Announcement PDF ASX Announcement Percheron Therapeutics Limited ABN 41 095 060 745 ASX: PER | FSE: AWY | US OTC: ATHJY AGM PRESENTATION Melbourne, Australia – 7 October 2026: 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. ASX: PER US OTC: PERCF WWW.PERCHERONTX.COM Annual General Meeting 2026 CEO and MD address Dr Michael Baker | October 2026 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 Therapeutics 1 Large Market Opportunity Strong Team Percheron Investment Highlights 2 © Percheron Therapeutics Strong Science Interest For Investigator Led Studies Clinically Validated Safety Multiple Partnership Opportunities HMBD-002 targets VISTA using a differentiated mAb scaffold supported by compelling preclinical data US FDA IND-enabled phase 1 study showed favourable safety profile, alone and in combination with Keytruda (αPD-1 check point) Synergy between VISTA and other anti-cancer agents may make HMBD-002 attractive to potential partners Investigator initiated clinical studies may expand the clinical data set at modest cost to Percheron and yield important data VISTA is implicated across multiple tumour types, opening a broad set of potential indications to target Leadership with deep, hands-on experience in antibody drug development, regulatory strategy and deal-making Corporate and Financial Overview 3 © Percheron Therapeutics 0 50000000 100000000 150000000 200000000 0 0.002 0.004 0.006 0.008 0.01 0.012 0.014 PER Price and Volume - 12 months1 1. As of 2 October 2026; 2. Does not include the proceeds from the R&D Tax rebate announced 31 August 2026 and the gross proceeds from the $2.3 million Placement announced 1 September 2026; 3. Holding percentages reflect holdings post-completion of tranche 1 and pre- completion of tranche 2 of the Placement announced 1 September 2026. Corporate Fundamentals Market Capitalisation1 AU$ 7.3 million Primary Listing: ASX: PER Secondary Quotations: OTC: PERCF Shares on Issue: 1,822 million Cash Balance (June 30)2 $4.1 million Key Shareholders Mutual Investments Limited 4.5% Glen Bull 4.0% Non-correlated Capital Limited 3.8% Directors and Management 4.7% Checkpoint inhibitors play a key role in cancer treatment 5 © Percheron Therapeutics Checkpoint inhibitors (i.e. α-PD-1) reactivate T cells resulting in tumour cell killing Checkpoint inhibitors can activate T cells or influence immunosuppressive myeloid cells Checkpoints can contribute to an immunosuppressive tumour microenvironment (TME) Myeloid derived suppressor cells (MDSCs) and tumour associated macrophages (TAMs) express VISTA and can make the TME immunosuppressive supporting tumour growth Blocking immunosuppressive myeloid cells can re- program the TME Checkpoints act as an inhibitory signal and block T cell killing Immune checkpoint inhibitors have been one of the fastest growing classes of medicine in the immuno-oncology field, with close to US$ 50 billion in annual sales 6 © Percheron Therapeutics Immuno-oncology therapies have had a profound impact on the cancer treatment landscape, but patent cliffs are looming 0 10 20 30 40 50 60 2019 2020 2021 2022 2023 2024 2025 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; * - primary market exclusivity 45.4 48.6 Yervoy Tecentriq Keytruda Opdivo Approval 2011 2016 2014 2014 Target CTLA-4 PD-L1 PD-1 PD-1 Patent Expiration* 2025/2026 2028 2028 2028 Successful immuno-oncology assets are highly partnerable, with comparable deals suggesting attractive valuations1 7 Date Acquirer Target Surface target Lead asset stage Tumour types Upfront Milestone payments Jan-24 TIGIT Phase 3 Lung cancer, GI cancer $320m equity investment NA Jun-23 IL-27 & CCR8 Phase 2 Lung, liver cancer, solid tumours Stock transaction value of $65m Acquisition Mar-23 CTLA-4 Phase 2 / 3 Solid tumours, NSCLC $200m Development, regulatory and commercial milestones, tiered royalties Jun-22 PD-1 Commercial / Phase 3 Skin cancers, NSCLC $900m Milestone payments and royalties Jun-21 TIGIT Phase 1 Solid tumours $625m Up to $1.45 billion in milestones; tiered royalties on Ex-US sales; co- commercialisation and profit share in US Dec-21 TIGIT Phase 