Announcement PDF Building our clinical pipeline AdAlta Limited (ASX:1AD) A modern targeting system for next generation drugs Investor Overview 20 May 2024 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. 2 AdAlta (ASX:1AD): unique discovery platform, expanding business model Purpose: i-body® targeting for next generation therapeutics Going where antibodies can't to produce high-value, next generation protein and cell therapies for debilitating diseases Discovery business i-body® “inventory” of high value product candidates for development or licensing AdCella Product development businesses Fibrosis/inflammation Cellular immunotherapy Product candidates progressing through value-adding development milestones for out-licensing or co-development Larger biopharma companies Out-licensing and co-development 3 Near-term momentum and opportunities for shareholders Attractive current valuation and fundamentals Share price performance (ASX:1AD) (12 months) v Enterprise value ~A$10.6m* (Market capitalisation A$13.3m) v Strong and supportive institutional register v $3.7m flexible financing facility secured to progress transactions (Apr’24) Momentum accelerating towards return on AD-214 investment - AdSolis v Phase I extension study clinical data achieves critical milestone for partnering and Phase II readiness (Mar’24) Largest shareholders (13 May 2024)** % Platinum International Healthcare Fund 16.5 Meurs Group 12.5 Sacavic Group FMI Pty Ltd atf Commonwealth of Australia 6.5 Radiata Foundation 3.9 Other (~1,480 total holders) Total 5.1 56.5 100% v Multiple partnering strategies in play to fund Phase II: IPF assets commanding upfront license payments of more than US$45 million “East to west” cellular immunotherapy strategy in place for near term clinical pipeline – AdCella (Apr’24) v Collaboration with SYNBV to launch AdCella: pathway for Asian cellular therapy innovation to global markets v Appointment of Cell Therapies as preferred manufacturer *Market capitalization A$13.3m at 13 May 2024 less 31 Mar 2024 cash $1.51m and first $1.2m from NLSC/Meurs Group financing announced 29 April 2024 **Based on 533.2m issued ordinary shares; does not include effect of 173.0m 1ADOA listed options and 13.8m unlisted options 4 AdAlta’s core strategies each have opportunities for growth Current status 1. Realise the value of lead asset AD-214 2. Progress i-CAR and i-PET discovery 3. Invest in i-body® platform and pipeline Partnering discussions advancing via AdSolis for: v Out-licensing; or v Co-development/asset financing v 3 active i-CAR-T discovery programs (Carina Biotech) v i-PET imaging discovery program (GE Healthcare) v 2 new i-CAR discovery programs commencing Focus for direct investment narrowed to cellular immunotherapy via AdCella v MoU with SYNBV enables faster and more capital efficient progress v Platform available for sponsored research in other areas v Platform renewal making limited progress 5 AD-214: new hope for fibrotic disease patients Bill van Nierop: IPF survivor speaks to challenge of living with IPF “… sadly I am one of a few who can actually relate to the lived experience with and without PF …” “You see our symptoms are basically an ongoing internal struggle to breathe freely … and it’s invisible to all, including family, friends and the general community.” “I talked with a 60 something grandmother, who really enjoyed days looking after grandkids, but as disease progressed she found sometimes she needed to reduce the time a bit. You won’t believe that her daughter in law suggested she would just bring them around less, ‘you’re always tired but you look really well’, so I won’t bother you as much. Shattering to the poor woman obviously, but again demonstrates the absolute lack of understanding of this debilitating disease. Looks well, so can’t be too ill, except she’s struggling to breathe and is on a journey with an inevitable end.” Source: Bill van Nierop, https://www.facebook.com/kayakforlungs 28 September 2023 https://www.lonagkayakforlungs.com.au/ 7 The need: Better outcomes for Idiopathic Pulmonary Fibrosis (IPF) and other fibrotic diseases 45% of developed world deaths IPF prevalence >490,000 worldwide have a chronic fibrosis component 72,000 78,000 Europe USA 14,000 Japan 159,000 China 6,000 Australia 3-5 Slow, but do not halt progression. Serious side effects limit compliance, tolerability $5.1b $4.3b • Lung (US$4b) • Kidney (US$10b) • Eye (US$15b) • Cancer (US$1b each)3 New drivers of incidence • “Long COVID”1 • Re-emergence of silicosis >100,000 pa 2022 2029 Source: GlobalData,2 company financial reports, AdAlta analysis 1 PM George, et al, “Pulmonary fibrosis and COVID-19: the potential role for antifibrotic therapy”, Lancet published online May 15, 2020. 