma n/a 325
Dec-22 Anti-BCMA CAR-T cell therapy P1b (ongoing; Israel) Multiple myeloma 34.55 1.5
Dec-20 Mesothelin- targeted autologous and allogeneic CAR-T cell therapy Phase 1 (ongoing for autologous therapy; US) Peritoneal / pleural mesothelioma 670 60
MEDIAN 667.5 92.5

Will be seeking proven payloads for optimized delivery systems

AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 12

Source: Company press releases, GlobalData; Beacon Intelligence; Novotech “ In vivo CAR-T therapies global research and development landscape” (2025)

EXAMPLE OPPORTUNITY: FIRST-IN-CLASS ARMOURED X-CAR-T

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Product #1
Advanced, solid cancer
Armoured-X-CAR-T
patient: sustained response
to armored-CAR-T
Anti-PD1 secreting CAR-T manufactured using 30h virus
free process
Lung, mesothelioma, ovarian, cervical, pancreatic,
colorectal
• First armoured CAR-T against X
• Anti-PD1 secretion addresses known tumour
resistance mechanism , bystander effect on all X-CAR-T
immune cells
• Demonstrated activity beyond mesothelioma
• Rapid, virus free manufacturing reduces COGS,
patient turnaround time
• Response and survival in advanced mesothelioma
superior to current 2L SoC
3 China IIT studies (n=33)
China Phase 1 IND approval
US ODD (mesothelioma), pre-IND meeting
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Product #1 Armoured-X-CAR-T What is the Anti-PD1 secreting CAR-T manufactured using 30h virus product? free process Which cancers Lung, mesothelioma, ovarian, cervical, pancreatic, could it address? colorectal

• Anti-PD1 secretion addresses known tumour resistance mechanism , bystander effect on all immune cells

• Why does it stand out from the • Demonstrated activity beyond mesothelioma competition? • Rapid, virus free manufacturing reduces COGS, patient turnaround time

• Response and survival in advanced mesothelioma superior to current 2L SoC What is its 3 China IIT studies (n=33) development China Phase 1 IND approval status? US ODD (mesothelioma), pre-IND meeting

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Abbreviations: 2L – second line therapy; SoC – standard of care; IND – Investigational New Drug; ODD – Orphan Drug Designation; IIT – Investigator Initiated Trial; ORR – overall response rate; CR – complete response; PR – partial response; mPFS – median progression free survival; mOS – median overall survival

AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 13

ADCELLA SPIN-OUT: “EAST TO WEST” STRATEGY SUMMARY

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Clear growth targets for “East to West” strategy By mid 2026 From 2027

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Substantial value inflection potential by bringing “Eastern” cellular immunotherapy innovations to “Western” regulated markets

Exclusive focus on T cell therapies for solid cancers targets less competitive markets while utilising proven cellular immunotherapies

Combining Asia's innovative T cell therapies for solid cancers and Australia's manufacturing advantages leverages unique regional benefits

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Three assets One asset into secured clinical trials each year

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Robust asset selection process yielding access to first/best in class, highly differentiated products with clinical evidence of safety and efficacy

Capital light model offers quick ROI potential: a single clinical trial to value inflection using external capital and AdAlta product management

Highly scalable to become industry leader through systematic product licensing and pipeline expansion opportunities

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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 14

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AD-214: A NEW APPROACH TO FIBROSIS AVAILABLE FOR PARTNERING

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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 15 15

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 unlock next level of value

First in class molecule targeting established mode of action in fibrotic disease

• ✓ Competitively positioned as only antibody-like therapeutic entering late-stage development pipeline

Advisors engaged; pipeline of active discussions

Pre-clinical efficacy in multiple animal models of fibrotic disease – derisks clinical studies in US$b indications

• ✓ Led by Chronic Kidney Disease: TAM US$10b[2] and Idiopathic Pulmonary Fibrosis (IPF): TAM US$4.3b[1]

• ✓ Multiple US$b indication potential: kidney, eye, cancer

Product development priorities

1. Generate clinical proof of concept (efficacy)

• Demonstrate efficacy signals in patients

• IV or SC administration

Phase I successfully completed (two studies)

✓ Well tolerated, evidence of target binding

• Substantially increases number of potential licensing partners

Design and execute clinical strategy in IPF patients

✓ Intravenous (IV) every 2 weeks established Clinically viable dosing ✓ Subcutaneous (SC) every week feasible regimen ✓ Models linking PK/PD and preclinical efficacy to establish dose ✓ Patents protecting asset to 2036 and beyond Strong intellectual property, ✓ US FDA Orphan Drug Designation for IPF regulatory position ✓ 10-12 years market exclusivity (US, EU)

2. Develop market preferred formulation

• Weekly SC preferred over two weekly IV

• Enhanced market share, reduced COGS

• Achieves commercial ready COGS

Develop formulation, integrate into clinical trials

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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 16

1. GlobalData, Idiopathic Pulmonary Fibrosis: Competitive Landscape, April 2023; Roche and Boehringer Ingelheim financial reports, AdAlta analysis 2. GlobalDfata, disease area reports

