ADALTA LIMITED — Investor Presentation 2025

Mar 3, 2025

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ASX Announcement | 4 March 2025 AdAlta Limited (ASX:1AD)

AdAlta to present at 4[th] BioCentury-BayHelix East-West Biopharma Summit

AdAlta Limited (ASX:1AD) (“AdAlta” or “the Company”) , developer of next generation cell and protein therapeutic products is presenting at the 4[th] BioCentury-BayHelix East-West Biopharma Summit being held in Singapore from 4-5 March, 2025. The summit theme is “How to Globalize Asia Innovation” and the audience comprises senior biopharma and investor leaders looking to globalize innovation from across Asia, a receptive audience for AdAlta’s “East to West” cellular immunotherapy strategy.

CEO and Managing Director, Dr Tim Oldham has secured a company presentation opportunity and is presenting AdAlta’s strategy on 5th March 2025 at 10:45 AM SGT (13:45 AEST), ParkRoyal Collection, Singapore.

A copy of the presentation is attached.

More information about the 4[th] BioCentury-BayHelix East-West Biopharma Summit can be found here: https://conferences.biocentury.com/east-west-summit

For an opportunity to engage in a virtual discussion on this release see: https://investorhub.adalta.com.au/link/Ve9Zzr

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) Media & Investor Enquiries Tim Oldham The Capital Network CEO & Managing Director Julia Maguire P: +61 3 9479 5159 P: +61 2 7257 7338 E: t.oldham@adalta.com.au E: julia@thecapitalnetwork.com.au

About AdAlta Limited

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.

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AdAlta Limited (ASX:1AD) 15/2 Park Drive, Bundoora 3083 Victoria Australia ABN: 92 120 332 925 www.adalta.com.au

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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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COMMERCIALISING CELLULAR IMMUNOTHERAPIES “EAST TO WEST”

ADALTA LIMITED (ASX:1AD) | INVESTOR PRESENTATION | FEBRUARY 2025

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

DEVELOPING NEXT GENERATION CELL AND PROTEIN THERAPEUTICS

AdAlta Limited

Code ASX:1AD Market Capitalisation $11.0m Enterprise Value $9.4m Cash $1.6m

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Specialist in next-generation cell and protein therapeutics for fatal diseases

First three term sheets signed of "East-toWest" cell therapy strategy, with team and network in place

	Significant Shareholders
	Sacavic Group	15.8%
	Meurs Group	14.5%
	Platinum International Healthcare Fund	12.7%
	~1,500 other shareholders	57%

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Capital-light, highly scalable model with numerous value inflection points in the rapidly growing cellular immunotherapy market

AD-214, a new approach for fibrotic diseases, now available for partnering (Phase 1 trials complete)

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

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“EAST TO WEST” STRATEGY CENTRAL TO ADALTA’S GROWTH

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

RATIONALE FOR OUR STRATEGY

	Market Opportunity		Competitive Advantage	First Assets
	Cancers that are solid	•	Networks: Asia's rich innovation,	Initialthree assets under term sheet from
	tumours and remain		Australia's clinical and manufacturing	pipeline of 10 high-potential therapies
90%	underserved by cellular		ecosystem, AdAlta's pre-IND to clinical
	immunotherapies		skills
		•	Strategic sourcing: Disciplined asset	Armored CAR-Tfor lung, gynaecological, pleural and
34% $20.3B	CAGR of cellular immunotherapy market and market size by 20281		selection of highly differentiated assets with clinical data in solid cancers	peritoneal cancers
		•	Unique value proposition: asset
	Revenue estimated to be		financing for partners enables more	First-in-class CAR-Tfor
50% 2	generated from solid tumours by 2030;2recent FDA approvals setting stage3	•	valuable exit; “East to West” reduces risk for buyers Capital-light: modest investment	advanced colorectal and gastric
			leveraged with outside investment to
61%	Asia leads in total clinical trials,4providing a unique innovation pool in which AdAlta can lead	•	achieve a single inflection before exit Scalable: replicable across multiple assets	First-in-class CAR-Tfor NPC, gastric and other epithelial cancers

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

1. Grandview Research, “T-cell Therapy Market Size, Share & Trends Analysis” Feb 2021; 2. Polaris Market Research, “CAR-T Cell Therapy Market Share, Size, Trends, Industry Analysis Report”, June 2021 2. Alliance for Regenerative Medicine, Developer Data Report Q3 2023; 3. https://www.fda.gov/vaccines-blood-biologics/approved-blood-products/amtagvi; https://www.fda.gov/vaccines-blood-biologics/aucatzyl 4. GlobalData, Pharma Intelligence Centre, Clinical Trials Database (accessed 5 April 2024)

“EAST TO WEST” STRATEGY OVERVIEW

AdAlta has clear aspirational growth targets for its “East to West” strategy By end 2025 From 2026

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

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

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

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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 | February 2025 | 6

