New Risk • Jun 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.5m free cash flow). Earnings have declined by 4.2% per year over the past 5 years. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (CA$40.9m market cap, or US$28.9m). Announcement • Jun 02
Defence Therapeutics Inc. Appoints Dr. John Lambert as Board Director, Effective 1 June 2026 Defence Therapeutics Inc. announced the appointment of Dr. John Lambert to its Board of Directors, effective immediately,1 June 2026. Dr. Lambert brings more than four decades of scientific leadership and pioneering expertise in the development of antibody-drug conjugates ("ADCs"), further strengthening Defence's strategic capabilities as the Company advances its ACCUM-enabled ADC platform and partnership programs. Dr. Lambert is internationally recognized as one of the leading experts in the ADC field. He previously served in multiple senior scientific and executive leadership roles at ImmunoGen, including Chief Scientific Officer, Executive Vice President of Research, and member of the Executive Committee. During his tenure, scientists at ImmunoGen developed ADC technologies that ultimately contributed to the Genentech/Roche therapy KADCYLA, approved in 2013 for HER2-positive breast cancer. The company also discovered the anti-CD38 antibody that became Sanofi's SARCLISA and advanced several ADC molecules into clinical development, including ELAHERE, approved for platinum-resistant ovarian cancer. ImmunoGen was subsequently acquired by AbbVie in 2024. Prior to joining ImmunoGen in 1987, Dr. Lambert was among the first scientists recruited to the Dana-Farber Cancer Institute at Harvard Medical School to work on ImmunoGen-funded programs dedicated to developing ADCs and immunotoxins as anti-cancer therapeutics, at a time when the field was still in its infancy. Dr. Lambert's scientific career also includes training at some of the world's most respected academic institutions. He graduated from Christ's College, University of Cambridge (UK), with a degree in Natural Sciences before earning a Ph.D. in Biochemistry from the University of Cambridge in 1976, where he worked on the structure of glycolytic enzymes under the supervision of Professor Richard N. Perham. He subsequently completed postdoctoral research at the University of California, Davis, focusing on ribosome structure, and later at the University of Glasgow, Scotland, where he worked on the arom multienzyme complex. Since 2018, Dr. Lambert has advised numerous biotechnology companies and venture capital firms on ADC technologies, development strategies, and translational programs. He is the author or co-author of more than 130 peer-reviewed scientific publications and was elected Fellow of the American Institute for Medical and Biological Engineering (AIMBE) in 2016. New Risk • May 24
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$4.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.5m free cash flow). Earnings have declined by 4.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$36.0m market cap, or US$26.1m). 
