Avacta Group Plc

Good afternoon and welcome to the Evactor Group PLC investor presentation. Throughout this recorded presentation, investors will be in listen-only mode. Questions are encouraged and could be submitted at any time by the Q&A tab situated on the right-hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. And I'd now like to hand over to the management team. Christina, good afternoon.

Good afternoon. Thank you very much. Coming to you from London and a very good morning to our colleagues joining from the United States. We're thrilled today to bring you our fiscal year 2025 preliminary results and a short business update. Let me start first on the research and development side for our company. The effective vision and our strategy, our vision is to conquer cancer with existing therapies while preserving patient vitality and improve healing. You've heard us say that in a world where effective cancer therapy often means a difficult tradeoff between efficacy and safety, our precision platform has the potential to offer something very different, hope without compromise. The strategy for Abacta is to develop and ultimately to commercialize a broad portfolio of drugs, given that, importantly, FAP, or the enzyme that our platform is based on, is expressed in 90% of solid tumors, which represents a very large market opportunity for our precision technology. Our technology is capable of repurposing a range of oncology drugs to significantly reduce toxicity by concentrating the drug directly in the tumor. With these, we are challenging the current drug delivery methods, and our goal is to expand the reach of many of the highly potent anti-cancer therapies that we have seen in the field of oncology. Let me turn to our fiscal year 2025 highlights. First, on the research and development on the R&D side. Over the course of 2025, we've increased our momentum and strengthened our position as a pure play oncology biopharma. We're focusing now entirely on the company's unique proprietary precision peptide drug conjugate platform. Let me start with our exciting new clinical program, our Gen 2 ABA6103. Our first patient received treatment in FOCUS01, which is a multicenter open-label phase one trial of ABA6103 right on time in March of 2026. The work behind this occurred all through the course of our fiscal year 2025. The FOCUS01 trial is enrolling patients with six advanced cancers These were selected by leveraging our strategic collaboration with Tempus AI. We've presented highly favorable data from multiple preclinical studies in multiple meetings. And importantly, we have compared our delivery kinetics to two successful antibody drug conjugates in HER2 and DAPTRWIT. We'll take a look at these data, just a couple of slides from Science Day, my two favorite slides from that meeting. We also updated our preclinical and our translational data at the American Association for Cancer Research, AACR, very recently in April of this year. As we look at our Gen 1, ABA 6000, this was our first clinical program. We've reported highly encouraging preliminary efficacy and safety data from patients with our lead indication of salivary gland cancer. The program has continued to enroll patients throughout the course of fiscal year 2025 and into 26 in the phase 1B portion of the trial to assess the efficacy of ADA 6000 in those more homogeneous and defined patient populations, the three cohorts. We've also reported positive health authority interactions. Two outcomes of this were first the lifting of the lifetime maximum dose that it was due to highly favorable cardiac safety data. And we also have gained an agreement on the pathway to our dose selection for the pivotal trials. Our third generation, ABA6207, which as our recently developed our dual payload technology, This incorporates the sustained release mechanism that is part of our Gen 2 platform, but also with multiple combinations of payloads. We did show updated in vivo data at the AACR Annual Congress in San Diego, again in April of this year. And then finally, we do continue to grow our IP estate around the precision platform, filing and protecting both the sustained release mechanism and our dual payload technologies. Let me turn over to our Chief Financial Officer. I'm joined today by Mr. Brian Hahn. Brian, over to you.

Thank you, Chris. Our top priority is to establish a VACTA sustainable long-term financing strategy in order to realize the tremendous opportunity that this platform could provide. We invested $18.8 million in 2025 in research and development expenses. Those were in line with expectations. That's up from $14.3 million last year, the same period, related to both precision and therapeutic programs. Administrative expenses have decreased during the year down to about roughly $10 million, down from $12 million the previous year. Net operating cash outflows from continuing operations was $22.64 million as compared to $24.94 million in 2024. It's important to note that we've raised $32.5 million over the last 18 months to help support these R&D programs, and cash as of the end of April was $16.4 million following the oversubscribed placing and subscription of $10 million. This will extend the cash runway into early Q1 2027.