21 September 2021

ASX Announcement

CORPORATE OVERVIEW AND IRD INVEST 2021 PRESENTATION

MELBOURNE Australia, 21 September 2021: AdAlta Limited (ASX:1AD), the clinical stage drug discovery company developing novel therapeutic products from its i-body platform, is pleased to announce Dr Tim Oldham, CEO and Managing Director will present highlights from the Company’s newest corporate overview at IR Department’s, IRD Invest 2021 virtual investor conference Thursday September 23, 2021, 12.00 PM AEST (Sydney time).

The conference takes place on Wednesday 22 and Thursday 23 September, with the overarching theme “Addressing the need for change” . In keeping with the theme, day two will focus specifically on addressing new needs in patient care.

Dr Oldham’s presentation will draw on a newly revised corporate overview (which is attached), and will provide an update on AdAlta’s contribution to the conference theme, highlighting:

The power of the i-body technology as a drug discovery platform to address diseases that have challenged traditional antibodies;
The potential and progress of lead asset AD-214 as a new option for the degenerative and fatal disease Idiopathic Pulmonary Fibrosis;
The use of i-body enabled PET imaging agents to identify early the responders to cancer immunotherapies; and
The potential of i-body enabled CAR-T cells to overcome the challenges posed by solid tumours.

IRD Invest is free to attend and investors are invited to register ahead of time by CLICKING THIS LINK. You will receive a confirmation email with instructions on how to access the briefing once you have completed the registration form.

A recorded copy of AdAlta’s presentation will be made available after the event.

Authorised for lodgement by: Tim Oldham CEO and Managing Director September 2021

Notes to Editors

About AdAlta

AdAlta Limited is a clinical stage drug development company headquartered in Melbourne, Australia. The Company is using its proprietary i-body technology platform to solve challenging drug targeting problems and generate a promising new class of single domain antibody protein therapeutics with the potential to treat some of today’s most challenging medical conditions. The i-body technology mimics the shape and stability of a unique and versatile antigen-binding domain that was discovered initially in sharks and then developed as a human protein. The result is a

range of unique proteins capable of interacting with high selectivity, specificity and affinity with previously difficult to access targets such as G-protein coupled receptors (GPCRs) that are implicated in many serious diseases. i-bodies are the first fully human single domain antibody scaffold and the first based on the shark motif to reach clinical trials.

AdAlta’s strategy is to maximise the products developed using its next generation i-body platform by internally discovering and developing selected i-body enabled product candidates against GPCRs implicated in fibrosis, inflammation and cancer and partnering with other biopharmaceutical companies to develop product candidates against other classes of receptor, in other indications, and in other product formats.

AdAlta has advanced its lead i-body candidate, AD-214, into clinical studies. AD-214 is being developed for the treatment of Idiopathic Pulmonary Fibrosis (IPF) and other human fibrotic diseases, for which current therapies are sub-optimal and there is a high unmet medical need.

The Company is also entering collaborative partnerships to advance the development of its i-body platform. It has an agreement with GE Healthcare to co-develop i-bodies as diagnostic imaging agents against Granzyme B, a biomarker of response to immuno-oncology drugs, a program now in preclinical development. It also has an agreement with Carina Biotech to develop precision engineered, i-body enabled CAR-T cell therapies for cancer to bring new hope to patients with solid tumours.

Further information can be found at: https://adalta.com.au

For more information, please contact:

Investors Media Tim Oldham, CEO & Managing Director IR Department Tel: +61 403 446 665 Tel: +61 411 117 774 E: [email protected] E: [email protected]

Corporate overview September 2021

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INVESTOR PRESENTATION – SEPTEMBER 2021 2

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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 forwardlooking 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.

INVESTOR PRESENTATION – SEPTEMBER 2021 3

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INVESTOR PRESENTATION – SEPTEMBER 2021

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AdAlta today

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i-body platform : can create therapeutics addressing targets underserved by traditional antibodies

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Lead asset AD-214 : preparing inhaled version for Phase II in IPF
US$3b IPF market today

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Two co-development collaborations
GZMB PET imaging agent with GE Healthcare : US$6.4b PET imaging agent market
i-body enabled CAR-T with Carina Biotech : US$20b market by 2028

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Building out pipeline with additional programs: targeting 10 by 2023

INVESTOR PRESENTATION – SEPTEMBER 2021

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What is the i-body advantage?

All the selectivity and specificity of antibodies with greater versatility and tunability

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Accessing
challenging
targets
Small Molecule Antibody i-body
Diverse
applications
Naked PEGylation Fc-fusion Bi-specific Payload CAR cell
i-body targeting therapy
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Small size, flexible binding domain Confers unique binding capability for targets challenging traditional antibodies; enables modular drug design across diverse applications

Minimising off-target side effects

Unique binding capability potentially allows greater selectivity and specificity, tunable affinity

Multiple drug administration routes

Amenable to multiple administration routes (e.g. injection, inhalation and topical)

Robust

Resilient to pH and temperature cycling

INVESTOR PRESENTATION – SEPTEMBER 2021

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An immensely powerful drug discovery platform i-body technology can enable a wide range of therapeutic and diagnostic products

Wide range of target classes

Wide range of product formats

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CAR-T
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Bi-specifics and
Targeting agents
multi-specifics
That deliver
To improve targeting
therapeutic cargos
and selectivity
more precisely
GZMB
i-bodies
Direct therapeutics
For challenging targets,
such as GCPRs
AD-214
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INVESTOR PRESENTATION – SEPTEMBER 2021

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Idiopathic Pulmonary Fibrosis (IPF)

AdAlta’s first target, already a $3b market, is a degenerative, fatal disease in dire need of improved treatment options: i-bodies have been designed to target a novel mode of action to address this medical need

In IPF, scarring and stiffening 3.8 years of the lungs progressively and median survival after diagnosis irreversibly reduces lung function

Despite being poorly tolerated and having difficult side effects, the two current therapies sell $3b per year

>300,000 people living with IPF, It is irreversible

40,000 people die from IPF every year

Burden of fibrotic lung disease following COVID-19 likely to be high.* “Long COVID” is a developing issue – potentially further increasing the need for better anti-fibrotic drugs.

PM George, et al, “Pulmonary fibrosis and COVID-19: the potential role for antifibrotic therapy”, Lancet published online May 15, 2020.