3 Solid tumours and lung cancer $300m Up to $700 million if the option is exercised; royalties Feb-21 PD-1 Commercial / BLA Nasopharyngeal carcinoma, NSCLC $150m $380 million in milestone payments and 20% royalty on net sales Dec-20 PVRIG Phase 1 Advanced solid tumours $85m Up to $730 million in milestones; tiered royalties on net sales Sep-20 CD47 Phase 1 / 2 Solid tumours and AML $180m Up to $1.94 billion; tiered royalties on global net sales Mar-20 CD47 Phase 1 / 1b AML, DLBCL $4,900m Acquisition ILLUSTRATIVE 1. Deal references are provided on the final slide; GI – gastrointestinal; NSCLC – non small cell lung carcinoma; BLA – Biologics License Application; AML – Acute Myeloid Leukaemia; DLBCL – Diffuse Large B-cell Lymphoma. © Percheron Therapeutics VISTA is a novel checkpoint © Percheron Therapeutics VISTA is an attractive target across a range of solid tumours 1. https://doi.org/10.1016/j.esmoop.2024.102942; 2. https://doi.org/10.1038/s41598-021-00835-0. 9 © Percheron Therapeutics VISTA is expressed in tumour samples from a wide range of cancer types1 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 A relevant case study: VISTA is the highest checkpoint gene expressed in late-stage glioma and is prognostic for survival2 High prevalence by IHC 82.4% High grade gliomas (III/IV) express VISTA (14/17 30.8% Low grade gliomas (I/II) express VISTA (4/13) Highest expression of all check points Associated with poor survival Targeting VISTA is expected to enhance immune cell mediated tumour killing1 10 © Percheron Therapeutics 1. VISTA mechanism of action is still being full elucidated; iNOS – Inducible Nitric Oxide Synthase; ROS – Reactive Oxygen Species; NO – Nitric Oxide Targeting VISTA enhances the activity of other anti-tumour strategies 11 RT – Radiotherapy; 1. https://jitc.bmj.com/content/10/2/e003382; 2. https://jitc.bmj.com/content/10/Suppl_2/A558; 3. https://doi.org/10.3389/fimmu.2023.1311658; 4. 10.1016/j.celrep.2025.115893 CT26 (colon cancer) – Monotherapy1 CT26 (colon cancer) – αVISTA + αPD-12 CT26 (colon cancer) – αVISTA + αCTLA-43 MOC2 (oral carcinoma) – αVISTA + Radiotherapy4 © Percheron Therapeutics HMBD-002 is arguably the most advanced VISTA antibody in clinical development, and likely the only active member of the IgG4 class 12 © Percheron Therapeutics Program HMBD-002 TBS-2025 CI-8993 JNJ-61610588 W0180 Company Isotype IgG4 Optimised IgG1 IgG1 IgG1 IgG1 Stage Phase 1 Complete Phase 1 Phase 1b for AML Phase 1/2 Terminated Phase 1 Terminated Phase 1 Terminated Exposure to Date 48 patients 41 patients 64 patients 12 patients 33 patients Combination Data Available Monotherapy & Combination with Pembrolizumab Monotherapy & combination with Pembrolizumab Monotherapy & Combination with Cemiplimab Monotherapy Monotherapy & Combination with Pembrolizumab Status Ongoing Ongoing Discontinued Discontinued Discontinued Notes Starting an IST with Vanderbilt Health for AML patients Commencing phase 1b trial in AML in CY 2026 pH-sensitive Antibody Sources: Company filings; Clinicaltrials.gov; AML – Acute Myeloid Leukemia HMBD-002 Development to date © Percheron Therapeutics Phase 1 data revealed that HMBD-002 has a compelling safety profile 14 n=28 n=20  Clinical experience comprises 48 patients receiving doses up to 1,400mg QW, for up to ~1 year, as monotherapy or in combination  Most common TRAEs were infusion reactions, gastrointestinal disorders (e.g. nausea, diarrhea), fatigue, and rash  1 dose-limiting toxicity (DLT) observed at 360mg dose: a patient with grade 3 hepatitis which resolved with corticosteroids  Only one treatment-related discontinuation: a combination therapy patient with pneumonitis (a common side effect of PD-1 inhibition)  No cases of cytokine release syndrome (CRS) seen in monotherapy or combination therapy cohorts Key Takeaways  HMBD-002 safety profile is favourable for an anti-cancer therapeutic.  Only few patients experienced treatment-related adverse events ≥ grade 3 in severity.  Less than half of patients in the study experienced any treatment- related adverse events at all.  