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 | 10 September 2026 AdAlta Limited (ASX:1AD) BIOSeedin Autumn Innovation Partnering Summit 2026 presentation Bilingual overview of ‘East to West’ model for bringing groundbreaking cellular immunotherapies for cancer to patients worldwide Melbourne, Australia, 10 September 2026: AdAlta Limited (ASX:1AD) (“AdAlta” or “the Company”), developer of next generation cellular immunotherapies for solid cancers is presenting at the BIOSeeedin Autumn Innovation Partnering Summit 2026 in Shanghai (10-11 September 2026). This represents an opportunity to introduce AdAlta’s “East to West” cellular immunotherapy strategy to potential partners and investors seeking to support China innovation on its journey to global markets. AdAlta’s presentation describes its goal of using cell therapies as living drugs to bring new hope to patients with solid cancers, its “East to West” business model that sources the most promising Asian cell therapies and makes them accessible to Western patients and pharma companies in a de-risked, capital efficient manner. The presentation features AdAlta’s collaboration with Shanghai Cell Therapy Group on EW-001, a CAR-T cell therapy that has demonstrated hard to achieve complete responses lasting up to two years and longer in advanced mesothelioma, a deadly cancer asspciated with asbestos expsoure. It also describes progress and plans to establish manufacturing and development collaborations in China to achieve even greater speed and cost efficiency in globalising regional cellular immunotherapies. Presentation details Meeting: BIOSeeedin Autumn Innovation Partnering Summit 2026, Kerry Hotel, Pudong, Shanghai Track: Oncology Roadshow Presenter: Dr Tim Oldham, CEO & Managing Director, AdAlta Presentation time: Friday, 11 September 2026, 4:35pm China Standard Time Bilingual and English language versions of the presentation are attached. To view a summary, and engage in discussion about this announcement, visit AdAlta’s InvestorHub here: https://investorhub.adalta.com.au/link/yz8EXr 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. 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 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 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 Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 1 COMMERCIALISING LIFE SAVING CELLULAR IMMUNOTHERAPIES “EAST TO WEST” 拯救生命的细胞免疫疗法 的商业化:“东学西渐” ADALTA LIMITED (ASX:1AD) | BIOSEEDIN AUTUMN INNOVATION PARTNERING SUMMIT | SEPTEMBER 2026 ADALTA LIMITED (ASX:1AD) | BIOSEEDIN秋季创新合作峰会 | 2026年9月 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 2 IMPORTANT NOTICE & DISCLAIMER 重要通知和免责声明 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. 投资AdAlta存在投资风险，投资者可能损失投资收益及投入本金。AdAlta不保证任何特定收益率或投资业绩，也不保证本金可获偿还。 