Slides
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Innovation Spotlight October 2026
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ASX:ALA Disclaimer 1. The information in this presentation does not constitute personal investment advice. The presentation is not intended to be comprehensive or provide all information required by investors to make an informed decision on any investment in Arovella Therapeutics Limited (Company). In preparing this presentation, the Company did not take into account the investment objectives, financial situation and particular needs of any particular investor. 2. Further advice should be obtained from a professional investment adviser before taking any action on any information dealt with in the presentation. Those acting upon any information without advice do so entirely at their own risk. 3. Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. The presentation includes forward-looking statements regarding future events and the future financial performance of Arovella. Forward looking words such as “expect”, “should”, “could”, “may”, “predict”, “plan”, “will”, “believe”, “forecast”, “estimate”, “target” or other similar expressions are intended to identify forward-looking statements. Any forward-looking statements included in this document involve subjective judgment and analysis and are subject to significant uncertainties, risks and contingencies, many of which are outside the control of, and are unknown to, Arovella and its officers, employees, agents or associates. In particular, factors such as outcomes of clinical trials and regulatory decisions and processes may affect the future operating and financial performance of Arovella. This may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. The information also assumes the success of Arovella’s business strategies. The success of the strategies is subject to uncertainties and contingencies beyond control, and no assurance can be given that the anticipated benefits from the strategies will be realised in the periods for which forecasts have been prepared or otherwise. Given these uncertainties, you are cautioned to not place undue reliance on any such forward looking statements. Arovella is providing this information as of the date of this presentation and does not assume any obligation to update any forward- looking statements contained in this document as a result of new information, future events or developments or otherwise. 2 4. Whilst this presentation is based on information from sources which are considered reliable, no representation or warranty, express or implied, is made or given by or on behalf of the Company, any of its directors, or any other person about the accuracy, completeness or fairness of the information or opinions contained in this presentation. No responsibility or liability is accepted by any of them for that information or those opinions or for any errors, omissions, misstatements (negligent or otherwise) or for any communication written or otherwise, contained or referred to in this presentation. 5. Neither the Company nor any of its directors, officers, employees, advisers, associated persons or subsidiaries are liable for any direct, indirect or consequential loss or damage suffered by any person as a result of relying upon any statement in this presentation or any document supplied with this presentation, or by any future communications in connection with those documents and all of those losses and damages are expressly disclaimed. 6. Any opinions expressed reflect the Company’s position at the date of this presentation and are subject to change. 7. This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction in which it would be unlawful. The distribution of this presentation in jurisdictions outside Australia may be restricted by law and any such restrictions should be observed.
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ASX:ALA Investment highlights Structurally differentiated next-generation cell therapy 3 CAR-iNKT platform designed to support multiple future therapies Arovella is not one product — building a platform that could support multiple future therapies. Near-term clinical validation Platform scalability • Off-the-shelf manufacturing • Healthy donor starting material • Multiple doses per batch reduces cost Pipeline expansion • Blood cancers • Solid tumours • Autoimmune disease • FDA IND accepted • Phase 1 expected to start Oct 2026 • Preliminary data expected early CY27
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ASX:ALA CAR-T technology challenges Only treats the patient who supplied the T cells 4 Patient must wait 3-4 weeks for therapy Each manufacturing batch is patient-specific ALA’s off-the-shelf solution: One CAR-iNKT batch treats multiple patients 1 week Patients ready to dose within 1 week Manufacturing & supply chain costs high, failures can occur T cells can be compromised by disease Limited centres can collect and manufacture Time is an issue for patients with aggressive disease T cell T cell T cell
