Telix Pharmaceuticals Ltd — Investor Presentation 2025

Jan 12, 2025

==> picture [144 x 58] intentionally omitted <==

Acquisition of Next-generation Therapeutic Assets and Novel Biologics Technology Platform

Telix Pharmaceuticals NASDAQ: TLX | ASX: TLX

January 2025

==> picture [457 x 540] intentionally omitted <==

Disclaimer

This presentation should be read together with our risk factors, as disclosed in our most recently filed reports with the Australian Securities Exchange (ASX), U.S. Securities and Exchange Commission (SEC), including our registration statement on Form 20-F filed with the SEC, or on our website.

The information contained in this presentation is not intended to be an offer for subscription, invitation or recommendation with respect to shares of Telix Pharmaceuticals Limited (Telix) in any jurisdiction, including the United States. The information and opinions contained in this presentation are subject to change without notification. To the maximum extent permitted by law, Telix disclaims any obligation or undertaking to update or revise any information or opinions contained in this presentation, including any forward-looking statements (as referred to below), whether as a result of new information, future developments, a change in expectations or assumptions, or otherwise. No representation or warranty, express or implied, is made in relation to the accuracy or completeness of the information contained or opinions expressed in this presentation.

This presentation may contain forward-looking statements, including within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, that relate to anticipated future events, financial performance, plans, strategies or business developments. Forward-looking statements can generally be identified by the use of words such as “may”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “believe”, “outlook”, “forecast” and “guidance”, or the negative of these words or other similar terms or expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Telix’s actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Forward-looking statements are based on Telix’s good-faith assumptions as to the financial, market, regulatory and other risks and considerations that exist and affect Telix’s business and operations in the future and there can be no assurance that any of the assumptions will prove to be correct. In the context of Telix’s business, forward-looking statements may include, but are not limited to, statements about: the initiation, timing, progress and results of Telix’s preclinical and clinical trials, and Telix’s research and development programs; Telix’s ability to advance product candidates into, enrol and successfully complete, clinical studies, including multi-national clinical trials; the timing or likelihood of regulatory filings and approvals for Telix’s product candidates, manufacturing activities and product marketing activities; Telix’s sales, marketing and distribution and manufacturing capabilities and strategies; the commercialisation of Telix’s product candidates, if or when they have been approved; Telix’s ability to obtain an adequate supply of raw materials at reasonable costs for its products and product candidates; estimates of Telix’s expenses, future revenues and capital requirements; Telix’s financial performance; developments relating to Telix’s competitors and industry; and the pricing and reimbursement of Telix’s product candidates, if and after they have been approved. Telix’s actual results, performance or achievements may be materially different from those which may be expressed or implied by such statements, and the differences may be adverse. Accordingly, you should not place undue reliance on these forward-looking statements.

This presentation also contains estimates and other statistical data made by independent parties and by Telix relating to market size and other data about its industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such data and estimates. In addition, projections, assumptions and estimates of Telix’s future performance and the future performance of the markets in which it operates are necessarily subject to a high degree of uncertainty and risk.

Telix’s lead imaging product, gallium-68 ([68] Ga) gozetotide injection (also known as[68] Ga PSMA-11 and marketed under the brand name Illuccix®), has been approved by the U.S. Food and Drug Administration (FDA), by the Australian Therapeutic Goods Administration (TGA), and by Health Canada. No other Telix product has received a marketing authorisation in any jurisdiction. This presentation has been authorised for release by the Telix Pharmaceuticals Limited Disclosure Committee on behalf of the Board.

©2025 Telix Pharmaceuticals Limited. The Telix Pharmaceuticals® and Illuccix® names and logos are trademarks of Telix Pharmaceuticals Limited and its affiliates – all rights reserved.

==> picture [73 x 30] intentionally omitted <==

==> picture [960 x 34] intentionally omitted <==

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

2
----- End of picture text -----

Transaction to acquire novel biologics platform and assets Platform, pipeline, and people from ImaginAb Inc.

• Transaction provides 1. Platform: a proprietary technology platform to generate unique theranostic Telix with multiple (therapeutic + diagnostic) engineered antibodies as radiopharmaceutical IND-ready assets targeting agents

2. Pipeline: a pipeline of multiple preclinically characterized theranostic assets derived from the platform

3. People: a research team and facility to expand platform and pipeline while adding new technical competencies to Telix

Adds novel, proprietary technology to Telix’s development pipeline

• Engineered antibody fragments combine the advantages of both antibodies and small molecules

• Designed to enable rapid tumor uptake and high tissue penetration combined with faster clearance from blood circulation

==> picture [73 x 30] intentionally omitted <==

==> picture [960 x 34] intentionally omitted <==

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

3
----- End of picture text -----

1. Refer to ASX announcement lodged today for further details.

Deal summar y

Structure:

Asset Purchase Agreement with concurrent Technology License Agreement providing additional exclusive and non-exclusive rights to specific patents and know-how retained by ImaginAb.

