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 | 20 July 2026 AdAlta Limited (ASX:1AD) ISCT ANZ 2026 oral presentation and poster Recognition of AdAlta’s unique ‘East to West’ model for bringing groundbreaking cellular immunotherapies for cancer to patients worldwide Investment highlights • AdAlta’s abstract describing its ‘East to West’ business model was among the high-scoring submissions selected for oral presentation at ISCT ANZ 2026. • Selection recognises AdAlta’s differentiated, capital-efficient strategy for commercialising ground breaking solid tumour CAR-T therapies. Melbourne, Australia, 20 July 2026: AdAlta Limited (ASX:1AD) (“AdAlta” or “the Company”), developer of next generation cellular immunotherapies for solid cancers, today releases its oral presentation and poster describing its “East to West” business model being presented at the International Society for Cell & Gene Therapy (ISCT) ANZ 2026 Regional Meeting in Melbourne (20-22 July 2026). AdAlta’s presentation and poster describes how its “East to West” business model brings promising Asian cell therapies to Western patients in a de-risked, capital efficient manner. They feature AdAlta’s collaboration with Shanghai Cell Therapy Group on lead product BZDS1901 (now known by AdAlta product code EW-001), a ground breaking CAR-T cell therapy that has demonstrated hard to achieve complete responses in advanced mesothelioma, a deadly cancer asspciated with asbestos expsoure. It also describes manufacturing collaborations with Cell Therapies Pty Ltd and Oribiotech that aim to deliver scalable, lower- cost CAR-T manufacturing across the Asia-Pacific. Next steps and strategic significance Recognition on this stage raises AdAlta’s profile among scientists, clinicians, regulators and potential partners central to executing its strategy, and reinforces the credibility of a replicable, capital-efficient model designed to create value across multiple products. AdAlta continues to advance manufacturing transfer, US FDA engagement and preparations for Australian Phase I development of EW-001 (BZDS1901). To view a summary, and engage in discussion about this announcement, visit AdAlta’s InvestorHub here: https://investorhub.adalta.com.au/link/PQRYGy 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) Tim Oldham CEO & Managing Director P: +61 403 446 665 E: ir@adalta.com.au 2 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. 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. 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 3 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) AdAlta Ltd | ISCTANZ2026 Presentation | July 2026 | 1 “East to West” Commercialising Asian cell therapy innovation for Western markets Tim Oldham, CEO & Managing Director, AdAlta Ltd Bo Zhang, Vice President, Shanghai Cell Therapy Group Co Ltd Bev Menner, CEO, Cell Therapies Pty Ltd Jason Foster, CEO and Executive Director, Oribiotech Ltd Angus Tester, VP Operations, AdAlta Ltd ADALTA LIMITED (ASX:1AD) AND ADCELLA PTY LTD | ISCTANZ2026 PRESENTATION | JULY 2026 AdAlta Ltd | ISCTANZ2026 Presentation | July 2026 | 2 A repeatable arbitrage between Asia's innovation surplus and the West's access deficit - proven by a first asset in the clinic Differentiated • T cell only (CAR-T, TCR-T, TIL, VST, etc) – most potent and easily manufactured immune cell • Solid-tumour only - away from crowded blood-cancer and autoimmune targets • First-in-class armoured designs with clinicalproof of concept already in hand Capital efficient • ~US$15m all-in per asset to a value-inflection exit • 43.5% Australian R&D Tax Incentive • 25-50% cheaper than theUS • 3-4 years fromin-license to exit De-risked • Assets in-licensed only with existing human clinical data • Australia-domiciled, US FDA IND, ex-greater-China IP - a compliant bridge Scalable • EW-001 proves the model; multiple further assets proceeding to option • Reproducible Ori IRO + CTPL manufacturing engine across the pipeline • Speed and cost efficient from digitally/AI enabled manufacturing and processes (IRO, Oktopi, EMU) Why it works • Median autologous Phase 1 CAR-T licensing deal: US$782m total / US$85m upfront. • AdAlta shares 50-60% of commercialisation proceeds per