Theralase(R) Announces $4 Million Brokered LIFE Offering

• Theralase Technologies Inc. announced a brokered private placement offering (LIFE) to raise between C$3,000,000 and C$4,000,000 gross proceeds.
• The offering price is set at C$0.24 per unit, consisting of one common share and one warrant exercisable at C$0.32 for 60 months.
• Proceeds are designated to fund Phase II bladder cancer clinical studies (Ruvidar) and GLP toxicology studies for Rutherrin.
• The agent is Research Capital Corporation with a 7% cash commission and 7% broker warrants.
• Expected closing date is May 20, 2026, subject to approvals.
• This follows the release of 2025 Annual Financial Statements showing a net loss of $4.12 million on revenue of $816,468 (a 21% decrease from 2024).

• The financing is necessary to sustain operations given the high burn rate ($4.1M annualized loss) and lack of commercial revenue.
• The offering price of C$0.24 represents a significant discount to recent trading levels (closing at $0.39 in late April), indicating weak investor demand without incentive or pressure on valuation.
• Dilution is substantial; raising ~$4M against a likely small market cap will significantly increase share count and dilute existing shareholders.
• The news confirms the company remains pre-revenue and dependent on equity markets for survival, which is expected but negative for shareholder value retention.
• No material change to clinical milestones or regulatory status was announced; the Q3 2026 submission timeline remains unchanged from prior guidance.

• Flagship Project: Ruvidar (TLD-1433), a light-activated small molecule for non-muscle invasive bladder cancer (NMIBC).
• Secondary Project: Rutherrin, a ruthenium-based compound activated by X-ray for muscle-invasive bladder cancer (MIBC) and other solid tumors.
• Clinical Status: Phase II Study II enrollment complete (90 patients); interim data shows 65.2% Complete Response rate in BCG-unresponsive NMIBC.
• Regulatory Path: Submission to Health Canada and FDA targeted for Q3 2026; approval anticipated in H1 2027.
• Technology: Requires proprietary TLC-3200 Medical Laser System for activation of Ruvidar.