2 GlobalData, Idiopathic Pulmonary Fibrosis: Competitive Landscape, April 2023 3 GlobaData, disease analysis reports 8 AdSolis’ solution: AD-214 has a compelling value proposition A$45m investment to date has built strong value proposition AD-214 is competitively well positioned in Phase II and beyond pipeline* First in class molecule targeting established mode of action in fibrotic disease ü Competitively positioned as only antibody-like therapeutic entering late-stage development pipeline Pre-clinical efficacy in multiple animal models of fibrotic disease – derisks clinical studies ü Led by Idiopathic Pulmonary Fibrosis (IPF): TAM US$4.3b ü Multiple US$b indication potential: kidney, eye, cancer AD-214 poised to enter Phase II as the only product offering antibody-like precision – and one of only three products targeting a novel but validated disease modifying pathway with no prior failures Pirfenidone or nintedanib analogues – uncertain mode of action, tolerability risks Phase I successfully completed ü Well tolerated, evidence of target binding ü Addresses partner questions Target IV product profile verified; enhanced SC product profile identified – supports clinical adoption ü Intravenous (IV) every 2 weeks; subcutaneous (SC) every week 2 Targeting novel pathways with no clinical failure to date 3 6 9 7 Targeting novel pathways where there have been prior clinical failures Products designed to manage symptoms – not disease modifying Strong intellectual property, regulatory position ü Patents protecting asset to 2036 and beyond ü US FDA Orphan Drug Designation for IPF ü 10-12 years market exclusivity (US, EU) * As at October 2023; excludes 11 studies categorized as Phase I/II, institution led or with <25 patients per arm which are unlikely to be powered to show efficacy Source: GlobalData, clinicaltrials.gov, company press releases, AdAlta analysis 9 Phase I extension study achieves critical partnering and Phase II readiness milestones Phase I extension study finding Significance 1. Multiple doses of 10 mg/kg IV AD-214 are well tolerated, no dose limiting toxicity, only “mild” adverse events ü Establishes safety profile necessary to advance this dose to Phase II 2. PK (maximum and total exposure) and PD (white cell and receptor occupancy*) profiles are consistent across multiple doses and multiple patients; in line with model predictions ü Supports potential efficacy of selected Phase II dose 3. Antidrug antibodies present at low levels only; no evidence of effect on PK and PD parameters ü ADAs (or other immune responses) are unlikely to detract from clinical safety or efficacy 4. Larger biopharmaceutical licensing partners want to know that the target Phase II dose is safe, has potential to be effective and that any immune response will not detract from this ü Results comprehensively address pharma company clinical questions received to date * RO profile after fourth dose remains under evaluation 10 AD-214 development plan Phase I extension study • AD-214 well tolerated at target Phase II dose; PK/PD as predicted, consistent across doses; no evidence of negative ADA effects • Results comprehensively address pharma company clinical questions received to date Phase II financing strategy Co-development in AdSolis … • AD-214 licensed to AdSolis subsidiary; new strategic or financial investors invest • AdAlta leads Phase II • AdAlta receives management fees, retains substantial equity ownership • AdAlta benefits from value uplift of any Phase II success … and/or out-licensing from AdSolis to larger biopharmaceutical company • AD-214 licensed to global or regional company • Partner responsible for funding, executing Phase II • AdAlta receives upfront payment, development milestones and royalties on any future commercial sales • AdAlta return is fixed now Phase I extension study data being shared with short list of partners to enable them to complete their evaluation of AD-214 Objective is a near term transaction Product development strategy Target intravenous (IV) product profile Potential subcutaneous (SC) product profile • IV in clinic • Patient self administration at home (like diabetes, arthritis) • Two weeks minimum between infusions • Weekly or daily injections • Fastest, cheapest to clinical proof of concept • Enhanced market share, reduced COGS • Progress to Phase II • Develop formulation, progress to Phase I Choice of formulation to take through to Phase III Based on relative success of each