Announcement PDF COMMERCIALISING LIFE SAVING CELLULAR IMMUNOTHERAPIES “EAST TO WEST” ADALTA LIMITED (ASX:1AD) | INVESTOR PRESENTATION | AUGUST 2025 AdAlta Limited (ASX:1AD) | Investor Presentation | August 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. AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 2 ADALTA: NEXT GENERATION CELL & PROTEIN THERAPEUTICS “East to West” cellular immunotherapy strategy for growth: AdCella AdAlta is a clinical stage biotech: • Growth powered by “East to West” cellular immunotherapy strategy • Monetising other valuable assets In-license next generation clinical stage assets from Asia, establish Western manufacturing and generate clinical data for on-licensing Leverages our unique skills, regional ecosystem and business model to create a leader in cellular immunotherapy for solid cancer patients Bridges the gap between Asian innovation and Western biopharma companies (and patients who can benefit from them) Creates a series of capital efficient, short investment horizon assets with frequent clinical milestones Two other valuable pipeline assets for monetisation First in class anti-fibrotic protein, AD-214, with strategic partners sought for continued development into Phase II outside the company World first pan-strain inhibitor of malaria parasites, WD-34, with strategic partners sought to advance to proof of concept AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 3 “EAST TO WEST” STRATEGY CENTRAL TO ADALTA’S GROWTH AdCella Pty Ltd, an AdAlta company AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 44 TREND #1 POWERING OUR STRATEGY: CAR-T REVOLUTION 7 Turbo-charging patient’s immune cells to “see” and “kill” cancer Living drug, single dose, durable, potentially curative CAR-T cell Adapted from: https://www.cancer.gov/publications/dictionaries/cancer-terms/def/car-t-cell-therapy CAR-T products approved in US since 20171 51-83% Complete response rates in relapsed and refractory patients with no other options2 2 Solid cancer T cell therapies approved in US in 20243 $20b Projected market by 2028; 50% solid cancers4 72% Top 25 oncology pharma companies invested in autologous T cell therapies in last 5 years5 1. US FDA: https://www.fda.gov/vaccines-blood-biologics/cellular-gene-therapy-products/approved-cellular-and-gene-therapy-products 2.Kymriah, Yescarta and Carvytki prescribing information; r/r = relapsed/refractory; pALL – paediatric acute lymphoblastic leukemia, LBCL = large B cell lymphoma, MM = multiple myeloma 3. https://www.fda.gov/vaccines-blood-biologics/approved-blood-products/amtagvi; https://www.fda.gov/vaccines-blood-biologics/aucatzyl 4. Grandview Research, “T-cell Therapy Market Size, Share & Trends Analysis” Feb 2021; Polaris Market Research, “CAR-T Cell Therapy Market Share, Size, Trends, Industry Analysis Report”, June 2021 5. Company press releases, GlobalData; Beacon Intelligence AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 5 TREND #2 POWERING OUR STRATEGY: RISE OF CHINA BIOTECH China biotech is now driving global biopharmaceutical innovation …2 30% … creating significant pool of highly innovative CAR-T products … Big pharma licensing deals now involving a China biotech1 Europe North America … but still facing barriers to reach Western patients5 RoW Capability 61% Clinical trials are in Asia Pacific3 Manufacturing Asia Pacific Cellular immunotherapy clinical trials in China3 350+ Cellular immunotherapy developers in China4 Trade barriers Local market knowledge 970+ Capital No non-China clinical data Transaction costs 1. 2. 3. 4. 