asset with partner, a result neither could achieve alone, then recycles capital into the next assets. ADALTA’S UNIQUE“EAST TO WEST”BUSINESS MODEL BRINGS “EASTERN”INNOVATION TO “WESTERN”PATIENTS AdAlta Ltd | ISCTANZ2026 Presentation | July 2026 | 3 SOLID CANCER CAR-T IS THE NEXT FRONTIER The unmet need is solid cancers • Solid tumours are ~90% of all cancers, yet are underserved by cellular immunotherapy. • Bringing CAR-T's blood- cancer success to solid tumours is the opportunity AdAlta targets • The cellular immunotherapy market is growing ~34% a year to US$20.3bn by 2028 Sources: CAR-T mechanism adapted from US National Cancer Institute. Blood-cancer response ratesper Kymriah, Yescarta and Carvykti prescribing information (relapsed/refractory). Market: 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 analysis T cell therapies are living drugs: a patient's own T cells, re-engineered to find and kill cancer - offering durable, potentially curative responses from a single treatment CAR T-Cell therapy: turbo charges the immune system to see and kill cancer Living drug ⚫ Single Dose ⚫ Durable ⚫ Potentially Curative Collect T cells Expand in lab Engineer cells Infuse into patient Kill cancer Blooddrawnfrom patient Millions of CAR Tcells grown Gene for CAR inserted intoT cells CAR T cellsreturned to patient CAR T cellsbind antigens anddestroy tumours T Cell Insert gene CAR T cell Chimeric Antigen Receptor (CAR) Proven where standard treatments failed: Complete, durable responses in advanced blood cancers 83% Up to 65% 78% Complete response, relapsed/ refractory paediatric ALL (leukaemia) Complete response, relapsed/ refractory large B-cell lymphoma Response, relapsed/refractory multiple myeloma First T cell therapies for solid cancers recently approved Amtagvi (TIL, Iovance) – US2024 Tecelra (TCR-T, Adaptimmune/US WorldMeds) – US2024 Satri-cel (CAR-T, CARsgen) – China 2026 AdAlta Ltd | ISCTANZ2026 Presentation | July 2026 | 4 970+ THE OPPORTUNITY: EASTERN INNOVATION SURPLUS THAT CAN'T REACH WESTERN PATIENTS China has a deep pool of clinical-stage cell therapies, but few have a credible, compliant path to access Western approval and reimbursement The innovation surplus (“East”) Innovation is moving east. Western pharma increasingly sources assets from China - but at high transaction and opportunity cost. Cellular immunotherapy clinical trials in China 350+ Cellular immunotherapy developers in China 61% Of global CAR-T clinical trials run in Asia-Pacific 30% Of big-pharma licensing deals now involve a China biotech The access deficit (barriers to the“West”) This gap, proven innovation that cannot be Westernised efficiently and compliant with multiple stakeholder needs, is what AdAlta is built to close. Limited clinical data - typically China-only, not accepted as pivotal by the FDA Manufacturing that lacks maturity and portability across sites and platforms Capital and trade barriers; rising geopolitical and sovereign-risk scrutiny High transaction and opportunity cost for Western acquirers Sources: GlobalData, Pharma Intelligence Centre, Clinical Trials Database (accessed 5 April 2024; Alliance for Regenerative Medicine, Developer Data Report Q3 2023 and H1 2025; https://www.biopharmadive.com/spons/is-2025-the-chinese-year-of-biopharma/738274/; AdAlta analysis AdAlta Ltd | ISCTANZ2026 Presentation | July 2026 | 5 THE MODEL: IN-LICENSE CHEAPLY, WESTERNISE, EXIT, RECYCLE In-license (“East”) • Acquire highly differentiated, clinically de-risked assets from Asia at low up-front cost. • Financing to the next inflection point buys AdAlta a share of the asset at exit. Add value (“West”) • Phase 1 in Australia under a US FDA IND and portable, low- cost manufacturing implemented. • 30-50% cheaper than the US plus a 43.5% R&D Tax Incentive rebate. Exit (on-license) • License the de- risked, Western-data enabled asset to a global commercial- isation partner. • AdAlta and the Asian partner share value neither could capture alone. Recycle • Retain regional rights and a 50-60% proceeds share. • Redeploy capital into the next assets to compound the platform. Unit economics per asset ~US$15m All-in investment per asset to exit 3-4 yrs Fromin-licenseto potential exit US$782m