development 11 The value: Pharma companies are actively licensing IPF assets for significant value Upfront payment to licensor Contingent milestones Clinical Phase at transaction Feb 23 Acquisition# US$294m N/A 2 Jan 23 China only license US$76m^ US$336m 2 Aug-22 License US$80m US$620m 2 Apr-20 Acquisition* US$45m Not disclosed 2 Nov-19 License US$390m US$1,000m 2 Nov-21 Acquisition# US$254m N/A 2 (Ready) Nov-20 License €25m €320m 2 (Ready) Sep-21 License US$152m US$602m 2 (Ready) Feb-21 License Not disclosed US$517.5m 1 Jul-19 License €45m €1,100m 1 Oct-22 Acquisition US$255m Not disclosed Pre-clinical (+ platform) Licensor/target Licensee/acquirer Source: Company press releases; * Lead indication was diffuse cutaneous systemic sclerosis which usually evolves into IPF; # Did not complete; ^ Includes development milestones AD-214 almost Phase II ready Transaction Date 12 AdCella AdAlta’s “east to west” cellular immunotherapy strategy Cellular immunotherapies are transforming cancer outcomes New, multifunctional therapies are needed to address solid cancers Therapy involves re-engineering patient’s own immune cells to “see” cancer – living drug, single dose, potentially curative 6 FDA-approved CAR-T therapies since 2017 transforming outcomes: Complete response rates: 83% r/r pALL, 51-65% r/r LBCL, 78% r/r MM4 … but so far only for blood cancers CAR-T: >US$2.6 billion earned in 2022,3 US$20.3 billion forecast for 20281 >50% of CAR-T revenues from solid tumours by 20302 90% of cancers are solid tumours: harder to target, harder to access, immune suppressive Need new, multifunctional, cellular therapies 2024: FDA approved 1st cellular immunotherapy (non-CAR-T) for solid cancer (melanoma)5 1. 2. 3. 4. 5. Grandview Research, “T-cell Therapy Market Size, Share & Trends Analysis” Feb 2021 Polaris Market Research, "CAR-T Cell Therapy Market Share, Size Trends, Industry Analysis Report", June 2021 Company websites and financial filings Kymriah, Yescarta and Carvytki prescribing information; r/r = relapsed/refractory; pAML – paediatric acute lymphoblastic leukemia, LBCL = large B cell lymphoma, MM = multiple myeloma https://www.fda.gov/vaccines-blood-biologics/approved-blood-products/amtagvi 14 Why AdAlta should develop a cell therapy company (AdCella) Cellular immunotherapy for solid tumours is a large, fast growing market Highly differentiated competitive position: • Eastern hemisphere innovation • Australia’s experienced and cost effective delivery ecosystem • i-body® technology Rich pipeline of differentiated product candidates, many with initial patient data, that could be in western regulated clinical trials in near term Scalable business model allowing for multiple programs that can be pursued cost effectively with speed to market Strong team and partnership with SYNBV and CTPL; complemented by other known networks 15 The value: cell and gene therapy up front deal values 3.5x higher than other biologic drugs with potential to partner early Pre-clinical proof of concept cell therapy transactions Asset in-licensing terms Median upfront (cash and equity) payments (US$ million) Cell & gene therapy Biologics 120 No. of assets Upfront/ target (US$m) Deal value/ target (US$m) Jun-22 2 30 730 Jul-20 1 20 988 Feb-20 2 25 300 Nov-19 1 10 304 Oct-18 1 45 1702 25 730 Date 100 80 60 40 20 Licensee Licensor 0 2018 2019 2020 2021 2022 2023 H1 Median value Source: JPMorgan, Q2 2023 Biopharma Licensing and Venture Report, July 2023 (“Biologics” includes biologics, mAbs, ADC, proteins, DNA, RNA, etc); GlobalData, company press releases, AdAlta analysis 16 Three insights support AdAlta and AdCella’s vision and opportunity in cellular immunotherapy Asia is global epicentre of innovation in cellular immunotherapy; supportive regulatory system enables early clinical data to derisk assets AdAlta’s i-body® technology is ideally suited to multifunctional products; supported by operating capability, access to capital and Australian ecosystem Australian manufacturing and clinical ecosystem is experienced, western regulated and cost advantaged even before R&D tax incentive 17 Eastern hemisphere has the richest cellular immunotherapy development pipeline in the world Cellular immunotherapy developers 20231 Cellular immunotherapy clinical trials 20242 n = 1,104 n = 1804 1108 Other South Korea Japan Australia 449 11 28 47 50 439 583 185 Asia Pacific North America Europe 31 RoW China 49 Canada 574 USA 972 • 41% of developers, 61% of clinical trials in Asia Pacific • Dominance of China in clinical trials reflects efficiency of Investigator Initiated Trials (IITs) to generate early clinical proof of concept • Number of newly identified CAR-T therapies from Chinese developers has doubled every year since 2014 1. 