Announcement PDF AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 1 EXECUTING“EAST TO WEST” STRATEGY: CO-DEVELOPING FIRST IN CLASS CAR-T BZDS1901 ADALTA LIMITED (ASX:1AD) | INVESTOR PRESENTATION | JANUARY 2026 AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 2 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 | January 2026 | 3 “EAST TO WEST”CELLULAR IMMUNOTHERAPY: STRATEGY FOR GROWTH In-license next generation clinical stage assets from Asia, establish Western manufacturing and generate clinical data for on-licensing Leverage our unique skills, regional ecosystem and business model to create a leader in cellular immunotherapy for solid cancer patients Bridge the gap between Asian innovation and Western biopharma companies (and patients who can benefit) Create a series of capital efficient, short investment horizon assets with frequent clinical milestones AdCella is the AdAlta subsidiary executing the“East to West” strategy AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 4 LICENSE FOR GROUNDBREAKING SOLID CANCER CAR-T CELL THERAPY: BZDS1901 BZDS1901: Next-gen CAR-T • Modality: MSLN-targeted, anti-PD1 nanobody-armored autologous CAR-T • Developer/licensor: Shanghai Cell Therapy Group co Ltd (SHcell), Shanghai, China • Target: Solid tumors (mesothelioma, lung and gynaecological) • Development status: Clinical confirmation of drug activity in 36 patients treated to date • IP Portfolio: Exclusive rights to BZDS1901 outside greater China; access to SHcell’s transposase technology (7 patent families in total) Development roadmap • Manufacturing: establish Australia- based CDMO production • Regulatory: Secure US FDA IND; complete final non-clinical studies • Clinical – global: Phase 1 dose escalation and expansion in mesothelioma and other solid cancers in Australia • Governance: SHcell-AdCella Joint Development Committee • Operations: AdAlta-AdCella management services agreement • Clinical – China: SHcell to continue China development Capital efficiency and financing • Budget: US$14-19 million to complete Phase 1 over 4 years • The "AUS advantage": US$8–12M estimated RDTI rebate benefit; cost- efficient and globally recognized • The return: 60% of proceeds of Phase 1 Commercialisation Event • Funding: Third-party investment direct into AdCella; US$3-5 million initial tranche • Funding pipeline: Advanced VC, Family Office, and HNW discussions across Australia and Asia AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 5 THE MARKET OPPORTUNITY FOR BZDS1901 IN MESOTHELIOMA Total market forecast for mesothelioma drugs by 20342 Current benchmark outcomes for relapsed/refractory mesothelioma patients are poor4 BZDS1901 addressable market3 1. Ferlay et al. Global Cancer Observatory: Cancer Today. 2024; GlobalData Mesothelioma Epidemiology and Market Size. 2023 data.; Malaysia National Cancer Registry Report 2012-2016; Hospital-Based Cancer Registry 2016, Thailand; Neilly et al. Breathe. 2024; Kitadai et al BMJ Cancer 21, 294 (2021).; Yip et al. Asian Pac J Cancer Prev. 2011; includes both pleural and peritoneal mesothelioma; regionas based on WHO definitions (Europe includes Eastern Europe and Russia; Selected Asia includes Singapore, Malaysia, Thailand and S Korea); AdAlta analysis 2. https://www.biospace.com/malignant-mesothelioma-market-size-to-reach-usd-12-2-billion-by-2034-impelled-by-increasing-popularity-of-gene-therapy 3. Assumes addressable market 90% of relapsed/refractory incidence population is MSLN positive (Servais et al 2021 Human Cancer Bio); and conservative price of US$250,000 per dose ((South Korea US$270k; Japan US$300k;EU US$350k; Australia US$400k; US US$370-450k per literature sources for CD19 and BCMA CAR-T products) 4. Based on combination nivolumab and ipilimumab treatment following failure of chemotherapy: per prescribing information 0% CR 11-29% ORR 3-5.6 mo mPFS 8.4-8.7 mo mOS US$4.2bn US$12.2bn AdCella territory Incidence pa 21, 378 Mortality pa 17,659 Relapsed/refractorypa 13,272 AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 6 UNMET NEED AND POTENTIAL INDICATIONS EXTEND WELL BEYOND MESOTHELIOMA Lung, 0.92 Pancreatic, 0.24 Esophagus, 0.12 Ovarian, 0.09 Gastric, 0.09 Colorectal, 0.15 Breast, 0.04 Cervical, 0.02 Mesothelioma, 0.02 Endometrial, 0.01 Cholangiocarcinoma (bile duct), 0.01 Annual MSLN positive cancer mortality 100% = 1.71 million Percentage of cancers that are MSLN positive Source: Morello et al Cancer Discovery (2016); GlobalData Cancer Epidemiology and Market Data (2023) AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 7 SOLUTION: BZDS1901, STAND-OUT ARMOURED MSLN-CAR-T SOLVES FOR THE MARKET OPPORTUNITY ✓ Well established target Mesothelin (MSLN) is highly expressed