Median comparablePhase1 dealvalue 50-60% AdAlta shareof commercialisation proceeds Funds recycle into future assets AdAlta Ltd | ISCTANZ2026 Presentation | July 2026 | 6 EW-001: A STAND-OUT ARMOURED MSLN CAR-T FOR SOLID CANCERS Optimised target • Mesothelin (MSLN) is highly expressed across multiple poor-prognosis cancers • Binding tuned to activate only at high MSLN density, protecting healthy tissue Armoured for potency • First MSLN CAR-T product to secrete PD1- blocking molecules • Overcomes tumour suppression of both CAR-T and the patient's own T cells Clinical potential • 36 patients across 3 investigator-initiated trials • Responses exceed current 2nd-line standard of care, including rare complete responses (complete tumour clearance) in up to 20% of patients Faster, cheaper to make • Manufactured in under two days, with no expensive viral vectors • Transposase-based – no expensive viral vectors; clear pathway to low commercial COGS Lead indication: relapsed/ refractory mesothelioma - a beachhead, not the ceiling ~US$4.2B Addressablemesothelioma opportunity 10+ Additional MSLN-positive cancers as labelled upside Up to 20% Of advanced patients had complete tumour clearance MSLN-targeted, anti-PD1nanobody-armoured autologous CAR-T. Developed as BZDS1901 by, and licensed from, Shanghai Cell Therapy Group (SHcell); exclusive rights outside greater China (7 patent families). AdAlta Ltd | ISCTANZ2026 Presentation | July 2026 | 7 COMPLETE RESPONSES: THE HIGHEST-VALUE EARLY SIGNAL IN SOLID TUMOUR CAR-T First-line therapy: CHECKMATE-743 study1 Second-line therapy: CONFIRM study2 Outcome measure Chemo- therapy Immuno- therapy Placebo Immuno- therapy Complete Response Rate 0% 2.6% 0% 0% Overall Response Rate 44.0% 39.6% 1% 11%* Median Overall Survival 14.1 mo 18.1 mo 6.9 mo 10.2 mo 1-year survival rate 58% 68% ~30% ~45% 2-year survival rate 27% 41% 18% 25% 1. CHECKMATE-743 study (nivolumab + ipilimumab against chemotherapy): S Peterset al, Annalsof Oncology, 2022 (33) 488; https://doi.org/10.1016/j.annonc.2022.01.074 2. CONFIRM study (nivolumab against placebo): DA Fennell etal, Lancet Oncol 2021 (22) 1530 * Overall response rates up to 29% have been reported in other studies Mesothelioma remains a rapidly lethal disease: standard of care outcomes EW-001 (BZDS1901) has produced complete responses - complete tumour clearance - in advanced mesothelioma. This is rare, and it is what changes the conversation with patients, regulators and acquirers. Complete Response (CR) • CR = no detectable disease after treatment • In advanced mesothelioma, CR is almost never achieved with standard of care • CR is the strongest predictor of durable, potentially curative outcomes • Delivered by a single dose of a living drug Up to 20% CR rate CR’s very rare under current standard of care 25.6 mo Earlier-generation median OS ~2 yrs Longest current survivor, still in follow-up CR rate underwrites premium, high-value deals anchoring EW-001 value CR rate differentiates EW-001 (BZDS1901) Up to 50% OR rate Improvement on second line therapies; comparable with first line AdAlta Ltd | ISCTANZ2026 Presentation | July 2026 | 8 EW-001 CAR-T RESULTS TO DATE POINT TO A BETTER OUTCOME Outcome measure All patients (n=14) Higher doses (n=10) Complete Response Rate 14% 20% Overall Response Rate 43% 50% Median Overall Survival Not yet reached Not yet reached 1-year survival rate 21% with 21% still alive and not yet at one year and 21% withdrawn 30% with 30% still alive and not yet at one year and 10% withdrawn CR PR SD PD Low dose (0.5-0.6 x 10^6 CAR-T cells/kg) Higher dose (0.8-1.0 x 10^6 CAR-T cells/kg) Gen2 single plasmidproduct Best change in tumor size Patient number, type of mesothelioma Good Not good EW-001 (BZDS1901)’s CR rate supports accelerated / conditional approval pathways and anchors value in comparable-deal range Patient #03 5cm tumours cleared for more than 2 years CT imaging – measures soft tissue density Target Lesion 1 Target Lesion 2 AdAlta Ltd | ISCTANZ2026 Presentation | July 2026 | 9 Clinical delivery in Australia • Globally recognised early stage research • 55 institutions treating patients with cell & gene therapies • CAR-T penetration on par with the US, ~5x EU • Six-strong KOL