Half Year 2026 Thalia Therapeutics PLC Earnings Call

September 30, 2026

Speaker #2: Good afternoon, and welcome to the Thalia Therapeutics PLC Investor Presentation throughout this recorded presentation. Investors will be in listen-only mode. Questions are encouraged and could be submitted at any time via the Q&A tab situated on the right-hand corner of your screen.

Moderator: Good afternoon, and welcome to the Thalia Therapeutics PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via 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 is appropriate to do so. Before we begin, I would like to submit the following poll. I would now like to hand you over to David Solomon, CEO. Good afternoon, sir.

Operator: Good afternoon, and welcome to the Thalia Therapeutics PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and can be submitted at any time via 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 is appropriate to do so. Before we begin, I would like to submit the following poll. I would now like to hand you over to David Solomon, CEO. Good afternoon, sir.

Speaker #2: 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.

Speaker #2: Before we begin, I'd like to submit the following poll, and I'd like to hand you over to David Solomon, CEO. Good afternoon, sir.

Speaker #3: Thank you, Lily, for the introduction. And welcome to the Thalia Interim Results for the first half of 2026. I'm David Solomon, the CEO of Thalia Therapeutics.

David Solomon: Thank you, Lily, for the introduction. Welcome to the Thalia interim results for the H1 2026. I am David Solomon, the CEO of Thalia Therapeutics, and joining me on this call today is Luke Cairns, our CFO. We will start with our safe harbor statement. Thalia Therapeutics. Thalia is derived from the name in ancient Greek to mean to flourish or to bloom or to blossom. We are really dedicated to building a new RNA therapeutics leader, in Europe and also globally. We have now a diversified portfolio of innovative RNA therapeutics to primarily treat cancer, and we will touch on our medicine for a type of leukemia and also to treat cardiovascular disease. We will talk about how we conduct ourselves in cardiovascular risk reduction. Joining me is an experienced management team and experienced board, many with proven track records in RNA therapeutics.

Speaker #3: And joining me on this call today is Luke Karens, our CFO. So we'll start with our Safe Harbor statement. Thalia Therapeutics, Thalia is derived from the name an ancient Greek to mean "to flourish" or "to bloom" or "to blossom." And we are really dedicated to building a new RNA therapeutics leader in Europe and also globally.

Speaker #3: We have now a diversified portfolio of innovative RNA therapeutics to primarily treat cancer, and we'll touch on our medicine for a type of leukemia, and also to treat cardiovascular disease.

Speaker #3: We'll talk about how we conduct ourselves in cardiovascular risk reduction. Joining me is an experienced management team, an experienced board, many with proven track records in RNA therapeutics.

Speaker #3: So, we are now a clinical-stage company, and we're focused on RNA therapeutics broadly. For those who may not know, RNA therapeutics is largely broken down into two main types now of therapeutics—or three—but we focus on two of those.

David Solomon: We are now a clinical stage company, and we are focused on RNA therapeutics broadly. For those who may not know, RNA therapeutics is largely broken down to two main types now of therapeutics or three, but we focus on two of those. On the left side of the slide, you see microRNAs. These microRNAs are short bits of RNA that regulate gene expression insofar as a gene is upregulated and it results in disease. By reducing the gene expression, we can often modify or treat or cure disease. In our pipeline, we have miRisten, which is also called THAT-001, which is an anti-miR-126 therapeutic that targets the root cause of Acute Myeloid Leukemia or AML, and we will spend a significant amount of time on this call talking about miRisten, our treatment for AML, and its progress in the clinic.

Speaker #3: On the left side of the slide, you see microRNAs. And these microRNAs are short bits of RNA that regulate gene expression. And, insofar as a gene is upregulated and it results in disease, by reducing the gene expression, we can often modify, treat, or cure disease.

Speaker #3: In our pipeline, we have Miristan, which is also called "that one," and is an anti-microRNA-126 therapeutic. It targets the root cause of acute myeloid leukemia, or AML. We will spend a significant amount of time on this call talking about Miristan, our treatment for AML, and its progress in the clinic.

Speaker #3: In the middle section of the slide is siRNA, or also known as RNAi, or RNA interference. This is a type of RNA therapeutic that actually specifically silences a gene completely, and insofar as a gene causes a disease, by silencing or shutting off that gene for protracted periods of time, you can certainly modify or even cure the disease.

David Solomon: In the middle section of the slide is siRNA, also known as RNAi or RNA interference. This is a type of RNA therapeutic that specifically silences a gene completely. Insofar as a gene causes a disease, by silencing or shutting off that gene for protracted periods of time, you can certainly modify or even cure the disease. We are developing a bispecific gene silencing medicine against two key targets in cardiovascular disease, PCSK9 and Lp(a). Both of these targets are known to cause stroke and heart attack when at high levels, and we look forward to discussing how we reduce those levels to reduce cardiovascular risk. We also have at Thalia, a delivery system called Nuvec, and I will tell you a bit more about that delivery system and how we are addressing it to deliver our RNA therapeutics.

Speaker #3: We're developing a bispecific gene-silencing medicine against two key targets in cardiovascular disease, PCSK9 and Lp(a). Both of these targets are known to cause stroke and heart attack when at high levels.

Speaker #3: And we look forward to discussing how we reduce those levels to reduce cardiovascular risk. We also have at Thalia a delivery system called Nuvec, and I'll tell you a bit more about that delivery system and how we're addressing it to deliver our RNA therapeutics.

Speaker #3: I want to first give you our corporate highlights for the first half of the year 2026. It's been a rather busy first half of the year for us at Thalia Therapeutics.

David Solomon: I want to first give you our corporate highlights for H1 2026. It has been a rather busy H1 for us at Thalia Therapeutics. I joined the company in February 2026, earlier this year, as CEO to lead the transition guided by the board, as an RNA therapeutics business. As some of you may recall, our name was earlier N4 Pharma, and we have now changed the name to Thalia Therapeutics to reflect our new strategy. As part of that strategy, we have also acquired a United States Delaware C corporation called Sanmirna Therapeutics. That is a company that has an exclusive license from the City of Hope Medical Center in Los Angeles, California, to a medicine called miRisten and a whole field of use in IP and know-how around lowering miR-126.

Speaker #3: I joined the company in February of 2026. Earlier this year, as CEO, to really lead the transition guided by the board as an RNA therapeutics business.

Speaker #3: As some of you may recall, our name was earlier N4 Pharma, and we've now changed the name to Thalia Therapeutics, to reflect our new strategy.

Speaker #3: As part of that strategy, we've also acquired a United States-Delaware C Corporation called San Mirna Therapeutics, and that is a company that has an exclusive license from the City of Hope Medical Center in Los Angeles, California, to a medicine called Miristan, and a whole field of use and IP and know-how around lowering MIR-126.

Speaker #3: And we'll talk about our medicine that was licensed from City of Hope, called Miristan, how it treats AML, and how we're advancing that to shareholder value over time.

David Solomon: We will talk about our medicine that was licensed from City of Hope called miRisten, how it treats AML, and how we are advancing that to shareholder value over time. We recently also announced that a patent for miRisten that already exists in other geographies was now granted in China. That also helps our story to add value to the company over time. In terms of our cardiovascular medicine, we have a long-acting dual siRNA or bispecific RNA that targets both PCSK9 and Lp(a), and we have laid down a new patent for that. We have initiated preclinical development together with WuXi AppTec in China to progress this bispecific or dual-acting medicine. We will tell you a bit more about the progress of that work and why this is an important medicine, and what is our strategy to add value to the company, to shareholders as we advance.

Speaker #3: We recently also announced that a patent for Miristan that already exists in other geographies was now granted in China, that also helps our story to add value to the company over time.

Speaker #3: In terms of our cardiovascular medicine, we have a long-acting dual siRNA, or bispecific RNA, that targets both PCSK9 and Lp(a), and we've laid down new patent for that.

Speaker #3: And we've initiated preclinical development together with Wuxi Aptech in China, to progress this bispecific or dual-acting medicine. And we'll tell you a bit more about the progress of that work and why this is an important medicine.

Speaker #3: And what is our strategy to add value to the company and to shareholders as we advance? Nuvec, as you may know, was already at N4 Pharma, and we'll tell you a bit about our work with the University of Strathclyde to show that Nuvec can be, perhaps, an appropriate delivery system.