on multiple cancers with poor prognosis ✓ Armoured for success First product to secrete PD1 blocking molecules to overcome tumour suppression of CAR-T cells and endogenous T cells ✓ Proven promise in clinical studies 36 patients in 3 IITs; responses superior to current 2nd line in r/r mesothelioma – including difficult to achieve complete responses; activity in other cancers ✓ Faster, cheaper manufacturing Can be manufacturedin less than two days without expensive viral vectors BZDS1901: distinctive advantages AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 8 Newer BZDS1901 version enhances in vivo proliferation without compromising preclinical efficacy and safety1 BZDS1901 SHOWS COMPELLING PRECLINICAL RESULTS PD1 armoring successfully blocks PD1 on T cells in tumor, increases number of T cells in tumor and improves efficacy relative to conventional MSLN CAR-T 1. Mice were implanted with NCI-H226 tumour (lung cancer model) 17 days prior to receiving 1x107 cells of BZDS1901 in a 28 day study SHcell’s preclinical data package shows BZDS1901 has: • Higher PD1 affinity (blocking power) than approved checkpoint inhibitors • Moderate MSLN affinity ensuring activation only at high MSLN expression • Significant benefits of PD1 armouring over conventional MSLN CAR-T (top) • Higher in vivo expansion without compromising efficacy and safety in current product version (bottom) • In vivo efficacy in mesothelioma, lung and ovarian tumor models. • No apparent off-target toxicity, genotoxicity, carcinogenicity or gene integration safety risks A B C C B A AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 9 BZDS1901 SHOWS PROMISING ACTIVITY IN ADVANCED MESOTHELIOMA PATIENTS Compelling clinical data in 36 patients across 3 IIT studies • Early version: 63.6% ORR in patients with advanced mesothelioma, including 9% CR; 72.7% survived >12 months • Later versions at 10x lower doses: 42% ORR; 17% CR; 92% DCR; mOS > 6 mo; 12 mo survival already >33% (dose escalation and follow-up ongoing) • Exceeds benchmark 2L SoC: 11-29% ORR; 0% CR; mPFS 3-5.6 mo; mOS 8.4-8.7 mo1 • Activity also in ovarian, cervical and colorectal cancer patients • Manageable safety profile enhanced by use of new safety monitoring standards 1. Nivolumab + ipilimumab following failed chemotherapy; per prescribing information ORR: overall response rate (any reduction of tumor size of more than 30%); CR: complete response rate (absence of detectable disease); DCR: disease control rate (tumor increase controlled to less than 30% growth); mPFS: median progression free survival (time until tumor expands more than 30%); mOS: median overall survival (time until death) AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 10 NEXT STEPS FOR ADCELLA AND BZDS1901 BZDS1901 plan Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 FDA pre-IND meeting China IIT extension study Tech Transfer, process development, automation Pre-clinicalIND gap filling studies IND submission and approval Initiate Phase I clinical trial under IND Important news Major news 9-12 month goals Finalising initial tranche of third party funding for AdCella Further dose exploration in 2-7 patients under an ongoing IIT in China Completing a pre-IND meeting with FDA to confirm the technology transfer program and the content of the IND submission Commencing remaining non-clinical IND-enabling studies Commencing technology transfer Advancing in-licensing of a second product for AdCella’s pipeline AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 11 ADCELLA OPERATING STRUCTURE Financing Financial investors Investor Shares Investor Shares for follow-on co-investment China R&D (conducted, funded by SHcell) R&D (conducted, funded by AdCella) Management agreement • Project management, admin • Management fees Joint Development Committee • Project and business development oversight Commercialisation/exit (Trade sale, listing of AdCella also possible) Larger Pharma/Biotech Sub-license of BZDS1901 for Phase 2 and beyond 60% of economic proceeds (milestones, royalties) 40% of economic proceeds (milestones and royalties) License to BZDS1901 outside greater China FoundersShares AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 12 VALUE AT EXIT: PHASE I CAR-T LICENSING TRANSACTIONS Date Drug(s) Licensor Licensee Deal stage Lead indications Total value (US$m) Upfront (US$m) Nov-25 GCC/CD19 bispecific CAR-T Phase 1 (completed; US) mCRC 894* 74* Oct-24 CD19/CD20 logic gated CAR-T Phase 1/2 (ongoing; US) r/r B cell lymphoma; other lymphomas 780-1,030* (Acquired) May-24 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 CD19/20- directed 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 Mesothelin- targeted autologous and