Here are 1-2 brief analogies for Estrella Immunopharma:

• An early-stage Moderna, but exclusively focused on developing advanced T-cell therapies for various cancers.

• Think of it as a startup Amgen or Gilead Sciences, but still in the preclinical phase and dedicated solely to groundbreaking T-cell treatments for cancer.

• EB103: A preclinical T-cell therapy candidate developed for the treatment of diffuse large B-cell lymphoma.
• EB104: A preclinical T-cell therapy candidate intended to treat diffuse large B-cell lymphoma and acute lymphocytic leukemia.

Estrella Immunopharma (ESLA) is a preclinical-stage biopharmaceutical company focused on the development of T-cell therapies. As of the provided description, its product candidates (EB103 and EB104) are in preclinical trials.

At this stage of development, Estrella Immunopharma is primarily engaged in research and development and does not have any commercially available products being sold to customers. Therefore, the company does not currently have major customers, either other companies or individual consumers, from whom it generates sales revenue. Its activities are focused on advancing its drug candidates through the regulatory and clinical trial process.

Cheng Liu, PhD, President and Chief Executive Officer

Dr. Liu serves as Estrella's CEO and President and is also the Founder, President, and CEO of Eureka. Prior to founding Eureka, he was a Principal Scientist in antibody drug discovery at Chiron (now Novartis). He holds over 500 patents and published patent applications and was awarded Special U.S. Congressional Recognition in 2007 for his contributions to improving human health.

Jiandong (Peter) Xu, Chief Financial Officer

Mr. Xu is the Chief Financial Officer of Zhongchao Inc. (Nasdaq: ZCMD), a company providing healthcare information, education, and training services in China. He has also served as the CFO of Zhongchao Medical Technology (Shanghai) Co., Ltd., Zhongchao Inc.'s Chinese affiliate, since January 2016, and was its financial director from September 2013 to January 2016.

Hong Zhang, Chairperson

Ms. Zhang brings over 25 years of experience in financial and corporate strategy to Estrella Immunopharma. She previously served as Vice President at Incinta Medical Group Ltd., and held leadership roles at Beijing Ocean Co-stone Capital Investment Management Company and Shenzhen Co-stone Venture Investment Management Company, where she oversaw fund management, risk control, and investment. Her career also includes a position as Vice President at UOB Investment (China) Ltd., a private equity company, and she began in the legal division of Shandong High-Tech Investment Corporation Co. Ltd., a venture capital firm.

Qian Yang, Chief Operating Officer

The key risks for Estrella Immunopharma (ESLA) primarily revolve around the inherent challenges of the biopharmaceutical industry, particularly for a company with products in preclinical and early clinical stages.

1. Clinical Trial Failure and Regulatory Approval Risk: As a biopharmaceutical company with lead product candidates (EB103 and EB104) in preclinical and early clinical trials, Estrella Immunopharma faces a significant risk that its therapies may not successfully complete clinical development or obtain the necessary regulatory approvals. The biotechnology sector is characterized by high research and development (R&D) costs and stringent regulatory hurdles, with a historically low success rate for drugs progressing from clinical trials to market. Even promising results from early-stage trials, such as the STARLIGHT-1 study for EB103, are not necessarily predictive of success in later-stage trials or larger patient populations, and regulatory authorities may not always agree with the company's interpretation of data.
2. Financial Health and Funding Dependency: Estrella Immunopharma's financial health is a key concern. As an early-stage company without revenue, it is heavily reliant on securing substantial capital to fund its ongoing and future clinical trials, which are inherently expensive. While the company has maintained a debt-free balance sheet and reported an estimated cash runway, weak financial health indicators and challenges with profitability and operational efficiency have been noted. The ability to raise additional funds will be critical for the continued advancement of its drug candidates and overall operations.
3. Intense Competition and Market Acceptance: The field of T-cell therapies for blood cancers and solid tumors is highly competitive and rapidly evolving. Estrella Immunopharma's success is dependent on its ability to develop therapies that are not only safe and effective but also demonstrate superiority or at least strong comparability to existing treatments and therapies being developed by competitors. Despite positive early data for EB103 aiming for a "best-in-class" solution, the competitive landscape poses an ongoing risk to market adoption and commercial viability.