PHARMA COMPANIES VALUE IPF/FIBROSIS ASSETS

Date Licensor/target Licensee/acquirer Transaction Upfront payment to licensor Contingent milestones Clinical Phase at transaction Aug-22 License US$100m US$600m 2 complete Apr-20 Acquisition US$45m Not disclosed 2a complete Nov-19 Acquisition US$390m US$1,000m 2 complete Jan 23 China only license US$76m US$240m 2 underway Feb 23 Acquisition US$425m N/A 2a underway	Date Licensor/target Licensee/acquirer Transaction Upfront payment to licensor Contingent milestones Clinical Phase at transaction Aug-22 License US$100m US$600m 2 complete Apr-20 Acquisition US$45m Not disclosed 2a complete Nov-19 Acquisition US$390m US$1,000m 2 complete Jan 23 China only license US$76m US$240m 2 underway Feb 23 Acquisition US$425m N/A 2a underway	Date Licensor/target Licensee/acquirer Transaction Upfront payment to licensor Contingent milestones Clinical Phase at transaction Aug-22 License US$100m US$600m 2 complete Apr-20 Acquisition US$45m Not disclosed 2a complete Nov-19 Acquisition US$390m US$1,000m 2 complete Jan 23 China only license US$76m US$240m 2 underway Feb 23 Acquisition US$425m N/A 2a underway
Jan 25 License US$99m US$687m	2 (Ready)	AD-214 is Phase 2 (ready)
Nov-21 Acquisition US$353m N/A	2 (Ready)
Nov-20 License €25m €295m	2 (Ready)
Sep-21 License US$152m US$450m	2 (Ready)
Feb-21 License Not disclosed US$517.5m 1 underway Jul-19 License €45m €1,100m 1 underway Oct-22 Acquisition US$255m Not disclosed Pre-clinical (+ platform)

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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 17

Source: Company press releases, GlobalData; Beacon Intelligence

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WD-34 I-BODY: A POTENTIAL BREAKTHROUGH IN MALARIA AVAILABLE FOR PARTNERING

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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 18 18

WORLD FIRST PAN-SPECIES HIGH POTENCY ANTI-MALARIAL

WD-34 i-body has potential to transform malaria treatment

Malaria remains a global killer	✓ ✓ ✓	247 million cases, 619,000 deaths in 20211 Re-emerging in US and EU2 New markets in related tick-borne diseases eg Babeziosis
Meaningful global	✓	US$990 million market for anti-malarial drugs4(travellers, deployed personnel
market
	✓	Market limited by poor efficacy, cost of therapies in emerging markets
	✓	Small molecules: rapid development of resistance and inconvenient dosing
Limitations of		regimens
current therapies	✓	Antibodies: typically strain specific or limited inhibition
	✓	Vaccines: limited efficacy; antigen variability
	✓	Novel discovery strategy targeted a conserved region of AMA-1 protein
WD-34 i-body	✓	Recognises AMA1 from multiple malaria (Plasmodium) species as well as
offers a potential		Babesia_and_Toxoplasma
breakthrough	✓	High potency inhibition of multiple life cycle stages
	✓	IP filed
	✓	Long acting, single dose (3-6mo) prophylaxis for deployed personnel,
		travellers
Opportunity	✓	Seasonal prophylaxis for children in endemic malaria regions
	✓	Novel method of antigen identification for more effective vaccines

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Strategy: seeking non-dilutive and commercial partners to advance outside AdAlta

Active discussions to spin out asset

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PPM
AMA1
WD-34
i-body®
Host red blood cell
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Model of plasmodium falciparum malaria (PPM) with AMA1 / RON2 protein complex and host erythrocyte[3] showing how WD-34 inhibits invasion via AMA1

AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 19

1. World Health Organisation, World Malaria Report 2022, https://www.who.int/publications/i/item/9789240064898 2. https://publichealth.jhu.edu/2023/malarias-comeback-in-the-us and https://blogs.biomedcentral.com/bugbitten/2023/08/25/locally-

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CORPORATE INFORMATION

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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 20 20

TRANSACTION-BASED GROWTH STRATEGY: UNREALISED OPTION VALUE

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“East to West” cellular immunotherapy growth strategy positioned for growth leveraging Asia region and business model advantages in high value, high growth sector

Exclusive position on first two assets for the “East to West” clinical pipeline to create a leader in cellular immunotherapy for solid cancer patients

Experienced team and accessible global network ready to execute a diverse pipeline of opportunities

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AD-214, available for partnering to unlock value created, heading to Phase II (US$4.3b IPF market), substantially de-risked by Phase I study clinical readouts

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WD-34, available for partnering to create additional value

Attractive valuation relative to commercial potential of pipeline – trading at shell value, potential for a single transaction to materially influence valuation Plus private investment opportunities

AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 21

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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

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AdAlta Limited (ASX:1AD) | Investor Presentation | November 2025 | 22