AdAlta Limited (ASX:1AD) is an Australia-based clinical-stage biotechnology company that develops next-generation cellular immunotherapies and protein therapeutics primarily targeting solid cancers and fibrotic diseases. The company leverages its proprietary i-body platform, consisting of human single-domain antibody-like molecules, to discover and advance drug candidates; core products and pipeline assets include AD-214, a first-in-class antifibrotic i-body for idiopathic pulmonary fibrosis, kidney fibrosis, liver fibrosis, skin fibrosis, and eye fibrosis including age-related macular degeneration; WD-34, a novel i-body that inhibits invasion by all strains of the malaria parasite as well as babesiosis and toxoplasmosis parasites; and cellular immunotherapies accessed through its East to West strategy, under which it in-licenses differentiated T cell therapies from Asian originators for US FDA-regulated manufacturing, Phase I clinical studies in Australia, and subsequent on-licensing to global biopharma partners. AdAlta operates through its wholly-owned subsidiary AdCella Pty Ltd to execute the cellular immunotherapy program, focusing on capital-efficient development of CAR-T and other T cell products supported by clinical data in solid tumors, which represent 90% of cancers and an underserved high-growth market projected to expand at double-digit compound annual growth rates. Founded in 2006 and headquartered in Melbourne, Australia, the company conducts operations in Australia with strategic partnerships spanning Asia and Western regulated markets. Recent developments include signing a Heads of Agreement in March 2025 with SYNthesis BioVentures for up to A$2 million seed funding for AdCella to support CAR-T asset in-licensing and clinical preparation; executing three non-binding term sheets for CAR-T products from Asian partners, completing technical due diligence, and targeting a first licensing deal in June 2025; entering a Master Services Agreement with Cell Therapies Pty Ltd in 2024 as preferred manufacturer for process development, manufacturing, and regulatory support; receiving a partnering inquiry for WD-34; and shifting AD-214 advancement exclusively to third-party partnerships while ceasing internal discovery R&D to preserve cash.