Betterlife issues 600,000 shares to corporate adviser

• Capital Structure Update (April 10, 2026): Betterlife Pharma issued 600,000 common shares to a corporate advisor for services rendered starting October 2025. No cash was received for this issuance.
• Debt Extension: Two convertible debentures originally maturing in February and March 2026 were extended by one year to February and March 2027 respectively. Conversion features and interest rates remain unchanged.
• Recent Financing (April 8, 2026): A private placement of up to $500,000 was arranged at $0.07 per unit (share + warrant), closing expected April 17, 2026. Proceeds earmarked for BETR-001 advancement and working capital.
• Debt Conversion (April 3, 2026): Approximately $215,320 in debentures were converted into equity (2.15M shares + warrants), reducing immediate cash repayment obligations.
• Strategic Appointments: Advisory board strengthened with Daniel Carcillo (former NHL player/Wesana Health) and Doug Drysdale (ex-Cybin CEO) to guide BETR-001 development for TBI and migraine indications.

• Liquidity Management: The extension of debenture maturities by one year is a critical liquidity management move that defers principal repayment pressure until 2027, aligning debt obligations with the anticipated clinical timeline (IND filing in 2H 2026). This reduces near-term default risk.
• Dilution: The issuance of 600,000 shares for services is dilutive to existing shareholders but represents a non-cash expense that preserves working capital. Given the recent $500,000 private placement and previous conversions totaling millions of shares, this incremental dilution is manageable within the current capital structure.
• Operational Progress: The news confirms the company is maintaining operations without immediate cash distress while preparing for IND filing. However, it does not provide new clinical data or partnership revenue that would fundamentally alter valuation multiples.
• Market Expectation: Given the April 8 financing announcement and previous debt conversions in early 2026, this extension was likely anticipated by the market as part of standard capital maintenance for a pre-revenue biotech. It does not represent a surprise catalyst.

• Company: Betterlife Pharma Inc. (CSE: BETR).
• Flagship Project: BETR-001, a proprietary non-hallucinogenic LSD derivative (2-bromo-LSD).
• Indications: Traumatic brain injury (TBI), cluster headaches, migraine, and potential psychiatric disorders.
• Development Stage: IND-enabling studies completed as of December 2025; filing planned for second half of 2026.
• Differentiation: Claims to avoid hallucinations even at full therapeutic doses, potentially allowing chronic dosing without the regulatory monitoring required for traditional psychedelics.
• Secondary Pipeline: A drug candidate targeting viral infections is being explored for strategic alternatives.