INVESTOR PRESENTATION – SEPTEMBER 2021

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AD-214: first in class treatment for fibrosis

AD-214’s initial focus is IPF

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First-in-class (novel mode
Human
of action) treatment for
Lung Tissue
fibrosis (can affect almost
every organ) Brown stain shows increased
amount of CXCR4 in fibrotic
lung tissue
Targets a receptor called
CXCR4: a critical player
in the development of
fibrosis and progression
Normal Diseased
of many cancers
Mouse
Initial focus is Idiopathic model of
Pulmonary Fibrosis lung fibrosis
Purple stain
(IPF) , one of a group
shows amount
of Interstitial Lung
of collagen
Diseases (ILDs)
(fibrosis)
Blocking CXCR4
reduces fibrosis in animal
models Normal mouse IPF mouse lung tissue IPF mouse lung tissue
lung tissue + AD-214
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IPF tissue images taken 21 days after bleomycin (BLM) was administered to induce fibrosis; mouse treated with AD-214 received 10 mg/kg AD-214 every 4 days from day 8 after bleomycin administration.

INVESTOR PRESENTATION – SEPTEMBER 2021

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AD-214 Phase 1 clinical and pre-clinical imaging programs

The Phase 1 program has demonstrated the safety and target engagement of AD-214 in healthy volunteers

Phase 1 protocol in healthy volunteers - COMPLETE

Objectives of Phase 1 Part A and B:

Part A Part B Single dose, Multiple ascending dose, healthy volunteers (HV SAD) healthy volunteers (HV MAD) 42 participants, 7 cohorts 8 participants 0.01-20 mg/kg dose 3 x 5 mg/kg (every 2 weeks)

Top-line safety data
Explore optimal dosing intervals
Support FDA IND applications for further studies in all CXCR4 indications

PET imaging*

Pre-clinical

Development of RL-AD-214 for PET imaging – complete

Distribution and efficacy studies

Intravenous and inhaled administration Healthy and IPF disease models (mouse and large animal)

Clinical (future)

Single and multi-dose in fibrotic diseases

Open label with standard of care**

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Objectives of PET imaging program:

Effect of elevated lung CXCR4 on distribution of AD-214
Correlation of AD-214 distribution with efficacy
Explore CXCR4 expression as potential biomarker
Safety of AD-214 in combination with standard of care**
Supported by a Biomedical Translational Bridge grant from Medical Research Future Fund and MTPConnect ** Includes pirfenidone, nintedanib or non-pharmacologic intervention.

INVESTOR PRESENTATION – SEPTEMBER 2021

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AD-214 Phase I results

**AD-214 is well tolerated in single doses to 20 mg/kg and multiple doses to 5 mg/kg* in healthy volunteers**

Results from single and multiple dose studies in health volunteers

AD-214 is well tolerated

No dose limiting toxicities or adverse events of clinical concern
No concerning clinical laboratory or organ function results
No concerning immune responses or clinical symptoms
Moderate infusion reactions in some participants linked to formulation
Consistent with Non-Human Primate (NHP) toxicology studies

AD-214 engages the CXCR4 receptor

Clear markers of target (CXCR4) engagement observed
Receptor occupancy sustained at high levels for extended periods
No evidence of tolerance or accumulation across multiple doses

Lung IPF/ILD

Pharmacokinetics and tissue distribution support inhalation route

No evidence of tolerance or drug induced clearance
Rapid serum clearance consistent with rapid and strong binding to CXCR4 and rapid distribution to liver (observed in pre-clinical imaging)
Non-systemic route of administration preferred (inhalation for IPF)
Multiple dose data subject to database lock and full statistical analysis; receptor occupancy data only available to 4 hours after end of third infusion; antidrug antibody data only available to 14 days after second infusion (pre third infusion)

INVESTOR PRESENTATION – SEPTEMBER 2021

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Phase II planned with inhaled formulation

Delivery of AD-214 by inhalation has potential to improve bioavailability, be more convenient for patients, be more cost effective, and improve partnering flexibility

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AD-214 delivered direct to fibrotic areas
• First pass liver clearance avoided
Improved bioavailability • Dosing schedule flexibility to optimise receptor coverage
• Self administration (no scheduled clinic
Greater patient convenience visits; freedom of movement) • Less invasive • Lower drug dose means lower cost of goods
Enhanced cost effectiveness • Lower healthcare costs for administration
• Potential to partner AD-214 by indication using different routes of
Diversified partnering options administration - broadens potential long term options

INVESTOR PRESENTATION – SEPTEMBER 2021

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Key milestones to de-risk AD-214 development

Quarterly milestones to de-risk asset; extensive use of pre-clinical imaging; AD-214 partnering window from FY23

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Key data readouts
FY22 FY23 FY24
INHALATION PROGRAM MILESTONES
Aerosol stability and formulation
Pre-clinical efficacy, dose
optimisation
Distribution, PK + imaging:
correlated with efficacy
Multi-dose toxicology
Clinical: healthy volunteer bridging safety Bridging safety, PK
Clinical: patient Phase IIa/b
Patient imaging
CLINICAL RESUPPLY (SECURED)
Manufacturing (clinical resupply)
Likely next AD-214 partnering window
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INVESTOR PRESENTATION – SEPTEMBER 2021

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AD-214: multiple indication extension options

Each additional indication could address multiple markets with U$ billion potential

Data in tissue and animal models show that AD-214 may improve fibrosis across a range of fibrotic diseases and cancer:

multiple indication extension potential

Indication specific formulations and routes of administration may enhance partnering potential

LUNG (lead indication - inhaled): Idiopathic Pulmonary Fibrosis with natural extension to Interstitial Lung Disease
EYE (intravitreal injection): Wet-Age Related Macular Degeneration
CANCER : 23 different cancers, enhancement of I/O drugs*
KIDNEY : Chronic kidney disease*
LIVER: NASH*
SKIN (topical, local injection) : Hypertrophic scars

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Lung Eye Cancer
IPF/ILD Wet-AMD 23 different cancers, I/O
>US$3b >$15b >$1b ea
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Liver Skin
Kidney
NASH & CIRRHOSIS SCLERODERMA
RENAL FIBROSIS
>US$10b
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Subject to development of a satisfactory, improved intravenous formulation.

