Mr. Fabio Chianelli reports

PHARMATHER EXPANDS PHARMAPATCH DELIVERY PLATFORM INTO THERAPEUTIC PEPTIDES FOR THE U.S. MARKET

Pharmather Holdings Ltd. has begun a strategic initiative to expand its PharmaPatch microneedle patch platform into select therapeutic peptides for the U.S. market, building on the company's ketamine and psychedelic patch development achievements and its recent entry into GLP-1 delivery using PharmaPatch.

"Building on our ketamine and psychedelics patch programs and our expansion into GLP-1 delivery, we are now broadening PharmaPatch to evaluate select peptide candidates where a needle-free, at-home patch could improve real-world use," said Fabio Chianelli, founder and chief executive officer of Pharmather.

Regulatory and policy discussion: monitoring potential tailwinds (United States)

Pharmather is monitoring the evolving U.S. policy discussion regarding certain peptides and compounding access. On a recent episode of the Joe Rogan Experience (episode dated Feb. 27, 2026), U.S. HHS secretary Robert F. Kennedy Jr. discussed peptides and stated he was "very anxious" to move about 14 of the 19 peptides he referenced back toward being more accessible, and indicated the Food and Drug Administration could announce actions on a near-term timeline.

A large and growing U.S. market opportunity

Therapeutic peptides represent a rapidly expanding segment of modern medicines across multiple therapeutic areas. Grand View Research estimates the U.S. peptide therapeutics market generated approximately $65.1-billion (U.S.) in 2024 and is projected to reach approximately $160.3-billion (U.S.) by 2030 (14.7-per-cent compound annual growth rate).

Pharmather believes that delivery innovation -- including patient-friendly administration and differentiated pharmacokinetic profiles -- can be an important value driver for peptide programs, particularly in chronic conditions where persistence and convenience matter.

Initial peptide candidates under evaluation

As part of its peptide initiative, Pharmather is seeking to investigate PharmaPatch delivery feasibility for certain peptides, including:

• BPC-157;
• GHK-Cu (copper tripeptide-1);
• TB-500 (Thymosin Beta-4 fragment);
• KPV (Lys-Pro-Val);
• Potential combinations of the above peptides.

The company emphasizes that these candidates are being evaluated within a staged research and development framework and that any potential future development pathways will be assessed in alignment with applicable regulatory requirements.

Value proposition: why a peptide microneedle patch

Pharmather's PharmaPatch initiatives are designed to address real-world administration challenges by delivering medicines in a patient-friendly form factor, with the potential to support sustained exposure.

Potential advantages of a peptide microneedle patch approach (depending on the peptide and formulation) may include:

• Needle-free administration using microneedle-enhanced delivery;
• At-home convenience and simplified patient experience;
• Potential for controlled delivery profiles and combinations;
• Support improved adherence versus conventional injection-based routines.

Microneedle patch technology is widely described in the scientific literature as enabling painless self-administration compared with conventional injections, supporting its relevance to long-term therapies.

PharmaPatch development proof points

Pharmather has disclosed a series of PharmaPatch research and development achievements across ketamine and multiple psychedelics, including:

• Ketamine patch: completion of an investigational-new-drug-enabling pharmacokinetic and tolerability study under GLP compliance in mini-pigs; reported extended delivery over 40 hours and favourable tolerability observations;
• Psilocybin: completion of a microneedle patch research study demonstrating compatibility/suitability for psilocybin delivery and supporting future regulatory planning;
• LSD: completion of a microneedle patch research study with successful fabrication, ex vivo skin insertion assessment and multiday release observations supporting potential for modified release profiles;
• DMT: successful completion of a research study evaluating PharmaPatch for N,N-dimethyltryptamine delivery, including fabrication/characterization, ex vivo skin insertion assessment and multiday release observations;
• MDMA: disclosed microneedle patch research collaborations and platform development history that include MDMA as a target psychedelic for patch delivery.

Development plan and intellectual property strategy

Pharmather plans to advance its peptide-focused PharmaPatch initiative through staged feasibility and development activities, which may include:

1. Clinical evaluation;
2. Manufacturing and scale-up assessment;
3. Intellectual property filings arising from peptide delivery work.

Pharmather cautions that policy discussions and timelines related to peptides are subject to change, and that any development plans will be pursued in alignment with applicable U.S. regulatory requirements.

PharmaPatch: proprietary microneedle delivery platform

PharmaPatch is a proprietary microneedle-enhanced delivery system designed to provide an efficient, minimally invasive and potentially painless method for delivering drug candidates, including psychedelics, peptides and other medicines. The microneedle patch technology is based on a novel biocompatible and biodegradable gelatin methacryloyl material intended to enable delivery of both water-soluble and water-insoluble compounds with customizable release profiles. The GelMA-based microneedle array is designed to penetrate the stratum corneum (outer layer of the skin) and supports flexible drug-loading capacity, including potential combinations, microdosing and controlled-release delivery. Microneedles are widely considered a promising approach to achieve systemic drug exposure through transdermal delivery while potentially avoiding absorption limitations and first-pass metabolism associated with oral administration. PharmaPatch is also intended to support at-home self-administration and incorporates anti-tampering and anti-abuse features. The company has completed research studies demonstrating PharmaPatch feasibility for delivering psychedelic compounds.

The proposed PharmaPatch products are strictly for research use only and are not intended for human cosmetic or therapeutic applications at this time. The product candidates described herein are investigational. Safety and efficacy have not been established, and they have not been approved by the U.S. Food and Drug Administration or any other regulatory authority.

About Pharmather Holdings Ltd.

Pharmather is a specialty pharmaceutical company focused on developing, acquiring and commercializing pharmaceutical products and enabling technologies.

We seek Safe Harbor.