2. 162 Asia Pacific North America Europe 41 RoW Alliance for Regenerative Medicine, Developer Data Report Q3 2023. Includes all companies developing gene modified cell therapies and cell-based immuno-oncology products by headquarter region GlobalData, Pharma Intelligence Centre, Clinical Trials Database (accessed 5 April 2024). Includes all adoptive cell therapies (T cell immunotherapies, NK cell immunotherapies and tumour infiltrating lymphocytes. Includes all ongoing clinical trials. Multinational trials are included in each country in which they are conducted 18 Australia has a well-developed cell therapy delivery ecosystem1 Clinical delivery capability • 138 cell and gene therapy trials to date • 55 institutions treating patients with cell and gene therapies • 25 sites approved for commercial CAR-T delivery • 3 commercial approvals for CAR-T products • Clinical trial costs 25-50% cheaper than US Manufacturing and supply chain capability • Several cGMP cell therapy manufacturing facilities • Cell Therapies Pty Ltd approved for commercial CAR-T supply by TGA and Japan PMDA • Viral Vector Manufacturing Facility Pty Ltd being established • Plasmid DNA (vector starting material) CDMO Innovation and translation • >20 companies developing advanced therapeutics • Cell and Gene Catalyst to drive ecosystem • R&D Tax Incentive to further leverage cost advantages 1. Adapted from Heather Main, Hoya Consulting (unpublished analysis); company/institution websites 19 AdAlta’s solution: i-bodies enable superior CAR constructs (i-CARs) and other advanced therapies when combined with partner platforms i-CAR-T example TINY i-body® needs LESS room in inserted gene, enabling MORE engineered function i-body applications Tumor cell Produces superior, multifunctional advanced therapy products i-body targeting domain Tumor antigen Chimeric antigen receptor (CAR) v Improved targeting § Novel tumor antigens, dual and bi-specific CARs v Persistence and performance § Overcome immune suppression “checkpoints”, enhanced trafficking, reduced exhaustion v Payload § Higher payload for vectorized antibody therapeutics (mRNA, in vivo CAR-T, etc) Cell killing molecules Secreted i-body immune checkpoint inhibitors Immune cell Collaboration with Carina Biotech – 3 targets in discovery Significant industry interest from potential additional partners Value could be realized at preclinical PoC 20 AdCella business model 1. 3. In-license market leading assets from Asia Establish global manufacturing network and on-license to commercialization partners AdCella 2. Build value by establishing western regulated manufacturing, obtaining first western regulated clinical data Source: F Bray et al, Global cancer statistics 2022: GLOBOCAN estimates of incidence and mortality worldwide for 36 cancers in 185 countries, CA Cancer J Clin 2024:1-35. doi:10.3322/caac.21834 21 SYNthesis BioVentures (SYNBV) is partnering with AdAlta to develop next generation cellular immunotherapies for solid cancers Memorandum of Understanding 6-12 months initial collaboration • • • • • i-body platform: building blocks for next generation cell therapies Clinical development capabilities Access to public capital Access to Australian cell therapy ecosystem Pipeline of potential cellular immunotherapy partners AdCella Connecting Asia innovation, Australian manufacturing and clinical execution and AdAlta’s i-body technology to deliver next generation cellular immunotherapies for solid tumours into western regulated markets • • • • Deep China experience Cross border transaction capability Access to private capital Venture capital disciplines in due diligence, asset selection, drug development Challenges solved Identifying (selectively) cancer Navigating to cancer Surviving and thriving 22 Key terms of AdAlta-SYNBV collaboration Success = AdCella Ownership: 75% AdAlta 25% SYNBV before financing of initial assets (so may change over time) License: to ex-Asia rights for near to clinic novel cellular immunotherapies for solid cancers Financing: to progress initial asset or assets through first western regulated clinical proof of concept trial AdCella Secure licensing agreements for initial assets Complete establishment of AdCella Raise capital for first western regulated clinical proof of concept studies in Australia No obligation to incur any specific costs; deploy specific resources; or establish AdCella Review, expand, and complete due diligence on pipeline of potential assets 6 + 6 month