~~Deal summary[1]~~ Assets Platform Technology; ongoing Designated Programs; Discovery-Stage Assets; Materials, Equipment Acquired: and other similar Assets; related Seller IP, Data and Documentation. US$45M upfront Purchase US$45 million (AU$73 million)[1] comprised of US$10 million in cash and US$31 million in equity at • Price: closing, and deferred payment of up to US$4 million in equity at conclusion of 15-month indemnity US$10M cash period subject to set-off by Telix for indemnity claims above a defined threshold.• US$35M equity Contingent Up to a total of US$185 million (AU$299 million) upon achievement of specific key development and Future commercial milestones (of which up to US$60 million may be paid in cash or equity at Telix’s election)[2] . Payments: Low single-digit Royalties on Net Sales of limited number of platform and early-stage products after first four products have been developed, and single-digit sublicense fees, as applicable. Up to US$185M subject

~~to development and~~ Escrow Upfront equity subject to voluntary escrow (lock-up/leak-out) restrictions with equal tranches being commercial milestones (Lock-Up): released from escrow 60, 90 and 120 days after Closing. Closing: Standard closing conditions.

==> picture [73 x 30] intentionally omitted <==

1. All references to AUD have been converted at the AUD/USD exchange rate of 1.614.

2. Refer to Appendix in ASX announcement and Appendix 3B lodged with the ASX today for further details.

==> picture [960 x 34] intentionally omitted <==

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

4
----- End of picture text -----

Engineered antibody targeting agents offer best of both worlds

Bridging the gap between small molecules and antibodies

==> picture [727 x 380] intentionally omitted <==

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

Small Nanobody scFv Diabody Minibody scFv-Fc IgG △ CH2 IgG
molecule/
peptide
1.6 15 28 55 80 100 130 150 kDa [1]
Mainly cleared via kidney Mainly cleared via liver
Format trade-offs
Small molecule/peptide Engineered mAb Full length mAb [2] (IgG)
Time to max tumor uptake Fast Slow
Blood clearance Fast Slow
Tumor retention Low High
Internalization Less likely Highly likely
----- End of picture text -----

‘Antibody fragments’ have a molecular weight between fulllength antibodies and smaller biologics.

This provides a powerful combination of:

• binding affinity

• tumor uptake

• internalization

• clearance from the body

==> picture [73 x 30] intentionally omitted <==

1. Kilodalton, a measure of molecular mass.

2. Monoclonal antibody.

A platform technology ideal for radiopharmaceuticals Proprietary technology to develop protein-based therapeutic agents

	Advantage vs. antibodies		Advantage vs. small molecules	Favorable in vivo targeting characteristics1	Favorable in vivo targeting characteristics1	Favorable in vivo targeting characteristics1	Favorable in vivo targeting characteristics1
•	Faster tumor uptake	•	High affinity and targeting selectivity	60
•	High tumor penetration	•	Can be modified with different	50
• •	Optimal (and tunable) blood clearance rate for broader range of isotopes Improved clearance to reduce radiation to normal tissue	•	chelators without impact on affinity Internalization and intercellular processing results in residualization of radiometals (as with full length mAbs)	Uptake (%ID/gr) 20 30 40
•	Suited to both alpha- and beta- emitting isotopes 1. ImaginAb data on file.	•	Continuous tumor accumulation over time, avoiding first pass clearance	0 Blood 10 0 40 80 120 160 200 Time (hr) Tumor Rapid tumor penetration and high retention Optimal blood clearance

==> picture [960 x 34] intentionally omitted <==

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

6
----- End of picture text -----

New pipeline of therapeutic assets

Lead compounds validate the utility of the technology platform

• The acquisition adds a pipeline of therapeutic compounds addressing commercially valuable indications with high unmet clinical need

• Multiple preclinically characterized therapeutic lead molecules against high-value targets including DLL3[1] , integrin αvβ6[2] , as well as a discovery pipeline

• Complements Telix’s proprietary chelator platforms for use with Telix’s established radioisotopes ([177] Lu,[225] Ac,[89] Zr)

==> picture [624 x 234] intentionally omitted <==

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

Lead IND [3] enabling Clinical
Program Target/Indication Discovery
selection studies studies
IAB56 Integrin αvβ6 / solid tumors
IAB57 DLL3 / small-cell lung cancer
IAB58 Undisclosed / multiple solid
tumors
IAB59 Undisclosed / ovarian cancer
----- End of picture text -----

1. Delta-like ligand 3, a cell surface protein overexpressed in high-grade neuroendocrine tumors and small cell lung cancer (SCLC). 2. Integrin αvβ6 is a cell surface protein overexpressed during wound healing and in cancer. 3. Investigational new drug application.

