Theralase(R) Release's 4Q2023 Interim Financial Statements - Seite 2

Non-Brokered Private Placement

On November 29, 2023, the Company closed a non-brokered private placement of Units. On closing, the Company issued an aggregate of 5,318,183 Units at a price of $CAN 0.22 per Unit for aggregate gross proceeds of approximately $CAN 1,170,000 of which 461,282 Units were purchased by certain insiders of the Corporation. Each Unit consists of one common share of the Company and one non-transferable Warrant. Each Warrant entitles the holder to acquire an additional Common Share at a price of $CAN 0.28 for a period of 5 years following the date of issuance.

On February 5, 2024, the Company closed a non-brokered private placement of Units. On closing, the Company issued an aggregate of 6,666,670 units at a price of $CAN 0.18 per Unit for aggregate gross proceeds of approximately $CAN 1,200,000, of which 1,310,502 units were purchased by certain insiders of the Corporation. Each Unit consists of one common share of the Company and one non-transferable Warrant. Each Warrant entitles the holder to acquire an additional Common Share at a price of $CAN 0.23 for a period of 5 years following the date of issuance.

Kristina Hachey CPA, Chief Financial Officer of Theralase stated, "The 2023 annual financial statements are representative of the Company investing in the development of its lead asset, light-activated Ruvidar^TM, with a focus on commercializing the next standard of care treatment for BCG-Unresponsive NMIBC CIS. In 2024, the Company plans to secure funding through various equity and debt instruments to allow the Company the ability to become base shelf eligible. This will allow the Company sufficient funding to complete enrollment into Study II by year end, data lock in mid 2026 and position the Company for FDA and Health Canada approval the end of 2026."

Study II Update

On February 8 ^th , 2024, Dr. Michael Jewett joined the Company in the role of an independent consultant, to assist the Company in the accruement of patients into Study II. Under the terms of the consulting agreement, Dr. Jewett will be responsible for working with existing clinical study sites and helping to onboard new clinical study sites to assist Theralase to complete enrollment and provide the primary study treatment to all 100 patients in Study II, by December 31, 2024.