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. 本演示文稿不构成证券认购、购买要约或邀约，也不构成证券投资建议。本演示文稿未考虑投资者的投资目标、财务状况和特殊需求。在对AdAlta进行任何投资之前，投 资者或潜在投资者应考虑该类投资是否适合自身特定的投资需求、目标和财务状况，并在必要时咨询投资顾问。 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. 本演示文稿可能包含有关本公司项目与权益的发展潜力，以及公司研发工作进展和治疗潜力的前瞻性陈述。凡描述公司目标、预期、意向或信念的陈述，均属于前瞻性陈 述，应视作存在风险的陈述。该类陈述会受到各类风险与不确定性因素的影响，尤其是在发现、开发并商业化适用于人体治疗的安全有效药物，以及为上述活动筹措资金 的过程中所固有的各类风险与不确定性。 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. 无法保证本公司的研发项目及相关权益（如适用）未来能够获得监管机构批准，或取得商业上的成功。后续研究的实际结果可能与本演示文稿中预测或详述的内容存在差 异。因此，提请投资者切勿依赖前瞻性陈述。投资者应当充分考量本演示文稿所提及的研发项目所涉及的上述风险及其他各类风险。 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 3 ADALTA: NEXT GENERATION CELL & PROTEIN THERAPEUTICS ADALTA：下一代细胞和蛋白治疗药物 “东学西渐”细胞免疫疗法增长战略 释放细胞免疫疗法在实体瘤患者中的治疗潜力：占癌症90%的实体瘤，依托血液肿 瘤领域已验证的成功经验与亚洲创新力量，挖掘未开发的巨大机遇。 首个核心资产：有望成为针对40亿美元间皮瘤细分市场的突破性疗法；BZDS1901为 处于临床阶段的同类首创CAR-T 产品，已实现持久完全缓解的临床终点。 实现临床与生产工艺双重概念验证：依托区域产业生态与技术合作，满足大型制药 企业的核心需求。 资本高效商业模式：投资控股多数股权或短投资周期项目，借力亚洲快速创新能力 、世界级生产合作资源以及研发税收优惠政策。 另外两项具备商业化变现价值的管线资产 同类首创抗纤维化蛋白AD-214，拟寻找战略合作伙伴，在公司外部推进其II期临床 开发。 世界首个疟疾寄生虫泛菌株抑制剂WD-34，拟寻找战略合作伙伴，以推进至概念验 证阶段。 AdAlta is - a clinical stage biotech: AdAlta是一家处于临床阶段的生物 技术公司： • Growth powered by AdCella “East to West” cellular immunotherapy spin-out • 依托AdCella“东学西渐”细胞免 疫疗法分拆项目推动业务增长 • Monetising other valuable assets • 推动其他高价值资产实现商业化 变现 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 4 “EAST TO WEST” CELLULAR IMMUNOTHERAPIES “东学西渐”细胞免疫疗法 1. In-license (“East”) 1. 许可引进（“东方”） Find rough diamonds 寻找璞玉 • 以较低首付款，收购来自 亚洲的高度差异化、临床 风险已降低的资产。 • 为下一关键拐点提供融资 ，使AdCella可在资产退 出时获得该资产的相应权 益份额。 2. Add value (“West”) 2. 增加价值（“西方”） Cut and polish the diamond 雕琢璞玉 • 在澳大利亚根据美国食品药 品监督管理局（FDA）的新 药临床试验申请（IND）进 行I期研究，已落地可移动、 低成本的生产工艺。 • 成本较美国低30-50%，另可 享受43.5%的研发税收激励 退税 3. Exit (on-license) 3. 退出（对外许可） Sell the diamond 玉成出售 • 将已完成去风险、具备西方 临床数据支撑的资产授权给 全球商业化合作伙伴 • AdCella与亚洲合作方共享 双方单独均无法实现的价值 收益。 Recycle 循环 Find more diamonds 寻找更多璞玉 • 保留区域权利和50-60%的 收益份额。 • 将资本重新部署到下一个 资产中，以增强平台实力 。 Unit economics per asset 单位经济效益（每项资产） ~US$15m ~1500万美元 每项资产到退出的总投资 3-4 yrs 3-4年 从许可引进潜在退出全流程 US$782m 7.82亿美元 同类I期项目可比交易金额中位数 50-60% AdCella在商业化收益中的份额 Funds recycle into future assets 资金循环投入未来资产 AdCella operates at the intersection of Asia’s biotech innovation engine room and global markets, providinga pathway and funding to prepare innovative Asian cell therapies for solid cancers for Western biopharma buyers using Australia’s translational and earlyclinical capabilities AdCella立足亚洲生物技术创新源头与全球市场的交汇点，依托澳大利亚的转化研究及早期临床能力，搭建路径并提供资金支持，将亚洲创新实体瘤细胞疗法打磨成熟， 对接西方生物制药企业买家。 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 5 970+ THE OPPORTUNITY:“EASTERN”INNOVATION SURPLUS THAT CAN'T REACH WESTERN PATIENTS 机遇：“东方”创新过剩，无法惠及西方患者 中国拥有大量处于临床阶段的细胞疗法项目，但其中仅有少数项目具备可信、合规的路径，能够获得西方的药品批准与医保报销资格。 