5. https://www.biopharmadive.com/spons/is-2025-the-chinese-year-ofbiopharma/738274/ The Australian Financial Review, 15 July 2025; Fierce Biotech, 14 July 2025, CNBC, 4 August 2025 accessible https://apple.news/AVLrALfpzRhq3A0tbC0ahBQ GlobalData, Pharma Intelligence Centre, Clinical Trials Database (accessed 5 April 2024) Alliance for Regenerative Medicine, Developer Data Report Q3 2023 and H1 2025 Emerging Licensing Trends: Impact of Game Changing New Co’s” panel at 8th BCF Healthcare Conference, San Francisco, 12 January 2025 ; YAFO Capital AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 6 OUR SOLUTION: BECOMING A VALUATION MULTIPLIER FOR ASIAN PARTNERS 3 3 3. High value out-licensing to realise substantial value creation: Establish global manufacturing network and on-license to commercialisation partners. AdAlta and partner share increased value that partner could not achieve on their own 1. Low cost in-license of market leading assets from Asia (“East”): By financing to next inflection point AdAlta acquires a share of the asset at exit 1 2 2. Build value cost effectively by transferring to “West” via Australia: Establish Western regulated manufacturing, obtain first Western regulated clinical trial data in Australia; 30-50% cheaper than US plus 43.5% R&D Tax Incentive AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 7 BUSINESS SYSTEM Low cost asset acquisition, efficient value-adding development, high value exit 4. Efficient Phase 1 clinical trial ~24 months Larger biopharma companies conduct late-stage clinical trials and bring to market; pay AdCella milestones and royalties that are shared with China/Asia partner 5. High value out-licensing ~US$15m total investment per asset 3. Australian manufacturing transfer, clinical trial approval ~12 months ~3-4 years from first investment to potential exit Substantial value to be created on exit AdAlta leverages third party financing to create value for shareholders – indicative only Ownership – 1st financing Ownership – later financing Median deal value at end Phase 1 1 1. Opportunity identification and due diligence 2. Low cost inlicensing US$93m Up front payment US$668m Total deal value China/Asia biopharma partners create product, conduct pre-clinical testing, generate initial human initial trial data AdAlta AdAlta Limited (ASX:1AD) | Investor Presentation | 1. Company press releases, GlobalData; Beacon Intelligence 3rd party financing August 2025 | 8 ASSET #1: FIRST-IN-CLASS ARMOURED X-CAR-T Product #1 Armoured-X-CAR-T What is the product? Anti-PD1 secreting CAR-T manufactured using 30h virus free process Which cancers could it address? Lung, mesothelioma, ovarian, cervical, pancreatic, colorectal cancers >1.5 million relapsed, refractory, metastatic patients pa Why does it stand out from the competition? • First armoured CAR-T against target X • Anti-PD1 secretion addresses known tumour resistance mechanism, bystander effect on all immune cells • Response and survival in advanced mesothelioma superior to current second line (relapse) treatments Advanced, solid cancer patient: sustained response to armored-CAR-T X-CAR-T • Demonstrated activity in other cancers • Rapid, virus free manufacturing reduces manufacturing cost, patient turnaround times What is its development status? 33 patients treated in 3 China clinical (IIT) studies China Phase 1 IND (clinical trial) approval US Orphan Drug Designation (regulatory, tax benefits) Source: Partner data room; GlobalData AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 9 ASSET #2: FIRST-IN-CLASS Y-CAR-T Pancreatic tumor B4T2-001 cleared bypancreatic Y-CAR-T in re-challenge model CAR-T tumor re-challenge Product #2 Y-CAR-T ⁻ B4T2-001 CAR-T cells were NOT readministered upon re-engraftment • Ten days after the tumor re-engraftment, the Epithelial solid cancers incl. colorectal, lung and gastric tumors in all animals started to be eliminated >1.5m relapsed and refractory patients pa • Novel target Y – superior tumour targeting compared to alternatives tried to date Why does it stand out from the competition? Tumor Volume mm3 Which cancers could it address? IP without lymphodepletion • Multi-dosing without lymphodepletion – enables more, higher dosing for better outcomes • Systemic (IV) and local (IP) administration – improved primary and metastatic tumour access • Activates at high antigen density only – minimises off tumour targeting Untransduced T Cell Control Y-CAR-T treated B4T2-001 CAR-T Y-CAR-T