Announcement PDF 1 AdAlta Limited (ASX:1AD) · ABN: 92 120 332 925 · www.adalta.com.au Suite 1.01, 117 Camberwell Road, Hawthorn East VIC 3123, Australia ASX Announcement | 29 July 2026 AdAlta Limited (ASX:1AD) QUARTERLY ACTIVITIES REPORT – JUNE QUARTER 2026 (Q4 FY26) AdAlta builds momentum in executing its capital-efficient “East to West” strategy, completing its initial investment in EW-001 (formerly BZDS1901) CAR-T therapy, advancing Australian manufacturing and US FDA engagement, and stepping up use of AI Investment highlights • Initial investment in EW-001 completed: a further US$1 million (A$1.39 million) milestone payment to Shanghai Cell Therapy Group (“SHcell”) secured AdAlta’s rights to continue development of EW-001 (formerly BZDS1901) CAR-T therapy for markets outside Greater China. • Milestone unlocked additional clinical data and secured the proprietary materials needed to manufacture EW-001 in Australia • Technology transfer to Cell Therapies continues, with first Australian manufacturing runs expected in the second half of calendar 2026. • Preparing for a pre-IND meeting with the US FDA, anticipated in the second half of calendar 2026. • Strong external validation: the world’s first approval of a solid-tumour CAR-T therapy (in China) confirmed the potential of CAR-T in solid cancers and of AdAlta’s “East to West” strategy. • A$2.5 million placement completed to fund the milestone payment and operations. • Stepping up AI capability through a strategic collaboration with Oktopi, complementing AdAlta’s in- house Claude-based screening agent (“EMU”) to sharpen asset selection and development decisions (post period end). AdAlta Limited (ASX:1AD) (“AdAlta” or “the Company”), developer of next generation cellular immunotherapies for solid cancers, provides its Appendix 4C cash flow report for the quarter ended 30 June 2026 (Q4 FY26), together with the following financial and operational update. During the quarter AdAlta continued to execute its capital-efficient “East to West” strategy. It completed the initial financial commitment under its collaboration with Shanghai Cell Therapy Group (“SHcell”) for EW-001 (formerly BZDS1901), a first-in-class CAR-T cell therapy for advanced mesothelioma. A further US$1 million (A$1.39 million) milestone payment secured additional clinical data and the specialised materials needed to manufacture EW-001 in Australia, and confirmed AdAlta’s rights to continue development of EW-001 for markets outside Greater China. The Company also advanced the two most important ner term value drivers for EW-001 – reliable Australian manufacturing and US FDA engagement – while the world’s first approval of a solid- tumour CAR-T therapy in China provided strong independent validation of AdAlta’s approach. After quarter end, AdAlta stepped up its use of artificial intelligence through a collaboration with Oktopi, and had an abstract describing its “East to West” model selected for oral presentation at the ISCT ANZ 2026 meeting in Melbourne. AdAlta CEO and Managing Director, Dr Tim Oldham said: “This was a quarter of disciplined execution. By completing our initial financial commitment to EW-001 we have secured our rights to a genuinely exciting CAR-T therapy for patients with few options, unlocked valuable new clinical data, and locked in the materials we need to make EW-001 here in Australia. We are now firmly focused on the milestones that most influence near term value – building Australian manufacturing and engaging with the US FDA. The first ever approval of a solid-tumour CAR-T therapy during the quarter is powerful proof that the science behind our strategy works, and the recognition of 2 our model by peers and the addition of new AI tools give us real momentum as we look to add further assets.” A. Operational updates “East to West” cellular immunotherapy strategy AdAlta’s “East to West” strategy identifies leading Asian cell therapy innovations and develops them for Western-regulated markets using Australia’s clinical and manufacturing strengths. The Company in- licenses differentiated products already supported by clinical data, invests to establish US FDA- regulated manufacturing and to run early clinical studies, and aims to position each product for on- licensing to larger biopharmaceutical partners – a capital-efficient, repeatable model designed to create value across multiple products. EW-001 (formerly BZDS1901): initial financial commitment completed EW-001 is a first-in-class CAR-T cell therapy being developed for advanced mesothelioma – a rapidly fatal cancer usually caused by asbestos exposure – with potential in more than ten other cancers. In clinical studies in China, EW-001 has already demonstrated tumour shrinkage rates, including rarely achieved complete tumour clearance in some advanced mesothlelioma patients, that are superior to current treatment options. During