AdAlta (1AD) Investor update summary

Market opportunity and disease background

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

• BZDS1901 targets mesothelin, a protein present in mesothelioma and over ten other cancers, expanding its potential market beyond rare cancers.

• The addressable market for BZDS1901 in mesothelioma is estimated at $4.2 billion, within a broader $12 billion asbestos-related cancer drug market.

Clinical results and therapeutic promise

• BZDS1901 achieved complete tumor clearance in 2 of 14 advanced mesothelioma patients, a rare outcome in this setting.

• Median overall survival reached 25.6 months, with response rates more than double benchmarks for advanced disease.

• Durable complete responses lasted up to 22 months, with ongoing tumor shrinkage and manageable side effects.

• BZDS1901 is administered as a single dose, unlike traditional therapies requiring ongoing treatment.

Technology and strategic approach

• CAR T-cell therapy, the basis for BZDS1901, has revolutionized blood cancer treatment and is now entering the solid tumor market.

• BZDS1901 leverages a two-day manufacturing process, significantly faster and cheaper than conventional CAR T-cell therapies.

• The "East to West" strategy leverages Asian innovation and Australian clinical/regulatory advantages for cost-effective value creation and global expansion.