CAR-T blood level (RHS) B4t2-001 Blood Level (by FACS) CAR-T B4T2-001 Tumor engraftment +Infusion CAR-T 9 patients treated in 2 China clinical (IIT) studies Extensive pre-clinical research in China Additional bispecific follow-on products and platform technology acquisition opportunity Source: Partner data room; GlobalData Tumor Tumor Re-engraftment engraftment only NSG mice n=5 Post CAR-T Dosing Complete resolution of malignant ascites in Stage IV gastro-intestinal cancer patient 5,000 5,000 • Safety switch – enables turning off CAR-T What is its development status? Blood Exposure: CAR T cell /100ul Blood What is the product? • We conducted a tumor re-challenge study in which mice were re-engraftment with tumor cells after having experienced a complete response to a primary tumor using B4T2-001 CAR-T cells Novel target CAR-T with safety switch, administered exhibited IV, superior persistence and protective capacity in vivo 3,000 1,000 Day -3 Day 1 (CART) Day 9 Day 11 50 0 Day 18 Day 22 AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 10 “EAST TO WEST” STRATEGY SUMMARY AdCella has clear aspirational growth targets for its “East to West” strategy By end 2025 From 2026 Substantial value inflection potential by bringing “Eastern” cellular immunotherapy innovations to “Western” regulated markets Exclusive focus on T cell therapies for solid cancers targets less competitive markets while utilising proven cellular immunotherapies Combining Asia's innovative T cell therapies for solid cancers and Australia's manufacturing advantages leverages unique regional benefits Robust asset selection process yielding access to first/best in class, highly differentiated products with clinical evidence of safety and efficacy Three assets secured One asset into clinical trials each year 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 AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 11 AD-214: A NEW APPROACH TO FIBROSIS AVAILABLE FOR PARTNERING AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 12 12 MONETISING FIBROSIS DISEASE DRUG CANDIDATE AD-214 Investment to date has built strong value proposition First in class molecule targeting established mode of action in fibrotic disease Pre-clinical efficacy in multiple animal models of fibrotic disease – derisks clinical studies in US$b indications Phase I successfully completed (two studies) Clinically viable dosing regimen Strong intellectual property, regulatory position ✓ Competitively positioned as only antibody-like therapeutic entering late-stage development pipeline Key Priority: Seek out-licensing or third-party investment to unlock next level of value Advisors engaged; pipeline of active discussions Product development priorities ✓ Led by Idiopathic Pulmonary Fibrosis (IPF): TAM US$4.3b1 1. Generate clinical proof of concept (efficacy) ✓ Multiple US$b indication potential: kidney, eye, cancer • Demonstrate efficacy signals in patients • IV or SC administration ✓ Well tolerated, evidence of target binding ✓ Intravenous (IV) every 2 weeks established ✓ Subcutaneous (SC) every week feasible ✓ Models linking PK/PD and preclinical efficacy to establish dose ✓ Patents protecting asset to 2036 and beyond ✓ US FDA Orphan Drug Designation for IPF ✓ 10-12 years market exclusivity (US, EU) • Substantially increases number of potential licensing partners Design and execute clinical strategy in IPF patients 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 1. GlobalData, Idiopathic Pulmonary Fibrosis: Competitive Landscape, April 2023; Roche and Boehringer Ingelheim financial reports,AdAlta analysis AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 13 UNDERSERVED AND LARGE FIBROTIC DISEASE MARKET Many other fibrosis market opportunities2 IPF market is underserved today • Poor efficacy: Existing therapies slow but do not halt progression and do not significantly extend life expectancy • Side effects: Their side effects result in 30-50% of patients discontinuing therapy after one year • Expensive: US$136,000 