PharmaTher CEO Publishes Letter to Shareholders

Executive Summary

• CEO Fabio Chianelli issued a shareholder letter outlining PharmaTher’s 2025 achievements—including FDA approval and the closed sale of its U.S. Ketamine ANDA—and detailing 2026 strategic objectives focused on asset monetization, international expansion, and partnership development.
• The Ketamine ANDA sale was completed in December 2025 under an agreement that may generate > US$25 million through upfront cash, sales‑based milestones and profit‑sharing.
• PharmaTher plans to pursue non‑dilutive financing via strategic partnerships, explore a sale or spin‑out of its 49 % stake in Sairiyo Therapeutics, and advance next‑generation ketamine programs.

Key Details

• 2025 Highlights
• FDA approval of Ketamine ANDA (Application #217858).
• Sale of Ketamine ANDA closed in December 2025; transaction includes upfront cash, sales‑based milestones, and profit‑sharing with potential total consideration exceeding US$25 million.
• Introduction of platform tools KetaVault™ and KetAImine™ to facilitate commercial partnerships.

• Exclusive evaluation & option‑to‑license agreement with Oakwood Laboratories for a long‑acting injectable ketamine program (neuropsychiatric indications).

• 2026 Objectives

• Realize economics from the ANDA sale as milestones are met and profit‑sharing accrues.
• Expand ketamine commercialization internationally through partnerships or region‑specific monetization structures.
• Seek strategic alliances for ketamine pipeline (including Parkinson’s disease and drug‑delivery programs) on an upfront‑milestone‑royalty basis to fund development without diluting equity.
• Evaluate options to monetize the 49 % equity interest in Sairiyo Therapeutics (sale, spin‑out, or other public‑company transaction).

• Continue assessment and potential advancement of a next‑generation long‑acting injectable ketamine product, selecting the most promising candidate for future development.

• Financial Outlook

• Reduced cash burn in Q4 2025; current cash balance deemed sufficient to fund 2026 asset‑monetization plans without additional operating capital.
• Anticipated ANDA receipt and milestone payments expected to provide primary funding source for 2026 activities.

Notable Quotes

• “With the Ketamine ANDA sale closed, PharmaTher enters 2026 stronger… Our strategy prioritizes non‑dilutive value creation through disciplined cost control.” – Fabio Chianelli, Founder, Chairman & CEO

All forward‑looking statements are subject to risks and uncertainties that could cause actual results to differ materially.