Announcement PDF ASX Announcement Percheron Therapeutics Limited ABN 41 095 060 745 ASX: PER | FSE: AWY | US OTC: ATHJY AGM PRESENTATION Melbourne, Australia – 22 October 2025: In advance of this morning’s Annual General Meeting of shareholders to be held at 10:00am, and in accordance with ASX Listing Rule 3.13.3, Percheron Therapeutics Limited (ASX: PER or ‘the Company’) is pleased to provide a copy of the presentation that will be made to shareholders at the Annual General Meeting. 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 further information, please see our website at www.PercheronTx.com, or email info@PercheronTx.com. This announcement has been authorised for release to the Australian Securities Exchange by the Board of Directors. www.PercheronTx.com ASX: PER | US OTC: PERCF A Year of Change Presentation to 2025 Annual General Meeting Dr James Garner CEO & Managing Director Sydney, NSW 22 October 2025 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. 2 Year in Review Percheron has been working hard in CY2025 to rebuild the company; we are now in a strong position to move into CY2026 3 June 2025 License of HMBD-002 from Hummingbird Bioscience • Provides Percheron with a world-class, phase II-ready, immuno-oncology asset on favourable economic terms  July – September 2025 Technology Transfer of HMBD-002 into Percheron’s Stewardship • Assume sponsorship of Investigational New Drug application with FDA • Take over responsibility for relevant intellectual property • Consign existing supplies of drug, standards, reagents, samples, and materials to Percheron  July – September 2025 Commission Manufacture of New Batch of Drug for Use in Phase II Clinical Trial • Per contract, initial drug substance manufacture funded by licensor  July & August 2025 Publication of Positive New Preclinical Data for HMBD-002 • Collaborations with Stanford University and University of Texas Southwestern suggest promising clinical opportunities for HMBD-002  July – October 2025 Intense Investor Relations Campaign to Raise Awareness of Company’s New Pipeline and Focus • Extensive broker outreach • Presentations at investor conferences and events  September 2025 Recruitment of Highly Experienced International Executives to Management Team • Eugene Kennedy, MD, joins as Chief Medical Officer • Valentina Dubljevic joins as Chief Technology Officer  October 2025 Release of Final Phase I Clinical Data for HMBD-002 • Positive trial readout shows very favourable safety profile and promising signals of potential efficacy  August – October 2025 Development of Phase II Clinical Trial Design • Company’s objective is to commence trial in CY2026 Today Companies with strong underpinnings do rebound from adversity (1/3) 4 Negative PIII Trial of Cabozantinib in Metastatic Castration-Resistant Prostate Cancer (mCRPC) 0 1 2 3 4 5 6 7 8 9 10 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 NASDAQ: EXEL Update on COMET-1 trial Negative data from COMET-1 trial Drawdown (peak to trough) ↓ 84% Time to Recovery (reclaim Jan 14 peak) ~18 months Share Price at Dec 16 $14.91 0 5 10 15 20 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Return (Dec 14 to Dec 16) ↑ 844% 1 Year 3 Years Companies with strong underpinnings do rebound from adversity (2/3) 5 FDA Complete Response Letter (≈Rejection) for Kalydeco® (ivacaftor) in Additional Population 60 80 100 120 140 160 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 NASDAQ: VRTX FDA declines to approve Kalydeco Drawdown (peak to trough) ↓ 47% Time to Recovery (reclaim Jul 15 peak) ~24 months Share Price at Jun 16 $169.96 60 80 100 120 140 160 180 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Return (Dec 16 to Jun 18) ↑ 131% 1 Year 3 Years Companies with strong underpinnings do rebound from adversity (3/3) 6 FDA Withdrawl of Tysabri® (natalizumab) Following Several Cases of PML 20 30 40 50 60 70 80 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 NASDAQ: BIIB FDA withdrawal of Tysabri (natalizumab) Drawdown (peak to trough) ↓ 49% Time to Recovery (reclaim Feb 05 peak) ~30 months Share Price at Dec 07 $57.84 20 30 40 50 60 70 80 90 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Return (Jul 05 to Dec 08) ↑ 70% 0 0 1 Year 3 Years 7 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 $10.9M Source: ASX; Company filings Indicative List of ASX-Listed Oncology Companies 8 A New Focus for Percheron Percheron’s primary mission is now the development of new therapies for cancer, the most pressing healthcare challenge of the 21st century 9 Source: Australian Institute of Health & Welfare; Catalyst Research Approximately 1 in 2 Australians will receive a cancer diagnosis during their lifetime Cancer is the most common cause of death in Australia, accounting for approximately 1 in 4 cases Despite enormous progress, 3 in 10 patients survive less than five years after diagnosis 0% 20% 40% 60% 80% 100% 2023 Cancer 28% Heart Disease 9% Dementia 9% Stroke 5% Lung Disease 4% Diabetes 3% Other 42% 55% 71% 0% 20% 40% 60% 80% 5-year survival rate 1991-95 2016-20 Oncology is the largest therapeutic area in global drug development 10 Approximately 1 in 3 new drugs approved in the last 20 years was an oncology drug Oncology is forecast to account for approximately two-thirds of global growth in pharmaceutical spending 0% 20% 40% 60% 80% 100% 2005-2024 Others Cardiovascular Gastrointestinal Endocrinology Immunology Haematology Neurology Infectious Disease Oncology 1,005 new medicines 31% 0 100 200 300 400 500 600 2020 - 2024 2025 - 2029 (F) Other Infectious Disease Cardiovascular Respiratory CNS Immunology Obesity Endocrinology Oncology Global Expenditure on Medicines (US$, B, constant) 75% -9% 113% -40% 417% 59% -65% 142% 51% $432B $560B Growth Oncology is a highly attractive therapeutic area