Memorandum of Understanding (MoU) period to secure building blocks Parties have right to each invest $7.5m in first financing, right of first refusal on subsequent financings Option: to license AdAlta’s i-body platform and other cellular immunotherapy assets Management: services agreement with AdAlta 23 Cell Therapies Pty Ltd (CTPL) collaboration brings world class manufacturing and product development capabilities to AdCella 1AD – CTPL Master Services Agreement Relationship: CTPL is AdAlta’s preferred manufacturer of cellular immunotherapies Services: Process development, technology transfer, analytical testing, clinical product manufacturing and supply, regulatory support, executed under work orders Standards: Service standards, including cGMP compliance where relevant, and governance model defined Next steps: Technical feasibility assessment of initial AdCella pipeline candidates 24 Unlocking value in i-body pipeline Upcoming milestones and objectives in 2024 1. Realise the value of AD-214 ü Complete Phase I extension study ü v Finance AD-214 Phase II (AdSolis) Phase II dose well tolerated, PK/PD profile supportive of potential efficacy, no concerning immune response v GPCR Therapeutics (Korea) collaboration § § § § Out-license or project finance Finances Phase II clinical studies without using 1AD equity Unlocks value and financing for other strategy pillars Results of GPCR Tx evaluation of CXCR4 i-bodies 2. Progress i-CAR and i-PET discovery v Progress Carina Biotech i-CAR-T cell therapy collaboration § § A-i-CAR-T in vivo proof of concept: go/no go for further development Complete i-body discovery on targets B and C: go/no go for in vitro cell cytotoxicity v Commencing discovery on two new “catalogue” targets suitable for multiple i-CAR collaborations v Continue GE Healthcare collaboration for GZMB-i-PET imaging agent § Milestones dependent on GE Healthcare 3. Invest in i-body® platform and pipeline ü AdCella: Delivering Asian innovation in next generation cellular immunotherapies for solid tumours into global markets ü ü § SYNBV collaboration to launch and co-finance CTPL engaged as preferred manufacturer Securing first clinical stage in-licensing candidates and i-body® co-developments v i-body®2.0 program and i-body® “inventory” build ü World first discovery of high potency, pan-species inhibitor of malaria parasite invasion 26 AdAlta’s portfolio: High value therapeutics addressing challenging diseases in fibrosis and immuno-oncology and a platform grow further AdSolis for fibrosis: degenerative, progressive, fatal AdAlta’s AD-214 could meet a desperate need for new approaches for debilitating diseases of the lung (US$4.3b), kidney (US$10b) and eye (US$15b) Comparator licensing transactions: >US$45m up front; US$320-1,000m milestones AdCella for “east to west” cellular immunotherapies Bringing Asian innovation to global patients and i-body enhancement; rapidly scalable business Comparator licensing transactions: >US$10m up front; >US$300m milestones CAR-T cell therapy providing new hope… for blood cancer patients so far AdAlta and Carina’s i-CAR-T cells could offer the same hope for solid tumour patients (US$20b by end of decade) Comparator licensing transactions: >US$10m up front; >US$300m milestones Immuno-oncology drugs revolutionising cancer treatment… for some AdAlta and GE Healthcare’s GZMB i-PET imaging agent could identify responders early (US$6b) Comparator product revenue potential: >US$400m pa Traditional antibodies can’t do everything! AdAlta’s i-bodies are a differentiated drug discovery platform partners can leverage for difficult diseases 27 New investment provides access to up to $3.7 million additional funds New Life Sciences Capital LLC (NLSC) A US-based healthcare focused fund A$ million First Investment Meurs Group AdAlta’s second largest (and one of its longest standing) shareholders Second Investment $0.7m Third Investment Total Up to $0.8m Up to $3m NLSC $0.8m $0.7m Meurs Group $0.4m $0.3m Total $1.2m $1.0m $0.7m Up to $0.8m When Immediately (May’24) Within 6 months Within 12 months Within 12 months Key conditions1 None (NLSC) Definitive agreements (Meurs) $0.7m At AdAlta’s option (with NLSC’s consent as to second $0.7m) Up to $3.7m By mutual agreement 1. Other customary conditions apply to the second and subsequent investments as detailed in ASX release of 29 April 2024 (https://investorhub.adalta.com.au/announcements/6310002). These include continued compliance with the terms of investment agreements, solvency, minimum share price and market capitalization requirements and available placement capacity 28 