FY24 Results Presentation DISCLAIMER Forward-Looking Statements This investor update includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 Forward-looking statements generally relate to future events or IREN's future financial or operating performance. For example, forward- looking statements include but are not limited to the Company's business strategy, expected operational and financial results, and expected increase in power capacity and hashrat ...

eDSP & A-T - eDSP (Red blood cell encapsulated dexamethasone sodium phosphate) is designed to chronically deliver corticosteroid efficacy without toxicity[5] - The company is conducting a Pivotal Phase 3 NEAT clinical trial in pediatric rare disease Ataxia-Telangiectasia (A-T) with no currently approved treatments and a $1+ billion commercial opportunity[9] - 99 patients with A-T enrolled as of June 25, 2025, including 78 participants in 6 to 9 year-old cohort[9, 46] - The estimated prevalence of A-T is approximately 10,000 patients in the U S, U K, and EU4 countries[28, 53] - The company plans to submit NDA with FDA and MAA with EMA in 2026[49] Financials - The company recently closed up to $22 million private placement of securities – with proceeds of approximately $11.5 million upfront and up to $10.4 million if warrants exercised in full[9] - Financing proceeds plus $31.6 million in cash provides funding through topline results in first quarter of 2026 and into the second quarter of 2026 – or second half of 2026 if warrants exercised[9] - The company has invested $100 million in AIDE technology over 20+ years of research & development[13, 76] Pipeline Expansion - The company sees significant pipeline expansion opportunity for eDSP with Duchenne muscular dystrophy (DMD) as second indication with multiple other rare immunology and autoimmune focused rare disease targets[9, 56, 60] - The company plans to dose first patient in DMD Phase 2 clinical study in 2026[60, 64] AIDE Technology - 20+ years of research & development and $100 million invested in AIDE technology[13, 76]

NXC-201 Platform and Clinical Trial - NXC-201 is a sterically-optimized CAR-T construct from the Immix N-GENIUS platform with a "digital filter" to reduce non-specific activation and enhance tolerability[6] - The company plans to submit a BLA for NXC-201[9] - The NEXICART-2 trial is a U S multi-center trial with registrational design for relapsed/refractory AL Amyloidosis with 40 patients enrolled[6,39] - Interim clinical data readout for the NEXICART-2 trial in relapsed/refractory AL Amyloidosis is expected in 2Q 2025[35] - Planned NEXICART-2 enrollment completion is expected in 4Q 2025 / 1Q 2026[35] AL Amyloidosis Market and NXC-201 Potential - The relapsed/refractory AL Amyloidosis target market has a U S patient prevalence of 34,600, representing a multi-billion dollar value[6] - There are currently no FDA-approved drugs for relapsed/refractory AL Amyloidosis[6,27] - Current standards of care induce a complete response in 0-10% of patients with relapsed/refractory AL Amyloidosis[19,21,27] - In the NEXICART-2 U S trial, 70% complete responses (CR) were observed in 7 out of 10 patients, with the remaining three being MRD-negative 10-6, predicting future CR[49] NXC-201 Safety and Tolerability - NXC-201 demonstrated no ICANS neurotoxicity in clinical trials[54] - NXC-201 has a median CRS duration of 1 day, which is 4-8x shorter than other CAR-T therapies[32]

Business Overview - Insteel Industries is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications[6] - In 2015, Welded Wire Reinforcement (WWR) accounted for 57% of sales, while PC Strand accounted for 43%[5] - Nonresidential construction represents 85% of sales, while residential construction accounts for 15%[9] - Concrete product manufacturers account for 70% of sales, while distributors, rebar fabricators, and contractors make up 30%[10] Growth Strategy & Acquisitions - Existing facilities are capable of generating over $700 million of annualized revenues at current ASPs with minimal incremental capex required[31] - In November 2010, Insteel acquired Ivy Steel & Wire, Inc for $50.3 million[34] - In August 2014, Insteel acquired American Spring Wire Corporation for $33.5 million[37] - Closure of Newnan facility in March 2015 is expected to generate approximately $3.0 million of annualized cost savings[106] Financial Performance - Fiscal Year 2014 net sales were $409 million[29] - EBITDA for 2015 was $46.7 million, representing 10.4% of EBITDA Margin[54] - Capital expenditures are expected to increase to $20.0 million in 2016, including $9.0 million related to the expansion of the Houston PC strand facility[71] - As of October 3, 2015, Insteel was debt-free with $33.3 million of cash and cash equivalents[74] Market Outlook - Total construction spending for 2014 was up 4.8% from the prior year[80] - Total construction spending for August YTD 2015 was up 9.8% from the prior year[84] - Architecture Billings Index rebounded to 53.7 in September 2015[101] - Dodge Momentum Index in September 2015 was up 5.8% from the prior month and 20.9% from a year ago[104]

