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 – 5 November 2025: 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 an updated non- confidential corporate presentation for the information of shareholders and investors. The attached presentation supersedes the previous corporate presentation that was released to the market on 27 June 2025. The updated presentation offers additional information on the company’s new program, HMBD-002, as well as an overview of its financial position. ~ 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 High Impact Therapies for Cancer and Rare Diseases Corporate Overview November 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. ASX-Listed Biotech Company, Competitively Valued Against Peers Percheron (ASX:PER) trades at a discount to comparable ASX-listed biotech companies, suggesting upside potential Potential First-in-Class Drug Candidate with Well-Validated Mechanism of Action HMBD-002 targets VISTA, one of the most promising new immuno-oncology targets There are currently no approved therapies targeting VISTA, meaning that HMBD- 002 has first-in-class potential Positive Phase I Trial Completed in United States under FDA Oversight HMBD-002 has an open IND application with the US FDA A phase I clinical trial has been completed at leading cancer centres in the United States, demonstrating a very favourable safety profile and signals of efficacy Near-Term Value-Driving Catalysts Percheron aims to commence a phase II trial of HMBD-002 in CY2026, moving it rapidly towards potential commercialisation Ongoing preclinical and regulatory work is expected to provide additional news flow Large Commercial Opportunity with Substantial Partnering Potential If successful, HMBD-002 would enter an immuno- oncology therapeutics market worth >US$ 40 billion, in which high-value partnering transactions are common Percheron presents a compelling, differentiated, competitively valued investment opportunity in the emerging field of immuno-oncology Percheron’s pipeline includes HMBD-002, a potential first-in-class immuno-oncology asset with applicability to a wide range of cancer indications 3 Note: VISTA = v-domain immunoglobulin suppressor of T-cell activation All timelines are indicative and subject to ongoing review HMBD-002 Monoclonal antibody to VISTA Triple-Negative Breast Cancer PRECLIN. PHASE 1 PHASE 2 PHASE 3 MARKET Phase II Trial Expected CY2026 Solid Tumours TBD COMBINATION THERAPY EGFR-Mutant Non-Small-Cell Lung Cancer Phase II Trial Expected CY2026 TBD HER2-Negative Oesophageal Cancer Phase II Trial Expected CY2026 TBD Endometrial Cancer Phase II Trial Expected CY2026 TBD Triple-Negative Breast Cancer & Squamous Cell Cancer of Head & Neck Radiotherapy PARTNERSHIPS & COLLABORATIONS (preclinical research) Other target indications under evaluation (preclinical research) 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 5 Percheron benefits from an ultra-lean operating model, with the majority of cash outlays being applied directly to R&D -7,000 -6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 3,000 Q2 (Dec) Q3 (Mar) Q4 (Jun) Q1 (Sep) Q2 (Dec) Q3 (Mar) Q4 (Jun) Q1 (Sep) Income R&D G&A Partnering FY2026 Cashflows (AU$ ,000) Net Quarterly Cash Burn 17,194 14,939 11,867 8,014 17,388 12,916 10,168 5,683 Cash at end of period: Corporate Fundamentals (as at 31 October 2025) Market Capitalisation: AU$ 9M Primary Listing: ASX: PER Secondary Quotations: OTC: PERCF Shares on Issue: 1,087 Million Average Daily Trading (YTD): ~AU$ 74K Key Shareholders Mutual Investments Limited 5.4% Non-Correlated Capital Limited 4.6% Powerhouse Ventures Limited 2.3% Board of Directors 5.6% Financial Position (as at 31 October 2025) Cash Balance: AU$ 5.7 million Runway (per Appendix 4C): 4.0 quarters AS AT 31 OCT 2025 FY2025 FY2024 6 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 7 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 Initiation of phase II trial(s) for HMBD-002 CY2026 Potential application for orphan drug designation with FDA CY2026 Potential application for international non-proprietary name for HMBD-002 CY2026 Potential licensing or acquisition of further pipeline expansion opportunities CY2026 - 27 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 HMBD-002 Monoclonal Antibody to VISTA HMBD-002 establishes Percheron as an immuno-oncology company, one of the most exciting areas at the forefront of cancer drug development 9 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 10 Immune Cell Cancer Cell CTLA4 PD-1 LAG3 VISTA CD80 / CD86 PDL-1 Gal3 VSIG-3 eftilagimod HMBD-002 Immuno-oncology therapies target the interaction between tumours and the immune system to enhance the immunological response to cancer Approved Mar 2011 Approved Sept 2014 Approved Dec 2014 Approved May 2016 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 Approved In Development Source: Company filings Note: list of approved products and available targets is non-exhaustive VISTA is a highly attractive target for novel oncology therapies, showing high expression on many tumours and clear correlation with prognosis 11 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 12 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 13 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 Ongoing 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 Ongoing 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 14 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 HMBD-002 Phase I Clinical Trial Data 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) 16 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 The study population was highly mixed in terms of tumour type, and comprised very late-stage, heavily pre-treated patients Notes: PDAC = pancreatic ductal adenocarcinoma; CRC = colorectal carcinoma; TNBC = triple-negative breast cancer; SCC = squamous cell carcinoma TMB is usually only assessed in certain tumour types, so was not available for all patients Breakdown of Tumour Types Baseline Disease Parameters 0% 20% 40% 60% 80% 100% Monotherapy Combination with Pembrolizumab PDAC CRC TNBC NSCLC SCC Other n=28 n=20 17 Age (mean) 56.6 Age Range 27 – 81 Time Since Diagnosis (mean) 4.1 years Time Since Metastasis (mean) 2.6 years Prior Lines of Systemic Therapy (median) 4 Prior Surgical Treatments (median) 1 Proportion of Patients Who Had Failed Prior Immune Checkpoint Therapy 69% Common treatment-related adverse events (TRAEs) included infusion reactions, gastrointestinal disorders, fatigue, and rash 18 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 Commentary • The safety profile of HMBD-002 appears very favourable in the context of a drug intended for use in advanced cancer. Only a handful of patients experienced treatment- related adverse events  grade 3 in severity, and less than half of patients in the study experienced any treatment-related adverse events at all. • Combination of HMBD-002 with pembrolizumab appeared in general to be associated with no additional toxicity and no 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 19 28% of patients in the study showed a best observed response of ‘stable disease’ (SD) 5 6 18 11 5 3 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Monotherapy Combination Therapy Commentary • 18% of patients in the monotherapy group and 30% of patients in the combination therapy group had a best observed response of stable disease (SD), meaning that their tumour substantially ceased growing for a period of time. n=28 n=20 Best Observed Response (%) per RECIST 1.1 Stable Disease A change in tumour size between -30% and +20% Progressive Disease A change in tumour size greater than +20% Not Evaluable e.g. due to early loss of patient from study 20 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 21 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 HMBD-002 Phase II Clinical Trial Design The planned 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 23 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 24 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 25 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 26 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 27 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 HMBD-002 Commercial Opportunity 29 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 va