==> picture [73 x 30] intentionally omitted <==

==> picture [960 x 34] intentionally omitted <==

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

7
----- End of picture text -----

New high-value targets: Integrin αvβ6 and DLL3

Opportunity to leverage novel theranostic mechanism of action against high value targets

==> picture [261 x 41] intentionally omitted <==

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

Integrin αvβ6 (IAB56)
----- End of picture text -----

==> picture [261 x 41] intentionally omitted <==

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

DLL3 (IAB57)
----- End of picture text -----

• Highly expressed across range of cancers with high unmet need including

• 90%+ of ovarian cancer[1] , 19k U.S. patients diagnosed p.a.[4]

• Expressed in 85% of SCLC[5]

  • 23k+ U.S. patients diagnosed p.a.[4]

  • High unmet need with 7% 5-year survival rate[4]

• 90%+ of pancreatic cancer[2] , 66k U.S. patients diagnosed p.a.[4]

• • 2024 FDA approval of Amgen’s Imdelltra DLL3-targeting T-cell engager for extensive-stage SCLC

• 50%+ of non-small cell lung cancer (NSCLC)[3] , 187k+ U.S. patients diagnosed p.a.[4]

• Pfizer currently conducting Phase 3 trial of αvβ6-targeting antibody-drug conjugate (ADC) in NSCLC (Sigvotatug Vedotin)

• Novartis’ acquisition of Mariana Oncology for up to USD 1.75B included a pre-clinical DLL3-targeting radiotherapeutic

• Recent in-licensing deals for DLL3-targeting ADCs by Roche and by Ideaya

• 1: Ahmed et al. Carcinogenesis . 2002.

• 2: Sipos et al. Histopathol . 2004.

==> picture [73 x 30] intentionally omitted <==

1. Elayadi et al. Cancer Res. 2007.

2. American Cancer Society, Key Statistics 2024.

3. Rojo et al. Lung Cancer. 2020.

Integrin αvβ6 targeting: Preclinical summary (IAB56)[1] Favorable dosimetry and efficacy

==> picture [294 x 357] intentionally omitted <==

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

Preclinical efficacy in multiple
pancreatic cancer models
Capan-2 model
100 Vehicle
370 uCi
50
p=0.0276
0
0 30 60 90 120 150
Days
CFPAC-1 model
100 Vehicle
300uCi +
220uCi
50
p=0.0003
0
0 10 20 30 40 50 60 70 80 90 100
Days
Probability of survival
Probability of survival
----- End of picture text -----**

• Tumor targeting demonstrated in multiple relevant tumor xenograft models

• Efficacy studies highly reproducible, demonstrating significant tumor growth inhibition

• IAB56 is highly selective for Integrin αvβ6 but does not block αvβ6 activity on healthy tissues, which could cause side effects

Pre-clinical dosimetry well below established toxicity thresholds

==> picture [421 x 39] intentionally omitted <==

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

Dosimetry at 100mCi Tox Threshold
Organ
(Gy) (Gy)
----- End of picture text -----

Kidney	3.06	23
Liver	4.98	32
Spleen	2.16	40
Red marrow	0.04	2

==> picture [73 x 30] intentionally omitted <==

1. ImaginAb data presented at AACR 2024.

==> picture [960 x 34] intentionally omitted <==

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

9
----- End of picture text -----

DLL3 targeting: Preclinical summary (IAB57)[1]

Demonstrated efficacy in an unmet clinical need

==> picture [374 x 357] intentionally omitted <==

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

Preclinical efficacy in lung cancer model
SHP-77 model
Vehicle
2500
350 uCi
2000
500
1000
500
0
0 1 4 6 8 11 13 15 18 20 22 25 27 29 32 34 36 39 41 43 46 48 50 53 55
Days post treatment
Day 36
2500
100
2000
1500
50
1000
500
0
0
Vehicle 360/370uCi 0 20 40 60
Time (Days)
3) Tumor size (mm
3)Tumor size (mm
Probability of survival (%)
----- End of picture text -----

