Theralase(R) Closes $CAN 2.66 Million Financing

• Financing Closed: Theralase Technologies closed a non-brokered private placement of 6,404,700 units at $0.26 CAD per unit on April 10, 2026.
• Proceeds: Gross proceeds of $1,665,222 CAD raised from equity plus a $1,000,000 CAD revolving line of credit with Desjardins.
• Use of Funds: Capital designated for Phase II NMIBC CIS clinical study advancement, GLP toxicology for Rutherrin®, and working capital.
• Insider Participation: Insiders subscribed to 937,400 units ($243,724 CAD), signaling management confidence.
• Warrants Issued: Each unit includes a warrant exercisable at $0.36 CAD for five years.
• Context: This follows a March 10, 2026 financing of $1.1M and precedes the planned Q3 2026 regulatory submission to Health Canada and FDA.

• Liquidity Extension: The primary materiality is the extension of cash runway. With only ~$81k cash reported in September 2025, this financing prevents immediate liquidity distress before the critical Q3 2026 regulatory filing.
• Dilution Risk: Significant dilution continues. Approximately 7.4M new units issued (including March) over two months increases share count by ~3% on top of existing ~257M shares, though warrants add further potential dilution at $0.36 exercise price.
• Strategic Validation: The inclusion of a $1M line of credit provides operational flexibility without immediate equity issuance for working capital needs. Insider subscription mitigates the negative sentiment typically associated with private placements.
• Price Impact: The issue price ($0.26) is slightly below the recent trading range ($0.27-$0.30 in March/April 2026), suggesting some market pressure, but avoids a fire-sale at the December lows ($0.15).
• Overall: Positive for survival and execution of the clinical roadmap, but neutral-to-negative on per-share value due to dilution.

• Company: Theralase Technologies Inc. (TSX-V: TLT).
• Flagship Product: Ruvidar® (TLD-1433), a light-activated small molecule for non-muscle invasive bladder cancer (NMIBC).
• Secondary Asset: Rutherrin®, a ruthenium-based radiosensitizer for muscle-invasive and other solid tumors.
• Development Stage: Ruvidar is in Phase II clinical trials with interim data showing high complete response rates; Rutherrin is in preclinical/GLP toxicology phase.
• Technology: Proprietary TLC-3200 Medical Laser System used to activate the drug.