Nanjing Leads Biolabs Co., Ltd. Class H · HKEX:9887
Nanjing Leads Biolabs Co., Ltd. Class H — Leads Biolabs — Investor Presentation (November 2025)
56 slides from Nanjing Leads Biolabs Co., Ltd. Class H's investor presentation, November 2025
Slide 1: Leads Biolabs: A Front-Runner in Next-Generation Immuno-Oncology Treatment
= Leads Biolabs: A Front-Runner in Next-Generation © O Immuno-Oncology Treatment 5 oH q . \ Care for Life, Focus on Innovation, Seek Win-Win Cooperation Nov 2025
Slide 2: Disclaimer
Disclaimer (ETA Biolabs This document is strictly confidential to the recipient only, and may not be copied, reproduced, redistributed, disseminated, or used or disclosed to any other person, or published, in whole or in part, for any other purpose. This document has been prepared by Nanjing Leads B
Slide 3: Table of Content
(eA Biolabs Table of Content 1. Company Overview 2. LBL-024 (PD-L1/4-1BB) 3. LBL-034 (GPRC5D/CD3) 4. LBL-007 (LAG-3) 5. Major Near-Term Milestones
Slide 4: Challenges of PD-1/L1-Based Previous-Gen Tumor Immunotherapies
Challenges of PD-1/L1-Based Previous-Gen Tumor Immunotherapies (ETA Biolabs PD-1 Treatment Core Contradictions @ Cold tumor barrier, tumor Most non- . microenvironment suppression, responders Primary lack of tumor antigens, activation Resistance of other inhibitory immune Effective- checkpoints ness
Slide 5: Future Directions of Tumor Immunotherapy
Future Directions of Tumor Immunotherapy Focus on "Conquering the Final Fortress" — New Combination Therapies to Overcome Deep-Seated Challenges such as "Immune Resistance", "Cold Tumors", and "Long-Term Efficacy Tail" Transformation into Manageable \ Chronic Diseases © & Increase Treatment Eliminat
Slide 6: Leads Biolabs Overview
Leads Biolabs Overview: A Global Front-Runner in Next-Generation Immuno-Oncology Treatment 2015-2019 Technical Foundation Clinical Exploration HKEX Main Board Listing Future Outloo! 2020-2024 2025 (ETA Biolabs 2026+ Novel Mechanisms Beyond PD-1 Built on a Solid Technical Foundation + Inhibitory Mech
Slide 7: 1st Wave 2nd Wave
1st Wave 2d Wave ICI (Immune checkpoint inhibitor therapy e.g. PD- ICI with Cancer Immunotherapy with Multi-Target, 1) ICI / Chemo / Anti-Angiogenesis Multi-Modality & New Combination Therapies Immuno-oncology 2.0 (IO 2.0) CD3 T cell engager (TCE) Antibody-drug conjugates (ADC) T celmetiated biling
Slide 8: X-body Platform: An Innovatively Designed Agonist Bispecific Antibody
X-body® Platform: An Innovatively Designed Agonist Bispecific Antibody Structure for Conditional Activation to Promote T-Cell Activation and Proliferation Molecular Structure ~~ y Anti-tumor-associated antigen lf + Bivalent + High affinity Anti-4-1BB as an Example + Promotes the activation and proli
Slide 9: LeadsBody Platform: A Well-Designed TCE Structure
LeadsBody?® Platform: A Well-Designed TCE Structure Enabling Conditional T-Cell Activation for Optimal Efficacy and Safety Molecular Structure Anti-tumor-associated antigen + Bivalent + High affinity Anti-CD3 + Fine-tuned affinity + Conditional activation Key Highlights ¥ Unique 2:1 structural forma
Slide 10: A New ADC Paradigm: Pioneering a Multi-Dimensional Portfolio with TCE-ADC
