Announcement PDF ASX Announcement Percheron Therapeutics Limited ABN 41 095 060 745 ASX: PER | FSE: AWY | US OTC: ATHJY PERCHERON THERAPEUTICS CORPORATE PRESENTATION Melbourne, Australia – 18 February 2026: Percheron Therapeutics Limited (ASX: PER) (‘the Company’), an international biotechnology company focused on the development of novel therapies for oncology and rare diseases, is pleased to provide shareholders with a copy of an updated non-confidential corporate presentation. The presentation will be delivered by CEO Dr James Garner at Emergence 2026 Investment Conference to be held today at the Four Seasons Hotel Sydney. The attached presentation supersedes the corporate presentation released to the market on 5 November 2025 and includes expanded information on the Company’s lead program, HMBD-002, together with an updated overview of the Company’s financial position following the release of its latest Quarterly Activities report and Appendix 4C. ~ ENDS ~ About Percheron Therapeutics Limited Percheron Therapeutics Limited [ASX: PER | US OTC: PERCF] is a publicly listed biotechnology company focused on the development and commercialisation of novel therapies for oncology and rare diseases. The company’s lead program is HMBD-002, a monoclonal antibody targeting the immune checkpoint regulator, VISTA. HMBD-002 has completed a phase I clinical trial in patients with advanced cancer, which has shown the drug to be generally safe and well- tolerated, and Percheron aims to commence further clinical trials in CY2026. For more information, please contact info@PercheronTx.com. This announcement has been authorized for release to the Australian Securities Exchange by the Board of Directors. www.PercheronTx.com ASX: PER | US OTC: PERCF Developing a Next Generation Immune Checkpoint Inhibitor for the Treatment of Patients with Cancer Corporate Overview February 2026 1 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the safe-harbor provisions such as the Private Securities Litigation Reform Act of 1995. These statements do not relate strictly to historical or current facts and may be accompanied by words such as ‘could,’ ‘would,’ ‘may,’ ‘potentially,’ ‘suggest,’ ‘believes,’ ‘expects,’ ‘should,’ ‘intends,’ ‘plans,’ ‘forecasts,’ and similar words or expressions. Such statements involve substantial risks and uncertainties, not all of which may be known at the time. All statements contained in this presentation, other than statements of historical fact, including without limitation statements regarding our strategy, research and development plans, collaborations, future operations, future financial position, future revenues, projected costs, pricing, prospects, plans, and objectives of management, are forward-looking statements. Not all forward-looking statements in this presentation are explicitly identified as such. The Company does not warrant any of the forward-looking statements in this presentation, and investors are advised to interpret such statements in the context of other available sources of information and with the assistance of expert advisors as appropriate. Many factors could cause the actual results of the Company to differ materially from the results expressed or implied herein, and you should not place undue reliance on the forward-looking statements. Drug development is inherently risky, and only a small proportion of research and development programs lead to a marketed product. Factors which could change the Company’s expected outcomes include, without limitation, our ability to: advance the development of our programs, and to do so within any timelines that may be indicated herein; the safety and efficacy of our drug development candidates; our ability to replicate experimental data; the ongoing validity of patents covering our drug development candidates, and our freedom to operate under third party intellectual property; our ability to obtain necessary regulatory approvals; our ability to enter into and maintain partnerships, collaborations, and other business relationships necessary to the progression of our drug development candidates; changes in the competitive landscape pertaining to our drug development candidates; the timely availability of necessary capital to pursue our business objectives; changes in the public policy environment in one or more countries in which we operate or may seek to operate which disfavour our business; our ability to attract and retain qualified personnel; changes from anticipated levels of customer acceptance of existing and new products and services; and other factors. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, and although they reflect our current views as at the date of this presentation, there can therefore be no assurance that such expectations will prove to be correct. The Company has no obligation as a result of this presentation to pursue any specific strategy or plan outlined herein, or to deliver any specific outcome that may be implied or inferred. Any forward-looking statements contained in this presentation speak only as of the date this presentation is made, and we expressly disclaim any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by law. Percheron is developing HMBD-002, a novel, mid-clinical-stage, immuno-oncology therapy with applicability to multiple forms of cancer and high combination potential 2 THE SCIENCE THE COMPANY THE OPPORTUNITY Percheron is developing HMBD-002, a next generation immune checkpoint inhibitor, with the potential to treat many forms of cancer Percheron is listed on the ASX (ASX: PER), with a market cap of ~$9 million, and cash at 31DEC25 of ~$4.5 million With phase 1 successfully completed in CY2025, Percheron aims to take HMBD-002 into an international phase 2 human trial in CY2026 HMBD-002 targets VISTA, a novel immune checkpoint, similar in many respects to PD-1, the target of Keytruda® (pembrolizumab) Previous attempts to drug VISTA have been limited by toxicity; HMBD-002 is built on a different antibody scaffold, substantially reducing potential toxicity HMBD-002 has potential as a monotherapy, but also appears synergistic with other checkpoint inhibitors such as Keytruda® The company trades at a substantial discount to ASX-listed peers, following a corporate transformation during CY2025 Enterprise value largely reflects acquisition cost of HMBD-002 (~$4.5 million), currently imputing no value to future positive data Percheron’s cash reserves and low burn imply 3.7 quarters of funding US-based phase 1 study, conducted under IND with US FDA, showed very favourable safety profile, both as monotherapy and in combination with Keytruda® (pembrolizumab) Adaptive, modular phase 2 study design can be launched with very modest cash resources and is designed to provide early validating read-outs Keytruda® patent expiry in 2028 creates substantial opportunity for novel immune checkpoint inhibitors to expand and extend US$ ~100 billion market Immune checkpoint inhibitors such as HMBD-002 work by reactivating the body’s immune response so that it can attack the tumour 3 Cancer cells Immune cells • Ordinarily, our immune system protects us against tumour cells in the same way that it protects against bacteria and viruses • Growing tumours need to inhibit the patient’s immune system to avoid being attacked by normal defences • One of the ways tumours accomplish this is via ‘immune checkpoints’ such as PD-1 (the target of Keytruda®) and VISTA (the target of HMBD-002) HMBD-002 • Immune checkpoint inhibitors such as HMBD-002 block these inhibitory signals on the surface of the cancer cell • A number of such immune checkpoint inhibitor drugs have been approved by FDA in recent years, including Keytruda®, Opdivo®, Tecentriq®, Yervoy® and others • There are not yet any commercial VISTA inhibitors, partly because the target is relatively newly discovered • Removal of the inhibitory signals allows the body’s own immune system to attack the cancer cells • The reinvigorated immune system can be potent in its own right, but can also work synergistically with other cancer treatments such as chemotherapy and radiotherapy • In some cancers, inhibiting multiple immune checkpoints is more effective than just one (e.g. PD-1 and CTLA-4 in melanoma) • In addition to making the cancer cells vulnerable to the immune system, VISTA inhibition helps to attract more immune cells into the ‘tumour microenvironment,’ potentially amplifying its effects by turning ‘cold tumours’ into ‘hot tumours’ • In particular, VISTA inhibition appears to attract myeloid cells, which are less susceptible to other immune checkpoint inhibitors Immune checkpoint inhibitors have been one of the fastest growing classes of medicine in the immuno-oncology field, with more than US$ 40 billion in annual sales 4 Immuno-oncology therapies target the interaction between tumours and the immune system to enhance the immunological response to cancer 0 5 10 15 20 25 30 35 40 45 2019 2020 2021 2022 2023 Yervoy (ipilimumab) Tecentriq (atezolizumab) Keytruda (pembrolizumab) Opdivo (nivolumab) Immuno-oncology has grown to a ~US$ 40+ billion market US$, billions 21.4 27.0 30.3 34.6 39.6 Source: Company filings Keytruda® (pembrolizumab), one of the first-generation immune checkpoint inhibitors, has grown to become the largest cancer product in history 5 Like Percheron’s HMBD-002, Keytruda works by blocking the immune checkpoint on immune cells, so that the tumour cannot ‘deactivate’ them Since its first FDA approval in melanoma in 2014, Keytruda has gone on to secure approval in more than a dozen tumours Melanoma Non-Small Cell Lung Cancer Bladder Cancer Gastric Cancer Oesophageal Cancer Cervical Cancer Biliary Tract Cancer Cutaneous Squamous Cell Carcinoma Renal Cell Carcinoma Endometrial Carcinoma Triple-Negative Breast Cancer Merkel Cell Carcinoma High Tumour Mutational Burden Cancers (TMB-H) High Microsatellite Instability Cancers (MSI-High) Keytruda has become the best-selling cancer medicine in history 0 10 20 30 40 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Annual Sales (US$, billions) Although a game-changer, most patients ultimately become unresponsive to Keytruda ~40% of melanoma patients never respond ~30% of responders eventually show disease relapse VISTA is a highly attractive target for novel oncology therapies, showing high expression on many tumours and clear correlation with prognosis 6 Sources: D Nishizaki et al. (2024) ESMO Open 9(4):102942 (panels 1 & 3); LF Kuklinski et al. (2018) Cancer Immunol. Immunother. 67:1113-1121 (panel 2) VISTA is expressed on a wide range of tumours High expression of VISTA is associated with worse prognosis 0% 25% 50% 75% 100% ALL CANCERS Small Bowel Pancreas Sarcoma Colorectal Ovarian Liver & Bile Duct Oesophageal Breast Head & Neck Uterus Lung High Medium Low High VISTA expression is associated with resistance to PD-1 inhibition 0.28 0.14 1.21 0.64 0.0 0.5 1.0 1.5 Overall Survival (OS) Progression-Free Survival (PFS) High VISTA Expression Low VISTA Expression Survival of 85 melanoma patients comparing those with VISTA positive tumour-infiltrating inflammatory cells (TIICs) and those with VISTA negative TIICs Hazard Ratio: 3.57 p = 0.005 Survival of 16 pancreatic cancer patients, all treated with immunotherapy, comparing those with high and low VISTA expression Survival (years) HMBD-002 has shown compelling evidence of activity in a range of preclinical tumour models, and is synergistic with PD-1 inhibition 7 Monotherapy administration yields up to 80% tumour growth inhibition, depending on tumour type Tumour Growth Inhibition (TGI): ~84% Tumour Growth Inhibition (TGI): ~65% Tumour Growth Inhibition (TGI): ~40% Combination with PD-1 inhibition provides substantial synergy Tumour Growth Inhibition (TGI): ~94% CT26 (Colon cancer) PDX Source: B Dharmadhikari et al. (2022) J Immunother. Cancer 10(Suppl 2):A558-A558 (poster presentation to SITC 37th Annual Meeting) HMBD-002 is arguably the most advanced VISTA antibody in clinical development, and likely the only active member of the IgG4 class 8 Program HMBD-002 CI-8993 JNJ-61610588 SNS-101 W0180 Company Isotype IgG4 IgG1 IgG1 IgG1 IgG1 Stage Phase I Complete Phase I Complete Phase I Terminated Phase I Terminated Phase I Terminated Exposure to Date 48 patients 26 patients 12 patients - 33 patients Combination Data Available Monotherapy & Combination with Pembrolizumab Monotherapy Monotherapy Monotherapy & Combination with Cemiplimab Monotherapy & Combination with Pembrolizumab Status Ongoing Inactive Discontinued Discontinued Discontinued Notes pH-sensitive antibody INDICATIVE Sources: Company filings; Clinicaltrials.gov In general, IgG1 antibodies activate antibody-dependent cellular