bench across five leading CAR-T centres Manufacturing and supply • Cell Therapies Pty Ltd • TGA- and PMDA-approved commercial CAR-T supply • 20 years CAR-T manufacturing experience at all stages of development • Multiple successful technology transfers Automation for scale Oribiotech’s IRO automated manufacturing platform being deployed at CTPL and in China • 10-50x higher throughput per m2 • 30-50% reduction in COGS • 6-month reduction in tech transfer times (and cost) • FDA Advanced Manufacturing Technology (AMT) designation Oktopi and EMU AI solutions for R&D efficiency AdAlta uses mature, FDA-recognised Australian clinical and manufacturing infrastructure that is materially cheaper than the US. BUILT ECOSYSTEM: ADALTA’S CELL THERAPY ADVANTAGE 138 cell & gene therapytrials delivered to date 4 commercial CAR-T products; 7 gene therapies 25% - 50% cheaper clinical& manufacturing vs theUS 25 sites approved forcommercial CAR-T delivery Australia’s national competence AdAlta Ltd | ISCTANZ2026 Presentation | July 2026 | 10 FOR MORE INFORMATION PLEASE CONTACT: TIM OLDHAM CEO & MANAGING DIRECTOR +61 403 446 665 T.OLDHAM@ADALTA.COM.AU WWW.ADALTA.COM.AU AdAlta Limited (ASX:1AD) | ISCT ANZ 2026| July 2026 AN EAST-TO-WEST BUSINESS MODEL FOR COMMERCIALISING SOLID TUMOUR CAR-T THERAPIES: LEVERAGING CROSS-BORDER PARTNERSHIPS, ADVANCED MANUFACTUIRNG AND CAPITAL EFFICIENT DEVELOPMENT Abstract #: 138 Tim Oldham,a Bo Zhang,b Bev Menner,c Jason Foster,d Angus Testera a. AdAlta Ltd, Melbourne, Australia, www.adalta.com.au, t.oldham@adalta.com.au b. Shanghai Cell Therapy Group Co Ltd, Shanghai, China, www.shcell.com c. Cell Therapies Pty Ltd, Melbourne, Australia, www.celltherapies.com d. Oribiotech Ltd, London, UK, www.oribiotech.com Abstract A. Despite rapid innovation in cellular immunotherapy across Asia, many promising cell therapies remain inaccessible to Western markets due to regulatory, manufacturing and commercialisation barriers. Autologous CAR-T therapies for solid tumours also face scalability challenges including manufacturing complexity, high cost and limited portability between sites. B. AdAlta Ltd has developed an “East-to-West”commercialisation model combining Asian innovation with Australia’s manufacturing, translational and regulatory ecosystem. AdAlta in-licenses clinically validated cellular immunotherapy assets from Asia, conducting manufacturing transfer and US FDA-aligned Phase I development in Australia, and subsequent out-licensing to larger biopharmaceutical partners for registrational studies and commercialisation. The model aims to create substantial value inflection using a capital-efficient structure and Australia’s quality manufacturing and clinical ecosystem. To support scalable, commercially viable manufacturing, AdAlta established collaborations with Ori Biotech and Cell Therapies Pty Ltd. These partnerships aim to deploy Ori’s IRO® automated manufacturing platform within Australia and Asia-Pacific to improve throughput, reduce variability, accelerate technology transfer and lower CAR-T production costs. This demonstrates how partnerships between originators, technology providers, CDMOs and translational developers can de-risk development and improve partnerability of cell therapy assets. C. AdAlta's collaboration with Shanghai Cell Therapy Group (“SHcell”) is an exemplar of the model. EW-001 (BZDS1901) is a mesothelin-targeted, anti-PD1-armoured CAR-T therapy for mesothelioma and other solid tumours. Investigator-initiated studies in China demonstrated encouraging activity, including multiple tumour responses and two difficult to achieve complete tumour clearances in advanced mesothelioma patients, supporting progression toward Western regulatory development. SHcell continues China-based development while AdAlta leads manufacturing transfer, US FDA engagement and global Phase I development outside greater China. D. This model demonstrates a scalable pathway for globalising innovative Asian cellular immunotherapies while strengthening advanced manufacturing capability within Australia and the Asia-Pacific region. Solid cancer: the unmet need • Solid tumours are ~90% of all cancers, yet are underserved by cellular immunotherapy. • Bringing