Ane New ADC Paradigm: Pioneering a Multi-Dimensional Portfolio with TCE- Leads PAPE First-Gen ADC Platform: TOPiKinectics™ Next-Gen ADCs: A Multi-Pronged Strategy Led by TCE-ADCs ADC + Convert cold tumors, activate immunity Highly Hydrophilic linker + Excellent physicochemical ele properties/plasma
Slide 11: Pipeline Update (1/2)
(ETA Biolabs Pipeline Update (1/2) Line(s) of Discovery / Registrational / Commercial Partner Category Program Target (Modality) Regimen Indication(s) fine(s) ot PISCavENY/ INDEnabling —Phase!_——Phasett_Reeistration Current Status/Upcoming Milestone mercial Parnes a On Patient enrollment completed i
Slide 12: Pipeline Update (2/2)
Pipeline Update (2/2) Leads EELS Line(S) of piscovery / Registrational/ Commercial Partner Category Program Target (Modality) Regimen Indiction(s)_weatmen. retnica_'NO-Erabing_Phase_——Phaselt_ piece Current Status/Upcoming Milestone mg cracpnetie) +01 Drasel patient erliment competedin September 202
Slide 13: Viability of Our Business Model from R&D to Potential Commercialization
Viability of Our Business Model from R&D to Potential Commercialization (ETA Biolabs A Proven, Viable Business Model That Seamlessly Integrates In se R&D With External Collaboration Preclinical Autoimmune Assets: Progress into Clinical Preclinical Autoimmune Assets: Accelerate Global Clinical Assets
Slide 14: A Seasoned and Visionary Management Team
A Seasoned and Visionary Management Team ? Shoupeng Lai, PhD Co-Founder & Chief Strategy Officer Xiaoqiang Kang, MD, PhD Founder, Chairman & CEO ~30 % %, Years Extensive experience in the R&D of innovative drugs, particularly innovative antibody drugs Expertise in process development and project man
Slide 15: Consolidated Statements of Profit or Loss
Consolidated Statements of Profit or Loss (ETA Biolabs Notes Year ended 31 December Six Months Ended 30 June (Unaudited) 2023 2024 2024 2025 RMB MM RMB MM RMB MM RMB MM Revenue!) 8.9 - - - Cost of sales (3.2) - - - Gross profit 5.7 - - - Other income and gains 13.5 18.3 5.8 5.6 Research and developm
Slide 16: Historical Cash Position and Capital Expenditure
Historical Cash Position and Capital Expenditure (ETA Biolabs Net Cash (Used In) / From Operating, Investing And Financing ee CAPEX Schedule Activities RMB MM RMB MM FY2023 FY2024 6M2024 6M2025 = (Unaudited) (Unaudited) FY2023 FY2024 6M2025 (Unaudited) 360 Purchase of PP&E 2 3 19 18 309 . - 500 Cash
Slide 17: The Path Forward: A Technology-Driven, Comprehensive Strategy
The Path Forward: A Technology-Driven, Comprehensive Strategy to ; Accelerate Commercial Advancement (ETA Biolabs * Core Vision: To transform tumors into chronic diseases * Technical Foundation: Agonist Platform + TCE Platform + TDC * Comprehensive Strategy: Three cutting-edge tumor treatment direct
Slide 18: Table of Content
(eA Biolabs Table of Content 1. Company Overview 2. LBL-024 (PD-L1/4-1BB) 3. LBL-034 (GPRC5D/CD3) 4. LBL-007 (LAG-3) 5. Major Near-Term Milestones
Slide 19: LBL-024 (PD-L1/4-1BB BsAb) - Product Overview
LBL-024 (PD-L1/4-1BB BsAb) - Product Overview Leads EELS The Globally First Molecule Targeting Co-stimulatory Receptor 4-1BB to Have Reached Registrational Stage LBL-024 * Tetravalent BsAb that simultaneously targets PD-L1 and 4-1BB oO + Being developed for the treatment of advanced EP-NEC, SCLC, BT
