AdAlta Limited Appendix 4D Half-year report

AdAlta Limited (ASX: $1AD) has reported a loss of $3,014,638 for the half-year ended 31 December 2023, compared to $2,821,742 for the same period in 2022. The company's net tangible assets amounted to $3,682,259 as of 31 December 2023. AdAlta's principal business is the discovery and development of next generation protein-based therapeutics, aiming to deliver antibody-like precision in applications beyond the limits of traditional antibody formats.

Executive Commentary

The Group's focus on advancing AD-214, its lead product candidate targeting fibrotic diseases, has shown promising results. The Phase I extension clinical study reinforced the safety profile and Phase II dose selection decisions, positioning AD-214 for Phase II studies. We are in advanced discussions to finance Phase II clinical studies through licensing-out to larger biopharmaceutical companies or co-development with a third party strategic or financial investor. Additionally, our i-body® platform has enabled a potential breakthrough in malaria treatment, demonstrating the broad potential of our technology.

Summary

AdAlta Limited's half-year report highlights the company's efforts in advancing its lead product candidate, AD-214, and the potential breakthrough in malaria treatment using its i-body® platform. The company raised $3.52 million in an oversubscribed Shortfall Facility placement and subsequent Placement Offer, strengthening its balance sheet. AdAlta's focus on progressing its protein-based therapeutic product candidates through pre-clinical studies and early stage clinical trials remains a key priority. The Group's ability to secure financing for Phase II clinical studies and its collaboration with other entities to advance its platforms demonstrate its commitment to achieving its strategic goals.