Avacta : AGM Business Update deck 2025

Expanding the reach of highly potent cancer therapies

Annual General Meeting

July 2, 2025

Highlights and Achievements

Progress Against Strategic Objectives

FAP-Dox (AVA6000) - The first pre|CISION program

• Completed Phase 1a enrollment dose escalation portion of clinical trial

• Opening of Phase 1b expansion cohorts - anticipate releasing initial data in salivary gland cancer in late 2025 and triple negative breast cancer in 1H 2026

  FAP-EXd (AVA6103) - The second pre|CISION program

• Clinical candidate selection of the molecule enables move toward clinical testing

• Phase 1a dose escalation is anticipated to begin in 1Q 2026

Our strategic collaboration with Tempus AI has delivered on the overall market opportunity for pre|CISION medicines capable of reaching many patients globally as well as smarter identification of patient populations for the next pre|CISION medicine, FAP-EXd (AVA6103)

Engaging with third parties across a range of commercial opportunities reflecting the breadth of the pre|CISION® platform and progressing these discussions remains a top priority

Enviable intellectual property position: another 10 years of exclusively licensed foundational IP of the pre|CISION ® peptide

and novel IP around sustained release deliver

Management team strengthened with appointment of Chief Medical Officer and Business Development advisor

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Management Team Strengthened

David Liebowitz. PhD

Chief Medical Officer

David is a hematologist-oncologist with more than 30 years of industry experience across academia and industry, including biotech and pharmaceutical development. He was previously SVP of early-stage

clinical development at Inovio Pharma overseeing the clinical strategy. Prior to that, he held senior roles including CMO at Xencor, Vaxart, and Amgen, Earlier in his career, he held key RCD leadership roles at Amgen, where he directed oncology and vascular biology drug discovery.

Dr. Liebowitz holds M.D. and Ph.D. degrees from the University of Chicago and B.S. and M.S. degrees from Emory University.

Joined July 2025

Yulii Bogatyrenko

Advisor, Business Development

Yulii is a Principal at Biopharma CCI, a biotechnology consulting firm that works with private and public companies in business development, corporate strategy, commercialization, launch readiness and RCD strategy.

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Previously, he held senior level positions in commercial and business development and led multiple global commercial drug launches, and numerous industry partnerships at Pfizer/Wyeth, Bayer Healthcare and Teva Specialty Pharmaceuticals

Joined July 2025

FAP-Dox: Recent Case of a Second Partial Response in a Patient with Salivary Gland Cancer

Case Study: This patient is a 69 year old male with recent diagnosis of metastatic salivary gland cancer.

His prior therapy for localized disease

R. Lung lesion

Baseline (March 2025)

Cycle 2

(June 2025)

included surgery and radiation with no prior systemic therapy.

His combined tumor diameter was reduced at the first scan by nearly 50%, qualifying for an unconfirmed partial response.

Avacta, unpublished data

R. Oral sinus lesion

1.6cm 1.6cm

2.5cm 0.5cm

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Leveraging AI to Predict the Most Sensitive Tumor Types to AVA6103 Will Increase the Probability of Success in Phase 1

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• Higher tumor expression of SLFN11 predicts sensitivity to the Topoisomerase I inhibitor mechanism of action

• To predict indications with strong probability of response to AVA6103, we looked for strong co-expression of FAP and SLFN11

• Multiple tumor types identified with high expression of FAP and SLFN11 (teal) v. low (blue) or negative (gray)

Tempus AI and Avacta collaboration

(AACR Annual Meeting 2025)

Biomarker Driven Trials Enhance Our Understanding of Efficacy in Phase 1 Trials

Phase 1 enrollment gated only by cancer indication Measure FAP and SLFN11

Ph I data SLFN11 positive

Ph I data SLFN11 negative

Trial continues only in SLFN11 positive

• Assume that higher SLFN11 predicts for favorable response to topoisomerase I inhibition through exatecan

  
  
  

• Enroll all patients and continuously assess the SLFN11 data with efficacy

• Rapidly identify the sensitive patient population(s) using the biomarker strategy to move faster toward efficacy endpoint trials (e.g. expansion cohorts and Phase 2)

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Computational Algorithms Predict pre|CISION Medicine Features in the Clinic

Ten pre|CISION warheads have been designed and characterized both

in vitro and in vivo informed by the FAP docking model. Together these data

have been used to develop our pre|CISION computational design algorithms

Computational algorithms are used to design novel pre|CISION medicines in conjunction with real-time selection

A docking model of the FAP enzyme

is used to understand the release of the warhead and peptide based on the selected spacer and capping groups

COMPOUNDS

Tier 1:

Designed with computational algorithms for kcat/Km

~20-40

Tier 2:

Synthesized for in vivo

tumor/plasma PK studies

~3-5

Tier 3:

Selected for in vivo

pharmacology studies

~1-2

CONFIDENTIA L

G

AVA6000 docking is modeled in the FAP active site

pre|CISION: Three IP Families Align with the Product Pipeline

Avacta holds an enviable IP position with multiple families and new foundational IP around the sustained release mechanism of pre|CISION delivery