Slide 20: LBL-024 - Competitive Advantages
LBL-024 - Competitive Advantages (ETA Biolabs LBL-024 Demonstrated Superior Safety with Significantly Differentiated Affinity for 4-1BB and PD-L1, and Has Unprecedented Efficacy Profile Mechanism of Action LBL-024 vs GEN-1046 Activity in tumor No activity in normal tissue “ sh atin Leads OES T cell
Slide 21: LBL-024 Development Plan by Indication
Treatment Registrational/ catic eatmentLine INDEnabling Phase! e Regimen Indication TreatmentLine IND-Enabling Ph fi First Tier Validated Indications, conec sa ono ; > ——s Fast-to-Market . . scheme scuc u oo High-Potential Chemo Second Tier Indications, Broad year NSE 2 2] 2 ey cUetO ‘chemo sete u g
Slide 22: LBL-024 Monotherapy Phase I/II - Safety Profile
LBL-024 — Monotherapy Phase I/II - Safety Profile (ETA Biolabs LBL-024 Demonstrated a Good Safety Profile, at 25mg/kg, No DLT Observed and MTD Not Reached, In the Monotherapy Phase I/II Trials Safety Data Observed Most Com TRAE Observed Total Ei] Anemia 61(34.9%) — 10(5.7%) AST increase 57(32.6%) 3(
Slide 23: LBL-024 Monotherapy Phase I/II - Efficacy Results in EP-NEC (1/3)
LBL-024 - Monotherapy Phase I/II - Efficacy Results in EP-NEC (1/3) (PETA Biolabs Efficacy Data Observed in 2L/3L+ EP-NEC Total (n=45) Response n(%) i 10 mg/kg 15 mg/kg 15 mg/kg (Ge) (G)) (n=30) cR 0 2(40.0) 0 0 0 1(3.3)* 0 1(5.9)* 3 (6.6)* PR 1 (100.0) 0 0 1 (20.0) 1(33.3) 9 (30.0) 6 (37.5) 4 (235)
Slide 24: LBL-024 Monotherapy Phase I/II - Efficacy Results in EP-NEC (2/3)
LBL-024 — Monotherapy Phase I/II — Efficacy Results in EP-NEC (2/3) (ETA Biolabs In the Monotherapy Phase I/II Trials Anti-tumor Activities in Wide Therapeuti re in 2L/3L+ EP-NEC LBL-024-001 Percent Change in Tumor: IO Naive EP-NEC LBL-024-001 Tumor Evaluation 10 Naive EP-NEC Dose Group “pors@ernce
Slide 25: LBL-024 Monotherapy Phase I/II - Efficacy Results in EP-NEC (3/3)
LBL-024 - Monotherapy Phase I/II —- Efficacy Results in EP-NEC (3/3) (PETA Biolabs EC LBL-024 Significantly Prolongs the Duration of Response and Survival f N As of August 18, 2025, with a median follow-up time of 23.6 months, 45 patients were evaluable for efficacy. The median DoR was 5.3 months. +
Slide 26: LBL-024 Monotherapy Phase I/II - Clinical Data Comparison
LBL-024 - Monotherapy Phase I/II - Clinical Data Comparison (ETA Biolabs The Results Surpassing Both the SOC and Currently Available Immunotherapies, Significantly Outperforms the Publicly Reported Clinical Trial Data of Currently Available Therapies for Treating Late-line EP-NEC Platinum-based comb
Slide 27: LBL-024 in Combination with Chemotherapy - Ph Ib/II 1L EP-NEC
LBL-024 in Combination with Chemotherapy - Ph Ib/II 1L EP-NEC (ETA Biolabs Promising Safety & Preliminary Efficacy in Phase Ib/II 1L EP-NEC Percent Change in 1L EP-NEC with the Treatment of LBL-024 LBL-024 Tumor Response by Week in 1L EP-NEC Dose Group. 1 D 6mg/kg 1 Dose Group 80 1 10mg/ko Hl Grake
Slide 28: LBL-024: Favorable Safety Profile Paves the Way for Combination Therapies