the quarter the Company made a further US$1 million (A$1.39 million) milestone payment to SHcell in respect of five additional advanced mesothelioma patients treated with EW-001 in China. With this payment AdAlta has now fully met the initial financing obligations it took on under the collaboration, securing its rights to continue developing EW-001 for markets outside Greater China. The milestone delivered two important benefits for shareholders: • It unlocked additional clinical data from investigator-initiated trials in China – including durability, safety and manufacturing data that will support future US FDA submissions. • It secured supply of the proprietary materials (specialised genetic “blueprints” and tools) that are essential to manufacturing EW-001, a necessary step for transferring production to Australia. Manufacturing progressing toward first Australian runs Unlike conventional drugs, CAR-T therapies are made individually from each patient’s own immune cells, so manufacturing quality, speed and cost are central to clinical and commercial success – and heavily scrutinised by potential partners. Technology transfer of EW-001 manufacturing to AdAlta’s partner, Cell Therapies Pty Ltd (“CTPL”), commenced during the quarter, with first Australian manufacturing runs expected in the second half of calendar 2026. Establishing a validated Australian process demonstrates that EW-001 can be made outside China, reduces supply and regulatory risk, and increases the program’s attractiveness to larger pharmaceutical partners. US FDA engagement AdAlta is preparing for a pre-IND meeting with the US Food and Drug Administration (“FDA”), anticipated in the second half of calendar 2026. Early alignment with the FDA is a key step toward Australian and US clinical studies and is an important driver of EW-001’s future value. To ensure clarity of communication with regulatory agencies, AdAlta has adopted the internal project code EW-001 to describe the version of BZDS1901 manufactured by the Company. Industry validation: world-first solid-tumour CAR-T approval During the quarter, a CAR-T cell therapy (Satri-cel, developed by CARsgen Therapeutics) became the world’s first CAR-T therapy approved to treat a solid tumour, following approval in China in advanced gastric cancer. This is significant independent validation of AdAlta’s core belief that CAR-T cells can work in solid cancers – as EW-001 has already shown in advanced mesothelioma – and that China is a leading source of innovation in this field. Satri-cel treats a different cancer and does not compete with EW-001. The unique potential of AdAlta’s “East to West” business model was recognized when an abstract describing the model was selected for oral presentation at the ISCT ANZ 2026 meeting in Melbourne in July 2026. 3 Monetising i-body®-enabled assets AdAlta continues to seek partners or investors for AD-214, its lead internally developed fibrosis asset targeting fibrotic diseases of the lung and kidney. The Company continues to field enquiries from, and support due diligence by, interested parties, with recent interest increasingly focused on kidney fibrosis. The Company is also continuing to evaluate opportunities to finance further development of WD-34, its anti-malarial i-body® program, including grants, third-party funding and the possible creation of a dedicated spin-out company. B. Corporate and organisation updates Capital raising During the quarter the Company completed a placement to sophisticated and professional investors raising approximately A$2.5 million (before costs and before proceeds from exercise of attaching options). Funds are being used to complete the EW-001 milestone payment, progress Australian manufacturing and FDA engagement, advance additional transaction opportunities, strengthen intellectual property and provide working capital. Stepping up AI capability (post period end) After quarter end, AdAlta entered a strategic collaboration with Oktopi, gaining access to an AI-enabled platform purpose-built to sharpen the many expert decisions involved in developing a new medicine. This builds on EMU, AdAlta’s in-house AI agent developed on Anthropic’s Claude, which rapidly screens and scores potential in-licensing opportunities. Where EMU helps AdAlta choose the right products to license, Oktopi helps it plan and pressure-test their development – strengthening both ends of the Company’s capital-efficient model while keeping AdAlta’s experts in control of every decision. Board As previously advised, Dr David Fuller retired as a Non-executive Director on 17 April 2026. The Board thanks Dr Fuller for his contribution to the Company. C. Financial position Net cash used in operating activities for the June 2026 quarter was approximately A$2.03 million. . Excluding the one-off milestone payment to SHcell, underlying operating outflows were approximately