Dear Shareholders,

I have just returned from the annual meeting of the American Society of Clinical Oncology (ASCO), and I wanted to share a few key developments with you. In my view, ASCO remains the most important global meeting in clinical oncology, bringing together more than 40,000 participants, including senior pharmaceutical and biotechnology executives, analysts, key opinion leaders, clinicians and scientists from around the world.

One of the standout moments at this year’s meeting was the presentation of phase 3 clinical data for the drug daraxonrasib. The results showed improved survival in second-line pancreatic cancer patients, which is very encouraging news for patients and has understandably attracted significant attention, including in the mainstream media. Daraxonrasib is the most advanced drug in a new class known as kRAS inhibitors, and these data reinforce the view that targeting the mutant kRAS protein, found in around 90% of pancreatic cancers, can meaningfully slow disease progression.

At the same time, it was clear from discussions at ASCO that these agents are not a complete answer on their own. Several clinical key opinion leaders emphasised that, while promising, they are not curative. Side effects can be significant, resistance can develop quickly, and patients still progress. That is why there is growing recognition that the full potential of kRAS inhibition will likely only be realised through combination approaches that can address these limitations.

This is where I believe Amplia is particularly well placed. Over the past two years, we have been steadily building our understanding of the potential value of combining FAK and kRAS inhibitors. As we have previously disclosed to the market (here and here), our data show that narmafotinib can improve the efficacy of kRAS inhibitors in preclinical cancer models. More recent findings also indicate that narmafotinib may block known resistance pathways to these drugs. Importantly, both preclinical and clinical data from other FAK inhibitors continue to support this approach and strengthen our confidence in the opportunity.

There are now more than 60 kRAS-targeting drugs in clinical development for cancers driven by mutant kRAS, particularly pancreatic cancer, non-small cell lung cancer (NSCLC) and colorectal cancer (CRC). Against that backdrop, ASCO was a valuable opportunity for us to engage directly with potential partners. Our Head of Business Development, Mr Jonathan Barlow, our Chief Medical Officer, Dr Jason Lickliter, and I met with a number of groups to discuss potential collaborations in pancreatic cancer and other indications where narmafotinib combinations could be evaluated clinically.

Partnerships and collaboration remain central to our strategy. They offer the most efficient path to exploring narmafotinib’s clinical potential as a combination therapy, while also doing so in a disciplined and cost-effective way. With momentum continuing to build behind kRAS drug development, I believe this creates a meaningful commercial opportunity for Amplia, with narmafotinib potentially offering kRAS developers a way to improve outcomes and differentiate their products.

I look forward to keeping you updated as these discussions progress.

Regards,

Dr Chris Burns
Amplia CEO & Managing Director