David Solomon: Nuvec, as you may know, was already at N4 Pharma, and we will tell you a bit about our work with University of Strathclyde to show that Nuvec can be perhaps an appropriate delivery system. I am also delighted that Luke Cairns, already a director of the company, has also joined as CFO, and Luke will present the financial numbers on this call and be available on all other venues to discuss our financial positions. I joined the company in February 2026, and I will not detail my background with too much time, but suffice it to say, Nasdaq, and the CEO of Silence Therapeutics in London, now listed on Nasdaq as well.

Speaker #3: I'm also really delighted that Luke Karens, already a director of the company, has also joined as CFO. Luke will present the financial numbers on this call and be available on all other venues to discuss our financial position.

Speaker #3: So I joined the company in February of 2026, and I won't detail my background with too much time, but suffice it to say Nasdaq and the CEO of Silence Therapeutics in London now listed on Nasdaq as well, both companies were small, both had innovative assets, both had competent teams, and ultimately through partnerships and through advancing the assets, ultimately the value increased, and we were able to move the listings of both of these companies over to Nasdaq, increase value significantly into the billions in the case of Zealand, and we have similar aspirations to do the same, with Thalia Therapeutics.

David Solomon: Both companies were small, both had innovative assets, both had competent teams. Ultimately, through partnerships and through advancing the assets, ultimately the value increased, and we were able to move the listings of both of these companies over to Nasdaq. Increased value significantly into the billions in the case of Silence, and we have similar aspirations to do the same with Thalia Therapeutics. As I mentioned, Luke Cairns has joined now as CFO, and I will now pass the word to Luke to begin by talking about his background in terms of Thalia and then present our financial results for the H1 of the year. So to you, Luke.

Speaker #3: As I mentioned, Luke Karens has joined now at CFO, and I'll now pass the word to Luke to begin by talking about his background in terms of Thalia and then present our financial results for the first half of the year.

Speaker #3: So to you, Luke.

Speaker #2: Thank you, David. Yeah, I've been with the company since its joint AIM in 2017, initially as a non-executive director. My background is corporate finance, almost exclusively in the small-cap market, as latterly a nominated advisor and head of corporate finance and managing director of Northern Capital, which is now part of SP Angel.

Luke Cairns: Thank you, David. Yeah, I have been with the company since it joined AIM in 2017, initially as a non-executive director. My background is corporate finance, almost exclusively in the small cap markets. Was lastly a nominated advisor and head of corporate finance and managing director at Northon Capital, which is now part of SP Angel. I live and breathe small cap companies and delighted to take a more formal role to help Thalia through the next stages of development. In terms of the interims we have just published, obviously everyone knows we are pre-revenue, so the key thing is really where we are with our cash position and ability to deliver on our various programs.

Speaker #2: But yeah, and I've sort of lived and breathed small-cap companies and delighted to sort of take a more formal role to help Thalia through the next stages of development.

Speaker #2: So in terms of the insurance we just published, I mean, obviously everyone knows we're pre-revenue, so the key thing is really where we are with our cash position and the ability to deliver on our various programs.

Speaker #2: So, we had cash of $1.5 million as at the end of the period, but that's not really the full story, because we had receivables of $1 million due from the place in which we announced at the end of the month in June.

Luke Cairns: We had cash of GBP 1.5 million as at the end of the period, but that is not really the full story because we had receivables of GBP 1 million due from the placing which we announced at the end of the month in June. Then we had the second tranche, which was subject to shareholder approval, received in July, of another GBP 495,000. So of the GBP 1.5 million we had at the end of the period, we have added another GBP 1.5 million to that. Obviously, that is all before the costs of the transaction and commissions and what have you. One of the great things about the fundraise that we did was obviously the director participation and the vendors from Sanmirna, which shows great support and belief in what we are trying to do.

Speaker #2: And then we had the second tranche, which was subject to shareholder approval, received in July, of another 495,000. So of the one and a half we had at the end of the period, we've added another one and a half to that, obviously that's all before the cost of the transaction and commissions and what have you.

Speaker #2: One of the great things about the fundraiser that we did was, obviously, the director participation, and the vendors from San Mirna showed great support and belief in what we're trying to do.

Speaker #2: We could have taken more, but you know, we are mindful of dilution, and obviously we would have liked to do it at a higher price. We did it as close to market as we could, but we felt we needed to raise enough money that we could deliver on the milestones that we're seeking to achieve over the next 12 months, which David will talk to.

Luke Cairns: We could have taken more, but we are mindful of dilution, and obviously we would have liked a higher price, and we did it as close to market as we could. But we felt we needed to raise enough money that we could deliver on the milestones that we are seeking to do over the next 12 months, which David will talk to. But particularly the completion of the phase I study with miRisten following the Sanmirna acquisition. The operating loss is in line with expectations. It is higher on the G&A, which is largely down to the appointment of David and the additional costs in terms of gearing up for the Sanmirna acquisition and focusing on that transaction. Here you can see it reflected in the numbers. These are all straight out of the interims, which were published today. As I say, the G&A was up.

Speaker #2: But particularly the completion of the phase one study with Miristan following the San Mirna acquisition. The operating loss is sort of in line with expectations, it is higher on the G&A, which is largely down to the appointment of David and the additional costs in terms of gearing up for the San Mirna acquisition and focusing on that transaction.

Speaker #2: And here you can see it reflected in the numbers. These are all straight out of the interims, which were published today. As I say, the G&A was up.

Speaker #2: This is all proportionate with sort of building the team to go forward and to becoming a clinical stage company. One of the things to note, obviously, is the balance sheet is getting stronger.

Luke Cairns: This is all proportionate with building the team to go forward into becoming a clinical-stage company. One of the things to note, obviously, is the balance sheet is getting stronger. This doesn't factor in the acquisition, so post-period, we'll obviously have the acquisition of Sanmirna, which would increase the balance sheet further. But yeah, the revenue here, they're just small license fees, but obviously they're not material, so nothing to speak of there. As we go through this period, the R&D numbers will be going up materially as we advance the three projects.

Speaker #2: This doesn't factor in the acquisition, so post-period end will obviously have the acquisition of San Mirna, which would increase the balance sheet further. But yeah, the revenue here, they're just small license fees, but obviously they're not material, so nothing to speak of there.

Speaker #2: And as we go through this period, the R&D numbers will be going up materially as we advance the three projects.

Speaker #3: Thank you, Luke. Now, I'd like to change gears and focus a fair bit of time on our portfolio of new therapeutic medicines and our approaches.

David Solomon: Thank you, Luke. Now I'd like to change gears and focus a fair bit of time on our portfolio of new therapeutic medicines and our approaches. I'll start, however, with our acquisition of Sanmirna, as Luke alluded to. This acquisition, we believe, is transformational because it brings significant shareholder value and possibility through bringing on clinical-stage assets and assets that are already acknowledged in the marketplace to be of significant value. The Sanmirna acquisition specifically brought on a very differentiated phase I asset from City of Hope National Medical Center, which is the largest comprehensive cancer center in the state of California, 14,000 employees. This asset, called miRisten, it really targets the root cause of AML, and lots of preclinical work has been done. Approximately six years of preclinical work, including toxicology testing, has been done, including patents filed up to the point that we acquired the asset.

Speaker #3: I'll start, however, with our acquisition of San Mirna, as Luke alluded to. This acquisition, we believe, is transformational because it brings significant shareholder value and possibility through bringing on clinical stage assets and assets that are already acknowledged in the marketplace to be of significant value.

Speaker #3: The San Mirna acquisition specifically brought on a very differentiated phase one asset from City of Hope, medical center, which is the largest comprehensive cancer center in the state of California, 14,000 employees.

Speaker #3: This asset, called Miristan, really targets the root cause of AML, and lots of preclinical work has been done. Approximately six years of preclinical work, including toxicology testing, has been completed, and patents have been filed up to the point that we acquired the asset.

Speaker #3: So we believe now, within the clinic, with results coming in the first half of 2027, we think this clinical asset will be a creative and be a key value driver for the company.

David Solomon: We believe now with it in the clinic with results coming in the H1 of 2027, we think this clinical asset will be accretive and be a key value driver for the company. Also, the terms of the acquisition and the milestone structure also minimizes dilution to existing shareholders and allows the possibility of significant growth. We're very pleased that a lot of existing shareholders, including directors, participated in the financing that happened at the time of the acquisition. The financing, in the middle box of GBP 2.75 million, was oversubscribed, and really funds the pipeline all the way through the miRisten Phase I readout in the H1 of 2027.