The rapid establishment and expansion of approved CAR T-cell therapies by competitors for diffuse large B-cell lymphoma (DLBCL) and acute lymphocytic leukemia (ALL). While Estrella Immunopharma's product candidates (EB103 and EB104) are still in preclinical development for these indications, major pharmaceutical companies have already secured regulatory approvals and are actively commercializing CAR T-cell therapies that are becoming standard of care. This creates a significant emerging threat by potentially solidifying market share and entrenching competitor products before Estrella's therapies can even enter clinical trials, making future market entry and competitive differentiation exceptionally challenging.

The addressable markets for Estrella Immunopharma's main products in the United States are as follows:

• Diffuse Large B-cell Lymphoma (DLBCL): For products like EB103 and EB104 targeting DLBCL, the U.S. market was approximately USD 3.1 billion in 2024. This market is projected to expand significantly, with estimates suggesting it will exceed USD 11.5 billion by 2034.
• Acute Lymphocytic Leukemia (ALL): For products such as EB104, which also targets Acute Lymphocytic Leukemia, the U.S. market was approximately USD 1.2 billion in 2023. It is estimated to be USD 1.33 billion in 2025 and is predicted to grow to around USD 3.57 billion by 2035.

For Estrella Immunopharma (ESLA), a preclinical-stage biopharmaceutical company with no current revenue, expected drivers of future revenue growth over the next 2-3 years are centered on the successful advancement of its product pipeline through clinical development and potential strategic partnerships.

1. Successful Advancement of EB103 through Clinical Trials: The primary driver will be the continued positive progression of EB103, a CD19-redirected ARTEMIS T-cell therapy, through its STARLIGHT-1 Phase I/II clinical trial for relapsed or refractory B-cell non-Hodgkin's lymphoma. Recent positive data, including a 100% complete response rate in the high-dose cohort with a favorable safety profile, are crucial steps. Advancing EB103 into later-stage trials (e.g., pivotal Phase III studies) and demonstrating sustained efficacy and safety are critical prerequisites for eventual regulatory approval and commercialization.
2. Achievement of Key Regulatory Milestones for EB103: Securing significant regulatory designations for EB103, such as Fast Track or Orphan Drug status, or demonstrating sufficient clinical data to engage in discussions for accelerated approval pathways with regulatory bodies, would signal a shortened path to market. These milestones could significantly de-risk the program and enhance its future commercial value.
3. Initiation of Clinical Trials for EB104: Moving EB104, which targets both CD19 and CD22 for diffuse large B-cell lymphoma and acute lymphocytic leukemia, from preclinical development into human clinical trials would expand Estrella Immunopharma's clinical pipeline. This expansion could open up additional therapeutic areas and market opportunities, providing a diversified foundation for future revenue.
4. Realization of Milestone Payments from the Imugene Limited Collaboration: Progress in the collaborative development of solid tumor treatments using Imugene's CF33-CD19t in conjunction with EB103 has the potential to generate non-product revenue. Achieving specific development or regulatory milestones within this partnership could trigger payments to Estrella Immunopharma, contributing to its financial resources and validating its technology.
5. Expansion of the Pipeline with New Therapeutic Candidates: Successfully advancing additional preclinical programs, such as EB201 for Systemic Lupus Erythematosus, into clinical development would further diversify the company's therapeutic portfolio beyond oncology. This expansion into new disease areas could create multiple future revenue streams and reduce reliance on a single product candidate.

Share Repurchases

• Estrella Immunopharma, Inc. announced a share repurchase program on January 30, 2024, authorizing the repurchase of up to $1 million worth of its shares.

Share Issuance

• In January 2026, Estrella Immunopharma, Inc. completed an $8.0 million registered direct offering and concurrent private placement, involving the sale of 4,063,290 shares of common stock and the issuance of pre-funded warrants to purchase 1,000,000 shares.
• As of January 11, 2026, the company is registering up to 9,236,141 shares of common stock for resale by existing selling stockholders, including shares from prior financings and warrants, representing approximately 22.0% of the total common stock outstanding. The company will not receive proceeds from these stockholder resales.
• The number of outstanding shares of the registrant's common stock as of September 20, 2024, was 36,190,896.

Inbound Investments

• Estrella Immunopharma, Inc. generated approximately $8.0 million in gross proceeds through a registered direct offering and concurrent private placement that closed in January 2026.

Capital Expenditures

• Estrella Immunopharma's average Capital Expenditures to Operating Cash Flow over the past 5 years has been 0%.
• The company's annual capital expenditures were minimal, recorded as $1 in fiscal year 2024.