HMBD-002 and pembrolizumab combination appeared to cause no additional toxicity or potentiation of anti-PD1 toxicity. 0% 20% 40% 60% 80% 100% Monotherapy Combination with Pembrolizumab No TRAEs TRAEs Grade 1-2 TRAEs Grade 3+ Few patients with TRAEs at Grade ≥3; no incremental toxicity in combination Source: Unpublished data; TRAE – Treatment Related Adverse Event, QW – Once Weekly; DLT – Dose Limiting Toxicity; CRS – cytokine release syndrome © Percheron Therapeutics Patients treated with HMBD-002 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 © Percheron Therapeutics 15 HMBD-002 Development Strategy © Percheron Therapeutics Process Optimisation Manufacturing Process Development HMBD-002 has excellent potential to enhance the activity of a range of anti-cancer therapeutics 17 Preclinical Validation IND-Enabling Toxicology NDA-Enabling Toxicology Phase 1 Clinical Trial Phase 2 Clinical Trial Phase 3 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 48-patient multiple ascending dose phase 1 study already completed at top centers in US; provides data both as monotherapy and in combination with pembrolizumab 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 Define the best combination for development – Venetoclax/chemo (AML), Oncolytic Virus, Photodynamic Therapy, Radiotherapy, Sufficient HMBD-002 has been manufactured to support Investigator Sponsored Trials (ISTs) © Percheron Therapeutics IND – Investigational New Drug; NDA – New Drug Application 18 Strategies to determine the best phase 2 study to test HMBD-002 © Percheron Therapeutics Initiate Investigator Sponsored Trials (IST) to find best combination • Identify leading cancer centres interested in combining HMBD-002 with standard of care treatments. • Support completion of clinical studies and assess the efficacy of the combination • If the data supports it, commence phase 2 study • i.e. Vanderbilt – HMBD-002 + venetoclax + chemo for AML Review the landscape for new technologies to in-license • Engage with research institutes and universities across the globe to screen for technologies expected to be synergistic with HMBD-002 • Enter into Option Agreements to assess the activity of the combination • If promising, execute license agreement • Focus on cytotoxic therapies and biologics Complete preclinical combination studies to define best combination approaches • Identify companies with promising anti-cancer therapies that are expected to be synergistic with HMBD-002 • Enter into a research collaboration and perform preclinical studies to assess the synergistic benefit • i.e. oncolytic viruses, kinase inhibitors, RAS inhibitors, photodynamic therapy, cell therapy What are the best combination strategies for HMBD-002 19 Checkpoint Inhibitors (CPIs) • i.e. PD-1/PD-L1, CTLA-4 • VISTA blocks T cell activation, PD-1 promotes T cell exhaustion • VISTA upregulation is implicated in resistance to PD-1 and CTLA-4 therapy • Preclinical data supports approach for combination CPIs1,2 • Opens up commercial opportunities with large pharma Radiotherapy (RT) • Causes immunogenic cell death and increases antigen release • Induces suppressive myeloid cell populations, where a VISTA- targeting mAb should be most effective3 • Preclinical data supports the approach4 • Cost effective approach given RT is widely adopted Immunogenic Cell Death Modalities • i.e. Oncolytic viruses, some antibody drug conjugates, photodynamic therapy • Therapeutics that are directedly cytotoxic to tumour cells, and also have the potential to illicit an anti- tumour response through the patient’s immune system © Percheron Therapeutics 1. https://jitc.bmj.com/content/10/Suppl_2/A558; 2. https://doi.org/10.3389/fimmu.2023.1311658; 3. 10.1016/j.ijrobp.2023.11.05 4. 