Details of programs cannot be disclosed prior to filing the IP

pre|CISION® Platform Foundational IP

The background platform IP of the pre|CISION® FAP-cleavable peptide drug conjugates is

owned by Bach Bio with an exclusive license to

Avacta. Patent expiry in 2035

FAP-Dox (AVA6000) will be further protected with formulation, manufacturing, patient population and dosing IP. US Orphan drug designation with regulatory exclusivity

pre|CISION® Sustained Release Program IP

The sustained release pre|CISION® mechanism delivers payloads with precisely tunable kinetics

pre|CISION® Biologic Drug

FAP-EXd (AVA6103): First program developed by Avacta with a novel, sustained released mechanism of action based on the FAP-cleavable peptide. The Program IP is owned by Avacta, based on the foundational patents with Program patent expiry in 2045

Conjugate IP

The background platform IP of the pre|CISION® FAP-cleavable biologic drug conjugates is co-owned by Avacta and Tufts with an exclusive sublicense to Avacta via Bach Bio. Patent expiry in 2041

Challenges

Financial Challenges

• Heights Convertible Bond

  • Inherited bond with onerous terms (raised to fund the purchase of the diagnostics businesses)

  • Actively looked at numerous options including debt refinancing, debt for equity swap, restructuring - all too onerous for

    existing shareholders or not possible under terms

  • £25.5m outstanding over the next 2.5 years

  • Strength of the platform is expected to provide optionality

• Funding

  • Managing cash to fund RCD pipeline - building IP and value

  • Realised cash from sale of Launch

  • Supported by brokers broadening relationships with a range of investors, including UK and US specialist investors

  • BD team with addition of Yulii Bogatyrenko focus on commercial partnerships to drive non-dilutive funding

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  • Data catalysts are key to commercial partnerships and attracting new investors

Next Chapter

Avacta: Upcoming Key Data Catalysts 2025-2026

FAP-Dox (Program 1) Data Catalysts

FAP-EXd (Program 2) Data Catalysts

Pipeline Program 3 Data Catalyst

FAP-Dox (AVA6000) advances to expansion cohorts (Phase 1b)

Updated data in late 2025 in salivary gland cancer

Initial data in triple negative breast cancer in 1H 2026

FAP-EXd (AVA6103) file the IND in late 2025 and initiate dosing in the Phase 1 dose escalation trial of FAP-EXd in Q1 2026

Identify third pipeline program and advance to candidate selection with a goal of IND late 2026

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Key goal: Financing to support the R&D engine

Opportunities Created by Multiple Catalysts in 2025-2026

• Demonstrated clinical proof of concept: significant operational progress over the past year as the pre|CISION® platform achieved proof of concept in the clinic, with significant reduction in key toxicities and evidence of efficacy presented in patients with salivary gland cancer and soft tissue sarcoma

• Multiple upcoming data catalysts: upcoming across two programs, FAP-Dox (AVA6000) and

  FAP-EXd (AVA6103) to support further investor interest in the company

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• Confidence that the pre|CISION platform is increasingly well suited/attractive to pharma partnerships for a range of oncology indications

© AVACTA LIFE SCIENCES LIMITED 2024

Avacta SP Performance vs. UK Small Cap Oncology Companies

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UK Oncology small cap peers (n=13) traded on Nasdaq with share price performance plotted since March 2024

The Avacta Board of Directors Strengthened with Two New NEDs

Shaun Chilton

Chairman of the Board

Shaun Chilton was formerly CEO of the London-listed Clinigen Group plc, a global pharma and pharma services platform business, which he led through a significant growth journey and acquisition. Alongside his role as the CEO of Clinigen, Shaun was Non-Executive Chairman of C7Health, a medical technology business acquired by a strategic buyer in 2022. Shaun has worked in the pharma industry for over 30 years

Mark Goldberg, MD

Non-Executive Director

Mark is an oncologist on the faculty of Brigham C Women's Hospital and Harvard Medical School, and a veteran biotech executive. Dr. Goldberg currently serves on the boards of the American Cancer Society, Walden Biosciences, Avacta Group plc, and Blueprint Medicines. Dr.

Goldberg previously served on the management teams of Synageva Biopharma Genzyme Corporation

Paul Fry

Non-Executive Director

Paul is the CFO at Oxford Instruments and was recently CFO at Argenta, a global animal health company in animal health. Prior to this he was CFO of Vectura Group Ltd, and Immunocore Ltd.

Paul has also served as Director of Global Finance Operations at Vodafone plc and spent more than 25 years at GlaxoSmithKline in multiple financial roles.

Richard Hughes

Non-Executive Director

Richard brings over 30 years of corporate finance experience with UK capital markets. He was previously a founder shareholder and a director of boohoo.com and a majority shareholder of Crawford Healthcare, a UK-based dermatology company, which was acquired by Acelity. Richard founded Zeus Capital, an independent financial services group, in 2003 and is a director of Zeus Group.

David Bryant

Non-Executive Director

David Bryant is a pharma executive with over 35 years in the industry. He has a strong track record in commercial leadership roles at GSK and Pfizer and was one of the original management team at Clinigen Group, from its 2012 IPO on AIM to its sale in 2022. David is currently an Advisor to Healthcare Royalty (HCRx), a US-based healthcare focused private investment business..

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