pa cost of treatment in US Global IPF sales (US$ billion)¹ 8-year CAGR: 4.7% Lung US$4b 5.11 Kidney US$10b Eye US$15b Per Cancer US$1b 4.30 3.55 New drivers of incidence may include: 2019 2022 • Re-emergence of silicosis • Long COVID3 2027E AdAlta Limited (ASX:1AD) | Investor Presentation | 1. GlobalData, Idiopathic Pulmonary Fibrosis: Competitive Landscape, April 2023; Roche and Boehringer Ingelheim financial reports,AdAlta analysis 2. GlobaData, disease analysis reports 3. PM George, et al, “Pulmonary fibrosis and COVID-19: the potential role for antifibrotic therapy”, Lancet published online May 15, 202 August 2025 | 14 PHARMA COMPANIES VALUE IPF/FIBROSIS ASSETS 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) 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) Date Licensor/target Licensee/acquirer AD-214 is Phase 2 (ready) AdAlta Limited (ASX:1AD) | Investor Presentation | Source: Company press releases, GlobalData; Beacon Intelligence August 2025 | 15 WD-34 I-BODY: A POTENTIAL BREAKTHROUGH IN MALARIA AVAILABLE FOR PARTNERING AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 16 16 WORLD FIRST PAN-SPECIES HIGH POTENCY ANTI-MALARIAL WD-34 i-body has potential to transform malaria treatment Malaria remains a global killer Meaningful global market Limitations of current therapies WD-34 i-body offers a potential breakthrough Opportunity ✓ 247 million cases, 619,000 deaths in 20211 ✓ Re-emerging in US and EU2 ✓ New markets in related tick-borne diseases eg Babeziosis ✓ US$990 million market for anti-malarial drugs4 (travellers, deployed personnel ✓ Market limited by poor efficacy, cost of therapies in emerging markets ✓ Small molecules: rapid development of resistance and inconvenient dosing regimens ✓ Antibodies: typically strain specific or limited inhibition ✓ Vaccines: limited efficacy; antigen variability ✓ Novel discovery strategy targeted a conserved region of AMA-1 protein ✓ Recognises AMA1 from multiple malaria (Plasmodium) species as well as Babesia and Toxoplasma ✓ High potency inhibition of multiple life cycle stages ✓ IP filed ✓ Long acting, single dose (3-6mo) prophylaxis for deployed personnel, travellers ✓ Seasonal prophylaxis for children in endemic malaria regions ✓ Novel method of antigen identification for more effective vaccines Strategy: seeking non-dilutive and commercial partners to advance outside AdAlta Active discussions to spin out asset AMA1 PPM WD-34 i-body® Host red blood cell Model of plasmodium falciparum malaria (PPM) with AMA1 / RON2 protein complex and host erythrocyte 3 showing how WD-34 inhibits invasion via AMA1 AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 17 1. World Health Organisation, World Malaria Report 2022, https://www.who.int/publications/i/item/9789240064898 2. https://publichealth.jhu.edu/2023/malarias-comeback-in-the-us and https://blogs.biomedcentral.com/bugbitten/2023/08/25/locallyacquired-malaria-in-europe-and-the-us/ 3. Adapted from Drew et al. Cell. Mol. Life Sci. 80, 74 (2023) using BioRender. 4. Grandview Research, “Anti-malarial Drugs Market Size, Share & Trends Analysis Report 2024-2030”. CORPORATE INFORMATION AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 18 18 CORPORATE SNAPSHOT AdAlta Limited Specialist in next-generation cell and protein therapeutics for fatal diseases Code ASX:1AD Market Capitalisation $3.0m Enterprise Value $1.7m Cash (30 June 2025) $1.3m Exclusive position on three "East-to-West" cell therapy assets, with team and execution network in place Sacavic Group 14.4% Capital-light, highly scalable model with numerous value inflection points in the rapidly growing cellular immunotherapy market Meurs Group 8.0% Platinum International Healthcare Fund 7.1% Chunyan Niu 5.8% ~1,340 other shareholders 64.7% Significant Shareholders AD-214, a new approach for fibrotic diseases, (Phase 1 trials complete) and AMA1 i-body first in class anti-malarial now available for partnering Attractive valuation (trading at cash value) AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 