10.1016/j.celrep.2025.115893 What are the most promising tumour types to target 20 Acute myeloid leukemia (AML)1 Triple negative breast cancer (TNBC)2 Late-stage glioma3 Non-small cell lung carcinoma (NSCLC)4,5 VISTA expression on immunosuppressive cells in the TME Yes, highly expressed on myeloid cells, including blast cells Yes, expressed on infiltrating macrophages and neutrophils Yes, and was the highest checkpoint gene expressed Yes, expressed on myeloid cells and also expressed on some lymphocytes Prognostic indicator Yes, increased expression correlates with disease progression and reduced survival No, but blocking VISTA reverts immunosuppressive macrophages, increases T cell infiltration and enhances an anti-tumour response Yes, increased VISTA transcripts was associated with poor prognosis of glioma patients Varied, but data suggests that the VISTA pathway may contribute to adaptive resistance mechanisms in the tumour microenvironment Market Size (US p.a.) 20,000 30,000-40,000 14,000-20,000 190,000-200,000 © Percheron Therapeutics 1. TK Kim et al. (2024) J Clin Invest. 134(3):e164325; 2. https://doi.org/10.1038/s41416-025-03013-5; 3. 10.1038/s41598-021-00835-0; 4. 10.17305/bjbms.2021.6531 5. 10.1158/1078-0432.CCR-17-2542 Investigator Sponsored Trial (IST) for AML © Percheron Therapeutics Acute myeloid leukaemia (AML) is the most common form of leukaemia in adults Pathology Clinical Picture AML is a cancer of the progenitor cells which ordinarily give rise to myeloid immune cells in the blood The cancerous cells multiply in an uncontrolled way and ‘crowd out’ healthy cells in bone marrow and blood Common symptoms of AML include fatigue, bruising, bleeding, and infection Untreated, AML is typically fatal within months Approximately 20,000 patients are diagnosed annually in the US; most common in males over 60 years of age Five-year survival is estimated at 10% - 35%, depending mainly on the general health of the patient at diagnosis First-line treatment is with intensive chemotherapy. Approximately 60-80% of patients are initially responsive. However, roughly half of those will eventually relapse. In patients who relapse, or who are unfit for intensive chemotherapy, a range of other agents are used, including venetoclax (discovered at the Walter & Eliza Hill Institute in Melbourne, Australia) Stem cell transplants are increasingly used in patients who are not suitable for pharmacological therapies Standard of Care © Percheron Therapeutics 22 50% RELAPSE MALES 60+ 10% – 35% VISTA is a highly relevant and attractive target for treatment for AML1 23 AML – Acute Myeloid Leukamia; 1. TK Kim et al. (2024) J Clin Invest. 134(3):e164325 VISTA is highly expressed on AML blasts VISTA expression correlates with survival in AML models Blocking VISTA improves clinical outcome in AML models High VISTA expression (n=40) Low VISTA expression (n=40) Healthy Donor AML Control VISTA Anti-VISTA antibody Control Tumour cells express much higher levels of VISTA than those drawn from healthy donors Tumours with high VISTA expression have a worse prognosis than those with low VISTA expression An anti-VISTA antibody significantly slows tumour growth in an animal model of AML © Percheron Therapeutics The study is planned to be conducted in two stages, under an open label design1 24 © Percheron Therapeutics Confirm dose of HMBD-002 in combination with azacitidine and venetoclax Identify signals of potential efficacy Expected recruitment: 29 – 38 patients Patient population: initially relapsed / refractory high-risk AML / MDS patients, with potential extension to newly-diagnosed patients in Stage 2 PRELIMINARY Venetoclax • Inhibits Bcl-2 protein, implicated in several blood cancers • Discovered at Walter & Eliza Hill Institute (Melbourne, VIC) • Global sales ~US$ 1.4 billion (2025) Azacitidine • Chemotherapy agent that impedes DNA synthesis in tumours Stage 1 Stage 2 1. Final clinical study design will incorporate FDA feedback CY2026 Release of completed HMBD-002 drug substance (DS) 2H CY2026  New CEO and MD commenced 2H CY2026  Release of completed HMBD-002 drug product (DP) for use in clinical trials 2H CY2026 IND Study May Proceed for Vanderbilt study 2H CY2026 Potential further clinical trial(s) in additional patient populations 2H CY2026 CY2027 First patient recruited into the Vanderbilt AML study 1H CY2027 Initial data from AML study CY2027 Formation of new partnerships to test combinations with HMBD-002 CY2027 Assessment of additional technologies to in-license for combination