Estrella Immunopharma, Inc. (NASDAQ: ESLA) Receives Initiating Coverage with a Valuation of $12.00/Share from Zacks Small-Cap Research

Estrella Immunopharma, Inc. (NASDAQ:ESLA, ESLAW)) ("Estrella" or the "Company"), a clinical-stage biopharmaceutical company developing CD19 and CD22-targeted ARTEMIS^® T-cell therapies to treat cancer and autoimmune diseases, today announced that Zacks Small-Cap Research ("Zacks SCR"), a division of Zacks Investment Research, has initiated coverage on the Company, assigning a valuation of $12.00 per share. The coverage report highlights the Company's differentiated ARTEMIS platform and encouraging early clinical data from the Phase I/II STARLIGHT-1 trial of EB103.

"The recent $7.8 billion acquisition of Arcellx by Gilead Sciences underscores the premium that large biopharmaceutical companies continue to place on differentiated cell therapy engineering platforms," said Dr. Cheng Liu, President and Chief Executive Officer of Estrella. "Estrella believes that its ARTEMIS platform, and the early clinical signals observed in STARLIGHT-1, position the Company as a meaningful participant in the next wave of CAR-T innovation."

Key Insights from Zacks SCR's Initiation Report:

• Promising Early Efficacy in High-Risk Patients: Zacks SCR highlights Phase I data from the STARLIGHT-1 trial presented at the 2026 ASTCT & CIBMTR Tandem Meetings. Among the 9 patients in Phase I, no treatment-related serious adverse events were reported, and the high-dose cohort achieved a 100% complete response rate at Month 1 in all 5 evaluable patients. The enrolled patient population (n=9) was heavily pretreated, with a median of three prior lines of therapy. Approximately 80% of the enrolled patients were considered high-risk, including patients with primary refractory disease, high-grade B-cell lymphoma, and primary CNS lymphoma. All subjects who achieved a CR remained in CR at the time of data cutoff, with a median duration of complete response not yet reached and CR durations ranging from 3 to 18 months.

• Favorable Safety Profile: EB103 demonstrated a potentially more favorable safety profile relative to existing CAR-T therapies in the nine patients treated in Phase I to date. While Cytokine Release Syndrome (CRS) was observed in all treated patients, all CRS events were low grade (Grade 1 or 2) and managed with standard of care. There were no instances of Grade 3 or higher CRS observed at either level. Most patients also experienced transient low grade ICANS, though the clinical symptoms were easily managed and the median duration of the events was only two days.

• Differentiated ARTEMIS T-Cell Platform: Zacks SCR describes the ARTEMIS (Antibody-T-Cell Receptor Engagement System) platform as a potentially meaningful next-generation evolution rather than an incremental modification. Unlike conventional CAR constructs that couple a single-chain variable fragment (scFv) to synthetic signaling domains (CD3ζ with 4-1BB or CD28), ARTEMIS links an antibody-derived binding domain to endogenous T-cell receptor components via an antibody-TCR (AbTCR) architecture. This approach enables a more controlled form of T-cell activation with reduced inflammatory cytokine release, lower T-cell exhaustion, and comparable or superior anti-tumor activity to conventional CAR-T.

The Company previously entered into an engagement agreement with Zacks Investment Research for sponsored research coverage. The valuation referenced herein was assigned by Zacks SCR and represents its independent opinion of the Company's securities based on a probability-adjusted discounted cash flow analysis. The Company does not endorse or affirm the accuracy or conclusions of the analyst's report. This valuation is not a recommendation to buy, sell, or hold securities and should be evaluated independently. Valuations are subject to inherent market risks, macroeconomic factors, and future developments that may cause actual results to differ materially. Investors should not place undue reliance on any valuation or analyst report, and such information should be considered alongside other available financial and market information. A copy of Zacks SCR's research report can be accessed directly from Zacks SCR at scr.zacks.com.

About EB103

EB103, a T-cell therapy, also referred to as Estrella's "CD19-Redirected ARTEMIS T-Cell Therapy," utilizes ARTEMIS technology licensed from Eureka Therapeutics, Inc. ("Eureka"), Estrella's parent company. Unlike a traditional CAR-T cell, the unique design of an ARTEMIS T-Cell, like EB103 T-cell, allows it to be activated and regulated upon engagement with cancer targets that use a cellular mechanism more closely resembling the one from an endogenous T-cell receptor. Once infused, EB103 T-cells seek out CD19-positive cancer cells, bind to these cells, and destroy them.

About Estrella Immunopharma

Estrella is a clinical-stage biopharmaceutical company developing CD19 and CD22-targeted ARTEMIS T-cell therapies to treat cancers and autoimmune diseases. Estrella's mission is to harness the evolutionary power of the human immune system to transform the lives of patients fighting cancer and other diseases. To accomplish this mission, Estrella's lead product candidate, EB103, utilizes Eureka's ARTEMIS technology to target CD19, a protein expressed on the surface of almost all B-cell leukemias and lymphomas. Estrella is also developing EB104, which also utilizes Eureka's ARTEMIS technology to target not only CD19, but also CD22, another protein expressed on the surface of most B-cell malignancies.

For more information about Estrella, please visit www.estrellabio.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding the Company's positioning in the evolving CAR-T landscape and the Company's continued advancement of EB103 and EB104. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors that could cause actual results, levels of activity, performance, or achievements to differ materially from those expressed or implied by these forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under "Risk Factors" and elsewhere in our filings with the Securities and Exchange Commission.

The forward-looking statements in this press release represent our views 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 elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

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Investor Relations

Estrella Immunopharma, Inc.

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