19 EXPERIENCED TEAM WITH GLOBAL REACH Board Paul MacLeman, DVM Chair Tim Oldham, PhD CEO / Managing Director Executive Angus Tester, PhD Senior Director Operations Janette Dixon, DBA “East-to-West” Strategy AD-214: Fibrosis Kevin Lynch TBA - engaged Prof Andrew Wilks Joseph Tyler Consultant CMO Consultant CMO VC Advisor Consultant CMC Expert Head of Business Development DHC secondment Prof Tamera Corte Head of Asset Development Michelle Burke Independent Director Clinical Advisory Board Andrew O’Brien, PhD Head of Corporate Development Steve Felstead Dr David Fuller Independent Director Darryn Bampton Director, Clinical and Regulatory Operations AdAlta has been building capability for its “East-to-West” strategy Clinical Advisory Board Prof Toby Maher Clinical Advisory Board AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 20 TRANSACTION-BASED GROWTH STRATEGY IS BEING DELIVERED “East to West” cellular immunotherapy growth strategy positioned for growth leveraging Asia region and business model advantages in high value, high growth sector Exclusive position on first two assets for the “East to West” clinical pipeline to create a leader in cellular immunotherapy for solid cancer patients Experienced team and accessible global network ready to execute a diverse pipeline of opportunities 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 WD-34, available for partnering to create additional value Attractive valuation relative to commercial potential of pipeline – trading at shell value, potential for a single transaction to materially influence valuation AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 21 FOR MORE INFORMATION PLEASE CONTACT: TIM OLDHAM CEO & MANAGING DIRECTOR +61 403 446 665 T.OLDHAM@ADALTA.COM.AU IR@ADALTA.COM.AU WWW.ADALTA.COM.AU AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 22 THE MARKET OPPORTUNITY T cell solid cancer therapy: the next frontier for cellular immunotherapy What is T-cell therapy? Involves re-engineering and turbo-charging patient’s own immune cells to “see” cancer Living drug, single dose, potentially curative 7 FDA-approved CAR-T therapies since 2017 transformed blood cancer outcomes, but so far only for blood cancers >US$2.6B earned in 20221 Complete response rates:2 83% r/r pALL 51-65% r/r LBCL 78% r/r MM In 2024, FDA approved two T cell therapies for solid cancer (melanoma, sarcoma), opening the much larger solid cancer market segment3 50% of US$20.3B forecast cellular immunotherapy revenue for 20284 1. Company websites and financial filings 2. Kymriah, Yescarta and Carvytki prescribing information; r/r = relapsed/refractory; pALL – paediatric acute lymphoblastic leukemia, LBCL = large B cell lymphoma, MM = multiple myeloma 3. https://www.fda.gov/vaccines-blood-biologics/approved-blood-products/amtagvi; https://www.fda.gov/vaccines-blood-biologics/aucatzyl 4. Grandview Research, “T-cell Therapy Market Size, Share & Trends Analysis” Feb 2021; Polaris Market Research, “CAR-T Cell Therapy Market Share, Size, Trends, Industry Analysis Report”, June 2021 AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 23 VALUE AT EXIT: PHASE I CAR-T LICENSING TRANSACTIONS Deal stage Lead indications Total value (US$m) Upfront (US$m) MAGE-A4 targeting TCR T cell therapy Phase 2 (ongoing; global) Head & neck cancer 665 85 Nov-23 DLL3 targeting autologous CAR-T cell therapy Phase 1 (ongoing; US) SCLC, LCNEC 1,110 100 May-23 CD20 and CD19/20directed autologous CAR-T cell therapy Phase 1 (completed; China) B-cell NHL, Follicular lymphoma, mantle cell Lymphoma, DLBCL n/a 245 Jan-23 CART-ddBCMA Phase 2 (ongoing; US) Multiple myeloma n/a 325 Dec-22 Anti-BCMA CAR-T cell therapy P1b (ongoing; Israel) Multiple myeloma 34.55 1.5 Dec-20 Mesothelintargeted autologous and allogeneic CAR-T cell therapy Phase 1 (ongoing for autologous therapy; US) Peritoneal / pleural mesothelioma 670 60 MEDIAN 667.5 92.5 Date Drug(s) May-24 Licensor Licensee Global top 25 oncology pharma companies investing in autologous cell therapy (licensing, M&A, CVC) 5y 72% 2y 44% AdAlta Limited (ASX:1AD) | Investor Presentation | Source: Company press releases, GlobalData; Beacon Intelligence August 2025 | 24 ACCESSING QUALITY ASSETS FROM ASIA Quality Asia cellular immunotherapy pipeline, barriers to reach West “At JPM Week, biopharma innovation from China and Asia was the topic of conversation — reshaping the global biopharma landscape”4 Flow of innovation from Asia to the West is hampered by: lack of capital in Asia, lack of Western experience and networks, opportunity cost for large biopharma to conduct due diligence, difficulty transferring data and know-how, lack of patient diversity in clinical data and geopolitical challenges.1 Cellular immunotherapy developers 20232 (n = 1,104) Europe 185 >50% of global ADC, bispecific antibody and CAR-T clinical pipeline is China originated5 US$500m Series A investments in 3 China NewCos in first week of 2025 30% of big pharm licensing deals now involve a China biotech 5 North America 439 Cellular immunotherapy clinical trials 2024 3 (n = 1,804) RoW 31 41% Developers are from Asia Pacific Europe 162 Asia Pacific 449 North America 583 RoW 41 61% Clinical trials are from Asia Pacific Asia Pacific 1,108 New CAR-T therapies from China doubled every year since 2014 AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 25 1. Emerging Licensing Trends: Impact of Game Changing New Co’s” panel at 8th BCF Healthcare Conference, San Francisco, 12 January 2025 2. Alliance for Regenerative Medicine, Developer Data Report Q3 2023 3. GlobalData, Pharma Intelligence Centre, Clinical Trials Database (accessed 5 April 2024) 4. BioCentury, 23 January 2025 5. https://www.biopharmadive.com/spons/is-2025-the-chinese-year-of-biopharma/738274/ LEVERAGING ADCELLA’S COMPETITIVE ADVANTAGES Process: asset sourcing discipline • T cell therapies for solid cancers • Differentiated, multi-functional product design • Clinical data in hand (safety, efficacy) • Manufacturable at scale • Best/first-in-class potential Place: network and ecosystem • Tap Asian innovation; ongoing Asia clinical trials leverage • Utilise Australian translational and manufacturing excellence • Leverage Australian cost advantage over US Value: capital-light, risk managed Highly scalable model • AdAlta managed; JV/asset financed • Defined investment in clinically derisked asset • Short time to value creation: ~3-year horizon per asset • Leverage Australian R&D Tax Incentive Value: USP for partners • Asset financing to ”Westernise” • Generate important FDA regulated clinical data, manufacturing site • Partner maintains control of asset; benefits from value inflection AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 26 PROGRESS AND POTENTIAL Asset acquisition stream – exclusive access secured • Technical and on-site diligence, development planning complete • On track for first asset license Q3 2025 • Discussions opening with clinical trial sites We are here today First IND approval (F) Financing stream • Seed financing from SYNBV, subject to closing conditions • On going discussions with global financial partners – generally conditional on securing first license “East to West” cell therapy strategy announced; MoU with SYNBV 10 assets in diligence Consultant CMO appointed Three high value Exclusive access 2 assets selected for licensing assets secured (F) to three assets First transaction (term sheets targeted Q3 2025 (F) signed, exclusive negotiation period) End-2025 Apr-2024 Carina Biotech collaboration to develop i-body® bi-specific CAR-T cells May-2024 Preferred manufacturing partnership with CTPL Jul-2024 Oct-2024 1st non-binding in-licensing term sheet Oct-2024 2028+ 2026+ 2H-2025 Initiate one new clinical trial per year (target) 1H-2025 Aug-2021 Australian clinical trial data facilitates pivotal studies, licensing agreements and asset sales Negotiating platform technology access More term sheets in development; multiple products being monitored AdAlta Limited (ASX:1AD) | Investor Presentation | August 2025 | 27