Estrella Immunopharma Announces Initiation of Analyst Coverage by D. Boral Capital with 'Buy' Rating and $16.00 Price Target

Emeryville, California -- Estrella Immunopharma, Inc. (NASDAQ: ESLA, ESLAW) (“Estrella” or the “Company”), a clinical-stage biopharmaceutical company dedicated to developing ARTEMIS® T-cell therapies targeting CD19 and CD22 for the treatment of cancer and autoimmune diseases, announced today that D. Boral Capital LLC (“D. Boral Capital”), a leading international investment bank, has initiated analyst coverage of the Company with a “Buy” rating and a 12-month price target of $16.00.

● D. Boral Capital’s analysis focuses on the development of EB103 in B-cell non-Hodgkin lymphoma, highlighting Estrella’s ARTEMIS^®T Cell Engineering Platform: This platform leverages cellular mechanisms similar to those of endogenous T cell receptors to elicit more natural and regulated immune responses.

● A 12-month target price of $16.00 indicates strong market confidence in Estrella’s potential to capture a significant share of the immuno-oncology market.

● The valuation model applies a 30% probability of success and a 30% discount rate, reflecting the early stage of Estrella’s clinical development.

“Analyst research reports from D. Boral Capital highlight our innovative approach and recognize the potential of our lead candidate, EB103, to deliver superior efficacy, enhance tumor infiltration, and reduce T-cell exhaustion,” said Dr. Liu Cheng, CEO of Estrella. “Their analysis underscores our breakthrough ARTEMIS^®T, viewing this as a paradigm shift in the field of T-cell therapy. Leveraging our robust product pipeline and strong valuation metrics—including favorable risk-adjusted probabilities of success and an attractive target share price—we are well-positioned to transform the treatment landscape for hematologic malignancies and solid tumors.”

Estrella is continuing to advance its clinical programs in relapsed/refractory and high-risk hematologic cancers, with EB103 currently in Phase I/II clinical trials. Meanwhile, the company is further exploring ARTEMIS^®The Curative Potential of T Cell Therapies in Other Indications. The company is committed to pioneering T cell therapies, positioning them at the forefront of next-generation immunotherapy.

EB103 is a T-cell therapy, also known as Estrella’s “CD19-redirected ARTEMIS”^®T-cell therapy,” which utilizes ARTEMIS licensed from the parent company Eureka Therapeutics, Inc. (“Eureka”)^®technology. Unlike traditional CAR-T cells, ARTEMIS^®The unique design of T cells (such as EB103 T cells) enables their activation and regulation upon binding to cancer targets, utilizing cellular mechanisms that more closely resemble those triggered by endogenous T-cell receptors. Once infused, EB103 T cells can recognize and target CD19-positive cancer cells, thereby eliminating them.

Estrella is a clinical-stage biopharmaceutical company dedicated to the development of ARTEMIS targeting CD19 and CD22.^®T-cell therapies for the treatment of cancer and autoimmune diseases. Estrella’s mission is to harness the evolutionary power of the human immune system to improve the quality of life for patients with cancer and other diseases. To fulfill this mission, Estrella’s lead candidate product, EB103, leverages Eureka’s ARTEMIS^®The technology targets CD19, a protein expressed on the surface of nearly all B-cell leukemias and lymphomas. Estrella is also developing EB104, which similarly leverages Eureka’s ARTEMIS^®Technology capable of simultaneously targeting CD19 and CD22, two proteins expressed on the surface of most B-cell malignancies.

For more information about Estrella, please visitwww.estrellabio.com

This press release contains forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, those regarding EB103 and ARTEMIS^®Statements regarding the potential benefits and therapeutic advantages of T-cell therapy, the anticipated progress and milestones of the STARLIGHT-1 Phase I/II clinical trial, the potential of EB103 to address the limitations of currently marketed CAR-T therapies, and the future development plans for EB103 are based on management’s current expectations, estimates, forecasts, and projections concerning the industry and market, as well as management’s current beliefs and assumptions. These statements can be identified by the use of forward-looking terminology, including but not limited to “anticipate,” “expect,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “will,” and similar expressions and their negatives. These statements involve future events or our financial performance and contain known and unknown risks, uncertainties, and other factors that may cause actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, those listed under “Risk Factors” in our filings with the U.S. Securities and Exchange Commission and elsewhere. The forward-looking statements in this press release reflect our views only as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may update these forward-looking statements at some point in the future, we have no current intention of doing so except as required by law. Therefore, you should not rely on these forward-looking statements as representing our views as of any date after the date of this press release.

The Company previously entered into a cooperation agreement with D. Boral Capital, under which D. Boral Capital will provide investment banking services, including serving as a non-exclusive underwriter and/or placement agent in connection with the Company’s potential securities offerings. D. Boral Capital may have a financial interest in the Company’s securities, including compensation related to future offerings and transactions. Investors should consider this potential conflict of interest when evaluating the “Buy” rating issued by D. Boral Capital.

D. Boral Capital’s research reports are available directly from Boral Capital or its affiliated research platforms, and can also be accessed on the website of The Nasdaq Stock Market LLC.

The target prices and ratings mentioned in this article are independently published by D. Boral Capital, representing its independent opinion on the company’s securities. The company does not endorse the accuracy or conclusions of the report. Ratings are not recommendations to buy, sell, or hold securities, and each rating should be evaluated independently of other ratings. Target prices are subject to inherent market risks, macroeconomic factors, and future developments; actual results may differ significantly from the target prices. Investors should not place undue reliance on any single target price or analyst report; such information should be considered in conjunction with other available financial and market information.

Investor Relations
Estrella Immunopharma, Inc.
IR@estrellabio.com