CAR-T's blood-cancer success to solid tumours is the opportunity AdAlta targets • The cellular immunotherapy market is growing ~34% a year to US$20.3bn by 20282 • First T cell therapies for solid cancers approved – the next frontier is here Amtagvi (TIL, Iovance) – US 2024 Tecelra (TCR-T, Adaptimmune/US World Meds) – US 2024 Satri-cel (CAR-T, CARsgen) – China 2026 CAR T-Cell therapy: turbo charges the immune system to kill cancer Living drug ⚫ Single Dose ⚫ Durable ⚫ Potentially Curative Collect T cells Expand in lab Engineer Cells Infuse into patient Kill cancer Blood drawn from patient Millions of CAR T cells grown Gene for CAR inserted into T cells CAR T cells returned to patient CAR T cells bind antigens and destroy tumours T Cell Insert gene CAR T cell Chimeric Antigen Receptor (CAR) Proven where standard treatments failed: Complete, durable responses in advanced blood cancers1 83% ~65% 78% Complete response, relapsed/ refractory paediatric ALL (leukaemia) Complete response, relapsed/ refractory large B-cell lymphoma Response, relapsed/refractory multiple myeloma 970+ The opportunity: Asia Innovation surplus that can't reach Western patients China has a deep pool of clinical-stage cell therapies, but few have a credible, compliant path to access Western approval and reimbursement The innovation surplus (“East”) Innovation is moving east. Western pharma increasingly sources assets from China - but at high transaction and opportunity cost. Cellular immunotherapy clinical trials in China3 350+ Cellular immunotherapy developers in China4 61% Of global CAR-T clinical trials run in Asia- Pacific3 30% Of big-pharma licensing deals now involve a China biotech5 The access deficit (barriers to the“West”) This gap, proven innovation that cannot be Westernised efficiently and compliant with multiple stakeholder needs, is what AdAlta is built to close. Limited clinical data - typically China-only, not accepted as pivotal by the FDA Manufacturing that lacks maturity and portability across sites and platforms Capital and trade barriers; rising geopolitical and sovereign-risk scrutiny High transaction and opportunity cost for Western acquirers The model: in-license, westernise, exit, recycle 3 2 1 3 4 4 Unit economics per asset ~US$15m All-in investment per asset to exit 3-4 yrs From in-license to potential exit US$782m Median comparable Phase 1 deal value6 50-60% AdAlta share of commercialisation proceeds • Acquire highly differentiated, clinically de-risked assets at low up-front cost. • Financing to inflection point buys AdAlta a share of the asset. • Ph 1 in Australia under US FDA IND; portable, low-cost manufacturing implemented. • 30-50% cheaper than the US + 43.5% R&D Tax Incentive rebate. • License the Western- data enabled asset to global commercial- isation partner. • AdAlta and Asian partner share value neither captures alone. • Retain regional rights and a 50-60% proceeds share. • Redeploy capital into new assets; compound the platform. 3 2 1 4 The ecosystem AdAlta is building: China product development speed + Australian early stage clinical + manufacturing and automation Clinical delivery in Australia • Globally recognised early stage research • 55 institutions treating patients with cell & gene therapies • CAR-T penetration on par with the US, ~5x EU • Six-strong KOL bench across five leading CAR-T centres Manufacturing and supply Cell Therapies Pty Ltd • TGA- and PMDA-approved commercial CAR-T supply • 20 years CAR-T manufacturing experience at all stages of development • Multiple successful technology transfers Automation for scale Oribiotech’s IRO® automated manufacturing platform being deployed at CTPL and in China • Automates better biology, accelerates product development • 10-50x higher throughput per m2 • 30-50% reduction in COGS • 6-month reduction in tech transfer times (and cost) • FDA Advanced Manufacturing Technology (AMT) designation China innovation • Deep innovation pool; early clinical read via efficient IIT system • Rapid, low cost product development and optimisation • Robust pipeline of assets in diligence • Potential “two lane” model for Australian/Western assets enabled by IRO® 138 cell & gene therapy trials delivered to date 4 