cytotoxicity (ADCC), recruiting immune cells such as natural killer (NK) cells to destroy the target. This can be a very effective approach in cancer, but can also lead to significant toxicity, including cytokine release syndrome (CRS). Expert feedback indicates that the key challenge with other VISTA antibodies, which are almost exclusively IgG1, is that they have often proven toxic in clinical trials. HMBD-002 is an IgG4 antibody, so it blocks VISTA signalling, but does not necessarily destroy VISTA-positive cells. This is likely to make it significantly less toxic in clinical use. Process Optimisation Manufacturing Process Development HMBD-002 is well-advanced in clinical development, with a clear path towards commercialisation 9 Preclinical Validation IND-Enabling Toxicology NDA-Enabling Toxicology Phase I Clinical Trial Phase II Clinical Trial Phase III Clinical Trial ✓ ✓ ✓ • Extensive preclinical package shows HMBD- 002 binds to VISTA and modulates tumour immune environment • Percheron may explore additional cancer types in animal models to inform future clinical work • HMBD-002 has an open IND, indicating acceptance by FDA of manufacturing and toxicology, and has already conducted a 48-patient study in the United States • Possibility that FDA may require 13-week toxicology data prior to NDA approval; for discussion with advisors and FDA in FY2026 • 48-patient multiple ascending dose phase I study already completed at top centers in US; provides data both as monotherapy and in combination with pembrolizumab • Percheron aims to commence phase II trial in multiple tumour types in CY2026 • In oncology, phase III studies are often performed as a ‘post- approval commitment’, with accelerated approval granted after phase II ✓ • Robust, high-yield process • 48-month stability data • Routine ‘fine tuning’ to be conducted in parallel to clinical trials New Drug Application to FDA Preclinical Development Clinical Development Manufacturing & Technical Development • Multiple batches manufactured at 500L scale • Favourable cost of goods, with scope for further optimisation PRELIMINARY The HMBD-002 phase I study adopted a standard ‘3+3’ design, with an initial monotherapy group (n=28) followed by a pembrolizumab combination group (n=20) 10 Patient Population & Study Design • Advanced cancer patients with no available treatment options known to confer clinical benefit • ECOG performance status ≤ 1 • 3+3 dose escalation design, with a 21-day observation period for dose limiting toxicities • HMBD-002 administered weekly via 60- minute iv infusion • 28 patients on monotherapy and 20 patients in combination with pembrolizumab Dose Escalation Cohort 7 (n=3) 1,400 mg QW Cohort 1 (n=4) 20 mg QW Cohort 6 (n=3) 720 mg QW Cohort 5 (n=7) 360 mg QW Cohort 4 (n=3) 180 mg QW Cohort 3 (n=3) 120 mg QW Cohort 2 (n=5) 60 mg QW Cohort 1 (n=4) 180 mg QW Cohort 4 (n=5) 1400 mg QW Cohort 3 (n=8) 720 mg QW Cohort 2 (n=3) 360 mg QW Monotherapy Combination with pembrolizumab 200mg Q3W 11 Overall response rates such as were seen in this study are common for targeted and cytostatic therapies Commentary • Many targeted therapies have shown similar response profiles in early-phase studies, and some have gone on to become blockbuster commercial products. • There are several reasons why ORR in phase I sometimes primarily demonstrates a stabilisation effect: 1. Phase I studies are typically performed in very advanced patients, who may be resistant to almost any therapeutic intervention. 2. ORR can be a reasonable measure of cytotoxicity and is therefore more useful in the context of cytotoxic chemotherapy, but it often performs less well when measuring the primarily cytostatic effects of targeted therapies. 3. Immunotherapies in particular can take longer to show benefit, whereas ORR is typically a relatively early-focused measure. 0% 20% 40% 60% 80% 100% HMBD-002 Not Evaluable Progressive Disease Stable Disease Partial Response Complete Response Sources: D Strumberg et al. (2007) Oncologist 12(4):426-437; MS Gordon et al. (2001) J Clin Oncol. 19(3); A O’Donnell et al. (2008) J Clin Oncol. 26(10); JS Weber et al. (2008) J Clin Oncol. 