• Tumor targeting demonstrated in multiple SCLC xenograft models

• IAB57 shows excellent manufacturability properties and cross-reactivity to ortholog DLL3 antigen

• IAB57 demonstrates rapid treatment response in murine xenograft models

Pre-clinical dosimetry well below established toxicity thresholds

==> picture [421 x 39] intentionally omitted <==

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

Dosimetry at 100mCi Tox Threshold
OrganOrgan
(Gy) (Gy)
----- End of picture text -----

Kidney	2.43	23
Liver	5.22	32
Spleen	1.69	40
Red marrow	0.12	2

==> picture [73 x 30] intentionally omitted <==

1. ImaginAb data presented at AACR 2024.

==> picture [960 x 34] intentionally omitted <==

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

10
----- End of picture text -----

Clinical proof of concept

Demonstrates highly specific targeting of cancer with favorable pharmacokinetics[1]

==> picture [872 x 241] intentionally omitted <==

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

99mTc-MDP 18F-FDG 89Zr-IAB2M A Serum clearance B Tumor uptake
35 16
IAB2M Bone
30 14 IAB2M Soft
12 IgG Bone
25
IgG Soft
10
20
8
15
6
10
4
5 IAB2M
2
IgG
0 0
0 30 40 60 80 100 120 140 150 170 0 30 40 60 80 100 120
Time (h) Time (h)
LBM MAX
SUV
Serum retention (%ID/L)
----- End of picture text -----

• IAB2M is an engineered mAb developed as a first-in-human clinical proof of concept in this study conducted by MSKCC[2]

• • Lesions were seen within the first 24 hours after injection and uptake was seen to increase at each successive imaging timepoint throughout the course of the study; demonstrating effective residualization of radiation inside cancer cells

• IAB2M shows highly specific targeting of cancer lesions, with no salivary gland uptake and faster clearance from the blood as expected

==> picture [73 x 30] intentionally omitted <==

1. Pandit-Taskar et al. J Nucl Med. 2016.

2. Memorial Sloan Kettering Cancer Center.

==> picture [960 x 34] intentionally omitted <==

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

11
----- End of picture text -----

Discovery platform, people and lab to bolster R&D capability A faster way to develop candidates across a range of cancer indications

Rapid “concept to clinical” model

• Research and Development laboratory and team provides Telix with ability to identify, characterize and validate future therapeutic pipeline assets​

• Adds further in-house capabilities in modern protein engineering techniques and preclinical candidate development and validation

• Bioreactor for engineered antibody production, and in vitro and cell-based assays for characterization

• Ability to conduct pre-clinical imaging and therapy studies in house, accelerating the path to clinical studies and supporting Telix’s broad pipeline development activity​

==> picture [362 x 318] intentionally omitted <==

Protein characterization core lab at the ImaginAb facility

==> picture [73 x 30] intentionally omitted <==

==> picture [960 x 34] intentionally omitted <==

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

12
----- End of picture text -----

Transaction summary

Reinforcing leadership position in theranostics

==> picture [261 x 40] intentionally omitted <==

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

Platform
----- End of picture text -----

==> picture [261 x 41] intentionally omitted <==

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

Pipeline
----- End of picture text -----

==> picture [261 x 41] intentionally omitted <==

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

People
----- End of picture text -----

Proprietary technology to generate Opportunity to leverage theranostic engineered antibody targeting agents MoA[1] against high-value targets

New capabilities complement existing infrastructure

• Complements Telix manufacturing capabilities including IsoTherapeutics, ARTMS, Optimal Tracers

• Bespoke radiopharmaceuticals balancing tumor uptake and blood clearance

• Adds assets against clinicallyvalidated targets; DLL3 and integrin αvβ6

• Rapid development of new assets with optimized therapeutic profile

• Lifecycle management opportunities to repurpose existing antibodies

• Fits with Telix’s existing pipeline including biologics

• In-house asset creation with full ownership of intellectual property

• R&D facility (including vivarium) serves the development of other targeting agents

• Additional research pipeline candidates against multiple antibody-drug conjugate (ADC) targets

==> picture [73 x 30] intentionally omitted <==

1. Mechanism of action.

==> picture [960 x 34] intentionally omitted <==

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

13
----- End of picture text -----

Contact details: Kyahn Williamson SVP Investor Relations and Corporate Communication kyahn.williamson@telixpharma.com

==> picture [73 x 29] intentionally omitted <==

==> picture [457 x 540] intentionally omitted <==