AdAlta (1AD) Investor update summary

Disease background and unmet need

• Mesothelioma, linked to asbestos exposure, has poor prognosis and limited treatment options, with median survival of 14–18 months and low complete response rates.

• Current therapies offer modest survival benefits, high costs, and rapid disease progression after first-line treatments.

• The target protein, mesothelin, is present in mesothelioma and over ten other difficult-to-treat cancers, expanding potential indications.

• BZDS1901 CAR-T targets a $4.2B mesothelioma market, with potential in over 10 other cancers expressing the same target.

Clinical results and patient outcomes

• BZDS1901 CAR T-cell therapy has shown promising results in second-line or later mesothelioma patients, including 2 complete responses out of 14 patients.

• Median overall survival reached 25.6 months, with durable complete responses lasting up to 22 months and manageable side effects.

• Response rates are more than double those of benchmark therapies, with ongoing tumor shrinkage in several patients and tumor clearance lasting up to 2 years.

Technology and strategy

• CAR T-cell therapy is a cutting-edge, patient-specific, living drug that can potentially cure cancer with a single dose.

• The approach leverages Asian innovation, particularly from China, and aims to globalize through Western clinical trials and manufacturing in Australia.

• Manufacturing scalability and automation are key, with collaborations in place to streamline production and reduce costs.

• Higher doses appear to be the minimum effective therapeutic dose, with plans to increase dosing in future trials.