Benefits of new investment Certainty Funds support growth initiatives § Accelerate progress of cellular immunotherapy collaboration with SYNthesis BioVentures § Progress internal i-body® programs • Can progress growth initiatives independently of availability of funds from ongoing partnering initiatives for AD-214 Flexibility • Only need to draw down funds needed • Can repay investment rather than issue shares if cash is available Competitive terms • Issue price determined by share price at time of issue, not share price today • Floor price protection • Pricing and fees compare favourably with discounted placements • No options coverage 29 Experienced in-house team Executing from discovery through product development BOARD SCIENTIFIC ADVISORY BOARD EXECUTIVE Paul MacLeman, DVM Angus Tester, PhD CHAIR SENIOR MANAGER, PROJECTS AND PROGRAMS Tim Oldham, PhD Janette Dixon, DBA CEO & MANAGING DIRECTOR HEAD OF BUSINESS DEVELOPMENT Robert Peach, PhD INDEPENDENT DIRECTOR Dr. David Fuller Darryn Bampton DIRECTOR, CLINICAL AND REGULATORY OPERATIONS Michael Rasmussen INDEPENDENT DIRECTOR CONSULTANT MEDICAL EXPERT Mick Foley, PhD FOUNDING CHIEF SCIENTIST Brian Richardson DRUG DISCOVERY & DEVELOPMENT EXPERT Steve Felstead CLINICAL DEVELOPMENT John Westwick PULMONARY DRUG DISCOVERY & DEVELOPMENT PARTNERS AND KEY CONTRACTORS Joseph Tyler CONSULTANT CMC EXPERT IN-HOUSE DISCOVERY & DEVELOPMENT TEAM 8 PhD/MSc Staff + La Trobe Uni location Skills in protein chemistry, i-body discovery, product development, pre-clinical development 30 AdAlta’s foundations in place for transaction driven growth Lead asset AD-214 heading to Phase II (US$4.3b IPF market plus other indications), substantially derisked by Phase I extension study clinical readouts AD-214 partnering window open with multiple options in play: active market with comparator valuations >US$45m upfront with US$0.3-1b milestones AdCella: “east to west” cellular immunotherapy strategy leveraging regional and i-body® advantages in high value, high growth sector; enabled by SYNthesis BioVentures and CTPL collaborations Experienced team and network; differentiated discovery platform; established partnerships and pipeline Strong and supportive institutional and large shareholder register, flexible financing Attractive valuation relative to commercial potential of pipeline 31 A modern targeting system for next generation drugs AdAlta Ltd (ASX:1AD) Investor Presentation May 2024 For more information please contact: Tim Oldham CEO & Managing Director +61 403 446 665 t.oldham@adalta.com.au Investor Relations The Capital Network Russell Katz +61 2 8999 3699 russell@thecapitalnetwork.com.au www.adalta.com.au AD-214: new hope for fibrotic disease patients AD-214 is now ready to move into Phase II clinical studies for IPF Recent data ✓ ✓ Validated target • CXCR4 • Player in inflammatory, fibrotic processes • Biomarker, prognostic indicator Novel mode of action, IP GMP manufacturing Pre-clinical efficacy • Patented i-body® antagonist • Fc-fusion format • Target found on diverse cell types • Inhibition of fibrotic cell migration, collagen deposition, fibrotic markers • CDMO: KBI Biopharma • IND-ready CMC package • IV, SC routes of administration likely feasible (inhaled and IVT also possible) NHP GLP toxicology Phase I clinical trials (IV) • Bleomycin mouse model of IPF • Very clean tox profile • Very well tolerated in two studies • FA and UUO model of kidney fibrosis • Half-life supports weekly+ dosing • High, extended target engagement consistent across multiple doses • Laser CNV model of eye fibrosis • Combination oncology pending • Sustained receptor occupancy • Dose simulations support efficacy of commercially feasible IV and SC regimens Pre-IND meeting: Panel of pre-clinical studies “generally sufficient” to support an Investigational New Drug application The Phase I trial design is “reasonable” Orphan Drug Designation: granted (US) 34 Phase 1 clinical studies completed in 58 participants covering planned Phase II doses Phase 1, randomized, blinded and placebo controlled dose-escalating studies of the safety, tolerability, and pharmacokinetics of single and repeat doses of AD-214 when administered intravenously to healthy volunteers1 Phase 1 protocol in healthy volunteers Part B Extension – Aug ‘23-Feb’24 Single ascending dose Multiple dose Multiple dose § 42 participants in 7 cohorts (31 active: 11 placebo) § 8 participants in 1 cohort (6 active: 2 placebo) § 8 participants in 1 cohort (6 active: 2 placebo) § AD-214 administered IV at 0.01-20 mg/kg § AD-214 administered IV at 5 mg/kg IV (3 doses two weeks apart) § A