LBL-024: Favorable Safety Profile Paves the Way for Its Diverse . Combination Therapies TEA Biolabs + LBL-024 monotherapy and combination with chemotherapy showed that hepatic enzyme abnormalities occurred early during treatment, with no cumulative hepatotoxicity observed over time—a profile consist
Slide 29: LBL-024 with Chemotherapy - EP-NEC - Benchmarking
LBL-024 in Combination with Chemotherapy — EP-NEC - Benchmarking (ETA Biolabs Encouraging Efficacy Signals for the Treatment of Advanced EP-NEC in Combination with Chemotherapy, vs Recommended 1L Chemotherapy Regimens LBL-024 vs oe . ORR DCR mPFS mos mDoR Res ended Ss LL Treat it Study T) Indicati s
Slide 30: LBL-024 with Chemotherapy - Phase II 1L SCLC
LBL-024 in Combination with Chemotherapy — Phase II 1L SCLC (ETA Biolabs Promising Safety & Preliminary Efficacy in Phase II 1LSCLC LBL-024-002 Phil Percent Change in Tumor 1L SCLC Phase II SCLC LBL-024 (N=52) 100 Dose Group BOR, n (%) 80+ Gi 15malkg CR 0 = 604 = 0 PR 45 (86.5) BR 20f--nanneneeneece
Slide 31: LBL-024 with Chemotherapy - SCLC - Benchmarking
LBL-024 in Combination with Chemotherapy — SCLC - Benchmarking (ETA Biolabs Encouraging Efficacy Signals for the Treatment of SCLC in Combination with Chemotherapy, vs Recommended 1L Chemotherapy Regimens LBL-024 vs Recommended vs 1L Treatment Study Type Indication Size ae aa aes Regimens I I LBL-02
Slide 32: Immunotherapy is Reshaping the Therapeutic Landscape of Driver Gene-Negative NSCLC
Immunotherapy is Reshaping the Therapeutic Landscape of Driver Gene- Negative NSCLC, but Challenges Remain (ETA Biolabs The success of immune checkpoint inhibitors has revolutionized the therapeutic landscape of NSCLC. For patients with metastatic NSCLC negative for driver gene mutations, immunother
Slide 33: LBL-024 Combination Therapy for Driver Gene-Negative NSCLC: Study Design
LBL-024 Combination Therapy for Driver Gene-Negative NSCLC: Study a Leads [) lab iolabs Safety Lea Combination Therapy Extension Cohort 1A (non-squamous =10~20 Rene Main Inclusion Criteria UBL024 (15m ater - idy End after Primary Study Endpoint: ; Treatment e NSCLC with vanpDUy continues e ORR (base
Slide 34: LBL-024 Combination Therapy for Driver Gene-Negative NSCLC: Baseline Characteristics
LBL-024 Combination Therapy for Driver Gene-Negative NSCLC: Baseline ; Characteristics (ETA Biolabs Gest : Cohort 2 Cohort 2 efficacy, 16 having completed only one tumor assessment L1non-squam ISCLC carcinoma (n=6) | carcinoma (n 14) + First patient enrolled on July 16, 2025. As of October 31, 2025,
Slide 35: LBL-024 Combination Therapy for NSCLC: Efficacy Data (1/2)
LBL-024 Combination Therapy for Driver Gene-Negative NSCLC: Efficacy ; Data in First Tumor Assessment (1/2) (EEA Biolabs As of October 31, 2025, a total of 18 patients were evaluable for efficacy. Among them, 16 had undergone only one tumor assessment, while 2 had completed two assessments. 17 patie
Slide 36: LBL-024 Combination Therapy for NSCLC: Efficacy Data (2/2)
LBL-024 Combination Therapy for Driver Gene-Negative NSCLC: Efficacy Data in First Tumor Assessment (2/2) (ETA Biolabs + As of October 31, 2025, a total of 18 patients were evaluable for efficacy. Among them, 16 had undergone only one tumor assessment, while 2 had completed two assessments. 17 patie