The innovation surplus (“East”) 创新过剩（“东方”） Innovation is moving east. Westernpharma increasinglysources assets from China - but athigh transaction and opportunitycost. 创新正向东转移。西方制药企业越来越多地从中国获取资产，但需要承担高昂的 交易成本与机会成本。 中国的细胞免疫疗法临床试验 350+ 中国的细胞免疫疗法 开发商 61% 在亚太地区进行的全 球CAR-T临床试验 30% 大型制药公司的许可交 易现在涉及中国生物 技术公司 The access deficit (barriers to the“West”) 准入不足（通往“西方”的障碍） Thisgap, proven innovation thatcannot be Westernised efficiently and compliantwith multiple stakeholder needs, is whatAdAlta is closing. 这一缺口即为：已有验证的创新成果，难以高效完成西方化适配，同时满足多方利益相关方的 诉求；而AdCella正在填补该缺口。 临床数据有限 - 通常仅限中国，不被FDA接受为关键性 数据 生产工艺成熟度不足，且难以在不同生产场地与技术平 台间迁移复用 资本和贸易壁垒；日益加剧的地缘政治和主权风险审查 西方收购方交易和机会成本高 Sources: GlobalData, PharmaIntelligence Centre, Clinical Trials Database (accessed 5 April2024; Alliance for RegenerativeMedicine, Developer Data Report Q3 2023 and H1 2025; https://www.biopharmadive.com/spons/is-2025-the-chinese-year-of-biopharma/738274/; AdAlta analysis 来源：GlobalData、Pharma IntelligenceCentre、Clinical Trials Database（2024年4月5日访问；Alliance for Regenerative Medicine，Developer Data Report2023年第3季度和2025年上半年；https://www.biopharmadive.com/spons/is-2025-the-chinese-year-of-biopharma/738274/；AdAlta分析 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 6 1ST ASSET EW-001: A STAND-OUT ARMOURED MSLN CAR-T FOR SOLID CANCERS 首个资产EW-001：一种用于实体癌的杰出装甲间皮素（MSLN）CAR-T Optimised target 优化靶点 • 间皮素（MSLN）在多种预后不良的癌症中高 度表达 • 结合经过调整，仅在高MSLN密度下激活，从 而保护健康组织 Armoured for potency 装甲增强效力 • 首个分泌程序性死亡蛋白1（PD1）阻断分子的 MSLN CAR-T产品 • 克服肿瘤对CAR-T和患者自身T细胞的抑制 Clinical potential 临床潜力 • 3项研究者发起试验中的36例患者 • 晚期间皮瘤的缓解率超过了目前的二线标准治 疗，包括高达20%的患者出现罕见的完全缓解 （肿瘤完全清除） • 多达10种其他癌症表达MSLN Faster, cheaper to make 生产速度更快、 成本更低 • 生产周期不足两天，无需昂贵病毒载体 • 基于转座酶技术，无需昂贵的病毒载体；具备 实现商业化低生产成本的清晰路径 Lead indication: relapsed/ refractory mesothelioma - a beachhead, not the ceiling 主要适应症：复发/难治性 间皮瘤 - 这是突破口，而非 发展上限 ~US$4.2B ~42亿美元 间皮瘤可靶向治疗市场机会 10+ 其他MSLN阳性癌种，作为获批标签 拓展的增量空间 Up to 20% 晚期患者实现肿瘤完全清除 靶向MSLN、抗PD1纳米抗体装甲的自体CAR-T。由上海细胞治疗集团开发为BZDS1901并获得其许可；在大中华区以外拥有独家权利（7个专利家族）。 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 7 COMPLETE RESPONSES: THE HIGHEST-VALUE EARLY SIGNAL IN SOLID TUMOUR CAR-T 完全缓解：实体瘤CAR-T领域极具价值的早期临床信号 First-line therapy: CHECKMATE-743 study1 Second-line therapy: CONFIRM study2 EW-001: advanced mesothelioma Outcome measure Chemo- therapy Immuno- therapy Placebo Immuno- therapy All patients (n=14) Higher doses (n=10) Complete Response Rate 0% 2.6% 0% 0% 14% 20% Overall Response Rate 44.0% 39.6% 1% 11%* 43% 50% Median Overall Survival 14.1 mo 18.1 mo 6.9 mo 10.2 mo Not reached Not reached 1-year survival rate 58% 68% ~30% ~45% 21% so far (21% yet to reach 12 mo) 30% so far (30% yet to reach 12 mo) 2-year survival rate 27% 41% 18% 25% 7% so far (36% yet to reach 24 mo) 10% so far (50% yet to reach 24 mo) 1. CHECKMATE-743研究（纳武利尤单抗+伊匹木单抗 vs 化疗）：S Peters et al, Annals of Oncology, 2022 (33) 488; https://doi.org/10.1016/j.annonc.2022.01.074 2. CONFIRM研究（纳武利尤单抗 vs 安慰剂）：DA Fennell et al, Lancet Oncol 2021 (22) 1530; 在一些研究中报告的总缓解率高达29%，但生存期没有延长 3. 