for small-cap drug development companies 11 Source: IQVIA Institute Pivotal trials in oncology typically require fewer patients, especially if they receive accelerated approval Oncology products generally have a faster path to market than other therapeutic areas 369 93 0 100 200 300 400 500 Standard Approval Accelerated Approval 14.4 11.1 0 2 4 6 8 10 12 14 16 18 All Therapeutic Areas Oncology Oncology drugs are more likely to receive FDA ‘special designations’ such as orphan designation 69% 75% 50% 55% 60% 65% 70% 75% 80% Other Therapeutic Areas Oncology Median Number of Patients in Oncology Pivotal Trial(s) Median Time from First Patent Filing to FDA Approval (years) Proportion of NDA filings with Orphan Drug Designation (ODD) Oncology is also a very appealing commercial prospect, and a key area of focus for most large pharma companies 12 Source: IQVIA Institute Oncology Products Often Command High Pricing Oncology Drugs Typically Continue to Expand Their Market After an Initial Approval 4% 4% 25% 19% 53% 18% 15% 44% 3% 16% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2015-2019 2020-2024 >$400K / year $200-$400K / year $100-$200K / year $10-$100K / year <$10K / year Year Approval Annual Sales (US) 2014 Advanced Melanoma - 2015 Advanced Non-Small-Cell Lung Cancer $566 million 2016 Recurrent or Metastatic Squamous Cell Cancer of Head & Neck First-Line Metastatic Non-Small-Cell Lung Cancer (Limited) $1.5 billion 2017 Classical Hodgkin Lymphoma First-Line Metastatic Non-Small-Cell Lung Cancer (Unlimited) Locally Advanced or Metastatic Urothelial Carcinoma MSI-H Cancers Gastric and Oesophageal Cancers $2.9 billion 2018 Cervical Cancer Metastatic Nonsquamous Non-Small-Cell Lung Cancer Metastatic Squamous Non-Small-Cell Lung Cancer Hepatocellular Carcinoma Merkel Cell Carcinoma $6.0 billion 2019 Melanoma (adjuvant) Renal Cell Carcinoma First-Line Squamous Cell Carcinoma of Head & Neck Small Cell Lung Cancer Endometrial Carcinoma $11.1 billion Annual Pricing in US for New Oncology Drug Launches (US$) Median ~$200K ~$350K Keytruda® (pembrolizumab) FDA Approvals: 2014-2019 Our new asset re-casts us as an immuno-oncology company, one of the most exciting areas at the forefront of cancer drug development 13 IMMUNE CELL CANCER CELL Cancer cell is recognsed by the immune system and activates an immune response The immune system neutralises and removes the cancer cell Ordinarily, the immune system is our first line of defence against newly-formed cancer cells, just as it protects from bacteria and viruses. IMMUNE CELL CANCER CELL To become established, the cancer cell must evade the immune system, which it does via several different mechanisms Cancer cell evades immune detection or inhibits the immune response The immune response is ineffective and the tumour grows unimpeded IMMUNE CELL CANCER CELL Immuno-oncology therapies stimulate the activities of the immune system, including recognition and removal of tumour cells Cancer Vaccines Increase recognition of cancer by immune system CAR-T Augment the native immune response by adding active immune cells Checkpoint Inhibitors Counter the immune inhibitory effects of the tumour Immune checkpoint inhibitors have been one of the fastest growing classes of medicine in the immuno-oncology field, with more than US$ 40 billion in annual sales 14 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 Although HMBD-002 has shown compelling monotherapy activity in preclinical tumour models, its potential to enhance existing checkpoint inhibitors is particularly encouraging 15 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) Process Optimisation Manufacturing Process Development The substantial body of work already done with HMBD-002 leaves us well-positioned to commence phase II human trials in CY2026 16 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 to discuss most appropriate approach to phase II with clinicians and advisors over 2H CY2025 • 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 17 Working Towards Success in 2026 The phase II trial for HMBD-002 is designed to achieve five strategic objectives Provide multiple shots on goal to reduce ‘all or nothing’ binary risk Maintain operational flexibility to accommodate Percheron’s financial capacity Generate frequent read-outs to guide ongoing development and inform investors Adapt trial dynamically to focus on most promising patient populations Optimise opportunities to seek accelerated approval and engage with potential partners 1 2 3 4 5 The study will explore several tumour types in parallel arms to determine which are most responsive to the drug The study will start with one or two arms, subsequently adding others according to emerging data and funding capacity Study will likely be conducted in Australia and US, with potential to include other countries The study will recruit patients in defined blocks, allowing for regular read-outs Not all arms will be pursued to the conclusion of the study; unpromising arms will be dropped in favour of those showing superior response The study will be performed at reputable trial sites under oversight provided by existing IND with US FDA Minimise time, cost, and risk to clinical proof-of-concept, while generating maximally valuable data 18 The phase II study will evaluate multiple tumour types through independent arms in a single study, a well-established approach that provides efficiency and flexibility 19 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 20 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 arms have been identified as high priority targets, with the potential for others to be added in future 21 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 22 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 info@PercheronTx.com www.PercheronTx.com