INVESTOR PRESENTATION – SEPTEMBER 2021

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IPF late-stage clinical landscape: a narrow development field

AdAlta’s novel mode of action and Orphan Drug Designation expected to be attractive to partners as an alternative to, and in combination with other therapies

Drug	Mode of action	Phase	Orphan Drug Designation
PRM-151	Endogenous human protein that directs the immune cells called macrophages to turn off and reverse fibrotic processes	Phase 3 (Mono or combination therapy)	YES
Pamrevlumab	Human monoclonal antibody (mAb) that inhibits the activity of connective tissue growth factor (CTGF) to inhibit myofibroblast activation, collagen deposition and other pro-fibrotic factors	Phase 3 (Monotherapy)	YES
Inhaled Treprostinil	Small molecule analogue of prostacyclin that reduces pulmonary artery pressure through direct vasodilation of the pulmonary and systemic arterial vascular beds	Phase 3 (Supportive care/ symptom reduction)	YES
*AD-214*	i-body-Fc fusion protein blocking CXCR4 to inhibit inflammatory cell migration, epithelial to mesenchymal transition and fibrotic growth factor production, and deposition of collagen	Phase I	YES

INVESTOR PRESENTATION – SEPTEMBER 2021

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IPF partnering: valuable options as early as Phase I

IPF assets have recently yielded attractive deal terms at early stages of development – first partnering window for AD-214 in FY2023

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Feb-21: License by Graviton Jul-19 license by Boehringer Ingelheim Phase I Phase I US$517.5m milestones €45m upfront + €1.1b milestones Nov-20: Galapagos collaboration Nov-19 acquired by Roche – Phase II Phase II ready US$390m upfront + US$1b milestones €320m milestones [Aug-15 BMS option to buy US$150m upfront + US$1.25b milestones] Aug-20: License by AstraZeneca Jan-20 platform license by Boehringer Ingelheim Preclinical Preclinical Upfront US$17m + milestones US$360m upfront undisclosed + US$1b milestones

INVESTOR PRESENTATION – SEPTEMBER 2021

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GZMB i-body asset: GE Healthcare co-development collaboration

Second asset in pre-clinical development; and could generate royalty revenue sooner than a therapeutic due to shorter diagnostic development timelines

Unique i-body platform • i-body discovery • Manufacturing process development	PET imaging of granzyme B Potential to show whethercancer immunotherapiesare working US$6.4b PET imaging market Diagnostic developmenttimelines substantially shorterthan for therapeutics	Pipeline asset at no financial cost to AdAlta • AdAlta earns research fees, development and sales milestone payments and royalties on product sales • A$1.5 million revenue (milestones and research fees) earned to June 2021
Leading global supplier of PET imaging equipment and tracers • 18F chemistry, final product manufacture • Pre-clinical, clinical proof of concept • Commercialisation		September 2021 status • Panel of GZMB specific i-bodies identified • Pre-clinical proof of concept studies underway

INVESTOR PRESENTATION – SEPTEMBER 2021

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Immuno-oncology (I/O) PET imaging

US$6.4b PET imaging market: could help identify the 20-40% of patients who will respond to revolutionary I/O drugs faster

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Immuno-oncology (I/O) drugs reactivate the patient’s own immune system to fight cancer

Granzyme B (GZMB) is produced by immune cells to kill cancer

Potential biomarker of immune system activated by I/O drugs

US$95 billion I/O market[1]

Only 20-40% of patients respond to I/O drugs[2]

PET imaging agents have substantially shorter development time than therapeutics

PET imaging GZMB can help : identify responders early improves cost, choice of therapy, accelerates drug development

US$6.4 billion PET imaging agent market[3] Largest products >US$400m[4]

2026 forecast by ResearchandMarkets.com, Immuno-Oncology - Market Analysis, Trends, Opportunities and Unmet Needs - Thematic Research, March 2021 2. P Sharma, et al, Cell 168(4) 707 (2017)
2027 forecast by Global Industry Analysts, Imaging Agents: Global Market Trajectory and Analytics, April 2021 4. AD Nunn, J Nucl Med (2007) 169

INVESTOR PRESENTATION – SEPTEMBER 2021

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i-body enabled CAR-T assets: Carina collaboration

Third program entering discovery to generate precision engineered CAR-T products providing new hope for patients with cancer

World-leading proprietary CAR-T technologies for superior access, potency and resilience

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To develop precision engineered, i-body enabled, CAR-T therapies that provide new hope for patients with cancer

Unique i-body platform for exceptional reach and targeting capability

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INVESTOR PRESENTATION – SEPTEMBER 2021

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CAR-T therapies are revolutionising cancer treatment

Reprogramming a patient’s own immune system to fight cancer is a fast growing market at the cutting edge of medicine

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CAR engineeredchemokine
step 2 receptor
T cells genetically
modified to express
both the CAR molecule
+ chemokine receptor/s
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step 1 T cells isolated from a patient’s blood

ü Takes advantage of the body’s natural immune response to pathogens
ü Immune cells removed from blood and reengineered so they “see” cancer as a pathogen

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step 3 Newly created CAR-T cells expanded

step 4 CAR-T cells infused back into patient

earned by CAR-T therapy products in 2020[3]

US$1b

addressable patient 2m population within next 10 years[1]

US$20.3b revenue forecast for 2028[1]

solid tumour share of revenues by 2030[2]

50%

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
Yescarta and Kymriah market size estimates calculated from various publicly available sources. Estimates vary and different analyses may give different results.

INVESTOR PRESENTATION – SEPTEMBER 2021

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Carina collaboration details

AdAlta and Carina will jointly develop up to 5 targets to create CAR-T, bi-specific CAR-T and dual CAR-T cell therapy products

Up to 5 targets

Significant new, shared IP

Proof of principle already achieved ( in vitro )
Targets not yet disclosed

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Share costs, research to in vivo proof of concept
AdAlta + Carina will jointly own collaboration IP
Combine targets for bi-specific and dual-targeted CARs

Post proof of concept commercialisation options

Attractive deal space

Can continue to develop products together, progress independently or out license
Products emerge from the collaboration at proof of concept

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Biotech and immuno-oncology segment: very attractive deal space
Large biotech and pharma companies are actively sourcing CAR-T products

INVESTOR PRESENTATION – SEPTEMBER 2021

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AdAlta assets and business model

AdAlta’s value is the sum of multiple assets: the i-body platform itself + the internal pipeline of wholly owned assets developed for out-licensing + the external pipeline of assets co-developed with biopharmaceutical companies

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External assets: Granzyme B i-body enabled PET imaging Precision engineered, i-body enabled CAR-T co-develop agents for use in immuno-oncology cells providing new hope for patients with cancer Internal assets: In-house pipeline of drug candidates: license to pharma for major upfronts, milestones and royalties wholly Lead candidate: AD-214 owned Two more targets to be added in 2021 Platform Patented, diverse i-body discovery platform: 20 billion different i-bodies for drugging undruggable targets

INVESTOR PRESENTATION – SEPTEMBER 2021

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An expanding pipeline of i-body enabled products

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IND
PROGRAM PARTNER PRODUCT/ DISCOVERY PRECLINICAL, ENABLING PHASE I PHASE II
INDICATION PRODUCT
STUDIES
DEV
CXCR4 AD-214: Idiopathic Inhaled
Pulmonary Fibrosis Intravenous
AD-214: Indication 2
Target 2 Not disclosed
Target 3 Not disclosed
Target 4 TBC
Target 5 TBC
GZMB PET imaging I/O
5 targets – i-body enabled, bi-specific
not disclosed and next-gen CAR-Ts
TBC Partner #3
TBC Partner #4
Current End 2021 End 2023 (aim)
INTERNAL PIPELINE
EXTERNAL PIPELINE
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INVESTOR PRESENTATION – SEPTEMBER 2021