Speaker #3: Also, the terms of the acquisition and the milestone structure minimize dilution to existing shareholders, and allow the possibility of significant growth. We're very pleased that many existing shareholders, including directors, participated in the financing that happened at the time of the acquisition.

Speaker #3: The financing, in the middle box of $2.75 million, was oversubscribed, and really funds the pipeline all the way through the Miristan phase one readout in the first half of 2027.

Speaker #3: It also funds all the I&D enabling studies of our own assets, including the bispecific cardiovascular medicine, and therefore we think that this will be a win-win for both Thalia and San Mirna shareholders, but really has been a change of outlook for the company because we're going from a delivery platform that is usually licensed non-exclusively to holding the exclusive and proprietary rights to two medicines, one already in the clinic with results coming soon.

David Solomon: It also funds all the IND-enabling studies of our own assets, including the bispecific cardiovascular medicine. Therefore, we think that this will be a win-win for both Thalia and Sanmirna shareholders, but really has been a change of outlook for the company because we're going from a delivery platform that is usually licensed non-exclusively to holding the exclusive and proprietary rights to two medicines, one already in the clinic with results coming soon. It's added a new class of RNA therapeutics, and really allows near-term value creation for our stakeholders and shareholders. I want to turn to the pipeline per se, so we can focus on each of the pipeline items and extensions. As mentioned, our lead candidate is called miRisten, or also known in our nomenclature as THAT-001.

Speaker #3: It's added a new class of R&D therapeutics and really allows near-term value creation for our stakeholders and shareholders. So, I want to turn to the pipeline, per se, so we can focus on each of the pipeline items and extensions.

Speaker #3: As mentioned, our lead candidate is called Miristan, or also known in our nomenclature as That One. It targets MIR 126, and it's used for the treatment of acute myeloid leukemia, and is well into phase one and in fact completing phase one shortly with our intended readout as disclosed within H1 2027.

David Solomon: It targets miR-126, and it is used for the treatment of Acute Myeloid Leukemia and is well into phase I, in fact, completing phase I shortly with our intended readout as disclosed within H1 2027. There will also be interim readout of those data before the final readout, and there will be a multiplicity, if you will, of milestones and news flow for the miRisten asset. The second asset that we call THAT-002, is a dual-acting gene silencing medicine. It is a bispecific medicine of both PCSK9 and Lp(a) to reduce cardiovascular risk. It is currently in preclinical studies. I think the important thing here to say is both of these targets are involved in the increased risk of heart attack and stroke, and we believe that our medicine will be able to reduce that risk.

Speaker #3: There will also be interim readouts of those data before the final readout, so there'll be a multiplicity, if you will, of milestones and news flow for the Miristan asset.

Speaker #3: The second asset that we call That Two is a dual-acting gene silencing medicine. It is a bispecific medicine of both PCSK9 and Lp(a)2 reduced cardiovascular risk.

Speaker #3: It's currently in preclinical studies, but I think the important thing here to say is both of these targets are involved in the increased risk of heart attack and stroke, and we believe that our medicine will be able to reduce that risk.

Speaker #3: And by being a once every six months or possibly even once yearly medicine, it may have the possibility of reducing global cardiovascular risk where you don't worry about compliance, but you inject the medicine once a year, once every six months, and get the desired effect of lowered cardiovascular risk in terms of fewer heart attacks and fewer strokes.

David Solomon: By being a once every 6 months or possibly even once a yearly medicine, it may have the possibility of reducing global cardiovascular risk, where you do not worry about compliance, but you inject the medicine once a year, once every 6 months, and get the desired effect of lowered cardiovascular risk in terms of fewer heart attacks and fewer strokes. Many people who followed the company earlier as N4 Pharma will know about Nuvec. This is a silica nanoparticle that we now call THAT-003, and we are testing it in preclinical studies to see if it can actually be a delivery vehicle for RNA therapeutics. More to come on that as well. I want to now change gears yet again and focus specifically now on our lead asset, THAT-001 or miRisten.

Speaker #3: Many people who followed the company earlier, for example in pharma, will know about Nuvec. This is a silicon nanoparticle that we now call That Three, and we're testing it in preclinical studies to see if it can actually be a delivery vehicle for RNA therapeutics.

Speaker #3: So more to come on that as well. I want to now change gears yet again and focus specifically now on our lead asset, That One, or Miristan.

Speaker #3: And Miristan is used to treat a very rare blood cancer, but albeit one with a specific and high incidence and prevalence, and that's called AML, or acute myeloid leukemia.

David Solomon: miRisten is used to treat a very rare blood cancer, but albeit one with a specific and high incidence and prevalence, and that is called AML or Acute Myeloid Leukemia. In the United States, 83,000 people currently have AML, 22,000 new cases annually. Sadly, 11,500 deaths, representing about 1.8% of all non-accidental deaths in the United States, but only an approximate 33% five-year survival, which equates to about the same five-year survival for all comers in pancreatic cancer, which as you know, is an extremely aggressive form of cancer, of a malignancy. The market, however, for AML is not small. It is currently about GBP 3.9 billion today, and GBP 2.75 million of that is from one medicine, venetoclax, that is used to treat all patients with AML, and sadly those patients all become resistant to venetoclax, and we believe that miRisten will overcome that resistance, and I will tell you more about that.

Speaker #3: In the United States, 83,000 people currently have AML, 22,000 new cases annually. Sadly, 11,500 deaths representing about 1.8% of all non-accidental deaths in the United States, but only an approximate 33% five-year survival which equates to about the same five-year survival for allcomers in pancreatic cancer, which as you know is an extremely aggressive form of cancer, of a malignancy.

Speaker #3: The market, however, for AML is not small. It's currently about $3.9 billion today, and $2.75 million of that is from one medicine, Veneteclax, that is used to treat all patients with AML, and sadly, those patients all become resistant to Veneteclax, and we believe that Miristan will overcome that resistance, and I'll tell you more about that.

Speaker #3: So our target, MIR-126, is in fact a validated target. For AML, microRNAs, as you might know, are a new and important class of RNA therapeutics.

David Solomon: Our target, miR-126, is in fact a validated target for AML. MicroRNAs, as you might know, is a new and important class of RNA therapeutics. These are short, non-coding, single-stranded pieces of RNA, regulate gene expression, and can regulate multiple genes, including miR-126. The field is really heating up, in fact, because in 2024, the Nobel Prize was awarded to both Ambros and Rutkin for their work on microRNAs, and the company Regulus Therapeutics, in early phase II studies, was acquired by Novartis for $1.7 billion, and therefore, we believe that now this modality in RNA therapeutics, microRNAs, is also extremely important. In terms of AML, miR-126 is elevated or overexpressed in AML, and we know that lowering it reduces the disease and a high level of miR-126 is a much poorer prognosis for the disease.

Speaker #3: These are short, non-coding, single-stranded pieces of RNA that regulate gene expression, and can regulate multiple genes, including MIR 126. The field is really heating up.

Speaker #3: In fact, because in 2024, the Nobel Prize was awarded to both Ambrose and Ravkin for their work on microRNAs, and the company Regulus, in early Phase II studies, was acquired by Novartis for $1.7 billion US dollars. Therefore, we believe that now this modality in RNA therapeutics, microRNAs, is also extremely important.

Speaker #3: In terms of AML, MIR-126 is elevated or overexpressed in AML, and we know that lowering it reduces the disease. A high level of MIR-126 is a much poorer prognosis for the disease.

Speaker #3: We think specifically that lowering MIR 126 can reduce the resistance to medicines like Veneteclax, and we'll tell you a bit more why. The discoverer of Miristan, the inhibitor and the therapeutic against MIR 126, is named Guido Marcucci.

David Solomon: We think specifically that lowering miR-126 can reduce the resistance to medicines like venetoclax, and we will tell you a bit more why. The discoverer of miRisten, the inhibitor in the therapeutic against miR-126, is named Guido Marcucci. He is currently the Chair of Oncology at City of Hope in Los Angeles, and he published this extremely important paper in the 5 March issue of the journal Blood, which as many of you know, is the leading journal in hematology oncology globally. The paper that was published, you can see in the middle part of the panel, is about the inhibition of MIR126 by miRisten, and it results in enhanced venetoclax activity, the chemotherapeutic agent in AML, and therefore, we believe it will allow patients to get a much better response, maybe even complete remission, on venetoclax when they are also treated in combination with miRisten.

Speaker #3: He's currently the chair of oncology at City of Hope in Los Angeles, and he published this extremely important paper in March, fifth issue of the journal Blood, which, as many of you know, is the leading journal in hematology oncology globally.

