ADALTA LIMITED — Capital/Financing Update 2025

May 6, 2025

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ASX Announcement/Press Release | 7 May 2025 AdAlta Limited (ASX:1AD)

COMMENCEMENT OF RIGHTS TRADING ON ASX:1ADR

AdAlta Limited (ASX:1AD) (“AdAlta” or “the Company”) is pleased to advise that the rights to the Company’s Renounceable Rights Issue announced on Thursday, 1 May 2025 (“ Offer ”) commence trading today under the ASX code 1ADR.

Under the Rights Issue timetable, rights trading will end on Wednesday, 21 May 2025.

About the Offer

The Company has announced a pro rata, renounceable offer of two (2) New Shares for every three (3) Shares held by Eligible Shareholders at the Record Date at an issue price of 0.3 cents ($0.003) per New Share to raise approximately $1.29 million before issue costs. Eligible Shareholders will also be issued one (1) New Option for every two (2) New Shares subscribed for under the offer on the terms set out in this Prospectus.

New Shares and New Options will be offered for issue by AdAlta Limited ACN 120 332 925 under and in accordance with a prospectus prepared in accordance with section 713 of the Corporations Act that was lodged with ASIC and ASX on 5 May 2025 (Prospectus). The offer of the New Shares and New Options (Offer) will be made directly to Eligible Shareholders and will be accompanied by a copy of the Prospectus. A person should consider the Prospectus in deciding whether to acquire New Shares and New Options under the Offer. A person who decides to acquire New Shares and New Options will need to complete the application form that will accompany the Prospectus. A copy of the Prospectus and the Target Market Determination and further information regarding the Offer can be obtained at: https://investorhub.adalta.com.au/announcements. The Offer is being managed by Mahe Capital Pty Ltd ACN 634 087 684.

To engage in discussion about this announcement visit AdAlta’s InvestorHub here: https://investorhub.adalta.com.au/link/lPdMLy

This ASX announcement has been authorised by the CEO and Managing Director of AdAlta Limited.

For further information, please contact:

AdAlta Limited (ASX:1AD) Tim Oldham CEO & Managing Director P: +61 3 9479 5159 E: t.oldham@adalta.com.au

Media & Investor Enquiries

About AdAlta

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AdAlta Limited (ASX:1AD) · ABN: 92 120 332 925 · www.adalta.com.au Suite 201, 697 Burke Road Camberwell VIC 3124, Australia

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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.

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

For more information

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