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The potential of our strategy: Ablynx case study

Multiple internal and external assets drive value, attract partners

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Acquisition
US$5B
IPO
US$182m
+US$83m
+US$112m
+US$57m
+US$40m
+US$70m
IPO
US$121m
AdAlta is embarking on
a similar journey
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Global Data 2019
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GPCR platform exits
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Feb-15 acquired by Sosei Phase Ib + 7 preclinical leads US$400m Jul-15 acquired by Celgene Ph II/III + GPCR platform US$7.8b Feb-18 acquired by Sanofi 8 clinical, 37 preclinical candidates €3.9b

Source: Platinum Asset Management, AdAlta analysis

INVESTOR PRESENTATION – SEPTEMBER 2021

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Milestones for remainder of FY2022

Milestones extended through end of FY2022

	AD-214	Other Assets
H1 2021	ü Orphan Drug Designation for AD-214 in IPF ü Results of Phase I single dose studies in healthy volunteers ü Phase I multi-dose studies in healthy volunteers commence ü Japanese patent covering AD-214 granted ü PET tracer pre-clinical development results	ü Progressing the GE Healthcare collaboration from discovery to pre- clinical development
H2 2021	ü Top line results of multi-dose studies in healthy volunteers • Pre-clinical data in additional indications • Preliminary stability of AD-214 following nebulisation	ü Entering a second collaboration agreement (Carina Biotech) • Finalise research project outlines for initial Carina targets • Commencing development of two new i-body enabled internal pipeline assets
H1 2022	• Initial efficacy of inhaled AD-214 in IPF animal model • Imaging inhaled AD-214 in the lungs of healthy and fibrotic disease model animals • Inhaled dose and dose scheduling optimisation	• New i-body 2.0 IP filed • GE Healthcare preclinical update • First experimental results from Carina collaboration

INVESTOR PRESENTATION – SEPTEMBER 2021

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Industry experienced leadership and advisors

Team with experience from discovery through manufacturing, clinical and commercialisation

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Board
Dr Paul MacLeman
Chair
Liddy McCall
Director (alt: Dr James Williams)
Tim Oldham, PhD
CEO & Managing Director
Dr Robert Peach
Independent Director
Dr David Fuller
Independent Director
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Executive Tim Oldham, PhD CEO & Managing Director Mick Foley, PhD Chief Scientific Officer

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Dallas Hartman, PhD Chief Operating Officer

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Claudia Gregorio-King, PhD VP Clinical Product Development

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Michael Rasmussen Consultant Medical Expert

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Scientific Advisory Board

Brian Richardson Drug discovery and development expert

Steve Felstead Clinical development

John Westwick

Pulmonary drug discovery and development

INVESTOR PRESENTATION – SEPTEMBER 2021

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Corporate snapshot

Key financial details (14 Sep 2021)

	Key financial details (14 Sep 2021)
	ASX code	1AD
	Market capitalisation	A$23.05m
	Share price (12 month closing range) 12 month return Ordinary Shares (daily volume) Unlisted Options	A$0.094 ($0.081 - 0.195) (10)% 245,179,578 (589,886) 7,514,067
	Cash(30 Jun 2021)	A$5.79m

Major shareholders (14 Sep 2021) %

Major shareholders (14 Sep 2021) %
Yuuwa Capital LP	22.0
Platinum Asset Management	11.6
Meurs Holdings Pty Ltd	7.3
Radiata Super Pty Ltd	3.1
Sacavic Pty Ltd	1.8
Other (1,552 total holders)	54.2
Total	100%

Analyst Coverage

Edison Pitt Street Research Securities Vault

Share price performance (last 12 months)

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0.25 7.0
6.0
0.20
5.0
0.15
4.0
3.0
0.10
2.0
0.05
1.0
0.00 0.0
14-Sep-20 14-Nov-20 14-Jan-21 14-Mar-21 14-May-21 14-Jul-21
Price Volume
Quarterly cash flows (A$ million)
Net inflows Net outflows Cash at end of quarter
12
10
8
6
4
2
0
(2)
(4)
(6)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY19 FY19 FY19 FY19 FY20 FY20 FY20 FY20 FY21 FY21 FY21 FY21
Volume (m)
Share price (A$)
Cash (A$ milion)
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INVESTOR PRESENTATION – SEPTEMBER 2021

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Investment proposition

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i-body platform to create value

Patented, validated i-body platform for asset creation: designed for “difficult” targets, multiple modalities

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Clear vision for growth

Build on existing clinical and commercial validation of platform to add internal programs, expand collaborations

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Lead asset advancing to Phase II

AD-214: first-in-class asset for multiple fibrotic indications and cancer Phase I complete; clear path to Phase II in IPF

$3b market potential in first indication

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Leading expertise

Experienced drug development team in place

2 x co-development collaborations with biopharma to leverage platform

ü GE Healthcare: PET imaging in I/O $6b market
ü Carina Biotech: CAR-T $20b market

Regular near-term news flow

AdAlta substantially undervalued relative to peers, with near term and mid-term value drivers

Contact:

Tim Oldham, CEO and Managing Director [email protected] www.adalta.com.au

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Appendix: Strategy

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INVESTOR PRESENTATION – SEPTEMBER 2021

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Our strategy

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A
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i-body technology platform and library Proof of Principle against > 25 targets

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B
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In-house pipeline of drug candidates Usually GPCRs in fibrosis, inflammation, oncology Invest to value inflection (typically Phase I or II)

Licence to pharma Major upfronts + milestones and royalties

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Select novel, challenging drug targets where the i-body structure is most advantaged

Pharma, biotech partnerships Partner-led target selection and development Partner-enabled complex formats eg bivalent drugs

Co-develop with pharma, biotech Research fees + milestones and royalties

Multiple i-body drugs and diagnostics New drug class Potential in multiple disease indications

INVESTOR PRESENTATION – SEPTEMBER 2021

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AdAlta has successfully transitioned to the expansion phase of our growth plan

Accelerate (from ~mid-2021)

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Expand (~mid 2020 to late 2021)

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Maximise catalysts from current funded base (2020)

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From…

Via…

Towards 2023…

i-body platform in clinic for difficult drug targets
Clinical and commercial validation: AD-214 Phase I trial and GE partnership
Laying the foundations for growth
Progress AD-214
Build internal and external pipeline
Continuous platform improvement
Multi-product, multi-partner platform company
AD-214 partnering, new indications
~5 internal GPCR programs
3-5 co-development partnerships

Appendix: i-bodies

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INVESTOR PRESENTATION – SEPTEMBER 2021

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i-bodies: next generation antibodies

i-bodies are human proteins that belong to the class of next-generation antibodies