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ASX:ALA CAR-iNKT cells – a differentiated immune cell 5 Unique biology with potential to overcome core limitations of CAR-T Abbreviations: TAM, Tumour Associated Macrophage; MDSC, Myeloid Derived Suppressor Cell; CAR, Chimeric Antigen Receptor; NK, Natural Killer; NKG2D, Natural Killer Group 2, member D ALLOGENEIC WITHOUT GENE EDITING Off-the-shelf solution; no gene editing required (preserves cell fitness) Multiple ways to attack tumours MULTIPLE WAYS TO KILL CANCER CELLS Reduces the likelihood of antigen escape; potential for better efficacy INFILTRATE TUMOURS Potential for better efficacy than CAR-T for solid tumours MODULATE THE TME AND IMMUNE SYSTEM Shape the tumour microenvironment to block and kill pro tumour cells; secrete signalling molecules to activate other immune cells
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ASX:ALA Overcoming limitations of existing cell therapies Modality Key Limitations Arovella CAR-iNKT Advantage Autologous CAR-T Relies on fitness of patient’s own T cells Complex, costly manufacturing Limited efficacy in solid tumours Healthy donor cells with better fitness Off-the-shelf supply with lower cost of goods iNKT cells penetrate tumours and modify the tumour microenvironment Allogeneic CAR-T (T cells) GvHD risk requires complex genome editing Single targeting mechanism Demonstrated limited efficacy in solid tumours Allogeneic without the need for genome editing Multiple targeting mechanisms Better infiltration into solid tumours CAR-NK Limited persistence and expansion Limited efficacy in clinical trials Combines NK + T cell features Combines innate speed with adaptive durability In vivo CAR-T Early-stage; safety profile not yet clear Relies on fitness of patient’s own T cells Limited ability for genome editing to improve efficacy Does not rely on fitness of patient’s own T cells Leverages the unique biology of iNKT cells Controlled product with defined release criteria iPSC-derived Manufacturing complexity and inconsistency Reduced functional diversity Natural immune development and cell function 6 CAR-iNKT cells are uniquely positioned for cell therapy applications
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ASX:ALA World-class CAR-iNKT manufacturing platform 7 Semi-automated process suitable for large-scale and late-phase clinical development Lentivirus for any CAR Vial and freeze CAR-iNKT cells Expand to grow billions of CAR-iNKT cells Engineer iNKT cells to produce CARs Collect Healthy Donor Blood Isolate iNKT cells Arovella Manufacturing Platform Arovella believes it has one of the most advanced donor-derived CAR-iNKT development programs*, with an FDA-accepted IND *Based on publicly disclosed information; Abbreviations: CAR, Chimeric Antigen Receptor
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ASX:ALA One platform: three value-creation pathways 8 Core platform: healthy-donor iNKT cells + modular CAR backbone + scalable manufacturing Blood cancer validation -> solid-tumour expansion -> autoimmunity expansion Value creation via three workstreams CD19 is a validated target for blood cancers Proves safety, dosing & persistence of CAR-iNKT cells Creates regulatory & CMC precedent Generates B cell depletion data CD19+ blood cancers (ALA-101) Gastric first; pancreatic later Tests iNKT solid-tumour biology Leverages armouring technology Supports expansion to future solid tumour CAR targets Leverages B cell depletion data from ALA-101 phase 1 trial Indications prioritized based on emerging CAR-T clinical data CLDN18.2+ solid tumours (ALA-105) CD19+ autoimmune disease (ALA-101)
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ASX:ALA Validated target with potential for indication expansion Possibility to expand into autoimmunity if phase 1 trial supports B cell depletion Addresses key CAR-T challenges Safety - Low risk of GvHD; properties of iNKT cells may decrease toxicity Scalability and cost - Allogeneic, off-the-shelf manufacturing produces multiple doses/batch Patient access – Potential for improved safety may allow for outpatient administration Healthier starting material – Avoids T cell dysfunction and exhaustion seen in heavily pre-treated patients 9 Phase 1 first-in-human study expected to commence next month Abbreviations: GvHD, graft versus host disease ALA-101: an off-the-shelf solution for CD19+ blood cancers FDA IND accepted for CD19+ lymphomas and leukaemias ALA-101 (CD19 CAR-iNKT)