BECOMING A VALUATION MULTIPLIER FOR ASIAN PARTNERS

3 In-license market leading 3 assets from Asia (“East”): 1 Low acquisition cost. By financing to next inflection On-licensing: point AdAlta acquires a Establish global share of the asset at exit manufacturing network and on-license to commercialisation partners. AdAlta and 2 partner share increased value that partner could not achieve on their own Build value by transferring to “West” under AdAlta management: Apply Western regulated manufacturing, obtain first Western regulated clinical data in Australia to create substantial inflection point for big pharma; managed by AdAlta and leveraged with third party investment

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

PROGRESS AND POTENTIAL

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Australian clinical
trial data facilitates
We are here pivotal studies,
today licensing agreements
and asset sales
First IND
approval (F)
Three high value
First technology
assets secured (F)
Three in-licensing
transfer to 2028+
term sheets
commence (F)
“East to West” cell signed (90-120 2026+
days exclusive
therapy strategy
announced; 10 assets in Consultant CMO negotiation) End-2025
MoU with SYBV diligence appointed
2H-2025
Initiate one new
Feb-2025 clinical trial per year
(target)
Aug-2021 Apr-2024 May-2024 Jul-2024 Oct-2024 Oct-2024
More term sheets in
Carina Biotech Preferred 1 [st] non-binding
development
collaboration to manufacturing in-licensing
develop i-body® partnership with term sheet
bi-specific CAR-T cells CTPL
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AdAlta Limited (ASX:1AD) | Investor Presentation | February 2025 | 8

THREE ASSETS UNDER EXCLUSIVE DUE DILIGENCE

	First in-licensing term sheet	Second in-licensing term sheet	Third in-licensing term sheet
Target cancer markets	Lung, mesothelioma, ovarian, cervical, pancreatic, colorectal Endothelial solid cancers incl. colorectal, lung and gastric Gastric, gynaecological and epithelial
Patients worldwide p.a	>1.5 million >1.5 million >1.65 million
First and best in class	Yes Yes Yes
Key advantage	High potency, armoured Rapid, virus free manufacturing Selective activation/safety kill switch Potential for multi-dosing First to achieve US FDA IND Short manufacturing process
Competition	No competitive product beyond Phase II trials Very few competitor products against this target Patients not expressing other targets in development for these indications
IP protection	US, EU + China All major markets Major Western markets
Approvals	Phase I IND approval in China Orphan Drug Designation in US for one indication Extensive and compelling preclinical package in multiple difficult tumour models Phase I IND approval in China and US
Investigator Initiated Trials in China	3 (n=31) 2 (n=9, includes 4 with 2+ doses) 1 (n=10)
Safety	Demonstrated safety, efficacy substantially superior to current second line standard of care Established safety profile, efficacy signals in heavily pre-treated patients High disease control rate in advanced gastric cancer, response above third line and comparable to second line therapies

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

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

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 ✓ Led by Idiopathic Pulmonary Fibrosis (IPF): TAM fibrotic disease – derisks US$4.3b clinical studies in US$b ✓ Multiple US$b indication potential: kidney, eye, cancer indications

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 | February 2025 | 11

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 | February 2025 | 12

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TEAM AND INVESTMENT PROPOSITION

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

EXPERIENCED TEAM WITH GLOBAL REACH

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Board Executive “East-to-West” Strategy
Paul MacLeman, DVM Angus Tester, PhD Kevin Lynch
Chair Senior Manager, Consultant CMO
Projects and Programs
Tim Oldham, PhD Prof Andrew Wilks
CEO / Managing Director VC Advisor
Janette Dixon, DBA
Head of Business
Development
Michelle Burke DHC secondment
Independent Director Head of Asset
Development
Andrew O’Brien, PhD
Head of Corporate
Development
Dr David Fuller
Independent Director
AdAlta has been
building capability for
Darryn Bampton
Iain Ross
Director, Clinical and its “East-to-West”
Independent Director Regulatory Operations
strategy
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AD-214: Fibrosis

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TBA - engaged Consultant CMO

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Joseph Tyler Consultant CMC Expert

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Prof Tamera Corte Clinical Advisory Board

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Steve Felstead Clinical Advisory Board

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Prof Toby Maher Clinical Advisory Board

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

TRANSACTION-BASED GROWTH STRATEGY IS BEING DELIVERED

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“East to West” cellular The first three assets under immunotherapy growth strategy exclusive due diligence for the “East leveraging regional and business to West” clinical pipeline to create a model advantages in high value, high leader in cellular immunotherapy for growth sector is now delivering solid cancer patients

Experienced team and accessible global network ready to execute a growing 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

A strong and supportive institutional and large shareholder register , together with flexible financing

Attractive valuation relative to commercial potential of pipeline

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

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FOR MORE INFORMATION PLEASE CONTACT:

TIM OLDHAM CEO & MANAGING DIRECTOR +61 403 446 665 T.OLDHAM@ADALTA.COM.AU

INVESTOR RELATIONS THE CAPITAL NETWORK JULIA MAGUIRE +61 2 7257 7338 JULIA@THECAPITALNETWORK.COM.AU

WWW.ADALTA.COM.AU

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