Speaker #3: The paper that was published, you can see in the middle part of the panel, is about the inhibition of MIR 126 by Miristan, and it results in enhanced Veneteclax activity, the chemotherapeutic agent, in AML, and therefore we believe that it will allow patients to get a much better response, maybe even complete remission, on Veneteclax when they're also treated in combination with Miristan.

Speaker #3: In fact, this finding was so important that the editors of Blood put this paper on the cover of Blood. You can see on the left side, and they also commissioned peers and colleagues to write an editorial or commentary that you can see on the right side about the importance of this discovery in the treatment of AML.

David Solomon: In fact, this finding was so important that the editors of Blood put this paper on the cover of Blood, you can see on the left side, and they also commissioned peers and colleagues to write an editorial or commentary that you can see on the right side about the importance of this discovery in the treatment of AML. So apart from our enthusiasm at Thalia for this, the peers and the investigators in the AML field, and including in this leading journal, are all very enthusiastic about the finding of miRisten in the role of treating AML in AML patients. I can give you one example of an experiment, albeit this one in rodents, that sort of hits home the point. The experiment seen on the left side of the slide is what we call a Kaplan-Meier survival curve.

Speaker #3: So apart from our enthusiasm at Thalia for this, the peers and the investigators in the AML field, and including in this leading journal are all very enthusiastic about finding of Miristan in the role of treating AML and AML patients.

Speaker #3: I can give you one example of an experiment—albeit this one in rodents—that sort of hits home the point. The experiment seen on the left side of the slide is what we call a Kaplan-Meier survival curve.

Speaker #3: You can see on the x-axis going up the percent survival of the animals, and time on the bottom axis on the x-axis going out to 240 days.

David Solomon: You can see on the X-axis going up, the percent survival of the animals, and the time on the bottom axis, on the X-axis, going out to 240 days. In the black bar are animals that have been treated or have the defect in mice that results in AML, and you can see that at day zero, 100% of the animals are still alive. But by the time you get to about day 80 or 90, in the black line. When you treat these animals with either placebo at day 60, that is the line in black, and when you treat them with miRisten, you can see that a cohort of animals keeps surviving, and you have still animals alive at day 200. And in fact, it changes the median survival rate of animals from 89 days to 154 days, which is extraordinarily significant in the treatment of AML.

Speaker #3: In the black bar are animals that have been treated or have the defect in mice that results in AML, and you can see that at day zero, 100% of the animals are still alive. But by the time you get to about day 80 or 90, in the black line—

Speaker #3: When you treat these animals with either placebo at day 60—that's the line in black—and when you treat them with Miristan, you can see that a cohort of animals keeps surviving, and you still have animals alive at day 200. In fact, it changes the median survival rate of animals from 89 days to 154 days, which is extraordinarily significant in the treatment of AML.

Speaker #3: Again, albeit this is in mice, but the same study is now extant in humans, and I'll detail that in a second. The right side of the slide shows the same experiment, albeit when you put human AML into these animals, and you can see that, again, the difference between the red line and the black line demonstrating that there is an increased survival when you treat the animals with Miristan at day 60.

David Solomon: Again, albeit this is in mice, but the same study is now extant in humans, and I will detail that in a second. The right side of the slide shows the same experiment, albeit when you put human AML into these animals, and you can see again the difference between the red line and the black line, demonstrating that there is an increased survival when you treat the animals with miRisten at day 60. We are now in conduct together with City of Hope in a phase I study in AML patients. This is a study of up to 20 patients. Enrollment began in November, and it expects to conclude very shortly, and we have guided it will have results in H1 2027.

Speaker #3: We are now in the conduct together with City of Hope in a phase one study in AML patients. This is a study of up to 20 patients, enrollment began in November, and it expects to conclude very shortly, and we've guided that we'll have results in the first half of 2027.

Speaker #3: The primary objective in this study is, of course, like all phase one, safety and tolerability, and there are secondary endpoints or objectives to look at the efficacy of this medicine in these patients.

David Solomon: The primary objective in this study is, of course, like all phase I, safety and tolerability. There are secondary endpoints or objectives to look at the efficacy of this medicine in these patients. Normally, a phase I study would be in healthy subjects. This study is not only in patients with AML, but it is specifically in patients with AML that have relapsing and recurring disease, so very late-stage patients, which are the ones you would like to, at the end of the game, target with miRisten. Because we are studying secondary endpoints like the formation of new hematopoietic cells or new white blood cells, we will be able to actually determine if there is any efficacy as we escalate the dose.

Speaker #3: Normally, a phase one study would be in healthy subjects. This study is not only in patients with AML, but it's specifically in patients with AML that have relapsing and recurring disease—so very late-stage patients, which are the ones you would like to, at the end of the game, target with Miristan.

Speaker #3: And because we're studying secondary endpoints, like the formation of new hematopoietic cells or new white blood cells, we'll be able to actually determine if there's any efficacy as we escalate the dose.

Speaker #3: You can see we're doing dose escalation here, or dose finding—dose one, dose two, dose three, dose four—so we can find the appropriate doses to use in a pivotal or registrational, phased Phase 2 study.

David Solomon: You can see we are doing dose escalation here, or dose finding, dose 1, dose 2, dose 3, dose 4, so we can find the appropriate doses to use in a pivotal or registrational phase II study. I think what is important to say here is this is an extremely aggressive disease. Patients succumb rapidly, and we believe that this very new and specific mechanism of action of miRisten lowering miR-126 could, on top of venetoclax, be a key modality to increase survival, treat, and perhaps even cure patients with AML. Therefore, we are very excited for both interim data coming out, but also the top-line phase I data coming in H1 2027. With that, I am going to change gears yet again and now focus on our cardiovascular medicine, which is a gene-silencing medicine to lower cardiovascular risk.

Speaker #3: So I think what's important to say here is this is an extremely aggressive disease. Patients succumb rapidly, and we believe that this very new and specific mechanism of action of Miristan lowering MIR 126 could, on top of Veneteclax, be a key modality to increase survival at treat and perhaps even cure patients with AML, and therefore we're very excited for both interim data coming up, but also the top line phase one data coming in H1 2027.

Speaker #3: With that, I'm going to change gears yet again and now focus on our cardiovascular medicine, which is a gene-silencing medicine to lower cardiovascular risk. As opposed to a microRNA medicine, this is what's called RNA interference, or RNAi, or siRNA. You can see in the cartoon at the bottom left of the box at the bottom, a cartoon of what our medicine looks like.

David Solomon: As opposed to a microRNA medicine, this is what is called RNA interference or RNAi or siRNA. You can see in the cartoon at the bottom left of the box at the bottom, a cartoon of what our medicine looks like. You can see that there is a double-stranded sequence in blue against PCSK9, and a double-stranded sequence in sort of red-orange against Lp(a). Both PCSK9 and Lp(a) levels, when elevated, suggest an increased risk of heart attack or stroke. PCSK9 goes up when you are obese or have type 2 diabetes or eat an inappropriate, highly fat-containing diet, or all of the above, whereas Lp(a) is genetically linked. When you have high Lp(a) levels, even if you are thin and run marathons, your risk of a heart attack or stroke can increase by two to fivefold if the levels are significantly high.

Speaker #3: You can see that there's a double-stranded sequence in blue against PCSK9 and a double-stranded sequence in sort of red, orange, against Lp(a), both PCSK9 and Lp(a) levels.

Speaker #3: When elevated, suggest an increased risk of heart attack or stroke. PCSK9 goes up when you are obese or have type 2 diabetes or eat an inappropriate highly fat-containing diet, or all of the above, whereas Lp(a) is genetically linked when you have high Lp(a) levels, even if you're thin and run marathons, your risk of a heart attack or stroke can increase by 2 to 5-fold if the levels are significantly high.

Speaker #3: So our belief is that by targeting both PCSK9 on the behavioral side and Lp(a) on the genetic side, by lowering these two targets, we can reduce the incidence and prevalence of stroke and heart attack. By having a once-yearly medicine, we can lower that risk—arguably globally—through single injections once a year in global populations.

David Solomon: Our belief is that by targeting both PCSK9 on the behavioral side and the Lp(a) on the genetic side, by lowering these two targets, we can reduce the incidence and prevalence of stroke and heart attack. By having a once-yearly medicine, we can lower that risk, arguably globally, through single injections once a year in global populations. The way these medicines work, essentially, is once injected in, they get into the bloodstream, hone in on the liver by the little bits you see on the right side of the L-peptidomimetic moiety. They are then cleaved inside the cell. They get into the genetic machinery, and ultimately lower the expression of the gene for up to a year, and therefore lower the risk. It is these medicines that, in the hands of others now, are also showing some promise. We believe this is extremely interesting.