截至2026年7月，EW-001数据来自中国正在进行的研究者发起的试验。较高剂量为0.8-1.0 × 106 CAR-T细胞/kg；所有患者组还包括以0.5-0.6 × 106 CAR-T细胞/kg治疗的患者。 Mesothelioma remains a rapidly lethal disease: 间皮瘤仍然是一种快速致命的疾病： standard of care outcomes 标准治疗结局 EW-001在晚期间皮瘤中产生了完全缓解（CR），即肿瘤完全清除。CR在晚期间皮瘤中很罕见，是持久、可能治愈结局的 最强预测指标，这正是能够改变与患者、监管机构以及收购方对话格局的关键。 Up to 20% CR rate 高达20%的CR率 CR’s very rare under current standard of care 在当前标准治疗下，CR非常罕见 25.6 mo 25.6个月 Earlier-generation median OS 早期产品的中位总生存期（OS) >2 yrs >2年 Longest current survivor, still in follow-up 目前存活时间最长的患者，仍在随访中 Complete Response rate underwrites premium, high-value deals anchoring EW-001 value 完全缓解率支撑项目溢价，高价值交易奠定EW-001的估值基础 CR rate differentiates EW-001 (formerlyBZDS1901) CR率使EW-001（前身为BZDS1901）脱颖而出 Up to 50% OR rate 高达50%的OR率 Improvement on second line therapies; comparable with first line 优于二线疗法；与一线疗法相当 EW-001 offers hopeof a better outcome EW-001为更好的结局带来了希望 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 8 EW-001 CAR-T RESULTS TO DATE POINT TO A BETTER OUTCOME EW-001 CAR-T迄今为止的结果表明结局更佳 CR PR SD PD Lowdose (0.5-0.6 x 10^6 CAR-T cells/kg) 低剂量（0.5-0.6 × 106 CAR-T细胞/kg） Higher dose (0.8-1.0 x 10^6 CAR-T cells/kg) 较高剂量（0.8-1.0 × 106 CAR-T细胞/kg） Gen2 single plasmid product 第二代单质粒产品 Best change i n tum or s ize 肿瘤 大小的 最佳变 化 Patient number, type of mesothelioma 患者编号，间皮瘤类型 Good 良好 Not good 不佳 EW-001的CR率可支持加速/附条件获批路径，同时将项目价值锚定在可比交易区间内。 Patient #03 患者#03 5cm tumours cleared for more than 2 years 5 cm肿瘤已清除超过2年 CT imaging – measures softtissue density CT成像 - 测量软组织密 度 Target Lesion 1 靶病灶1 Target Lesion 2 靶病灶2 Best tumor shrinkage 最佳肿瘤缩小程度 (per RECIST v1.1) （根据实体瘤疗效评价标准[RECIST] v1.1） AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 9 EXIT PRECEDENTS: PHASE 1 CAR-T LICENSING TRANSACTIONS 退出先例：I期CAR-T许可交易 Date 日期 Drug(s) 药物 Licensor 许可方 Licensee 被许可方 Deal stage 交易阶段 Lead indications 主要适应症 Total value (US$m) 总价值（百万 美元） Upfront 首付款 (US$m) （百万美元） Nov-25 25年11月 GCC/CD19 bispecificCAR-T GCC/CD19双特异性 CAR-T Phase 1 I期 (completed; US) （已完成；美国） mCRC 转移性结直肠癌（mCRC） 894* 74* Oct-24 24年10月 CD19/CD20 logic gatedCAR-T CD19/CD20逻辑门控CAR-T Phase 1/2 I/II期 (ongoing; US) （进行中；美国） r/r B celllymphoma; other lymphomas 复发/难治性（r/r）B细胞淋巴瘤；其他淋巴瘤 780-1,030* (Acquired) （已收购） May-24 24年5月 MAGE-A4 targeting TCR T cell therapy 靶向MAGE-A4的T细胞受体（TCR） T细胞疗法 Phase 2 II期 (ongoing; global) （进行中；全球） Head & neck cancer 头颈癌 665 85 Nov-23 23年11月 DLL3 targetingautologous CAR-T cell therapy 靶向DLL3的自体CAR-T细胞疗法 Phase 1 I期 (ongoing; US) （进行中；美国） SCLC, LCNEC 小细胞肺癌（SCLC)，大细胞神经内分泌癌（LCNEC) 1,110 100 May-23 23年5月 CD20 and CD19/20-directed autologousCAR-T cell therapy CD20和CD19/20导向的自体CAR-T 细胞疗法 Phase 1 I期 (completed; China) （已完成；中国） B-cell NHL, Follicular lymphoma, mantle cell Lymphoma, DLBCL