Toronto, Ontario and Boston, Massachusetts--(Newsfile Corp. - February 20, 2026) - Sernova Biotherapeutics (TSX: SVA) (OTC: SEOVF) (FSE: PSH0) ("the Company"), a leading regenerative medicine company focused on developing its Cell Pouch Bio-hybrid Organ as a functional cure for type 1 diabetes (T1D), today announced that, subject to approval from the TSX, the Company intends to amend some of its outstanding warrants.

The Company issued 20,852,100 warrants pursuant to a private placement unit offering on September 3, 2024 that are governed by a Warrant Indenture and expire on March 3, 2026. The Company also issued 404,950 warrants to finders in connection with the private placement that also expire on March 3, 2026. All of these warrants have an exercise price of $0.30 and are subject to accelerated expiry by the Company if the 20 day volume-weighted average trading price exceeds $0.50. The proposed amendment will extend the expiry date by one year to March 3, 2027 for all warrants not held by insiders of the Company for a total of 19,977,050 common share purchase warrants.

The Company also issued 5,466,250 warrants to investors pursuant to a private placement unit offering in October and November 2025 and 105,000 finders warrants. These warrants have an exercise price of $0.40 and a term of 3 years. The proposed amendment will amend the exercise price to $0.25 and include a provision to allow the Company to accelerate the expiry date if the 5 day volume-weighted average trading price exceeds $0.50.

No warrants held by insiders of the Company will be amended. Both amendments will come into effect on March 6, 2026 and the warrants extended to March 3, 2027 will not be exercisable on March 4 or March 5, 2026.

ABOUT SERNOVA BIOTHERAPEUTICS
Sernova Biotherapeutics is a clinical-stage company developing regenerative medicine therapeutics combining its Cell Pouch with human donor cells or stem-cell derived islet-like clusters in collaboration with Evotec to create bio-hybrid organs to treat T1D. A bio-hybrid organ is comprised of non-biomaterials, such as the Cell Pouch, integrated with living tissues to restore or enhance the function of a compromised organ. This innovative approach aims to deliver a potentially revolutionary treatment for patients with chronic diseases, initially focusing on T1D and thyroid disorders.

The TSX has not reviewed this news release and does not accept responsibility for the accuracy or adequacy of this news release.

FORWARD-LOOKING INFORMATION
This release contains statements that, to the extent they are not recitations of historical facts, may constitute "forward-looking statements" that involve various risks, uncertainties, and assumptions, including, without limitation, statements regarding the prospects, plans, and objectives of the company. Wherever possible, but not always, words such as "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential for" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur are used to identify forward-looking statements. These statements reflect management's beliefs with respect to future events and are based on information currently available to management on the date such statements were made. Many factors could cause Sernova's actual results, performances or achievements to not be as anticipated, estimated or intended or to differ materially from those expressed or implied by the forward-looking statements contained in this news release. Such factors could include, but are not limited to, the company's ability to timely obtain necessary approvals, including TSX acceptance, to extend and reprice the warrants. Investors should consult the company's quarterly and annual filings available on www.sedarplus.ca for additional information on risks and uncertainties relating to the forward-looking statements. Sernova expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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