Generation of the i-body

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----- Start of picture text -----

1
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Shark antibody binding domain with unique long loop

Two long loops are engineered onto 2 the human protein. These enable tight binding to the drug target and have a therapeutic effect

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A human protein that is the same shape as the shark antibody is the backbone or scaffold protein of the i-body

3 Each unique i-body has different binding loops. The i-body library has 20 billion unique i-bodies

i-body is the combination of a human protein that mimics the shape of the shark antibody with unique long loop binding sites

The long loops of the i-body have exceptional targeting and binding properties, providing therapeutic access to drug targets that have evaded traditional monoclonal antibodies

Drug targets include G-protein-coupled receptors (GPCRs), currently the most heavily investigated class of drug targets

INVESTOR PRESENTATION – SEPTEMBER 2021 42

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An immensely powerful drug development platform

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Demonstrated i-body platform capability

G-protein coupled receptors (GPCRs)
Fibrosis, inflammation, oncology
Diagnostics (PET tracers; cancer imaging)
Chimeric antigen receptor (CAR) cell therapy

GPCRs are the most heavily investigated class of drug today and 80% of GPCR targets are yet to be effectively exploited

**Includes both i-body and VNAR/IgNAR formats

Appendix: AD-214

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INVESTOR PRESENTATION – SEPTEMBER 2021

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AD-214: road to the clinic

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Validated target Novel mode of action, IP

CXCR4
Patented CXCR4 i-body antagonist
Player in inflammatory, fibrotic processes
inflammatory, • CXCR4 fibrotic processes expressed on
• Biomarker, diverse cell types prognostic • Inhibition of indicator fibrotic cell
Inhibition of fibrotic cell migration

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GMP NHP GLP NHP GLP manufacturing toxicology toxicology

Fc-fusion format
Very clean tox • Bleomycin profile mouse model of
• Half-life supports IPF weekly dosing • Ashcroft Score,
• Sustained gene expression, receptor collagen occupancy • Eye, kidney, liver cancer PoC
CDMO: KBI Biopharma
IND-ready CMC package

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Pre-IND meeting:

Panel of pre-clinical studies “generally sufficient” to support an Investigational New Drug application The Phase I trial design is “reasonable”

Orphan Drug Designation: granted

INVESTOR PRESENTATION – SEPTEMBER 2021

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AD-214 inhibits key features of the fibrogenic pathway with novel MOA

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----- Start of picture text -----

Block fibrocyte recruitment Inhibit epithelial cell secretion of
into the damaged tissue pro-fibrotic factors and epithelial to
mesenchymal transition
Injury Entry
Entry
Inflammatory
mediators Neutrophil BM fibrocyte Resident fibroblast
EMT
Platelet Fibrosis Excess deposition
activation IL-1β of ECM
Macrophage
TGF-β
IL-13
TNF
Epithelial cell T cell Myofibroblast Wound
ECM repair
1 Clotting and 2 Inflammatory 3 Fibroblast migration, 4 Tissue remodeling
coagulation cell migration proliferation and activation and/or resolution Wound contraction
Modulate aspects of
inflammation Inhibit fibroblast migration Reduce ECM deposition
and differentiation during tissue remodeling
----- End of picture text -----

INVESTOR PRESENTATION – SEPTEMBER 2021

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AD-214 induced reduction in progression of fibrosis in mouse bleomycin model

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Ashcroft Score
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Day 8 bleomycin (start of treatment)

AD-214 reduced Ashcroft Score with statistical significance compared to bleomycin treated mice at:

1-30mg/kg every second day
10-30mg/kg every fourth day

Wide range of dosing regimens can be used to test efficacy

10mg/kg every second day exhibited
effectiveness by most study parameters
Human equivalent dose: 1mg/kg (estimated)

AD-214 efficacy demonstrated in gold standard IPF disease model

Supportive of potential human therapeutic window beginning as low as 1mg/kg

INVESTOR PRESENTATION – SEPTEMBER 2021

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NHP GLP toxicology: AD-214 safe

3 non-human primate studies completed Good Laboratory Practice (GLP) study to evaluate safety and toxicology

10mg/kg, 30mg/kg and 100mg/kg multiple doses over four weeks plus recovery (human equivalent dose 32mg/kg)

AD-214 well tolerated with no deaths, no AD-214-related clinical signs, no changes in a panel of clinical observations:

neurological function
body weight
ophthalmoscopy
• blood pressure
coagulation
urinalysis
electrocardiography
• respiratory function
organ weight
• macroscopic and microscopic findings

Minor, transient, completely reversible increase in total white cell and circulating CD34+ cells

Small, transient, completely reversible decrease in serum total protein and albumin at highest dose only (100 mg/kg)

ToxTox study results were in line with expectations and in keeping with previous studiesstudy results were in line with expectations and in keeping with previous studies

No major organ toxicity has been observed on repeat dosing at high doses No major organ toxicity has been observed on repeat dosing at high doses No suggestion of off-target toxicities No suggestion of off-target toxicities

INVESTOR PRESENTATION – SEPTEMBER 2021

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Non-human primate GLP toxicology: Phase I dose justification

Pharmacokinetics

Elimination half-life 22-29h
Human equivalent: ~71h (estimate)
AD-214vailable for >3 days

Pharmacodynamics

60% receptor occupancy* for 72h at >30mg/kg
Human equivalent: ~10mg/kg (estimate)
High receptor binding for >3 days

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Supportive of human therapeutic dose window including 10mg/kg intravenously, weekly or every second week Supportive of human therapeutic dose window including 10mg/kg intravenously, weekly or every second week

INVESTOR PRESENTATION – SEPTEMBER 2021

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AD-214 Phase I healthy volunteer results

AD-214 is well tolerated in single doses to 20 mg/kg and multiple doses to 5 mg/kg*

AD-214 molecule is well tolerated in single and multiple doses (see Appendix for more detail)*

No dose limiting toxicities or adverse events of clinical concern in single doses to 20 mg/kg
Moderate infusion related reactions (IRRs) in 3 participants (2 drug, 1 placebo) receiving multiple 5mg/kg doses
Rapidly resolved at end of infusion
Appear formulation related
No concerning clinical laboratory results, no adverse liver or other organ function detected
HREC approved progressing to 10 mg/kg

AD-214 clearly engages the target CXCR4 receptor in vivo*

Dose dependent changes in biomarkers of CXCR4 engagement observed
High and extended duration of receptor occupancy on circulating T cells
Biomarker response consistent across multiple doses at 5 mg/kg – no evidence of tolerance