B细胞非霍奇金淋巴瘤（NHL）、滤泡性淋巴瘤、 套细胞淋巴瘤、弥漫性大B细胞淋巴瘤（DLBCL） n/a 不适用 245 Jan-23 23年1月 CART-ddBCMA CART-ddBCMA Phase 2 II期 (ongoing; US) （进行中；美国） Multiple myeloma 多发性骨髓瘤 n/a 不适用 325 Dec-22 22年12月 Anti-BCMA CAR-T cell therapy 抗B细胞成熟抗原（BCMA）CAR-T 细胞疗法 P1b Ib期 (ongoing; Israel) （进行中；以色列） Multiple myeloma 多发性骨髓瘤 34.55 1.5 Dec-20 20年12月 Mesothelin-targeted autologous andallogeneicCAR-T cell therapy 靶向间皮素的自体和同种异体CAR-T细胞 疗法 Phase 1 I期 (ongoing for autologous therapy; US) （自体疗法进行中；美国） Peritoneal/ pleural mesothelioma 腹膜/胸膜间皮瘤 670 60 MEDIAN 中位数 782 85 Source:Company press releases, GlobalData; Beacon Intelligence; Novotech “In vivo CAR-T therapies global research anddevelopmentlandscape” (2025) 来源：公司新闻稿，GlobalData；Beacon Intelligence；Novotech“体内CAR-T疗法全球研发格局”（2025） *Includes equitycomponent valued at time of deal *包括交易时估值的股权部分 5年 72% 投资自体细胞疗法（许可、并购[M&A]、企业风险 投资[CVC]）的全球前25家肿瘤制药公司 2年 44% 73 5 2024年底的体内CAR-T资产 2025年进入临床的体内CAR-T资产 将为优化的递送系统寻找 经过验证的有效载荷 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 10 Clinical delivery in Australia 澳大利亚临床落地 • Globally recognised early-stage clinical research 全球公认的早期临床研究 • 55家机构使用细胞和各种基因疗法治疗患者 • CAR-T普及率与美国相当，约为欧盟的5倍 • 遍布五个领先CAR-T中心的六人关键意见领袖（KOL）团队 Manufacturing and supply 生产和供应 Cell Therapies Pty Ltd • 经澳大利亚药品管理局（TGA）和药品和医疗器械管理局（ PMDA）批准的商业CAR-T供应 • 在所有开发阶段拥有20年的CAR-T生产经验 • 多次成功的技术转移 Automation for scale 自动化以扩大规模 Oribiotech’s IRO automated manufacturing platform being deployed at CTPL and in China Oribiotech的IRO自动化生产平台正在CTPL和中国部署 • 每平方米通量提高10-50倍 • COGS降低30-50% • 技术转移时间（和成本）减少6个月 • FDA先进制造技术（AMT）认证——简化美国审批流程 AdCella使用成熟、获FDA认可的澳大利亚临床和生产基础设施，其成本远低于美国。 EXECUTION PLATFORM: ADCELLA'S CELL THERAPY ADVANTAGE 执行平台：ADCELLA的细胞疗法优势 138 迄今已完成的细胞和 基因疗法试验 4 商业CAR-T产品；7种 基因疗法 25% - 50% 临床和生产成本低于美国 25 经批准可进行商业CAR-T 递送的中心 Australia’s national competence 澳大利亚的国家能力 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 11 GROWING PIPELINE, “TWO LANE” PLATFORM COMING SOON 不断增长的管线，“双通道”平台即将推出 中国 澳大利亚 符合合作伙伴、监管机构和贸易期望的 通往全球市场的桥梁 美国 英国和欧洲 AdCella clinical and manufacturing platforms Clinical/IIT site + CRO partners CDMO+ IRO Companies Clinical sites + CRO partners CTPL+ IRO Companies 通道1 - “东学西渐”战略已就位 通道2 - 即将推出 Asset 2 (option) • 已获批产品先例 • 同类最佳产品：生产、有效性和 安全性优势；适用于IRO • 已掌握I期数据 DILIGENCE Asset 3 (option) • 同类首创潜力，新靶点，TCR-T 细胞疗法 • 实体瘤适应症 • 中国I期研究进行中；适用于IRO DILIGENCE Asset 4 (option) • 同类首创潜力，新抗原靶点， 逻辑门控CAR-T细胞疗法 • 实体瘤适应症 • 中国IIT待定；适用于IRO DILIGENCE AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 12 Executive >10 cancer drugs takenfrom first-in-humanto approval. >US$200m (plus>US$5.5bn contingent) across 35+ licensing, CDMO and M&A deals. EXPERIENCED TEAM WITH DOMAIN EXPERTISE, GLOBAL REACH 资深团队、深耕行业、布局全球 Board Tim Oldham, PhD CEO / Managing Director Michelle Burke Independent Director Angus Tester, PhD VP Operations Janette Dixon, DBA Head of Business Development Andrew O’Brien, PhD