26(36); PM Fracasso et al. (2007) Clin Cancer Res 13(3):986-993; company and analyst reports n=48 n=173 n=23 n=25 n=92 n=39 Reported Best Observed Response in Key Phase I Studies (%) $7.1B peak sales $1.0B peak sales $2.2B peak sales $1.3B peak sales $1.9B peak sales 12 A number of patients in the study showed evidence of clinical benefit, providing a positive signal of potential future efficacy Patient Diagnosis Time Since Diagnosis Prior Lines of Therapy Treatment Group Maximum Tumour Reduction Time on Therapy 27M Metastatic dedifferentiated liposarcoma 5.1 years 3 360mg Monotherapy ↓ 17.2% 53 weeks 67F Metastatic triple-negative breast cancer 2.8 years 3 360mg Monotherapy ↓ 6.2% 26 weeks 49M Metastatic non-small-cell lung cancer 2.5 years 5 360mg Combination ↓ 1.1% 30 weeks 45F Metastatic triple-negative breast cancer 2.7 years 5 720mg Combination ↓ 26.9% 5 weeks 59M Metastatic squamous cell carcinoma of the head & neck 2.9 years 4 720mg Combination ↓ 13.2% 15 weeks Patients in the study were very late-stage and heavily pre-treated Tumour shrinkage and prolonged periods of stable disease are positive markers of potential future efficacy The phase II study will commence in one tumour type, but will have the ability to expand to additional tumour types at the company’s discretion 13 Arm 1 Arm 2 Arm 3 Arm 4 Each arm resembles a standalone study in a specific patient population Combining the arms into a single study achieves very substantial efficiencies and economies of scale Arms may start and finish at different times, allowing substantial operational flexibility 1 2 3 Results of each arm are delivered as they emerge, independently of the other arms 4 PRELIMINARY Each arm will potentially have two stages, allowing for an early read-out of activity before investing in confirmatory data 14 Arm 1 Arm 2 Arm 3 Arm 4 Arm 4 Exploratory Stage (single arm) ~20-30 patients provides early indication of efficacy before Percheron invests in confirmatory stage 1 Confirmatory Stage (randomised) ~40-100 patients provides more comprehensive quantification of efficacy versus comparator 2 Decision to ‘graduate’ from exploratory to confirmatory stage is under company’s control and may take many inputs into consideration 3 Not all arms will graduate – the study is designed to select only the most promising patient populations 4 PRELIMINARY Four patient groups have been identified as high priority targets, with selection of the first arm anticipated in Q2 CY2026 15 PRELIMINARY Triple-Negative Breast Cancer (TNBC) EGFR-Mutant Non-Small Cell Lung Cancer (NSCLC) HER2-Negative Oesophageal Adenocarcinoma Endometrial Cancer ~36,000 patients per annum in United States ~15,000 patients per annum in United States ~10,000 patients per annum in United States up to ~65,000 patients per annum in United States* • TNBC lacks surface receptors for estrogen, progesterone, or HER2, which are common targets for therapies, making it very resistant to drug treatment • TNBC disproportionately affects younger women • Pembrolizumab provides only marginal survival benefit • EGFR-mutant NSCLC is driven by a mutation in a growth signaling pathway • It is more common in women, non- smokers, and Asian patients • EGFR-mutant NSCLC is relatively less responsive to immunotherapy such as pembrolizumab • Adenocarcinoma is the most common form of oesophageal cancer in the Western world • HER2-negative disease is generally unresponsive to trastuzumab, a common therapy used in HER2- positive cases • Endometrial cancer is the most common form of uterine cancer • Pembrolizumab is approved but only partially effective, with typical progression-free survival of 6-11 months Note: endometrial cancer population subject to further refinement in consultation with advisors The plan provides the potential for significant news flow from CY2026 onwards 16 2026 2027 2028 Design and set-up of study; selection of CRO & sites Complete manufacture of study drug Enrol patients to open-label exploratory stage for initial arm(s) Graduate one or more initial arms to randomised confirmatory stage Initiate additional arms, guided by scientific rationale, and in line with company’s resources 1H 26 Selection of CRO Mid 26 Initiation of sites Mid 26 First patient in to Arm 1 2H 26 First patient in to subsequent arms Mid 26 Potential grant of orphan