with HMBD-002 CY2027 Percheron is focused on moving its pipeline forward expeditiously, with potential for rich, value-generating news flow over FY2027 Note: All timelines are indicative and subject to ongoing review © Percheron Therapeutics 25 ASX: PER US OTC: PERCF WWW.PERCHERONTX.COM Thank you L30, Collins Place 35 Collins Street Melbourne, VIC 3000 Australia +61 3 9827 8999 info@PercheronTx.com Glossary 27 © Percheron Therapeutics 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 context 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. They exert a range of effects, some of which can be immunosuppressive. Overall Survival (OS) Progression-Free Survival (PFS) RECIST / Overall Response Rate (ORR) Resistance T-Cell / T-Lymphocyte Tumour Microenvironment (TME) VISTA A measurement of the average time to death from any cause in a clinical trial. When treated patients are compared to a control group, an improvement in OS is considered the 'gold standard' for FDA approval. A measurement of the average time to disease progression (20% increase in size of tumour) or death in a clinical trial. When treated patients are compared to a control group, PFS is often a swifter and more sensitive measure of efficacy than OS, and can often provide a basis for approval. A standardised way of measuring the early activity of cancer therapies. A complete response (CR) describes 100% reduction in a specific lesion on MRI or CT scan. A partial response (PR) means a 30% or greater reduction in size. Stable disease (SD) means no material change in the size of the tumour. Progressive disease (PD) occurs when a lesion grows by more than 20%. ORR is traditionally a useful way to assess early-stage cancer therapies but rarely provides a basis for FDA approval and is often less sensitive for targeted therapies such as immune checkpoint inhibitors. In oncology, a tumour is said to be resistant to a given therapy if it does not meaningfully respond to that therapy. Resistance may be primary, if the tumour is unresponsive from the outset, or secondary / acquired if the tumour becomes unresponsive after a period of initially successful treatment. T-cells are one type of cells involved in the immune system. There are many subtypes, and their effects range from control and coordination ('helper T-cells')to direct attack of infectious organisms and cancer cells ('cytotoxic T-cells'). The TME includes the tumour itself, along with the surrounding tissues, including structural support ('stroma'), small blood vessels, etc. The TME is typically also infiltrated with immune cells. When considering the immune cells specifically, it is sometimes referred to as the tumour immune microenvironment (TIME). V-domain immunoglobulin suppressor of T-cell activation. A novel immune checkpoint, first identified in the 2010s, and the target of HMBD-002. Deal References 28 1. https://www.gilead.com/news/news-details/2024/gilead-and-arcus-announce-amended-collaboration-and-equity-investment 2. https://investors.coherus.com/news-releases/news-release-details/coherus-acquire-surface-oncology 3. https://www.biontech.com/au/en/home/mediaroom/news/press-releases/2023/03/biontech-and-oncoc4-announce-strategic-collaboration-co-develop.html 4. https://investor.regeneron.com/news-releases/news-release-details/regeneron-strengthens-commitment-oncology-through-purchase 5. https://www.gsk.com/en-gb/media/press-releases/gsk-and-iteos-therapeutics-announce-development/ 6. https://www.novartis.com/news/media-releases/novartis-strengthens-immunotherapy-pipeline-option-collaboration-and-license-agreement-beigene-tigit-inhibitor-ociperlimab 7. https://investors.coherus.com/news-releases/news-release-details/coherus-biosciences-expand-late-stage-pipeline-immuno-oncology 8. https://www.pharmalive.com/surface-oncology-gsk-enter-agreement-to-advance-immunotherapy-agent/ 9. https://news.abbvie.com/2020-09-04-AbbVie-and-I-Mab-Enter-Into-Global-Strategic-Partnership-for-Differentiated-Immuno-oncology-Therapy 10. https://www.gilead.com/news/news-details/2020/gilead-to-acquire-forty-seven-for-49-billion © Percheron Therapeutics