A$0.6 million. During the quarter the Company received approximately A$2.5 million (before costs) from the issue of equity securities, of which A$0.80 million was in respect of shares issued on 2 July 2026 (after quarter end). Cash and cash equivalents at 30 June 2026 were A$1.28 million (compared with A$0.83 million at the end of the previous quarter). The Company continues to advance previously announced third party financing initiatives to support development of EW-001, and anticipates lower operating cash outflows in future quarters now that the SHcell milestone payment is complete. In accordance with Listing Rule 4.7C, payments to related parties and their associates included in item 6.1 of the Appendix 4C were A$98,204, comprising directors’ fees and CEO and Managing Director’s salary. D. Summary The June 2026 quarter saw AdAlta complete its initial investment commitments in EW-001 and secure its rights to a first-in-class CAR-T therapy for advanced mesothelioma, while advancing the manufacturing and regulatory milestones that most influence the program’s near term value. The world- first approval of a solid-tumour CAR-T therapy, recognition of AdAlta’s model by peers, and the addition of new AI capabilities all reinforce the strength and momentum of the Company’s capital-efficient “East to West” strategy as it looks to create further value for shareholders. To view a summary, and engage in discussion about this announcement visit AdAlta’s InvestorHub here: https://investorhub.adalta.com.au/link/r6gmMP This ASX announcement has been authorised for release by the Board of AdAlta Limited (ASX:1AD). 4 For further information, please contact: AdAlta Limited (ASX:1AD) Tim Oldham CEO & Managing Director P: +61 403 446 665 E: ir@adalta.com.au About EW-001 (formerly BZDS1901) EW-001 is a novel, first in class, CAR-T cell therapy designed to treat mesothelioma (a rare but rapidly fatal cancer usually linked to asbestos exposure) and with possible application in more than ten other cancers. CAR-T cell therapies are living drugs manufactured from a patient’s own immune cells that are engineered to be able to find and kill cancer. They offer the potential to provide durable cancer control or cure from a single treatment. Patients diagnosed with mesothelioma today are typically treated with surgery if possible and then initial or first line drug treatments are chemotherapy or immunotherapy. Once a patient has relapsed after initial therapy, second line treatment options are even more limited and outcomes are much poorer. Current treatments typically deliver: 1,2 • Tumour shrinkage (Overall Response) in only 40-44% of first line patients and 11-29% of second and subsequent line patients • Complete tumour clearance (Complete Response) is rare and seen in less than 3% of first line patients and almost never in second line patients • Median survival (at which point 50% of patients will have died) often only 14-18 months first line and 8-10 months second line, with tumours beginning to grow again typically after only half that time. By contrast, EW-001 clinical studies in relapsed or advanced mesothelioma patients (second line and later) in China have reported: • Up to 50% Overall Response rate (tumour shrinkage) • Up to 20% Complete Response rate (complete tumour clearance) • Median overall survival has not yet been reached in the current study cohort, however an earlier generation of EW-001 achieved more than 25 months median survival These early results suggest EW-001 may offer an exciting potential new treatment option for patients with few alternatives. About AdAlta AdAlta (ASX: 1AD) is a clinical stage biotechnology business addressing the need for effective cellular immunotherapies for the treatment of solid cancers. Through its ‘East to West’ strategy, the Company is integrating Asia's prowess in T cell therapy development with the efficiency and quality of Australia's clinical and manufacturing ecosystem to create a pathway connecting ‘Eastern’ innovation in cellular immunotherapies with ‘Western’ regulated markets and patients. AdAlta in-licenses products from Asian originators and invests to establish US FDA regulated manufacturing and conduct Phase I clinical studies with potential to position each product for on-licensing to larger biopharmaceutical companies for potential registrational studies and commercialization. AdAlta implements a disciplined approach to asset selection focused on highly differentiated T cell therapy products supported by clinical data in solid cancers. The company adopts a capital efficient business model delivering a rapid return on investment in each project that is replicable and provides opportunities to scale across multiple products. 