AD-214 pharmacokinetics are dose proportionate*

Peak and total AD-214 exposure increases in a dose proportionate or more manner to 20 mg/kg, consistent across multiple doses at 5 mg/kg
Elimination half-life 44±15 hours at 20 mg/kg
No evidence of tolerance or drug induced clearance
Rapid distribution from plasma observed at all doses, consistent with rapid increase/saturation of receptor occupancy and preclinical imaging
Multiple dose data subject to database lock and full statistical analysis; receptor occupancy data only available to 4 hours after end of third infusion; antidrug antibody data only available to 14 days after second infusion (pre third infusion)

INVESTOR PRESENTATION – SEPTEMBER 2021

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AD-214 Phase I healthy volunteer study: safety findings

Single doses to 20 mg/kg (42 participants)

Multiple doses 5 mg/kg (8 participants)

No dose limiting adverse events
No serious adverse events
No concerning clinical laboratory results
Dose escalation steps completed without concern
Adverse events (AEs) were non-concerning
Predominantly mild
Three Grade 2 (moderate) AEs
No dose limiting adverse events
Safety Management Committee and Human Research Ethics Committee approved progression to 10 mg/kg
No serious adverse events
No concerning clinical laboratory results
Adverse events (AEs) profile supports safety of AD-214 molecule
Predominantly mild
Three Grade 2 (moderate) treatment related AEs
Infusion related reactions (IRRs) reported in three participants – resolved rapidly when infusion ended
IRRs linked to formulation
Observed in participants receiving both AD-214 (2) and placebo (1)
Trended to increasing intensity and frequency with subsequent doses
Not associated with changes in vital signs, clinical, physical or cytokines
Protocol amended to include standard antihistamine and corticosteroid treatment options

INVESTOR PRESENTATION – SEPTEMBER 2021

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AD-214 Phase I healthy volunteer study: immune response findings

Single doses to 20 mg/kg (42 participants)

Multiple doses 5 mg/kg (8 participants)

Isolated instances of minor cytokine elevation
Transient and primarily low level of elevation of IL-6 and IL-8 in some participants (including placebos)
No clinically significant cytokine release
Antidrug antibodies: detected in 11 participants
Predominantly low titre
Characterisation pending
No clinical symptoms related to immune response observed
Sporadic and primarily low level elevation of cytokines IL-6 and IL-8, sporadic increases in TNF-a and IFN-g
No clear association with IRRs or antidrug antibodies
Low level increases in IL-6 in many participants 24-48h post infusion
No clinically significant cytokine response and no link to IRRs or ADAs
Antidrug antibodies: detected in three participants after second dose
All low titre
One also reported IRR (association unlikely)
Characterisation pending
Third dose data pending

INVESTOR PRESENTATION – SEPTEMBER 2021

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AD-214 pharmacokinetics increase proportionally with dose (single doses)

Maximum exposure, Cmax, increases in a dose proportional manner
Total exposure, AUC0-inf, increases in a more than dose proportional manner
• Elimination half-life t1/2 ~40h

AD-214 plasma concentrations (log and linear scale) Maximum and total plasma exposure

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Single ascending dose data presented as mean ± std dev

INVESTOR PRESENTATION – SEPTEMBER 2021

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AD-214 pharmacokinetics

Maximum exposure, Cmax, and total exposure, AUC0-inf, increase in a dose proportionate manner and are consistent across multiple doses of AD-214 at 5 mg/kg, supporting absence of drug induced tolerance or clearance

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----- Start of picture text -----

Maximum and total plasma exposure - SAD Maximum and total plasma exposure – 5 mg/kg
Peak AD-214 plasma concentration Total AD-214 exposure
140 600
120
500
100
400
80
300
60
200
40
100
20
0 0
SAD MAD#1 MAD#2 MAD#3 SAD MAD#1 MAD#2 MAD#3
Cmax (ug/mL) Cmax (ug/mL)
----- End of picture text -----

Pharmacokinetic profile

Rapid distribution from plasma (consistent with rapid and high CXCR4 receptor occupancy and PET imaging distribution studies)
• Elimination half-life 44±15 h at 20 mg/kg
SAD = single dose at 5mg/kg; MAD#1/MAD#2/MAD#3 are first, second and third multiple doses at 5 mg/kg; data presented as mean ± std dev

INVESTOR PRESENTATION – SEPTEMBER 2021

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Transient white blood cell and blood stem cell increases indicate CXCR4 engagement

Observed in Phase I HV SAD*

Transient, dose dependent, increase in WCC and CD34+ counts at 4-12 hours consistent with CXCR4 blockade

WCC counts WCC counts at 4h CD34+ cell counts

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Single ascending dose data presented as mean ± std dev

INVESTOR PRESENTATION – SEPTEMBER 2021

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Transient increase in SDF-1 (natural ligand of CXCR4) consistent with CXCR4 engagement

Transient increases in SDF-1 levels at 4 hours in some participants, returning to baseline at 24h consistent with CXCR4 blockade

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Single ascending dose data presented as mean ± std dev

INVESTOR PRESENTATION – SEPTEMBER 2021

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Biomarkers of CXCR4 receptor engagement at 5 mg/kg

Transient increases in blood biomarkers demonstrate consistent engagement of the target receptor, CXCR4 across multiple AD-214 doses

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----- Start of picture text -----

CD34+ cells
Biomarker data confirm single dose findings, consistent across 16
Placebo
multiple doses: no drug induced tolerance or accumulation 14
12 SAD
10 MAD#1
White blood cell counts (WCC), haematopoietic stem cell (CD34+) 8
MAD#2
counts and concentration of SDF-1 are biomarkers of CXCR4
6
engagement by AD-214 MAD#3
4
Profile of biomarkers is consistent across multiple doses at 5 mg/kg 2
100% T cell CXCR4 receptor occupancy achieved for at least 24h (data 0
not shown, maximum duration analysis pending) 0 10 20 30 40
Time after start of infusion (h)
CD34+ cells at 4h WCC at 4h SDF-1 at 4h
30 30 10000
8000
20 20
6000
4000
10 10
2000
0 0 0
Placebo SADMAD#1MAD#2MAD#3 Placebo SADMAD#1MAD#2MAD#3 Placebo SADMAD#1MAD#2MAD#3
(cells/uL)
Mean CD34+ cell count
WCC at 4h (10^9/L)
CD34+ cell counts at 4h (cells/uL) SDF-1 plasma conc at 4h (pg/mL)
----- End of picture text -----

SAD = single dose at 5mg/kg; MAD#1/MAD#2/MAD#3 are first, second and third multiple doses at 5 mg/kg; CD34+ and WCC data is shown at 8h for MAD#2

INVESTOR PRESENTATION – SEPTEMBER 2021 35

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Sustained high levels of CXCR4 receptor occupancy on T cells

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White blood cells naturally express CXCR4 in healthy individuals, providing an accessible surrogate for AD-214 target engagement or receptor occupancy (RO)