Speaker #3: The way these medicines work, essentially, is once injected in, they get into the bloodstream, hone in on the liver by the little bits you see on the right side of the Lp(a) moiety, they're then cleaved inside the cell, they get into the genetic machinery, and ultimately lower the expression of the gene for up to a year, and therefore lower the risk.

Speaker #3: And so it's these medicines that, in the hands of others now, are also showing some promise. We believe this is extremely interesting, and I can tell you that when an article was published in Fierce Bio last year about this approach, we've been approached by several large pharmaceutical companies that have shown interest.

David Solomon: I can tell you that when an article was published in Fierce Biotech last year about this approach, we've been approached by several large pharmaceutical companies that have shown interest. The strategy here is ultimately to license this and partner with a large pharmaceutical company. We cannot do the large cardiovascular outcome study ourselves. That involves 3,000 to 7,000 patients over up to 5 to 10 years. On the other hand, by partnering this, we can get non-dilutive money up front. We can get validation of our approaches, and those monies can help accelerate the work on miRisten in AML, where we believe we can take the medicine all the way, given that the phase II or registrational trial is limited in terms of the number of patients and the time it takes to conduct that study.

Speaker #3: The strategy here is ultimately to license this and partner with a large pharmaceutical company. We cannot do the large cardiovascular outcome study ourselves. That involves 3,000 to 7,000 patients over up to 5 to 10 years. But, on the other hand, by partnering, we can get non-dilutive money upfront, we can get validation of our approaches, and those funds can help accelerate the work on Miristan in AML, where we believe we can take the medicine all the way, given that the phase two, or registrational trial, is limited in terms of the number of patients and the time it takes to conduct that study.

Speaker #3: So, we have a real strategy about how to use the two assets to grow value for Thalia and its shareholders. Finally, I'd like to comment briefly on our third asset.

David Solomon: We have a real strategy about how to use the two assets to grow value for Thalia and its shareholders. Finally, I'd like to comment briefly on our third asset, our third pillar, called Nuvec, which was exiting the company earlier as N4 Pharma, and we continue to study in a preclinical mode that this can deliver RNA therapeutics. As we have more data, more results, we look forward to sharing them with you as well. This is our milestone chart over the next several years. Here we are end of 2026. I want to focus on the top line above the timeline. We have mentioned earlier here that we've acquired Sanmirna Therapeutics, which has the exclusive right to operationalize miRisten, the medicine to treat AML that we now call THAT-001.

Speaker #3: Our third pillar called Nuvec, which was extant in the company earlier as in for pharma, and we continue to study in a preclinical mode that this can deliver RNA therapeutics, and as we have more data, more results, we look forward to sharing them with you as well.

Speaker #3: So this is our milestone chart over the next several years. Here we are end of 2026. I want to focus on the top line above the timeline.

Speaker #3: We have mentioned earlier here that we've acquired San Marino Therapeutics, which has the exclusive right to operationalize Miristan, the medicine to treat AML that we now call that one.

Speaker #3: We will have Phase One and interim results during the rest of 2026 coming up, but we will have top-line Phase One results within H1 2027 that will certainly be about safety and tolerability and may include also some aspect of efficacy as well.

David Solomon: We will have phase I and interim results during the rest of 2026 coming up, but we will have top-line phase I results within H1 2027 that will certainly be about safety and tolerability and may include also some aspects of efficacy as well. Phase II in what we hope are registrational or pivotal studies towards an approval for THAT-001, for miRisten. We believe that somewhere in 2028 or early 2029, we may be able to get a submission for a new drug application from the FDA that will allow us to begin commercialization of miRisten in the appropriate patient population. On the bottom line, under the timeline, you can see that for the bispecific cardiovascular medicine, we filed a patent earlier in 2025. We've entered preclinical studies, as I've mentioned, and we continue patent work on that.

Speaker #3: Phase two and what we hope are registration or pivotal studies towards an approval for Miristan, and we believe that somewhere in 2028 or early 2029, we may be able to get submission for a New Drug Application to the FDA.

Speaker #3: That will allow us to begin commercialization of Miristan in the appropriate patient population. On the bottom line, under the timeline, you can see that for the bispecific cardiovascular medicine, we've filed a patent earlier in 2025.

Speaker #3: We've entered preclinical studies. As I've mentioned, and we continue patent work on that. We look forward in 2027 to have more preclinical data on the bispecific cardiovascular medicine.

David Solomon: We look forward, in 2027, to have more preclinical data on the bispecific cardiovascular medicine, and also engagement with the FDA towards what studies in humans will look like. All along the way, we'll continue to work for now on Nuvec, and we'll report those data. Later in 2028, we expect to submit an IND to begin first-in-human studies for the cardiovascular medicine. A significant amount of news flow and milestones coming up that we think will bring accretion to the share and bring value to Thalia shareholders. Our outlook and milestones in 2026 for THAT-001, or miRisten, our lead asset in AML, we'll have interim readout for the balance of the year 2026. We'll have top-line data in the first half of 2027.

Speaker #3: And also engagement with the FDA towards what studies in humans will look like. All along the way, we're continuing to work, for now, on Nuvec, and we'll report those data. Later in 2028, we expect to submit an IND to begin first-in-human studies for the cardiovascular medicine.

Speaker #3: So, a significant amount of news flow and milestones are coming up that we think will bring accretion to the share and add value to Thalia's shareholders.

Speaker #3: So our outlook and milestones in 2026 for that one or Miristan, our lead asset in AML, will have interim readout for the balance of the year 2026.

Speaker #3: We'll have top line data in the first half of 2027. For our cardiovascular program that we hope to ultimately partner with the large pharmaceutical company, we're making progress in our preclinical development that's ongoing.

David Solomon: For our cardiovascular program that we hope to ultimately partner with a large pharmaceutical company, we are making progress in our preclinical development that is ongoing. That preclinical work and pathway engagement will continue through H1 2027, including discussions and engagement with the FDA. For Nuvec, that we also call THAT-003, we continue experiments with the University of Strathclyde to look at targeting Nuvec towards the liver, which is the main site where you would want to have and deliver RNA therapeutics like gene silencing medicines. Importantly, as Luke alluded to, this is really a cash game, and what I can tell you is that following our oversubscribed July 2026 placement, we have ample cash for all our key development programs, as I mentioned, funded through the next value inflection points.

Speaker #3: We have that preclinical work and pathway engagement will continue through H1 2027, including discussions and engagement with the FDA. For Nuvec, that we also call that three, we continue experiments with the University of Strathclyde to look at targeting Nuvec towards the liver which is the main site where you'd want to have and deliver RNA therapeutics like gene silencing medicines.

Speaker #3: Importantly, as Luke alluded to, this is really a cash game, and what I can tell you is that following our oversubscribed July 2026 placement, we have ample cash to for all our key development programs as I mentioned, funded through the next value inflection points, and therefore we're comfortable in our cash position to deliver the value that I've just described ahead of doing any further experiments or clinical studies.

David Solomon: We are comfortable in our cash position to deliver the value that I have just described ahead of doing any further experiments or clinical studies. To summarize our investment case, we have a differentiated RNA therapeutics approach now beyond N4 Pharma to Thalia, where we now have three pillars. We have an RNA therapeutic in miRisten to treat AML that is well into the clinic, and we will have results coming in 2026, top-line results in 2027. For THAT-002, our long-acting cardiovascular medicine, we are advancing it towards clinical studies in patients, and we continue to study and advance Nuvec. The upcoming milestones I think are significant insofar as I have described them to you for both THAT-001 and THAT-002. Again, we are well-funded through completing phase I for miRisten and also for completing our cardiovascular IND-enabling studies that are now underway.

Speaker #3: So really, to summarize our investment case: we have a differentiated RNA therapeutics approach, now beyond Infor Pharma, to Thalia, where we now have three pillars.

Speaker #3: We have an RNA therapeutic in Miristan, to treat AML that's well into the clinic, and we'll have results coming in 2026, top line results in 2027.

Speaker #3: For that two, our long-acting cardiovascular medicine, we're advancing it towards clinical studies in patients, and we continue to study and advance Nuvec. The upcoming milestones are, I think, our significant insofar as I've described them to you for both that one and that two.

