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 | 19 October 2026 AdAlta Limited (ASX:1AD) AdAlta secures Advance Overseas Finding for EW-001 and receives first FY26 R&D Tax Incentive instalment Finding expected to add more than A$1 million to AdAlta’s FY26 R&D refund by recognising key EW-001 work conducted overseas Investment highlights • AdAlta has received an Advance Overseas Finding confirming that key overseas EW-001 work is eligible for the Australian Government’s R&D Tax Incentive (“RDTI”). • The finding covers EW-001 IND-enabling studies, investigator-initiated clinical trials in China and the purchase of raw materials needed to manufacture EW-001. • As a result of this positive finding, AdAlta anticipates an additional FY26 RDTI refund in excess of A$1 million. • AdAlta has already received a first FY26 RDTI instalment of A$0.23 million for the financial year ended 30 June 2026. • The finding confirms that China-based work central to AdAlta’s “East to West” strategy can attract Australian R&D support, lowering the net cost of developing EW-001. Melbourne, Australia: AdAlta Limited (ASX:1AD) (“AdAlta” or “the Company”), developer of next generation cellular immunotherapies for solid cancers, today announced that it has received an Advance Overseas Finding in respect of research and development (“R&D”) activities conducted overseas for EW-001 (formerly BZDS1901), its lead CAR-T cell therapy for advanced mesothelioma and other mesothelin- expressing cancers. As a result of this positive finding, AdAlta anticipates an additional Research and Development Tax Incentive (“RDTI”) refund in excess of A$1 million in respect of the financial year ended 30 June 2026 (“FY26”). This is in addition to the first FY26 RDTI refund instalment of A$0.23 million, which AdAlta has now received. The RDTI is the Australian Government’s main program for encouraging companies to invest in R&D. For smaller companies like AdAlta, it works as a cash refund of a significant share of what they spend on eligible R&D. As a general rule, only R&D carried out in Australia qualifies. An Advance Overseas Finding is a formal decision by the Government that specific R&D activities carried out overseas can also be claimed, because they are closely linked to the company’s R&D in Australia and could not be carried out here. AdAlta’s finding covers three areas of EW-001 work: the laboratory and safety studies the US Food and Drug Administration (“FDA”) expects to see before it allows clinical trials under an Investigational New Drug (“IND”) application (“IND-enabling studies”); the investigator-initiated clinical trials of EW-001 run by doctors in China; and raw materials purchased to manufacture EW-001. AdAlta CEO and Managing Director, Dr Tim Oldham said: “Our East to West strategy brings together the speed and cost advantages of cell therapy innovation in China with Australia’s world-class clinical and manufacturing capabilities. This finding recognises that certain work being done on EW-001 in China that cannot be performed in Australia is an integral part of an Australian R&D program. It means every dollar we invest in bringing EW-001 to patients goes further.” Next steps and strategic significance AdAlta will now complete the steps required to claim the additional FY26 refund. Meanwhile, EW-001 continues to advance, with AdAlta’s pre-IND meeting with the US FDA scheduled for 4 November 2026 (AEST) and transfer of EW-001 manufacturing to Cell Therapies Pty Ltd in Melbourne proceeding. For shareholders, the finding matters for two reasons. First, it returns a meaningful share of what AdAlta has already invested in EW-001. Second, it confirms that the East to West model works the way it was designed: 2 products and early clinical data come from leading cell therapy innovators in China, while Australia provides the platform for FDA-standard manufacturing and clinical development – and Australian R&D support can extend across both. That lowers the net cost of developing EW-001 and could similarly benefit future products AdAlta brings into its East to West pipeline, subject to the same eligibility tests. To view a summary, and engage in discussion about this announcement visit AdAlta’s InvestorHub here: https://investorhub.adalta.com.au/link/rDv9oy This ASX announcement has been authorised for release by the Board 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 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. EW-001 targets a protein called mesothelin that is highly expressed in many cancers. EW-001 is also engineered to produce a protein called a checkpoint inhibitor that is designed to protect the CAR-T cell from a key defensive mechanism used by cancers. 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) is often only 14-18 months for first line and 8-10 months for second line treatment, 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) • Two patients achieving Complete Responses have now reached two and one year survival milestones respectively with no evidence of cancer returning providing evidence of durability of response • Median overall survival has not yet been reached in the current generation manufacturing process, 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. EW-001 has not yet received regulatory approval for general commercial launch anywhere in the world. 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 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 commercialisation. 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 other assets include first in class fusion protein, AD-214, that takes a whole new approach to fibrotic diseases of the lung and kidney, such as the degenerative and fatal Idiopathic Pulmonary Fibrosis and WD-34, a novel pan-strain inhibitor of malaria, Babesia and Toxoplasma parasites. Following demonstration of efficacy in multiple animal models of disease and two successful Phase I clinical studies, AD-214 is available for partnering. WD-34 is seeking grant funding to optimise the molecule format to enable single dose seasonal prophylaxis. 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)