Understanding duration of RO is critical to inform dosing

Primary

70% CXCR4 RO at 7 days after 5-10 mg/kg infusion • >60% CXCR4 RO at 21 days after 20 mg/kg infusion*

• Duration of RO is considerably longer than PK profile

If replicated on CXCR4 receptors in fibrotic tissues, result supports extended dosing intervals despite relatively rapid clearance from circulation

Receptor occupancy was monitored for one week at all dose levels except 20 mg/kg (4 weeks)

INVESTOR PRESENTATION – SEPTEMBER 2021

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PET imaging studies inform dosing and route of administration

PET imaging with radiolabelled AD-214 supports early transition to inhaled route of administration

Rapid liver distribution and clearance reduces bioavailability

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Consistent with pharmacokinetic profile and a first pass clearance mechanism

More than half administered dose not available to target site of action

Direct lung delivery of AD-214 could achieve a therapeutic dose at lower levels than intravenous delivery

CXCR4 binding capability retained, supportive of potential efficacy

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Consistent with observed biomarker, receptor occupancy and bleomycin mouse efficacy data

Liver distribution does not appear to affect safety profile

No localization in hepatocytes (responsible for metabolic activity in liver) Consistent with lack of observed changes in liver function or toxicity in toxicology and clinical studies

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Radiolabelled AD-214 will continue to be a useful development tool

Alternate intravenous formulations to be evaluated to reduce liver clearance

INVESTOR PRESENTATION – SEPTEMBER 2021

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Inhalation in IPF

Numerous drugs have been formulated for inhalation in IPF and respiratory disease, a substantial number of biologics are in development for inhalation and off-the-shelf devices are available for rapid translation from intravenous route

Inhalation used regularly in IPF and other respiratory diseases

Substantial number of biologics in development for inhalation*

Off-the-shelf devices for nebulization of liquid formulations

4 inhaled IPF therapeutics in development (Phase III) (Phase IIb)
2 marketed inhaled biologics
19 clinical stage inhaled biologics including

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(Phase I/II) (Pre-clinical, biologic)
IPF patients routinely inhale salbutamol and steroids for symptom relief
Inhaled therapeutics also marketed for asthma, COPD, cystic fibrosis
Several fragment antibodies
1 single domain antibody (nanobody)
Majority sized between 15-80 kDa (AD-214 73 kDa, single i-bodies 15 kDa)
Majority via solution for inhalation
Smart mesh nebulisers assist compliance, accuracy, drug efficiency
Low shear forces designed for biologics
Liquid formulations: potential to utilize AD214 intravenous formulation with minimal modification

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W Liang et al , Pulmonary delivery of biological drugs, Pharmaceuticals 2020, 12, 1025

INVESTOR PRESENTATION – SEPTEMBER 2021

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A clinician’s perspective on AD-214 results so far

Un-met need in IPF/ILD remains – need to progress new therapies
Research at The Alfred suggests if targeting CXCR4 works in IPF it may work in other ILD’s
AD-214 is well tolerated and ready to move forward into multi-dose studies in healthy volunteers and patients
The data is supportive of extending dosing interval to two weekly at least
AdAlta approach is methodical and appropriate
PET imaging strategy is particularly important as an innovative way to explore target engagement and mode of action in diseased tissue
Key insights anticipated from multidose and early patient studies (in addition to safety):

Prof Glen Westall leading respiratory and lung fibrosis specialist

CXCR4 receptor engagement in tissue
Nature of the anti-drug antibodies that are expected with a biologic

AdAlta Investor Briefing 10 March 2021

Further characterisation of biomarker responses: CD34+, white cells, SDF-1a

INVESTOR PRESENTATION – SEPTEMBER 2021

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IPF Landscape: narrow and narrowing development field AdAlta’s novel mode of action expected to be attractive to partners

DRUG	MODE OF ACTION	PHASE	ORPHAN DRUG DESIGNATION
Inhaled Treprostinil	Reduction in pulmonary artery pressure through direct vasodilation of the pulmonary and systemic arterial vascular beds	Phase 3	Yes
PRM-151	Endogenous human protein that directs the immune system to naturally turn off and reverse the process of fibrosis	Phase 3	Yes
Pamrevlumab	Human monoclonal antibody (mAb) that inhibits the activity of connective tissue growth factor (CTGF)	Phase 3	Yes
KD025	Selective inhibitor of Rho-associated coiled-coil kinase 2 (ROCK2), a signaling pathway that modulates immune and fibrotic processes	Phase 2	Yes
Jaktinib	Jaktinib is a JAK inhibitors inhibits the activity of one or more of the Janus kinase family of enzymes (JAK1, JAK2, JAK3, TYK2), thereby interfering with the JAK-STAT signaling pathway	Phase 2	No
TD139	Small molecule inhibitor of the galactoside binding pocket of galectin-3	Phase 2	Yes
CC-90001	Interferes with JNK (c-Jun N-terminal kinase), a protein that the body produces in various situations, with some evidence of participation in IPF	Phase 2	No
BI 1015550	A small molecule phosphodiesterase 4b inhibitor shown to have an anti-fibrotic effect in animal models	Phase 2	No
ND-L02-s0201	Oligonucleotide drug using HSP47 (Heat Shock Protein 47) siRNA, which moderates collagen synthesis and secretion that causes fibrosis	Phase 2	No
PLN-74809	Inhibits integrins to block TGF-β1 activation, thereby preventing the growth of fibrotic tissue within the lung	Phase 2	Yes

Appendix: CAR-T

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INVESTOR PRESENTATION – SEPTEMBER 2021

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Advantages of CAR-T therapy

For patients, CAR-T therapies offer a potentially curative, single shot therapy that is precision engineered to find and kill cancer

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Can be curative

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Long lasting

Highly targeted

Even in patients whose cancers have returned after multiple prior standard therapies

Living therapy: a single treatment can attack cancer over months and then remain in the immune system long term to fight cancer cells that return

Precision engineered to engage with tumour cells and to minimise healthy tissue damage

INVESTOR PRESENTATION – SEPTEMBER 2021

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CAR-T market opportunity

The CAR-T market formed in 2017, has already reached US$1b and is forecast to reach US$20b by 2028

Sales and market share growth for CAR-T products[3]

ü >$US1 billion earned by CAR-T therapy products in 2020
ü Revenue of $US20.3 billion[1] forecast for 2028 as more CAR-T cell products are commercialised and science evolves
ü New CAR-T product approvals to expand addressable patient population to 2 million within next 10 years[1]
ü Solid tumours to account for >50% of CAR-T revenues by 2030[2]

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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
Yescarta and Kymriah market size estimates calculated from various publicly available sources. Estimates vary and different analyses may give different results. Estimated cost of goods US$58,200 (range $40,000-$106,000, 2018) with pricing outcomes/value based.