Speaker #3: And again, we're well funded through completing phase one for Miristan and also for completing our cardiovascular IMD enabling studies that are now underway. Again, joining me as an experienced management team a very committed and experienced board a lot of the investors re-upped in the funding that we just had as shareholders, but we also brought on new investors including significant investment from the vendor group from San Marino.

David Solomon: Again, joining me is an experienced management team, a very committed and experienced board. A lot of the investors re-upped in the funding that we just had as shareholders, but we also brought on new investors, including significant investment from the vendor group from Sanmirna. I think applying now a strict capital discipline in executing our strategy on time and on budget will be key in advancing. I think that really sets the scene for what we are about to do in accomplishing in Thalia that we think will be valuable for shareholders. I thank you, and Lily, I turn back to you, and we look forward to addressing all the questions that you may have in the period to follow. Thank you very much.

Speaker #3: And I think applying now a strict capital discipline in executing our strategy on time and on budget will be key in advancing and I think that really sets the scene for what we are about to do and accomplish in Thalia that we think will be valuable for shareholders.

Speaker #3: So, I thank you, and Lily, I turn back to you. We look forward to addressing all the questions that you may have in the period to follow.

Speaker #3: Thank you very much.

Speaker #1: That's great. Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions. Just by using the Q&A tab situated on the top right-hand corner of your screen.

Moderator: That is great. Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab situated on the top right-hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. We have received a number of questions throughout today's presentation, and if I may just start off with the first question here, which reads as follows. There was much talk of having product to sell eventually, being that it is only in phase I yet again, how many years away is any revenue. Is Nuvec now realistically on hold?

Operator: That is great. Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the Q&A tab situated on the top right-hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your investor dashboard. We have received a number of questions throughout today's presentation, and if I may just start off with the first question here, which reads as follows. There was much talk of having product to sell eventually, being that it is only in phase I yet again, how many years away is any revenue. Is Nuvec now realistically on hold?

Speaker #1: Just while the company take a few moments to review those questions submitted today, I'd like to remind you that recording of this presentation along with a copy of the slides and the published Q&A can be accessed by your investor dashboard.

Speaker #1: We have received a number of questions throughout today's presentation, and if I may just start off with the first question here, which reads as follows.

Speaker #1: There was much talk of having product to sell eventually. Being that is only in phase one yet again. How many years away is any revenue?

Speaker #1: Is Nuvec now realistically on hold?

Speaker #2: That's a really good question. Ultimately, the goal of any biotech company is to productize our work, to commercialize it, and ultimately to develop revenue.

David Solomon: Really good question, and ultimately, the goal of any biotech company is ultimately to productize our work, to commercialize it, and ultimately to develop revenue. But revenue can come in many forms. It can come in the form of a partnership where we get significant, up to tens of millions in upfront non-dilutive payments that is in the form of revenue that supports the company. It could be that we also, at a certain point in time, because our assets are considered valuable now in the RNA therapeutic marketplace, someone either buys an asset or buys, in fact, the whole company. Of course, what we aim to do now is advance the medicines towards revenue themselves before any of these deals happen. The one that is closest for us is, in fact, miRisten or THAT-001.

Speaker #2: But revenue can come in many forms. It can come in the form of partnership where we get significant up to tens of millions in upfront non-dilutive payments.

Speaker #2: That is in the form of revenue that supports the company. It could be that we also at certain point in time because our assets are considered valuable now in the RNA therapeutic marketplace that someone either buys an asset or buys in fact the whole company, but of course what we aim to do now is advance the medicines towards revenue themselves before any of these deals happen.

Speaker #2: The one that's closest for us isn't in fact Miristan or that one. It's now in the clinic, and you know we can't guide exactly to the date that we'll have revenue or what that revenue will look like, but like all biotechs, it's significantly along the value generating pathway that you see in valuable biotechs.

David Solomon: It is now in the clinic and we cannot guide exactly to the date that we will have revenue or what that revenue will look like. But like all biotechs, it is significantly along the value-generating pathway that you see in valuable biotechs, and we believe that with the phase I data coming up, we will be in a much better position to be able to advance it towards revenue. The other part of the question was about Nuvec, and of course, we continue to study Nuvec to see if it is a valid and valuable delivery system for our own homegrown RNA therapeutics.

Speaker #2: And we believe that with the phase one data coming up, we'll be in the much better position to be able to advance it towards revenue.

Speaker #2: The other part of the question was about Nuvec, and of course we continue to study Nuvec to see if it's a valid and valuable delivery system for our own homegrown RNA therapeutics.

Speaker #1: That's great. Just adding to the next question here—what type of data should we expect from the interim update on Miristan in H2 2026?

Moderator: That is great. Just turning to the next question here. What type of data should we expect from the interim update on miRisten in H2 2026?

Operator: That is great. Just turning to the next question here. What type of data should we expect from the interim update on miRisten in H2 2026?

Speaker #2: Yeah, so we have guided that there will be interim data. And as you know, the Phase I does go three at a time as you escalate the dose, and we will guide that at some point in the balance of 2026 we should be able to announce some of the interim data, both in terms of safety and perhaps even efficacy. But again, we'll wait until those announcements are in front of us to be able to discuss those data with you.

David Solomon: Yeah. We have guided that there will be interim data, and as you know, the phase I about 3 at a time as you escalate the dose. We will guide that at some point in the balance of 2026, we should be able to announce some of the interim data, both in terms of safety and perhaps even efficacy. But again, we will wait until those announcements are in front of us to be able to discuss those data with you.

Speaker #1: Thank you. Just moving on here. For the top line data expected in H1 2027, what does success look like understanding the PE safety? What efficiency data can we expect?

Moderator: Thank you. Just moving on here. For the top-line data expected in H1 2027, what does success look like? Understanding the PE safety, what efficiency data can we expect?

Operator: Thank you. Just moving on here. For the top-line data expected in H1 2027, what does success look like? Understanding the PE safety, what efficiency data can we expect?

Speaker #2: Yeah, so like all phase one studies, the primary endpoint is, in fact, safety and tolerability. So success means that the medicine is safe and well tolerated, and given that it's progressed already through a number of patients and we continue to enroll, recruit, and accrue patients, it can be logically extended that the medicine thus far is already safe and well tolerated. So you can expect that success is measured by that safety and tolerability.

David Solomon: Well, like all phase I studies, the primary endpoint is, in fact, safety and tolerability. So success means that the medicine is safe and well-tolerated. Given that it's progressed already through a number of patients and we continue to enroll, recruit, and accrue patients, it can be logically extended that the medicine thus far is already safe and well-tolerated. You can expect that success is measured by that safety and tolerability. In terms of efficacy, we'll be looking at different biomarkers of new hematopoiesis or new generation of effector or end-stage immune or white blood cells. As we have those data on hematopoiesis, we'll share them in press releases, and we'll be able to discuss those data as we go forward.

Speaker #2: In terms of efficacy, we'll be looking at different biomarkers of new hematopoiesis or new generation of effector or end stage immune or white blood cells, and as we have those data on hematopoiesis, we'll share them in press releases and we'll be able to discuss those data as we go forward.

Speaker #1: That's great. What is different about that 002 cardiovascular program?

Moderator: That's great. What is different about THAT-002 cardiovascular program?

Operator: That's great. What is different about THAT-002 cardiovascular program?

Speaker #2: So, that too—the bispecific medicine—is different than others because others are advancing either a gene silencing medicine singularly against PCSK9 or singularly against Lp(a). We believe that the combination medicine, PCSK9 and Lp(a), will address both genetic risk and behavioral risk in one medicine that can be injected not once every month or once every three months, as current gene silencing medicines, but perhaps once every six months or once every year for even better compliance. We think by addressing those two targets, we'll be able to have sort of the next-generation medicine for the reduction of cardiovascular risk.

David Solomon: THAT-002, the biospecific medicine, is different than others because others are advancing either a gene silencing medicine singularly against PCSK9 or singularly against Lp(a). We believe that the combination medicine, PCSK9 Lp(a), will address both genetic risk and behavioral risk in one medicine that can be injected not once every month or once every 3 months as current gene silencing medicines, but perhaps once every 6 months or once every year for even better compliance. We think by addressing those two targets, we'll be able to have sort of the next generation medicine for the reduction of cardiovascular risk. There's already a level of interest from pharmaceutical companies, and that's exactly what you want as you think about a medicine, not for tomorrow, but for the next 10 years.