Slide 37: LBL-024 Combination Therapy: Efficacy in NSqNSCLC Patients
LBL-024 Combination Therapy for Driver Gene-Negative NSCLC: . Efficacy in NSqNSCLC Patients ETA sictabs Immunotherapy-pretreated NSqNSCLC (2L) PD-L1 negative (TPS <1%), 1L&2L, NSqNSCLC a ORR 75% a ORR 66.7% $: DCR 100% 5° DCR 100% é & ° lm 2LNSqNSCLC Mm 1LNSqNSCLC Ba “a %y “ % % %% Docetaxel 10%-15%
Slide 38: LBL024 - Development Prospects in NSCLC
LBL024 - Development Prospects in NSCLC (ETA Biolabs Unmet Clinical Needs Promising Initial Efficacy ' Immune checkpoint inhibitors represented by PD-(L)1 have established the cornerstone status of immunotherapy in H driver gene-negative NSCLC with their broad-spectrum, long-lasting, and safe anti-t
Slide 39: LBL-024 - Attractive Opportunity for EP-NEC, SCLC, BTC, NSCLC & Beyond
LBL-024 - Attractive Opportunity for the Treatment of EP-NEC, SCLC, BTC, . NSCLC & Beyond (EEA Biolabs Global Incidence of EP-NEC by Region, 2019-2030E Mul n Potential for EP-NEC Global Market Thousand ? 81.2 16.7 19.1 + EP-NEC is a rare disease without effective standard 48.2 51.9 55.2 treatments o
Slide 40: LBL-024 Summary: Potential Cornerstone of Next-Gen Immunotherapy
LBL-024 Summary: Potential Cornerstone of Next-Gen Immunotherapy (ETA Biolabs Igniting Cold Tumors Good Safety and Tolerability Durable Response Overcoming Immune Improved Quality of Life Prolonged Survival Resistance + LBL-024 demonstrated remarkable + Across 450 enrolled patients, no DLTs + LBL-02
Slide 41: Table of Content
(eA Biolabs Table of Content 1. Company Overview 2. LBL-024 (PD-L1/4-1BB) 3. LBL-034 (GPRC5D/CD3) 4. LBL-007 (LAG-3) 5. Major Near-Term Milestones
Slide 42: LBL-034 (GPRC5D/CD3 BsAb) - Product Overview
LBL-034 (GPRC5D/CD3 BsAb) - Product Overview World’ s Second Most Clinically advanced GPRC5D-targeted CD3 T-cell Engager LBL-034 Fully-owned global rights m [4 OVERVIEW CLINICAL \ 7) © DATA Key Highlights of Drug Design iG Optimized 2:1 asymmetrical structure that leads to unique conditional activat
Slide 43: LBL-034 - Market Potential & Landscape
LBL-034 - Market Potential & Landscape (ETA Biolabs Multiple Myeloma is a Significant Unmet Need Globally Epidemiology) ompetitive Landscape of Antibody Drug on MM “NEN Reena a ne —————__ Agr _____ Period China: RoW Total Multi 2019-2004 2.6% 2.2% 4.6% 3.8% ELRANATAMAB —ELREXFIO BCMA/CD3. PFIZER Mul
Slide 44: LBL-034 - Competitive Advantages
LBL-034 - Competitive Advantages The Second Most Clinically Advanced GPRC5D-targeted CD3 T-cell Engager Globally | There are currently four clinical-stage GPRC5D/CD3/BCMA antibodies globally | Talquetamab-tgvs (TALVEY®) by Janssen Biotech is the only GPRC5D/CD3-targeted drug approved by the FDA to d
Slide 45: Stringent complete response (sCR) Complete response (CR) Very good partial response (VGPR)
Stringent complete response (sCR) Complete response (CR) 100 Very good partial response (VGPR) 91.0 90 Partial response (PR) 77.9 81.9 80 Minimal response (MR) 27.3 70 27.3 57.2 60 50.0 50 14.3 9.1 25.0 36.4 40 30 12.5 5.6 5.6 45.5 20 42.9 12.5 18.2 16.7 10 12.5 9.1 0 5.6 ≤ 80 μg/kg 200 μg/kg 400 μg
Slide 46: LBL-034 - A Favorable Safety Profile and Improved Patient Quality of Life