commercial CAR-T products; 7 gene therapies 25% - 50% cheaper clinical & manufacturing vs the US 25 sites approved for commercial CAR-T delivery Australia’s national competence Exemplar product: EW-001 (BZDS1901) – a groundbreaking solid cancer armoured CAR-T cell therapy bringing new hope to patients with mesothelioma and up to 10 other cancers from Shanghai Cell Therapy Group Co Ltd EW-001 (BZDS1901): Next-gen CAR-T • Modality: MSLN-targeted, anti-PD1 nanobody-armored autologous CAR-T • Target: Solid tumors (mesothelioma, gynaecological) • Manufacturing: 30h, viral vector free • Developer/licensor: Shanghai Cell Therapy Group Co Ltd (SHcell), China as BZDS1901 • Development status: Clinical stage - 36 patients treated in IIT’s to date • IP Portfolio: 7 patent families in total Development roadmap • Manufacturing: establish global reference site at Cell Therapies (CTPL), Australia • Regulatory: Secure US FDA IND • Clinical – global: Ph 1 in mesothelioma and other solid cancers in Australia • Clinical – China: SHcell continue China development Capital efficient financing • Budget: US$14-19M over 4 years to complete Ph 1; 3rd party financing leverage • The "AUS advantage”: US$8– 12M est RDTI rebate benefit; cost-efficient, globally recognized • Governance: AdAlta SHcell Joint Development C’tee • The return: 60% of proceeds of Ph 1 Commercialisation Event to AdAlta ✓ Optimised for well established target Mesothelin (MSLN) is highly expressed on multiple cancers with poor prognosis; CAR-T binding optimized to protect healthy cells ✓ Armoured for success First product to secrete PD1 molecules to overcome tumour suppression of CAR-T cells and endogenous T cells ✓ Proven promise in clinical studies IIT responses superior to current 2nd line in r/r mesothelioma – including difficult to achieve complete responses ✓ Faster, cheaper manufacturing Can be manufactured in less than two days without expensive viral vectors EW-001 (BZDS1901): distinctive advantages First-line therapy: CHECKMATE-743 study7 Second-line therapy: CONFIRM study8 Outcome measure Chemo-therapy Immuno- therapy Placebo Immuno- therapy Complete Response Rate 0% 2.6% 0% 0% Overall Response Rate 44.0% 39.6% 1% 11%* Median Overall Survival 14.1 mo 18.1 mo 6.9 mo 10.2 mo 1-year survival rate 58% 68% ~30% ~45% Mesothelioma remains a rapidly lethal disease: standard of care (SoC) outcomes are poor Up to 20% CR CR’s very rare under SoC 25.6 mo mOS Gen1 BZDS19019 CR rate differentiates EW-001 (BZDS1901) Up to 50% ORR Improvement on second line; comparable with first line Outcome measure – Gen 2 BZDS1901 All patients (n=14) Higher doses (n=10) Complete Response Rate 14% 20% Overall Response Rate 43% 50% Median Overall Survival Not yet reached Not yet reached 1-year survival rate 21% with 21% still alive and not yet at one year and 21% withdrawn 30% with 30% still alive and not yet at one year and 10% withdrawn CR PR SD PD Low dose (0.5-0.6 x 10^6 CAR-T cells/kg) Higher dose (0.8-1.0 x 10^6 CAR-T cells/kg) Gen2 single plasmid product Best change in tumor size Patient number, type of mesothelioma Good Not good Patient #03 5cm tumours cleared for more than 2 years CT imaging – measures soft tissue density Target Lesion 1 Target Lesion 2 1. Kymriah, Yescarta and Carvytki prescribing information (US FDA) 2. 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 3. GlobalData, Pharma Intelligence Centre, Clinical Trials Database (accessed 5 April 2024 4. Alliance for Regenerative Medicine, Developer Data Report Q3 2023 and H1 2025 5. https://www.biopharmadive.com/spons/is-2025-the-chinese-year-of-biopharma/738274/ 6. Company press releases, GlobalData; Beacon Intelligence; Novotech “In vivo CAR-T therapies global research and development landscape” (2025) 7. 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 8. CONFIRM study (nivolumab against placebo): DA Fennell et al, Lancet Oncol 2021 (22) 1530 * Overall response rates up to 29% have been reported in other studies 9. Sun et al, Advanced Science, Oct 2025, DOI: 10.1002/advs.202508754 EW-001 (BZDS1901) results to date point the way to better outcomes EW-001 (Gen 2 BZDS1901) results to date point the way to better outcomes Best tumour response (per RECIST v1.1) A B C