Head of Corporate Development Darryn Bampton Director, Clinical and Regulatory Operations Kevin Lynch Consultant CMO China Director Independent Director (potential candidates identified) Investor Director To be appointed post-raise China Representative Local hire leadingasset outreach, China due diligence and partner relationships • CSO / Head of Asset Development • VP/Director, Clinical Operations • Director, Pre-clinical & Translational • Bilingual Head ofAsia Operations • Per-asset project managers from asset #2 Planned hires Clinical Advisory Board (from leading Australian CAR-T centres) A/Prof Emily Blyth Clinical Lead, Immune Effector Service, Westmead Hospital Prof Simon Harrison Director, CoE in Cellular Immunotherapy, PeterMac ProfNick Pavlakis Senior Staff Specialist, Medical Oncology, Royal North Shore Hosp Prof MarkShackleton Director Oncology, The Alfred ProfBen Solomon Medical Oncologist, Peter Mac A/Prof Ben Tran Leader, Solid Cancer CAR-T Clinical Trials, Peter Mac AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 13 RECENT ACHIEVEMENTS 近期成就 根据与上海细胞治疗集团（ SHcell）的开发合作协议，许 可引进BZDS1901（现为EW- 001）装甲MSLN-CAR-T细胞 疗法 2026年1月 任命EW-001临床顾问委员会 2026年3月 与SHcell召开首次联合开发委 员会会议，以加速EW-001技 术转移 2026年3月 新的EW-001临床数据凸显2例 患者的缓解情况改善和加深， 并实现肿瘤完全清除 2026年4月 与OriBiotech和Cell Therapies Pty Ltd（CTPL）签订谅解备 忘录（MoU)，以使用 OriBiotech的下一代CAR-T生 产平台IRO 2026年4月 签署首份将EW-001技术转移至 澳大利亚CTPL的工作订单 2026年4月 第二次SHcell里程碑付款；确 保获得额外的临床数据和关键 材料 2026年7月 Oktopi AI赋能的R&D同行评审 合作，可规模化调用专业专家 能力，做出更优质、更高效的 研发决策 2026年7月 EW-001完全缓解者达到1年和 2年生存里程碑；总生存期和 剂量反应支持进一步的剂量递 增 2026年8月 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 14 NEXT STEPS FOR ADALTA ADALTA的后续步骤 里程碑/活动 时间 意义 EW-001 ➢ 美国FDA监管建议（IND前会议） 2026年下半年 确认并降低I期前所需的剩余生产和临床前活动的风险 ➢ 生产技术转移和优化——首次在澳 大利亚运行 2026年下半年 确认BZDS1901各患者特异性剂量具备可靠且经济高效的 “即时制备” 工艺，提升对大型制药合作伙伴的吸引力 ➢ 中国IIT研究的持续临床结果 ~每季度 确定BZDS1901控制肿瘤的时长和由此产生的生存获益； 评估合作方合作潜力的关键指标 其他 ➢ 额外“东学西渐”资产的期权 2026年第4季度 -2027年第1季 度 评估通过可快速、低成本推进至拐点的额外资产来扩展 管线的机会；特别是通过最近与OriBiotech的合作 ➢ AdCella的A轮私募融资 即将开始 加速增长；具体化AdAlta已创造的价值 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | AdAlta Limited (ASX:1AD) | BIOSeedIn秋季峰会 | 2026年9月 | AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 15 ADCELLA SUBSIDIARY:“EAST TO WEST” STRATEGY SUMMARY ADCELLA子公司：“东学西渐”战略总结 专注于实体癌T细胞疗法，目标为竞争较小的市场，同时利用经过验证的 细胞免疫疗法 结合亚洲针对实体癌的创新T细胞疗法和澳大利亚的生产优势，利用独特 的区域优势 通过将“东方”的细胞免疫疗法创新引入“西方”的受监管市场，具有巨大的 价值拐点潜力 稳健的资产选择流程，可获得具有安全性和有效性临床证据的同类首创/ 最佳、高度差异化的产品 轻资本模式提供快速投资回报（ROI）潜力：利用外部资本和AdAlta产品 管理，通过单项临床试验实现价值拐点 通过系统的产品许可和管线扩展机会，高度可扩展，成为行业领导者 Using patient’s own immune cells to fight cancer 利用患者自身的免疫细胞抗击癌症 ✓ 首个资产已获许可 截至2026年底新 增两个资产 从2027年起 每年将一个资产推 入临床试验 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 AdAlta Limited（ASX:1AD）| BIOSeedIn秋季峰会 | 2026年9月 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 16 FOR MORE INFORMATION PLEASE