allogeneic CAR-T cell therapy Phase 1 (ongoing for autologous therapy; US) Peritoneal / pleural mesothelioma 670 60 MEDIAN 782 85 Source: Company press releases, GlobalData; Beacon Intelligence; Novotech “In vivo CAR-T therapies global research and developmentlandscape” (2025) *Includes equity component valued at time of deal 5y 72% Global top 25 oncology pharma companies investing in autologous cell therapy (licensing, M&A, CVC) 2y 44% 73 5 In vivo CAR-T assets at end of 2024 In vivo CAR-T assets in clinic in 2025 Will be seeking proven payloads for optimized delivery systems AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 13 ADCELLA’S STRATEGY TO DELIVER INVESTOR RETURNS Low cost asset acquisition, efficient value-adding development, high value exit US$85m US$782m Substantial value to be created on exit Median deal value at end Phase 11 Up front payment Total deal value 5. High value out-licensing 1. Opportunity identification and due diligence 2. Low cost in- licensing 3. Australian manufacturing transfer, clinicaltrial approval ~12 months 4. Efficient high quality Phase 1 clinicaltrial ~24 months ~US$15m total investment per asset ~3-4 years fromfirst investment to potential exit Larger biopharma companies conductlate-stage clinical trials and bring to market; pay AdCella milestones and royalties that are shared with China/Asia partner China/Asia biopharma partners create product, conductpre-clinical testing, generate initial human initial trial data 1. Company press releases, GlobalData; Beacon Intelligence 2. Alliance for Regenerative Medicine, GlobalData, Beacon Intelligence 61% 970+ Rich regional pool of innovation2 of global CAR-T trials in APAC cellular immunotherapy clinical trials in China cellular immunotherapy companies in China 350+ AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 14 ADCELLA VALUE PROPOSITION TO STAKEHOLDERS Out-licensing partners (customers) Shareholders In-licensing partners (suppliers) • First in class asset with demonstrated superior efficacy over competitive targets and modalities • Asset ready for pivotal/registrational studies in first indication • Portablemanufacturing process: process is scalable, cost effective, adaptable multiple platforms • Low risk transaction • Asset financing: asset advanced through USFDA Phase 1 clinicaltrials at no cost to partner • Enhanced partnerability of asset: clinicalproof of concept in diverse patientpopulation; manufacturing scalability, portability proof of concept; transaction with reduced sovereign risk • Turnkey execution of global expansion • Derisked exposure to novel asset class: all projects already with clinicaldata • Rapid capital recycling: 3-4 year fromin-licensing to project exit • Capital efficient: low acquisition costs, modest project investment • Substantial value creation potential: ~50% share of exit deal value; option to take selected assets to Phase 2 and beyond • Growth potential into adjacent parts of value chain AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 15 • >8 years cell and gene therapy, advanced therapies manufacturing and project leadership • >40 years experience in China/ rest of Asia • >10 cancer drugs developed fromfirst in human to approval • >US$50m capital raised into companies; >US$10b in investment banking transactions • >US$200m (plus >US$5.5b contingent milestones) across >35 licensing, CDMO and M&A deals including with Novartis, Merck, Pfizer, Mochida, Servier, ROVI, IVAX and Pliva EXPERIENCED TEAM WITH GLOBAL REACH AdCella Board Tim Oldham, PhD CEO / Managing Director Michelle Burke Independent Director Dr David Fuller Independent Director Executive Angus Tester, PhD Senior Director Operations Janette Dixon, DBA Headof Business Development Andrew O’Brien, PhD MBA Head of Corporate Development TBC Head of Asia Operations & Corporate Development Specialists Kevin Lynch Consultant CMO Prof Andrew Wilks VC Advisor DHC secondment Headof Asset Development Team credentials TBC Independent Director Strategic partners AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 16 “EAST TO WEST”CELLULAR IMMUNOTHERAPY STRATEGY FOR GROWTH In-license next generation clinical stage assets from Asia, establish Western manufacturing and generate clinical data for on-licensing Leverage our unique skills, regional ecosystem and business model to create a leader in cellular immunotherapy for solid cancer patients Bridge the gap between Asian innovation and Western biopharma companies (and patients who can benefit) Create a series of capital efficient, short investment horizon assets with frequent clinical milestones AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 17 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