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ASX:ALA ALA-101-001 Phase 1 study; Blood Cancer ALA-101 (CAR19-iNKT) Study population Adults with relapsed/refractory CD19-positive B cell cancers NHL (DLBCL • FL • MZL • MCL) Leukaemia (CLL • HCL) 1. Screening Confirm eligibility, disease status + baseline samples 2. Lymphodepletion Conditioning chemotherapy prepares immune space 3. ALA-101 infusion Single dose of healthy donor CD19 CAR-iNKT cells 4. On-study follow-up Safety, response + biology through Month 24 5. Long-term follow-up Continued monitoring after end-of-study visit Dose escalation Up to 4 dose levels; ~13–21 participants Backfill / expansion Further efficacy + biology Up to 25 additional participants ≤46 total Planned participants Goal: Identify a recommended Phase 2 dose based on safety, pharmacology, expansion, persistence and preliminary efficacy If successful, ALA-101 could demonstrate: CAR-iNKT cells are safe in humans Donor-derived CAR-iNKT cells can expand and persist CD19-expressing blood cancers can be controlled ALA-101 can deplete B cells Study results inform development of Arovella’s future products CD19 blood cancers Defines dose, safety profile and first efficacy signals for next-stage of development. Solid tumours Informs persistence, trafficking, immune activation and resistance biology for future CAR-iNKT targets. Autoimmunity Builds data on B cell depletion, durability and donor compatibility for future autoimmune indications. Study design: dose escalation with backfill / expansion Outcome measures Abbreviations: NHL = non-Hodgkin lymphoma; DLBCL, diffuse large B cell lymphoma; FL, follicular lymphoma; MZL, marginal zone lymphoma; MCL, mantle cell lymphoma; CLL = chronic lymphocytic leukemia; HCL = hairy cell leukemia; DLT = dose-limiting toxicity; Safety + tolerabilityDLT review Backfill can occur in multiple dose levels to better assess dose-response Patient journey
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ALA-105 (CLDN18.2 CAR-iNKT) 11 A clinically validated target that is expressed in several solid tumour types
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ASX:ALA Validated target with high unmet need Potential to target a broad range of cancers • gastric, pancreatic, esophageal, GEJC, ovarian Addresses key CAR-T challenges Efficacy – iNKT cells: • naturally infiltrate tumours better than T cells6 • kill pro-tumour cells and activate helpful immune cells7 • also target NKG2D ligands on tumour cells8 Safety – Low risk of GvHD; properties of iNKT cells may decrease toxicity Scalability and cost - Allogeneic, off-the-shelf manufacturing produces multiple doses/batch 12 With ALA’s proprietary cytokine armouring Abbreviations: IND, Investigational New Drug Application. Footnotes: See appendix at the end of this presentation. An off-the-shelf solution for solid tumours Novel, proprietary CLDN18.2-targeting CAR ALA-105 (CLDN18.2 CAR-iNKT)ALA-105 (CLDN18.2 CAR-iNKT)
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ASX:ALA “Armouring” CAR-iNKT cells 13 IL-12-TM (cytokine technology) enhances CAR-iNKT cell activity in solid tumours ARMOURING IL-12-TM IL-12-TM is a modified version of IL-12 with a membrane anchor that links it to the surface of CAR-iNKT cells, preventing release into the blood stream for improved safety. does not require changes to the manufacturing process The IL-12-TM is incorporated into the lentiviral vector and iNKT cells IL-12-TM than CAR-iNKT cells lacking the cytokine Expand more and survive for longer 4 weeks after treatment in a mouse model 10x more circulating CAR-iNKT cells compared to CAR-iNKT cells lacking the cytokine Superior antitumour activity Discover how our IL-12-TM cytokine technology works in our explainer whiteboard video. IL-12-TM (Armouring for Solid Tumours)
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ASX:ALA Arovella’s novel CLDN18.2-targeting CAR is highly active 14 Potent cytotoxicity in iNKT cells improved by armouring with IL-12-TM ALA-105 (CLDN18.2 CAR-iNKT) Killing of tumour cells by iNKT cells expressing Arovella’s novel CLDN18.2-targeting CAR; with and without IL-12-TM armouring Killing of Gastric and Pancreatic Cancer Gastric cancer cells CLDN18.2 CAR in iNKT cells Leads to strong killing of tumour cells after multiple rounds of re-challenge IL-12-TM armouring Enhances killing, with armoured CAR-iNKT cells eradicating tumour cells even after four rounds of re-challenge 1 2 3 4 0 20 40 60 80 100 Number of repeat tumour challenges Cytotoxicity (%) ** CLDN18.2 CAR-iNKT CLDN18.2 CAR-iNKT + IL-12-TM 1 2 3 4 0 20 40 60 80 100 Number of repeat tumour challenges Cytotoxicity (%) **** Pancreatic cancer cells Gastric cancer cell data from n=5 independent donors presented as mean ± SEM; paired t test, * p<0.05; E:T ratio = 1E:2T against NUGC4-CLDN18.2 gastric cancer cells. Pancreatic cell cell data from n=6 independent donors presented as mean ± SEM; paired t test, * p<0.05, **p<0.01; E:T ratio = 1E:1T against PaTu8988S pancreatic cancer cells.
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ASX:ALA Large validated market opportunity CD19 CAR-T data de-risked for autoimmunity, opening large market beyond oncology Reusable manufacturing platform One platform supporting multiple products Summary 15 Differentiated cell therapy platform CAR-iNKT cells combine multiple anti-cancer mechanisms FDA-accepted clinical-stage company ALA-101 entering human trials Multiple expansion opportunities Blood cancers, autoimmunity, solid tumours Near-term milestones First patient dosing and initial clinical readouts Arovella’s CAR-iNKT Cell Platform
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ASX:ALA Thank You Email: investor@arovella.com Arovella Therapeutics