CONTACT: 如需更多信息，请联系： TIM OLDHAM CEO & MANAGING DIRECTOR 首席执行官兼董事总经理 +61 403 446 665 T.OLDHAM@ADALTA.COM.AU IR@ADALTA.COM.AU WWW.ADALTA.COM.AU AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 1 COMMERCIALISING LIFE SAVING CELLULAR IMMUNOTHERAPIES “EAST TO WEST” ADALTA LIMITED (ASX:1AD) | BIOSEEDIN AUTUMN INNOVATION PARTNERINGSUMMIT | SEPTEMBER 2026 AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 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) | BIOSeedIn Autumn Summit | September 2026 | 3 ADALTA: NEXT GENERATION CELL & PROTEIN THERAPEUTICS “East to West” cellular immunotherapy strategy for growth Bringing the potential of cellular immunotherapies to solid cancer patients: 90% of cancers, untapped opportunity leveraging existing success in blood cancers and Asian innovation First asset a potential breakthrough treatment addressing US$4b segment of mesothelioma market: BZDS1901 is clinical stage first in class CAR-T product already achieving durable complete responses Delivering both clinical and manufacturing proof of concept: Leveraging regional ecosystem and technology partnerships to deliver what larger pharma companies need Capital efficient business model: buying into majority share or short investment horizon projects, leveraging rapid Asian innovation, world class manufacturing partnerships, R&D Tax incentive 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 is - a clinical stage biotech: • Growth powered by AdCella “East to West”cellular immunotherapy spin-out • Monetising other valuable assets AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 4 “EAST TO WEST”CELLULAR IMMUNOTHERAPIES 1. In-license (“East”) Find rough diamonds • Acquire highly differentiated, clinically de-risked assets from Asia at low up-front cost. • Financing to the next inflection point buys AdCella a share of the asset at exit. 2. Add value (“West”) Cut and polish the diamond • 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. 3. Exit (on-license) Sell the diamond • License the de- risked, Western-data enabled asset to a global commercial- isation partner. • AdCella and the Asian partner share value neither could capture alone. Recycle Find more diamonds • Retain regional rights and a 50-60%share of proceeds. • 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% AdCella shareof commercialisation proceeds Funds recycle into future assets AdCella operates at the intersection of Asia’s biotech innovation engine room and global markets, providing a pathway and funding to prepare innovative Asian cell therapies for solid cancers for Western biopharma buyers using Australia’s translational and early clinical capabilities AdAlta Limited (ASX:1AD) | BIOSeedIn Autumn Summit | September 2026 | 5 970+ 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 transacti