1 CHECKMATE-743 study (nivolumab + ipilimumab against chemotherapy): S Peters et al, Annals of Oncology, 2022 (33) 488; https://doi.org/10.1016/j.annonc.2022.01.074 2 See for example CONFIRM study (nivolumab against placebo): DA Fennell et al, Lancet Oncol 2021 (22) 1530 5 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 Join our InvestorHub Follow us on LinkedIn Follow us on X (formerly Twitter) Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B Name of entity ADALTA LIMITED ABN Quarter ended (“current quarter”) 92 120 332 925 30 June 2026 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities 1.1 Receipts from customers - - 1.2 Payments for (a) research and development (1,536) (3,529) (b) product manufacturing and operating costs - - (c) advertising and marketing - - (d) leased assets - - (e) staff costs (78) (291) (f) administration and corporate costs (375) (1,474) 1.3 Dividends received (see note 3) - - 1.4 Interest received 3 10 1.5 Interest and other costs of finance paid (40) (93) 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - 934 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (2,026) (4,443) 2. Cash flows from investing activities 2.1 Payments to acquire: (a) entities - - (b) businesses - - (c) property, plant and equipment - - (d) investments - - (e) intellectual property - - Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 (f) other non-current assets - - 2.2 Proceeds from disposal of: - - - - (a) entities (b) businesses - - (c) property, plant and equipment - - (d) investments - - (e) intellectual property - - (f) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities - - 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 1,705 4,512 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (43) (81) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - (425) 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other – (provide details if material) - Repayment in respect to Investment Agreement - Proceeds received for shares issued on 2/7/2026 - Deposit to be refunded - 795 25 415 795 25 3.10 Net cash from / (used in) financing activities 2,482 4,421 Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 828 1,306 4.2 Net cash from / (used in) operating activities (item 1.9 above) (2,026) (4,443) 4.3 Net cash from / (used in) investing activities (item 2.6 above) - - 4.4 Net cash from / (used in) financing activities (item 3.10 above) 2,482 4,421 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 1,284 1,284 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 211 78 5.2 Call deposits 1,073 750 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,284 828 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 98 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments The amount at 6.1 includes Superannuation Director fees for 2 non-executive directors and CEO and Managing Director salary for the period 1 May 2026 - 30 June 2026. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (Item 1.9) (2,022) 8.2 Cash and cash equivalents at quarter end (Item 4.6) 1,284 8.3 Unused finance facilities available at quarter end (Item 7.5) - 8.4 Total available funding (Item 8.2 + Item 8.3) 1,284 8.5 Estimated quarters of funding available (Item 8.4 divided by Item 8.1) 0.6 Note: if the entity has reported positive net operating cash flows in item 1.9, answer item 8.5 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.5. 8.6 If Item 8.5 is less than 2 quarters, please provide answers to the following questions: 8.6.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? The current quarter operating cash outflows included a US$1.0m (AUD $1.39m) license payment to SHCell Therapy Group Co Ltd in respect of EW-001 (BZDS1901). The Company anticipates near term reductions in operating cash outflows in future quarters as no near term milestones are due, more than offsetting operating costs associated with technology transfer and regulatory consultation. 8.6.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Yes. The Company anticipates receiving its R&D Tax Incentive rebate in respect of the FY26 financial year during the second half of calendar 2026 and is advancing its previously announced program of third party financing of the development of EW-001. The Company also has 1,083 million listed options on issue at an exercise of price $0.01 that would raise $10.8 million if fully exercised. Appendix 4C Quarterly cash flow report for entities subject to Listing Rule 4.7B ASX Listing Rules Appendix 4C (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. 8.6.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes, for the reasons outlined above. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. 29 July 2026 Date: ................................................................................... The Board Authorised by: ................................................................................... (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standard applies to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.