designation 2H 26 Award of international non-prop. name Late 26 Possible initial data 1H 27 Efficacy data from Arm 1 Mid 27 Efficacy data from subsequent arms 2H 27 Graduation of arm(s) to confirmatory Mid 27 Potential initiation of new arms 2H 27 Potential grant of Fast Track Mid 28 Confirmatory data from Arm 1 Mid 28 Confirmatory data from other arms Mid 28 Efficacy data from other arms 2H 28 Potential grant of Breakthrough 2H 28 Possible New Drug Application Potential timeframe for partnering discussions with ‘big pharma’ Potential timeframe for accelerated approval discussions with FDA Indicative Cost Estimates Approximate Cost per Patient ~US$ 150,000 (industry-wide benchmark) Estimated Number of Patients in Exploratory Stage 20 - 25 Estimated Cost of Exploratory Stage for Each Arm ~US$ 3.0 - 3.5 million (~AU$ 5 million) (not including impact of R&D Tax Incentive Rebate) Note: all timelines, costs, forecasts, and other estimates are preliminary, and subject to ongoing revision INDICATIVE PRELIMINARY 17 A high-level estimate of market opportunity suggests enormous commercial potential for HMBD-002; only one indication needs to be successful for a profitable product Triple-Negative Breast Cancer EGFR-Mutant Non-Small-Cell Lung Cancer HER2-Negative Oesophageal Cancer Endometrial Cancer Estimated incident patients in United States, pa 36,000 15,000 10,000 6,500* Annualised treatment cost, US$ $250K $250K $250K $250K Median treatment cost in 2020-24 was $350K; reduced to $250K for conservative estimate Estimated time on treatment, months 6 months 4 months 4 months 6 months Earlier stage patients, and patients in combination, may result in longer treatment durations US addressable market, US$ pa $4.5 billion $1.2 billion $0.8 billion $0.8 billion Global addressable market, US$ pa $9.0 billion $2.4 billion $1.6 billion $1.6 billion Assume that US represents 50% of global sales * Endometrial cancer patients estimated at 10% of total pending further analysis of target sub-population ILLUSTRATIVE Successful immuno-oncology assets are highly partnerable, with comparable deals suggesting attractive valuations 18 Date Asset Licensor Licensee Target Stage Deal Terms Early-Mid Clinical Oct 2018 COM701 PVRIG Phase I / II $20M upfront; $200M milestones; royalties Jun 2021 EOS-448 TIGIT Phase I / II $625M upfront; $1.45B milestones; royalties Dec 2022 XTX-101 CTLA-4 Phase I / II $30M upfront; $604M milestones; royalties Jan 2023 ICB-01 BTN3A Phase I / II Japan rights only €15M upfront; milestones; royalties Late Clinical Jan 2021 Tislelizumab PD-1 Phase III Ex-China rights only $650M upfront; $1.55B milestones; royalties Dec 2021 Ociperlimab TIGIT Phase III $300M upfront; $700M milestones; royalties Jul 2022 Cemiplimab PD-1 Phase III $900M upfront; $1.5B milestones; profit split ILLUSTRATIVE Source: Company filings The Percheron Board and Management Team bring extensive international experience in drug development, commercialisation, and partnering Dr Charmaine Gittleson Non-Executive Chair of the Board 25 years of drug development experience, including 15-year tenure with CSL in international roles Dr Gil Price Non-Executive Director & Chair of Audit Experienced biotech executive and entrepreneur with extensive experience in drug development Dr James Garner Chief Executive Officer & Managing Director 20+ year track record of international drug development, including ten years as a public company life sciences CEO Deborah Ambrosini Chief Financial Officer & Company Secretary Over 20 years of strategic financial experience with a diverse range of ASX- listed companies Valentina Dubljevic Chief Technical Officer 20-year track record of international drug development in multinational companies Dr Eugene Kennedy Chief Medical Officer Johns Hopkins-trained cancer surgeon with over ten years of experience in immuno- oncology drug development 19 20 Percheron benefits from an ultra-lean operating model, with the majority of cash outlays being applied directly to R&D Share Price (AU$) Corporate Fundamentals (as at 31 December 2025) Market Capitalisation: AU$ 9M Primary Listing: ASX: PER Secondary Quotations: OTC: PERCF Shares on Issue: 1,087 Million Key Shareholders Mutual Investments Limited 