INVESTOR PRESENTATION – SEPTEMBER 2021

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Current approved CAR-T products

Five FDA approved CAR-T products for blood cancers generate strong revenues and are in high demand

	Manufacturer
	Product
	Notable CAR-T transactions	UPenn and Novartis Alliance Aug 20122	Gilead acquired Kite Aug 2017 US$11.9b1	Gilead acquired Kite Aug 2017 US$11.9b1	Celgene acquired Juno Jan 2018 US$9b; BMS acquired Celgene Jan 2019 US$74b3	Celgene acquired Juno Jan 2018 US$9b; BMS acquired Celgene Jan 2019 US$74b3
	FDA approval	August 2017 (acute lymphoblastic leukemia, large B cell lymphoma)	October 2017 (large B cell lymphoma)	July 2020 (mantle cell lymphoma)	February 2021 (large B cell lymphoma)	March 2021 (multiple myeloma)
Revenue 20204	Revenue 20204	US$474m	US$563m	US$44m	N/A	N/A

https://www.businesswire.com/news/home/20210204006011/en/Gilead-Sciences-Announces-Fourth-Quarter-and-Full-Year-2020-Financial-Results 2. https://www.novartis.com/
https://www.celgene.com/newsroom/cellular-immunotherapies/celgene-corporation-to-acquire-juno-therapeutics-inc/
businesswire.com/news/home/20210204006011/en/Gilead-Sciences-Announces-Fourth-Quarter-and-Full-Year-2020-Financial-Results, novartis.com, celgene.com/newsroom/cellular-immunotherapies/celgenecorporation-to-acquire-juno-therapeutics-inc/

INVESTOR PRESENTATION – SEPTEMBER 2021

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Collaboration synergies

By joining forces, AdAlta and Carina access complimentary expertise to create a toolbox to address three main challenges facing solid tumour CAR-T therapies. AdAlta expands its pipeline and further validates the i-body platform

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Precision

Limited tumour-specific antigens – healthy tissue can be damaged

Incomplete expression of tumourantigens – tumour can escape

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i-bodies specifically designed to enable access to new, difficult antigens

Small size confers greater design flexibility, enabling bi-specific and dual CARs to enhance specificity

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Performance

Tumour mass hard to penetrate for immune cells

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Engineered Chemokine Receptor Platform directs CAR-T cells to and into solid tumours

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Persistence

Tumour secretes molecules that suppress immune cell activity

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Best practice manufacturing process (9 days, 90% efficiency) and Chemokine Receptor Platform make more robust, resilient CAR-T cells

INVESTOR PRESENTATION – SEPTEMBER 2021

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i-bodies in CAR-T format

i-bodies are approximately half the size of the traditional CAR binding domain
Enables greater flexibility in CAR design
Ideally suited to bispecific CARs
i-bodies are specifically designed to target antigens considered difficult or intractable for traditional antibodies and CAR constructs
In vitro proof of principle established for i-bodies in a CAR-T platform (in collaboration with Carina Biotech)

INVESTOR PRESENTATION – SEPTEMBER 2021

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Advantages of i-body enabled CAR-T

i-body enabled CAR-T cells may demonstrate improved precision, performance and persistence, particularly in bi-specific and dual CAR-T cells

Delivering precision to difficult to treat cancers: bi-specific and dual-specific CAR-T cells

ü Targets 2 antigens on cancer cells
ü Reduces opportunity for tumour cells to be missed
ü Reduces chance of damaging healthy tissue

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----- Start of picture text -----

i-body enabled
mono / dual CAR i-body enabled
bi-specific CAR
engineered
engineered
chemokine
chemokine
receptor
receptor
----- End of picture text -----

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AI assistant

ADALTA LIMITED — Investor Presentation 2021

64247_rns_2021-09-20_07a8a601-4a87-4c3b-bdc5-aa8a7e441da5.pdf

21 September 2021

ASX Announcement

CORPORATE OVERVIEW AND IRD INVEST 2021 PRESENTATION

Notes to Editors

About AdAlta

For more information, please contact:

Corporate overview September 2021

Disclaimer

AdAlta today

What is the i-body advantage?

Minimising off-target side effects

Multiple drug administration routes

Robust

Idiopathic Pulmonary Fibrosis (IPF)

AD-214: first in class treatment for fibrosis

AD-214’s initial focus is IPF

AD-214 Phase 1 clinical and pre-clinical imaging programs

Phase 1 protocol in healthy volunteers - COMPLETE

Objectives of Phase 1 Part A and B:

PET imaging*

Pre-clinical

Distribution and efficacy studies

Clinical (future)

Single and multi-dose in fibrotic diseases

Objectives of PET imaging program:

AD-214 Phase I results

AD-214 is well tolerated in single doses to 20 mg/kg and multiple doses to 5 mg/kg* in healthy volunteers

Results from single and multiple dose studies in health volunteers

AD-214 is well tolerated

AD-214 engages the CXCR4 receptor

Pharmacokinetics and tissue distribution support inhalation route

Phase II planned with inhaled formulation

Key milestones to de-risk AD-214 development

AD-214: multiple indication extension options

Each additional indication could address multiple markets with U$ billion potential

IPF late-stage clinical landscape: a narrow development field

AdAlta’s novel mode of action and Orphan Drug Designation expected to be attractive to partners as an alternative to, and in combination with other therapies

IPF partnering: valuable options as early as Phase I

GZMB i-body asset: GE Healthcare co-development collaboration

Immuno-oncology (I/O) PET imaging

US$6.4b PET imaging market: could help identify the 20-40% of patients who will respond to revolutionary I/O drugs faster

i-body enabled CAR-T assets: Carina collaboration

CAR-T therapies are revolutionising cancer treatment

Carina collaboration details

Up to 5 targets

Significant new, shared IP

Post proof of concept commercialisation options

Attractive deal space

AdAlta assets and business model

An expanding pipeline of i-body enabled products

The potential of our strategy: Ablynx case study

Milestones for remainder of FY2022

Milestones extended through end of FY2022

Industry experienced leadership and advisors

Scientific Advisory Board

John Westwick

Corporate snapshot

Key financial details (14 Sep 2021)

Major shareholders (14 Sep 2021) %

Analyst Coverage

Share price performance (last 12 months)

Investment proposition

i-body platform to create value

Clear vision for growth

Regular near-term news flow

Contact:

Appendix: Strategy

Our strategy

AdAlta has successfully transitioned to the expansion phase of our growth plan

From…

Via…

Towards 2023…

Appendix: i-bodies

i-bodies: next generation antibodies

Generation of the i-body

Appendix: AD-214

AD-214: road to the clinic

ADALTA LIMITED Investor Presentation 2021

**AD-214 is well tolerated in single doses to 20 mg/kg and multiple doses to 5 mg/kg* in healthy volunteers**