Mr. Fabio Chianelli reports

PHARMATHER CEO PUBLISHES LETTER TO SHAREHOLDERS

Pharmather Holdings Ltd. chief executive officer Fabio Chianelli has published a letter to shareholders.

Dear shareholders,

With 2025 complete, I want to thank you for your continued support of Pharmather. This past year marked a shift from ambitious development to concrete validation, setting the stage for what I believe will be a value-unlocking year ahead.

Pharmather's strategy is clear: to acquire and advance assets that can be efficiently monetized to generate product revenue, royalty income, equity value and strategic partnerships. We currently manage two assets: our ketamine franchise and our 49-per-cent equity interest in Sairiyo Therapeutics Inc., which is focused on a novel oral formulation of cepharanthine for infectious diseases and cancer.

Our strategy prioritizes non-dilutive value creation through disciplined cost control. Q4 2025 saw reduced cash burn and a lean, execution-focused organization. With the ketamine ANDA (abbreviated new drug application) sale closed, Pharmather enters 2026 stronger. Our current cash, reduced expenses and expected ANDA receipts are projected to fund our 2026 asset monetization goals without raising additional operating funds. Advancing long-term development programs, however, will require securing incremental capital through strategic partnerships or other shareholder-friendly initiatives.

2025 -- a year of execution, validation and strategic positioning

Two thousand twenty-five was defined by disciplined execution across regulatory, strategic and platform initiatives that advanced Pharmather's evolution into an asset-focused value creation company.

(1) FDA (U.S. Food and Drug Administration) approval of our ketamine ANDA

The FDA approval of our ketamine ANDA (No. 217858) marked a pivotal moment for Pharmather. This key validation not only enhances drug development and regulatory confidence but also unlocks new growth opportunities for us.

(2) Monetization of our ketamine ANDA

In October, we announced the sale of our U.S. ketamine ANDA (No. 217858) through an asset purchase agreement, including an upfront payment, sales-based milestones and profit sharing, potentially exceeding $25-million (U.S.). The December closing allows us to refocus on international ketamine commercial initiatives, strategic partnerships for our Parkinson's disease and drug delivery programs, and the advancement of a next-generation ketamine program.

(3) Partnering platforms to accelerate value creation

In 2025, we advanced initiatives intended to make Pharmather more scalable as an asset-driven platform company, including the offering of KetaVault and KetAImine, which we believe can enable commercial partnerships.

(4) Secured exclusive evaluation rights to a novel ketamine program

In November, we entered into an exclusive evaluation and option-to-license agreement with Oakwood Laboratories for a patented long-acting injectable ketamine program for neuropsychiatric indications.

2026 objectives -- asset monetization and development

Entering 2026, we intend to advance our monetization plan to unlock value from our assets.

(1) Realizing the economics of the ketamine ANDA sale

With the ketamine ANDA sale closed, we are positioned to benefit from a structure that includes upfront proceeds, milestones tied to cumulative sales and profit sharing, as previously disclosed. We will report realized economics as they occur.

(2) Expanding internationally with ketamine

We previously outlined preparations for international regulatory and commercial initiatives for ketamine across multiple geographies. In 2026, we intend to continue building optionality for ex-U.S. value creation through partnerships or region-specific monetization structures as warranted.

(3) Entering into strategic partnerships across our ketamine pipeline and platforms

We will seek strategic partnerships for our ketamine programs, focusing on Parkinson's disease and drug delivery to improve capital efficiency and accelerate development to the pivotal stage and commercialization. A structured deal (upfront consideration, milestones and royalties) could provide meaningful non-dilutive financing. Simultaneously, we will promote our platform tools, KetaVault and KetAImine, to foster long-term relationships and economic benefits.

(4) Unlocking value from Sairiyo Therapeutics ownership

We plan to crystallize the value of our 49-per-cent equity interest in Sairiyo Therapeutics. This will be pursued through various avenues, which may include the sale of all or part of our interest, a spinout or another public company transaction. The timing and specific form of any transaction will be determined by prevailing market conditions and regulatory considerations.

(5) Committing to developing a next-generation ketamine product

In 2026, we will continue to evaluate the long-acting injectable ketamine program. At the same time, we are actively assessing both our internal ketamine programs and external ketamine-related opportunities for potential advancement. The program we ultimately select will form the foundation of our long-term development strategy and value-creation plan, guiding capital allocation, partnering priorities and our road map for building a durable ketamine franchise.

Closing -- 2026 is about unlocking what we have

In 2025, Pharmather executed a disciplined strategy that positions the company for meaningful value creation. We achieved FDA approval, monetized our ketamine ANDA, advanced ketamine-focused partnering platforms and secured access to differentiated next-generation ketamine programs.

In 2026, we intend to unlock the economic potential embedded in these assets through monetization, strategic partnerships, crystallizing value from our equity holdings in Sairiyo Therapeutics and disciplined execution.

Thank you for your continued support as we build Pharmather's next chapter of sustainable, long-term value creation.

Sincerely,

Fabio Chianelli

Founder, chairman and CEO

Pharmather Holdings Ltd.

About Pharmather Holdings Ltd.

Pharmather is a specialty pharmaceutical company focused on acquiring and advancing assets that can be efficiently monetized to generate revenue, equity value and strategic partnerships. The company currently manages two assets: (i) ketamine, which received FDA approval in 2025 and is advancing a second indication in Parkinson's disease toward phase 3 clinical development; and (ii) a 49-per-cent equity interest in Sairiyo Therapeutics, which is focused on a novel oral formulation of cepharanthine for infectious diseases and cancer.

We seek Safe Harbor.