Speaker #2: There's already a level of interest from pharmaceutical companies, and that's exactly what you want as you think about a medicine not for tomorrow, but for the next 10 years.

Speaker #1: Thank you. Just adding to the next question here: What should investors watch for in terms of updates?

Moderator: Thank you. Just turning to the next question here. What should investors watch for in terms of updates?

Operator: Thank you. Just turning to the next question here. What should investors watch for in terms of updates?

Speaker #2: Well, again, as we mentioned on our milestone slide, I think the interim results of Miristan will be key. The top-line data on Miristan will be really important because it will be the first time that this company, as a publicly traded company, expresses and announces clinical results on the path to an actual medicine or product.

David Solomon: Well, again, as we mentioned on our milestone slide, I think the interim results of miRisten will be key. The top-line data on miRisten will be really important because it will be the first time that this company, as a publicly traded company, expresses and announces clinical results on the path to an actual medicine product. We will continue to advance the other medicines that we have, specifically the dual-acting cardiovascular risk-reducing medicine. All those will be key, and we look forward to sharing those updates with the markets and with our shareholders and new investors.

Speaker #2: And then, of course, we will continue to advance the other medicines that we have, specifically the dual-acting cardiovascular risk-reducing medicine. So all those will be key, and we look forward to sharing those updates with the markets, our shareholders, and new investors.

Speaker #1: Thank you. The next question we've got here reads: What sort of timescale are Thalia working to? For instance, are Thalia looking to take that one right through to production for a saleable product, or will we be looking to partner at the earliest possible time phase after phase one?

Moderator: Thank you. The next question we've got here reads: What sort of timescale are Thalia working to? For instance, are Thalia looking to take THAT-001 right through to production for a saleable product, or will we be looking to partner at the earliest possible time after phase I?

Operator: Thank you. The next question we've got here reads: What sort of timescale are Thalia working to? For instance, are Thalia looking to take THAT-001 right through to production for a saleable product, or will we be looking to partner at the earliest possible time after phase I?

Speaker #2: You always have a development plan that is about ultimately commercializing the medicine ourselves, but along the way if a partner wants to come and partner next week or after the phase one data, we're delighted to enter into those discussions.

David Solomon: You always have a development plan that is about ultimately commercializing the medicine ourselves. Along the way, if a partner wants to come and partner next week or after the phase I data, we're delighted to enter into those discussions insofar as they're valuable for patients, caregivers, and ultimately, importantly, for our shareholders. Our job and the job at the level of the board and our fiduciary is to assure shareholder value, and we'll do so at every turn as we advance these medicines. We can't say when the medicine will be actually commercialized, but we're well into that path now. There are multiple opportunities, short-term, mid-term, and long-term, to be able to extract shareholder value that will bring returns to shareholders from their starting positions.

Speaker #2: Insofar as they're valuable for patients, caregivers, and ultimately importantly for our shareholders, and so our job and the job at the level of the board and our fiduciary is to assure shareholder value and we'll do so at every turn as we advance these medicines, and so you know we can't say when the medicine will be actually commercialized, but we're well into that path now, but there are multiple opportunities short term, midterm, and long term to be able to extract shareholder value that will bring returns to shareholders from their starting positions.

Speaker #1: Thank you. Just moving to the next question. Do you currently have a partner in mind for that one or have you been approached by any institution showing an interest in that one?

Moderator: Thank you. Just moving to the next question. Do you currently have a partner in mind for THAT-001, or have you been approached by any institution showing an interest in THAT-001?

Operator: Thank you. Just moving to the next question. Do you currently have a partner in mind for THAT-001, or have you been approached by any institution showing an interest in THAT-001?

Speaker #2: Yeah, so we have partners in mind for that one. I can't discuss who we're talking to or what the discussions are at this point, but you know as they advance we will keep the market apprised and obviously upon any conclusion.

David Solomon: We have partners in mind for THAT-001. I can't discuss who we're talking to or what those discussions are at this point. But as they advance, we will keep the market apprised, and obviously upon any conclusion. But right now, it's early days. I am sure that most companies, partners, investors are really waiting with bated breath on the interim results and the phase I top-line results. So we're progressing rapidly with all good speed to generate those results and those announcements. And at that certain point in time, we'll be able to come back and discuss this topic further. But I would say, look, we're confident that this is an exciting modality, a unique mechanism of action. And as usual, again, I'm the CEO, and I see the glass half full.

Speaker #2: But right now, it's early days. I am sure that most companies, partners, and investors are really waiting with bated breath on the interim results and the Phase One top-line results. We're progressing rapidly, with all good speed, to generate those results and those announcements, and at a certain point in time we'll be able to come back and discuss this topic further.

Speaker #2: But I would say you know look we're confident that this is an exciting modality a unique mechanism of action and as usual again I'm the CEO and I see the glass half full, but you know I'm here because I believe Miristan will actually become a medicine and therefore we think it's a wonderful time to you know enter into the share simply because I think there's significant newsflow to follow in the coming weeks, months, and half year.

David Solomon: I'm here because I believe miRisten will actually become a medicine. Therefore, we think it's a wonderful time to enter into the share simply because I think there's significant news flow to follow in the coming weeks, months, and H2.

Speaker #1: That's great. Just turning to the next question here. As you look ahead to the Miristan phase one readout next year, what would you regard as the most important characteristics in the data beyond simply meeting the study endpoints that would really strengthen the assets profile further for development yourselves or potentially with a partner?

Moderator: That's great. Just turning to the next question here. As you look ahead to the miRisten phase I readout next year, what would you regard as the most important characteristics in the data beyond simply meeting the study endpoints that would really strengthen the asset's profile further for development yourselves or potentially with a partner?

Operator: That's great. Just turning to the next question here. As you look ahead to the miRisten phase I readout next year, what would you regard as the most important characteristics in the data beyond simply meeting the study endpoints that would really strengthen the asset's profile further for development yourselves or potentially with a partner?

Speaker #2: Yeah, it's a really good question because victory for a phase one study, as I mentioned earlier, is predicated on safety and tolerability. So, if we look at sort of the layers of what victories look like, I think the first victory is that the medicine is safe and well tolerated.

David Solomon: Yeah, it's a really good question because victory for a phase I study, as I mentioned earlier, is predicated on safety and tolerability. If we look at the layers of what victories look like, I think the first victory is that the medicine is safe and well-tolerated. The second victory is that the medicine is safe and well-tolerated and shows some parameters of efficacy, meaning you start to see white blood cells returning in patients that have aplasia or no white blood cells whatsoever. A significant or major victory is that you see in a broad group of patients at different doses, an enormous brings some level of efficacy. Again, I would caution that the trial is only up to 20 patients, and so any efficacy is rather anecdotal. It's an open-label study, so all the patients are getting miRisten.

Speaker #2: The second victory is that the medicine is safe and well tolerated and shows some parameters of efficacy, meaning you start to see white blood cells returning in patients that have a paucity or no white blood cells whatsoever.

Speaker #2: And a significant or major victory is that you see, in a broad group of patients at different doses, an enormous benefit that brings some level of efficacy.

Speaker #2: Again I would caution that the trial is only up to 20 patients and so any efficacy is rather anecdotal and it's an open label study so all the patients are getting Miristan and the true measure would be studying against placebo to look at the delta of the Miristan response versus the placebo response and we're not at that level of study yet but that would be what we would look for in a phase two study.

David Solomon: The true measure would be studying against placebo to look at the delta of the miRisten response versus the placebo response, and we're not at that level of study yet, but that would be what we would look for in a phase II study.

Speaker #1: That's great. I'm just turning to the next question here. When do you expect to release the first of the interim readouts from our trial with that one?

Moderator: That's great. Just turning to the next question here. When do you expect to release the first of the interim readouts from our trial with THAT-001? Will it be Q4 2026, or will you wait until 2027?

Operator: That's great. Just turning to the next question here. When do you expect to release the first of the interim readouts from our trial with THAT-001? Will it be Q4 2026, or will you wait until 2027?

Speaker #1: Will it be Q4 2026, or will you wait until 2027?

Speaker #2: So our guidance remains the same. Our guidance is that at some point within H1 2027 we'll release the top line data from the phase one study of Miristan and AML, and I can't say more other than we're working with all good speed and together with our partners at City of Hope to complete the trial and generate those data ahead of an announcement.

David Solomon: Our guidance remains the same. Our guidance is that at some point within H1 2027, we'll release the top-line data from the phase I study of miRisten in AML. I can't say more other than we're working with all good speed and together with our partners at City of Hope to complete the trial and generate those data ahead of an announcement.