Business Overview - Insteel Industries is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications[6] - The company manufactures and markets welded wire reinforcement (WWR) which accounts for 61% of 2016 sales, and prestressed concrete strand (PC strand) products which accounts for 39% of 2016 sales[5] - Nonresidential construction accounts for 85% of sales, while residential construction accounts for 15% of sales[9] - Concrete product manufacturers account for 70% of sales, while distributors, rebar fabricators, and contractors account for 30% of sales[10] Growth Strategy - Existing facilities are capable of generating over $700 million of annualized revenues at current ASPs with minimal incremental capex required[31] - In November 2010, Insteel acquired Ivy Steel & Wire, Inc for $50.3 million[34] - In August 2014, Insteel acquired American Spring Wire Corporation for $33.5 million[37] Financial Performance - FY2016 net sales were $418.5 million[40] - The company's gross profit for 2016 was $85.2 million, representing a gross margin of 20.4%[51] - EBITDA for 2016 was $73.1 million, with an EBITDA margin of 17.5%[55] - As of October 1, 2016, Insteel was debt-free with $58.9 million of cash and cash equivalents[77] Market Conditions and Outlook - Total construction spending for 2015 was up 10.6% from the prior year[83] - Total construction spending for August YTD 2016 was up 4.9% from the prior year[86] - The FAST Act authorizes $305 billion of funding over a five-year period, including $226.2 billion for federal highway investment[106] - The first phase of the Texas PC strand expansion is expected to reduce annual operating costs by $5.0 million[107]

Business Overview - Insteel Industries is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications[6] - In 2017, Welded Wire Reinforcement (WWR) accounted for 62% of sales, while PC Strand accounted for 38%[5] - Nonresidential construction accounted for 85% of sales, while residential construction accounted for 15%[9] - Concrete product manufacturers accounted for 70% of sales, while distributors, rebar fabricators, and contractors accounted for 30%[10] Growth Strategy & Acquisitions - Existing facilities are capable of generating over $700 million of annualized revenues at current ASPs with minimal incremental capex required[30] - In November 2010, Insteel acquired Ivy Steel & Wire, Inc for $50.3 million[33] - In August 2014, Insteel acquired American Spring Wire Corporation for $33.5 million[36] Financial Performance - FY2017 net sales were $388.9 million[39] - In 2017, raw materials accounted for 67% of the cost of sales, manufacturing costs accounted for 26%, and freight accounted for 7%[43] - EBITDA in 2017 was $48.2 million, representing 12.4% of EBITDA Margin[55] - Net earnings in 2017 were $1.17 per diluted share[61] - As of September 30, 2017, Insteel was debt-free with $32.1 million of cash and cash equivalents[73] Market & Outlook - Total construction spending for 2016 was up 6.5% from the prior year[80] - Total nonresidential building construction is forecasted to grow 3.8% in 2017 and 3.6% in 2018[100] - The FAST Act authorizes $305 billion of funding over a five-year period, including $226.2 billion for federal highway investment[104]

Business Overview - Insteel Industries is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications[6] - In 2018, Welded Wire Reinforcement (WWR) accounted for 60% of sales, while PC Strand accounted for 40%[5] - Nonresidential construction represents 85% of sales, with residential construction making up the remaining 15%[9] - Concrete product manufacturers account for 70% of sales, while distributors, rebar fabricators, and contractors make up the remaining 30%[10] Acquisitions and Expansions - In November 2010, Insteel acquired Ivy Steel & Wire, Inc for $50.3 million[29] - In August 2014, Insteel acquired American Spring Wire Corporation for $33.5 million[32] - In November 2017, Insteel acquired certain assets of Ortiz Engineered Products, Inc[35] - Capital expenditures are expected to total up to $22.0 million in 2019, primarily focused on cost and productivity improvement initiatives[69] Financial Performance - Net sales for 2018 were $453.2 million[37] - Gross profit for 2018 was $70.8 million, representing a gross margin of 15.6%[48, 50] - EBITDA for 2018 was $57.4 million, representing an EBITDA margin of 12.7%[52, 54] - As of September 29, 2018, Insteel was debt-free with $43.9 million of cash and cash equivalents[72] Market and Outlook - Total construction spending for 2017 was up 4.5% from the prior year[78] - Total nonresidential construction spending for August YTD 2018 rose 4.4% from a year ago to $490.6 billion[89] - Construction employment in September 2018 was up 315,000, or 4.5%, from a year ago[92] - The FAST Act authorizes $305 billion of funding over a five-year period, including $226.2 billion for federal highway investment[102]

