AdAlta (1AD) H2 2025 earnings summary

Executive summary

• Advanced transformation to focus on cellular immunotherapies, leveraging Asia-to-West asset licensing and development for solid cancers.

• Ceased internal i-body discovery R&D, prioritizing monetization of AD-214 (fibrosis) and WD-34 (malaria) assets.

• Implemented significant cost reductions, including staff reductions and suspension of executive compensation pending strategic transactions.

• Raised $2.2 million through institutional investment and a fully subscribed rights issue.

Financial highlights

• Net loss after tax of $4,502,268, an improvement from $5,381,269 in the prior year.

• Revenue and other income totaled $695,654, primarily from R&D tax incentives.

• Cash at year-end was $1.31 million, down from $3.13 million at the start of the year.

• Operating cash outflow was $2,936,533, improved from $5,259,832 in the previous year.

• Equity position shifted to a net liability of $598,244 from net assets of $2,030,446 last year.

Outlook and guidance

• Targeting execution of at least one in-licensing transaction for CAR-T assets before end of 2025, subject to financing.

• Aims to initiate technology transfer and clinical trials for new assets from late 2025 or early 2026.

• Continues to pursue out-licensing and partnership opportunities for AD-214 and WD-34.