5.4% Non-Correlated Capital Limited 4.6% Directors and Management 5.6% Financial Position (as at 31 December 2025) Cash Balance: AU$ 4.5 million Runway (per Appendix 4C): 3.7 quarters AS AT 31 DEC 2025 0 10 20 30 40 50 60 70 80 90 100 0 0.002 0.004 0.006 0.008 0.01 0.012 0.014 0.016 31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25 Millions TSR (31 Dec 24 – 31 Dec 25): 29% Volume Asset Economics Acquisition Cost ~$4.5 Million (includes manufacture of one batch of drug substance) Confidential, substantially back-ended participation for licensor in success of product 21 Percheron is competitively valued in comparison to peer ASX-listed companies Company Ticker Number of Programs Highest Stage of Development Cash at 30 June 25 Market Cap at 30 June 25 IMM 4 Phase III $67.4M $350.5M RAC 1 Phase II $13.6M $204.1M ALA 2 Preclinical $20.9M $118.9M IMU 5 Phase II $21.9M $97.1M ATX 1 Phase II $7.0M $77.6M RAD 6 Phase II $29.1M $52.0M PTX 3 Phase II $6.9M $35.4M PER 1 Phase II – CY2026 $10.2M $10.9M Source: ASX; Company filings Indicative List of Comparator ASX-Listed Oncology Companies 22 CY2025 Release of full phase I data 2H CY2025 ✓ Initiate manufacture of new batch of drug substance for clinical trial use 2H CY2025 ✓ Publication of new preclinical data in head & neck cancer and in triple-negative breast cancer 2H CY2025 ✓ Clinician consultation to determine optimal path(s) forward for HMBD-002 in phase II 2H CY2025 ✓ Disclosure of phase II study design and target tumours 2H CY2025 ✓ CY2026 Appointment of CRO for phase II clinical trial of HMBD-002 1H CY2026 Presentation of data at scientific conference(s) 1H CY2026 Potential application for international non-proprietary name for HMBD-002 1H CY2026 Ethics Committee approval for phase II clinical trial of HMBD-002 CY2026 First Patient In to phase II clinical trial of HMBD-002 CY2026 Percheron is focused on moving its pipeline forward expeditiously, with potential for rich, value-generating news flow over FY2026 PRELIMINARY Note: All timelines are indicative and subject to ongoing review info@PercheronTx.com www.PercheronTx.com GLOSSARY Cold Tumours Expression (of an immune checkpoint) Immune Checkpoint Immune Checkpoint Inhibitor (ICI) Ligand Monoclonal Antibody Myeloid Cells Tumours with few immune cells in the tumour microenvironment. They are typically relatively resistant to immuno-oncology therapies. Some cancers, such as ovarian cancer and brain cancer, are usually considered to be generally 'cold' tumours. By implicit contrast, a 'hot tumour' or inflammatory tumour is one with a large and active population of immune cells in the tumour microenvironment. In the contect of immuno-oncology, a tumour with, on average, a lot of a given immune checkpoint on the surface of its cells is said to highly express that immune checkpoint. For example, a tumour with high PD-1 expression has a lot of PD-1 on the surface of its constituent cancer cells. A control mechanism that allows cells, including tumour cells, to inhibit the local activity of the immune system. Analogous to the brake pedal on a car. Examples of immune checkpoints include PD-1, CTLA-4, LAG3, and VISTA. A drug which inhibits an immune checkpoint, releasing the 'brake' on the local activity of the immune system. Examples of immune checkpoint inhibitors include Keytruda(R) (pembrolizumab), Opdivo(R) (nivolumab), Yervoy(R) (ipilimumab), and Tecentriq(R) (atezolizumab). Generally, a molecule which connects to another molecule to bring about a biological effect. In the context of immuno-oncology, a ligand is typically the molecule on the immune cell to which the immune checkpoint binds (e.g. PD- 1 to PDL-1, CTLA-4 to CD80, LAG3 to Gal3, and VISTA to VSIG-3). A class of genetically engineered drugs which utilise the structure of natural human antibodies to generate new molecules which can either block signalling or attack cells. Approximately 40% of cancer drugs are monoclonal antibodies. Monoclonal antibodies are manufactured in living cells under carefully controlled laboratory conditions. They are more challenging to manufacture than 'small molecule' (chemical) drugs but generally simpler than cell therapies. Myeloid cells are one type of cells involved in the immune system. T