Business Overview - Insteel Industries is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications[6] - In 2019, Welded Wire Reinforcement (WWR) accounted for 64% of sales, while PC Strand accounted for 36%[5] - Nonresidential construction represents 85% of sales, while residential construction accounts for 15%[9] - Concrete product manufacturers account for 70% of sales, while distributors, rebar fabricators, and contractors make up 30%[10] Growth Strategy - Continued conversion of rebar users to Engineered Structural Mesh (ESM) represents a substantial growth opportunity[26] - Focused on pursuing additional strategic acquisition opportunities in existing core businesses[29] Financial Performance - Net sales for fiscal year 2019 were $447.5 million[37] - Raw materials accounted for 74% of the 2019 cost of sales[39] - Capital expenditures are expected to total up to $17.0 million in 2020[55] - As of September 28, 2019, Insteel was debt-free with $38.2 million of cash[58] Market Outlook - Public construction spending for August YTD 2019 was up 5.7% from the prior year[64] - Public highway and street construction spending for August YTD 2019 was up 10.8% from the prior year[67] - Total nonresidential building construction is forecasted to grow 3.8% in 2019 and 2.4% in 2020[70]

Business Overview - Insteel Industries is the largest U S manufacturer of steel wire reinforcing products for concrete construction applications[5] - Nonresidential construction accounts for 85% of sales, while residential construction accounts for 15%[7] - Concrete product manufacturers represent 70% of sales, with distributors, rebar fabricators, and contractors making up the remaining 30%[8] Growth Strategy - Insteel acquired Strand-Tech Manufacturing (STM) in March 2020 for $194 million[29] - The company expects to recover approximately $8 million of investment through the closure and sale of the Summerville facility[29] - The company is focused on pursuing additional strategic opportunities in existing core businesses or related products sold into same markets that offer substantial synergy potential[26] Trade Cases - PC strand imports represented around one-third of the U S market in 2019[33] - Alleged dumping margins for PC strand range from 24% to 194%[33] - Filings covered 89% of 2019 import volume[33] - Alleged dumping margins for SWWR range from 56% to 160%[33] - Filings cover practically 100% of 2019 import volume in Insteel's market area[33] Financials - Capital expenditures are expected to total up to $20 million in fiscal year 2021[55] - As of October 3, 2020, Insteel was debt-free with $687 million of cash and no borrowings outstanding on its $100 million revolving credit facility[58]

Ohtuvayre® Commercial Performance and Opportunity - Ohtuvayre® Q1 2025 net sales reached approximately $71 million[7, 9, 56], with approximately 25,000 prescriptions filled[7, 32], and approximately 5,300 unique writers since launch[7, 55] - Ohtuvayre® launch has seen outstanding uptake, with approximately $114 million in net sales in the first 8 months[30] - Ohtuvayre® Q1 2025 dispensed prescriptions showed approximately 60% were refills[32, 55] - The company has approximately $401 million in cash and cash equivalents as of Q1 2025[9, 56] - Approximately 86 million maintenance-treated COPD patients represent a significant market opportunity for Ohtuvayre®[33, 45, 49] Pipeline Expansion and Clinical Development - The company is developing Ensifentrine for non-cystic fibrosis bronchiectasis, targeting approximately 370,000 US patients[16] - Phase 3 data for Ensifentrine showed an approximately 36% to 43% reduction in exacerbation rate compared to placebo[15] - The company is progressing activities for potential marketing authorization submissions, with Phase 3 data expected in Q2[51] Patent Protection and Market Strategy - The company has patent protection through the mid-2030s, with potential patent term extension on select patents[52, 53] - The company is focusing promotional efforts on approximately 8,500 offices, targeting approximately 12,000 HCPs[42, 43] - The company is pursuing strategic collaborations to maximize Ensifentrine's commercial value in regions outside the United States[47]