Adalta Ltd. · ASX:1AD
Adalta — Investor Presentation (January 2026)
17 slides from Adalta's investor presentation, Jan 15, 2026
Slide 1: Executing 'East to West' Strategy: Co-developing First in Class CAR-T BZDS1901
For personal use only EXECUTING “EAST TO WEST” STRATEGY: CO-DEVELOPING FIRST IN CLASS CAR-T BZDS1901 ADALTA LIMITED (ASX:1AD) | INVESTOR PRESENTATION | JANUARY 2026 AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 1
Slide 2: Important Notice & Disclaimer
IMPORTANT NOTICE & DISCLAIMER Investment in AdAlta is subject to investment risk, including possible loss of income and capital invested. AdAlta does not g uarantee any particular rate of return or performance, nor do they guarantee the repayment of capital. For personal use only This presentation i
Slide 3: 'East to West' Cellular Immunotherapy: Strategy for Growth
“EAST TO WEST” CELLULAR IMMUNOTHERAPY: STRATEGY FOR GROWTH For personal use only In-license next generation clinical stage assets from Asia, establish Western manufacturing and generate clinical data for on-licensing Leverage our unique skills, regional ecosystem and business model to create a leade
Slide 4: License for Groundbreaking Solid Cancer CAR-T Cell Therapy: BZDS1901
LICENSE FOR GROUNDBREAKING SOLID CANCER CAR-T CELL THERAPY: BZDS1901 For personal use only BZDS1901: Next-gen CAR-T Development roadmap Capital efficiency and financing • Modality: MSLN-targeted, anti-PD1 • Manufacturing: establish Australia- • Budget: US$14-19 million to nanobody-armored autologous
Slide 5: The Market Opportunity for BZDS1901 in Mesothelioma
THE MARKET OPPORTUNITY FOR BZDS1901 IN MESOTHELIOMA US$12.2bn For personal use only Total market forecast for mesothelioma drugs by 2034 2 US$4.2bn BZDS1901 addressable market3 0% CR AdCella territory 11-29% ORR Incidence pa 21, 378 3-5.6 mo mPFS Mortality pa 17,659 Relapsed/refractory pa 13,272 8.4
Slide 6: Unmet Need and Potential Indications Extend Well Beyond Mesothelioma
UNMET NEED AND POTENTIAL INDICATIONS EXTEND WELL BEYOND MESOTHELIOMA Percentage of cancers that are MSLN positive Annual MSLN positive cancer mortality For personal use only 100% = 1.71 million Mesothelioma, 0.02 Endometrial, 0.01 Cholangiocarcinoma Cervical, 0.02 (bile duct), 0.01 Breast, 0.04 Colo
Slide 7: Solution: BZDS1901, Stand-out Armoured MSLN-CAR-T
SOLUTION: BZDS1901, STAND-OUT ARMOURED MSLN-CAR-T SOLVES FOR THE MARKET OPPORTUNITY BZDS1901: distinctive ✓ Proven promise in clinical studies ✓ Well established target advantages 36 patients in 3 IITs; responses superior to For personal use only Mesothelin (MSLN) is highly expressed on current 2nd
Slide 8: BZDS1901 Shows Compelling Preclinical Results
BZDS1901 SHOWS COMPELLING PRECLINICAL RESULTS PD1 armoring successfully blocks PD1 on T cells in tumor, increases number of T cells in tumor SHcell’s preclinical data package and improves efficacy relative to conventional MSLN CAR-T For personal use only shows BZDS1901 has: A B C • Higher PD1 affin
Slide 9: BZDS1901 Shows Promising Activity in Advanced Mesothelioma Patients
BZDS1901 SHOWS PROMISING ACTIVITY IN ADVANCED MESOTHELIOMA PATIENTS Compelling clinical data in 36 patients across 3 IIT studies • Early version: 63.6% ORR in patients with advanced mesothelioma, including 9% CR; 72.7% survived >12 months For personal use only • Later versions at 10x lower doses: 42
Slide 10: Next Steps for AdCella and BZDS1901
NEXT STEPS FOR ADCELLA AND BZDS1901 Finalising initial tranche of third party funding for AdCella For personal use only Further dose exploration in 2-7 patients under an ongoing IIT in China 9-12 month Completing a pre-IND meeting with FDA to confirm the technology transfer program and the content o
Slide 11: AdCella Operating Structure
ADCELLA OPERATING STRUCTURE Financing Founders Shares Investor Shares Financial investors For personal use only Investor Shares for follow-on co-investment R&D (conducted, funded by AdCella) Commercialisation/exit Management agreement • Project management, admin (Trade sale, listing of AdCella also
Slide 12: Value at Exit: Phase I CAR-T Licensing Transactions
VALUE AT EXIT: PHASE I CAR-T LICENSING TRANSACTIONS Global top 25 oncology pharma companies investing 5y 2y 73 In vivo CAR-T assets at end of 2024 Will be seeking proven in autologous cell therapy (licensing, M&A, CVC) payloads for optimized 72% 44% 5 In vivo CAR-T assets in clinic in 2025 delivery
Slide 13: AdCella's Strategy to Deliver Investor Returns
ADCELLA’S STRATEGY TO DELIVER INVESTOR RETURNS Low cost asset acquisition, efficient value-adding development, high value exit For personal use only Larger biopharma companies Substantial value to be conduct late-stage clinical created on exit 4. Efficient Median deal value at end Phase 11 high qual
Slide 14: AdCella Value Proposition to Stakeholders
ADCELLA VALUE PROPOSITION TO STAKEHOLDERS • First in class asset with demonstrated superior efficacy over competitive targets and modalities For personal use only • Asset ready for pivotal/registrational studies in first indication • Portable manufacturing process: Out-licensing partners process is
Slide 15: Experienced Team with Global Reach
EXPERIENCED TEAM WITH GLOBAL REACH AdCella Board Executive Specialists Team credentials For personal use only • >8 years cell and gene therapy, Angus Tester, PhD Kevin Lynch advanced therapies Michelle Burke Senior Director Operations Consultant CMO Independent Director manufacturing and project lea
Slide 16: 'East to West' Cellular Immunotherapy: Strategy for Growth
“EAST TO WEST” CELLULAR IMMUNOTHERAPY STRATEGY FOR GROWTH For personal use only In-license next generation clinical stage assets from Asia, establish Western manufacturing and generate clinical data for on-licensing Leverage our unique skills, regional ecosystem and business model to create a leader
Slide 17: For More Information Please Contact
For personal use only FOR MORE INFORMATION PLEASE CONTACT: TIM OLDHAM CEO & MANAGING DIRECTOR +61 403 446 665 [email protected] [email protected] WWW.ADALTA.COM.AU AdAlta Limited (ASX:1AD) | Investor Presentation | January 2026 | 17