LBL-034 - A Favorable Safety Profile and Improved Patient Quality of Life (RETA Biolabs Compared to Talquetamab: + LBL-034 demonstrates better safety advantages. + LBL-034 shows better tolerability, which significantly improves quality of life. Hematological Toxicity Non-hematological Toxicity TEAEs
Slide 47: LBL-034 Mostly Associated with Low-Grade, Cycle 1-Limited TEAEs
LBL-034 Mostly Associated with Low-Grade, Cycle 1-Limited TEAEs and a . Significant Subsequent Decline Leads PS Hematologic Toxicity Occurrence in Each Visit Cycle I Lynette Curt Decreased Grade 12) | AveinlGrade 12) Plat Count DeceaseGrade 2) i Neto Cat DeceasedGrae 12) White load Cel DeceaseGrate
Slide 48: Triple-Class Exposure Penta-Drug Exposure
50.00% 35.7% 42.9% 34.8% 50.0% 10.7% 4.3% 20.0% 14.3% 10.0% 25.0% 30.4% 33.3% 28.6% 20.0% 7.1% 3.6% 8.7% Prior ASCT Prior BCMA CAR-T Prior BCMA Target Triple-Class Exposure Penta-Drug Exposure Therapy PR VGPR CR sCR MR PR VGPR CR sCR
Slide 49: LBL-034 Significantly Improves Response Rate and PFS in Patients with EMD
LBL-034 Significantly Improves Response Rate and PFS in Patients with Extramedullary Plasmacytoma (EMD) in Comparison with Existing Treatment¢ tee Biolabs LBL-034 GPRC5DX EMD21 Talquetamab!!! Teclistamab!2! Idecabtage Elranatamab | Sicledecel Real BCMAXCD3 BCMA CAI world! GPRC5DXCD3 BCMAXC. 400 800
Slide 50: LBL-034 Summary: Unique Molecular Design Delivers Excellent Efficacy and Superior Safety
LBL-034 Summary: Unique Molecular Design Delivers Excellent Efficacy . and Superior Safety (EEA Biolabs ody in clinical development: Excellent efficacy, reliable safety, and convenient ad relapsed/refractory multiple myeloma (RRMM) Drug Design Highlights Excellent Efficacy* Superior Safety Regulator
Slide 51: Table of Content
(eA Biolabs Table of Content 1. Company Overview 2. LBL-024 (PD-L1/4-1BB) 3. LBL-034 (GPRC5D/CD3) 4. LBL-007 (LAG-3) 5. Major Near-Term Milestones
Slide 52: LBL-007 (LAG3 mAb) - Product Overview
LBL-007 (LAG3 mAb) - Product Overview (ETA Biolabs LBL-007 * Designed for the treatment of NPC, NSCLC, CRC, ESCC, HNSCC and other solid ‘ tumors = ti OVERVIEW = Ranks among the top tier of LAG3-targeted clinical-stage monoclonal antibodies globally in terms of clinical development * The first in its
Slide 53: LBL-007 - Clinical Data and Program
LBL-007 - Clinical Data and Program Strong synergistic effects with PD-1 inhibitors, various trials conducted targeting multiple malignant tumors Summary of Clinical Trial Results | » Efficacy results Phase II + Combination with tislelizumab and GP for the 1stline treatment of NPC (n=42) ¥ ORR of 83
Slide 54: Table of Content
(eA Biolabs Table of Content 1. Company Overview 2. LBL-024 (PD-L1/4-1BB) 3. LBL-034 (GPRC5D/CD3) 4. LBL-007 (LAG-3) 5. Major Near-Term Milestones
Slide 55: Major Near-Term Milestones
Major Near-Term Milestones 3L+ EP-NEC Registrational 2L+ EP-NEC Phl/lla LBL-024 1L EP-NEC Phase Il 1LSCLC Phase Il Other 6+ Indications Phase II LBL-034 AL+ r/r MM Phase | LBL-047 Phase | 1H26: ORR, 6mPFS rate data 2H26: OS data 3Q26: BLA submission to NMPA Mid-27: Approval in China 1H26: ORR, 6mPFS
Slide 56: Slide 56
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