Speaker #1: That's great.

Moderator: That is great.

Operator: That is great.

Speaker #2: Go ahead, Lily.

David Solomon: Go ahead, Lily.

Speaker #1: If there is another question that just comes through. How big and how long would a phase two program be and could it be residential?

Moderator: There is another question that is just come through. How big and how long would a phase II program be, and could it be residential? Would you consider marketing an AML product yourselves or is the plan to license it?

Operator: There is another question that is just come through. How big and how long would a phase II program be, and could it be residential? Would you consider marketing an AML product yourselves or is the plan to license it?

Speaker #1: Would you consider marketing an AML product yourselves, or is the plan to license it?

Speaker #2: Yeah, so ahead of answering those questions let's say we'll end with these last three questions. The one you'll just addressed and the two on the screen in the interest of time, but the question can you repeat that question again because I missed part of it.

David Solomon: Ahead of answering those questions, let us say we will end with these last three questions, the one you just addressed and the two on the screen in the interest of time. Can you repeat that question again because I missed part of it, Lily.

Speaker #1: Of course. It's how big and how long would a phase two program be and could it be residential? Would you consider marketing an AML product yourselves or is the plan to license it?

Moderator: Of course. It's how big and how long would a phase II program be, and could it be residential? Would you consider marketing an AML product yourselves or is the plan to license it?

Operator: Of course. It's how big and how long would a phase II program be, and could it be residential? Would you consider marketing an AML product yourselves or is the plan to license it?

Speaker #2: So a phase two study would certainly try to be a pivotal study or registrational study because I think in an acute leukemia with orphan designation possible and possible fast track status we'd want the next study to be the one that requests FDA approval.

David Solomon: A phase II study would certainly try to be a pivotal study or registrational study because I think in acute leukemia with orphan designation possible and possible fast track status, we'd want the next study to be the one that requests FDA approval. In terms of the design of the study, I can't give any specifics now because we first have to await the results of the phase I study that also may have some efficacy readout. I can't answer that further, but it is entirely possible that we can take it all the way, but of course, along the path, if a large pharma company views this as valuable, we'll certainly enter into those discussions.

Speaker #2: In terms of the design of the study, I can't give any specifics now because we first have to wait for the results of the Phase One study, which may also have some efficacy readout. So I can't answer that further, but it is entirely possible that we can take it all the way. Of course, along the path, if a large pharma company views this as valuable, we'll certainly be open to those discussions.

Speaker #2: Logic says that since all patients in AML are treated with venetoclax, and venetoclax sells $2.75 billion US dollars worth of medicine today, and this medicine—our medicine, Miristan—can assure that patients remain on venetoclax, certainly the producers of venetoclax would be one logical, either partner or acquirer of our asset or our company. But again, it's early days. What we're excited by is that we're in the middle of a trial where we think there's a high probability of advancing the medicine towards further and registrational studies.

David Solomon: Logic says that since all patients in AML are treated with venetoclax, and venetoclax sells $2.75 billion worth of medicine today, and our medicine, miRisten, can assure that patients remain on venetoclax, certainly the producers of venetoclax would be one logical either partner or acquirer of our asset or our company. Again, it's early days. What we're excited by is that we're in the middle of a trial where we think there's a high probability of advancing the medicine towards further and registrational studies.

Speaker #1: That's great. Just another question we've got here: would you consider working with TGA Australia for the Phase One process and tax benefit?

Moderator: That's great. Just another question we've got here is, would you consider working with TGA Australia for the phase I process and tax benefit?

Operator: That's great. Just another question we've got here is, would you consider working with TGA Australia for the phase I process and tax benefit?

Speaker #2: We currently don't have any plans of working in Australia at present. In terms of the phase one we have the full funding for it and we're working exclusively with our partner.

David Solomon: We currently don't have any plans of working in Australia at present. In terms of the phase I, we have the full funding for it, and we're working exclusively with our partner at City of Hope. But I'd love to be introduced to any prospective partners in Australia and elsewhere, as all partners are welcome to enter into the story and help build value for shareholders.

Speaker #2: At City of Hope. But I'd love to be introduced to any prospective partners in Australia and elsewhere, as all partners are welcome to enter into the story and help build value for shareholders.

Speaker #1: That's great. And then just a final question we have here reads in October 2023 Tempeh Therapeutics and Skyrocketed by nearly 4,000 percent and roughly 39 times to 40 times in a single trading session.

Moderator: That's great. Just a final question we have here reads, in October 2023, Tempest Therapeutics skyrocketed by nearly 4,000%, roughly 39 times to 40 times in a single trading session. The gain was triggered by updated data from a phase I-B/II clinical study for experimental liver cancer drug. Are we likely to see similar gain with THAT-001 in 2027?

Operator: That's great. Just a final question we have here reads, in October 2023, Tempest Therapeutics skyrocketed by nearly 4,000%, roughly 39 times to 40 times in a single trading session. The gain was triggered by updated data from a phase I-B/II clinical study for experimental liver cancer drug. Are we likely to see similar gain with THAT-001 in 2027?

Speaker #1: The game was triggered by updated data from a phase one B two clinical study for experimental liver cancer drug. Are we likely to see similar game with that in 2027?

Speaker #2: We have high hopes for Miristan that one and high hopes for Thalia. I can't express what the magnitude of the accretion will be certainly what Tempeh did was extremely significant, but what I do know is that when a company first gets its clinical results insofar as the clinical results start to guide to where a medicine could go in a unique offering to treat a hard to treat disease like AML certainly the level of accretion can be significant.

David Solomon: We have high hopes for miRisten, THAT-001, and high hopes for Thalia. I can't express what the magnitude of the accretion will be. Certainly, what Tempest did was extremely significant. What I do know is that when a company first gets its clinical results, insofar as the clinical results start to guide to where a medicine could go in a unique offering to treat a hard-to-treat disease like AML, certainly the level of accretion can be significant. I can only point to my own earlier experience as the CEO of Silence Therapeutics, where we were at 40p at one point. We entered into partnerships with two large pharma, brought on a lot of non-dilutive funding, and essentially we had approximately a 12 to 15x accretion over the course of six to 10 months. These large levels of growth are possible.

Speaker #2: I can only point to my own earlier experience as the CEO of Science Therapeutics where we were at 40p at one point we entered into partnerships with two large pharma brought on a lot of non-dilutive funding and essentially we had approximately a 12 to 15x accretion over the course of six to 10 months and so these large levels of growth are possible.

Speaker #2: Again the you know the result is in the pudding here and we'll do everything we can to report accurately and precisely the results of our phase one study and we look forward to shareholder and investor participation in our growth.

David Solomon: Again, the result is in the pudding here, and we'll do everything we can to report accurately and precisely the results of our phase I study, and we look forward to shareholder and investor participation in our growth.

Speaker #1: That's great. Thank you for answering all those questions you've had from investors and of course the company can review all questions submitted today and we'll publish those responses on the Investor Meet Company platform.

Moderator: That's great. Thank you for answering all those questions you have from investors. Of course, the company can review all questions submitted today, and we will publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, David, could I please just ask you for a few closing comments?

Operator: That's great. Thank you for answering all those questions you have from investors. Of course, the company can review all questions submitted today, and we will publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, David, could I please just ask you for a few closing comments?

Speaker #1: Just before redirecting investors to provide you with their feedback, the questionnaire is particularly important for the company. David, could I please just ask you for a few closing comments?

Speaker #2: Yeah, I want to thank all the participants for joining our interim results for H1 2026 today. We're excited that the transition of Thalia is now complete; that we are now a clinical-stage RNA therapeutics company with significant assets in both oncology and cardiovascular disease. We look forward to you joining the journey and to updating you in the near term and the medium term about all of our results as we advance. So, thank you again for your time.

David Solomon: Yeah. I want to thank all the participants for joining our interim results for H1 2026 today. We are excited that the transition of Thalia is now complete, that we are now a clinical stage RNA therapeutics company with significant assets in both oncology and cardiovascular disease. We look forward to you joining the journey and updating you in the near term and the medium term about all of our results as we advance. So thank you again for your time.

Moderator: That's great. Thank you for updating investors today. Could I please ask investors now to provide their views and expectations. The survey takes a few moments to complete.

Operator: That's great. Thank you for updating investors today. Could I please ask investors now to provide their views and expectations. The survey takes a few moments to complete.

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