Announcement • Jun 20
LIR Life Sciences Corp. Completes Comparative Animal Study Showing Successful Protamine-Enhanced Permeation Transport of Both Semaglutide and Tirzepatide LIR Life Sciences Corp. has completed its comparative mouse study evaluating protamine-enhanced skin permeation delivery of GLP/GIP-based therapies. The Study has now been completed for both semaglutide and tirzepatide, with closely aligned and reproducible results observed across the two molecules. Interim results from the Study demonstrated that a skin-applied protamine formulation of semaglutide could produce a meaningful reduction in blood glucose following an oral glucose challenge, approaching the glucose control profile observed with injectable administration. The final phase of the Study extended this same experimental framework to tirzepatide, a dual GLP-1/GIP receptor agonist, to assess whether similar skin permeability performance could be achieved with a second, structurally distinct incretin-based therapy. These results indicate that animals treated with a protamine-enabled topical formulation of tirzepatide exhibited glucose response profiles that were comparable to those observed with topical semaglutide, including blunting of post-challenge glucose excursions relative to untreated controls and sustained glucose stability over the observation period. The magnitude and shape of the glucose-lowering response following skin permeation administration were closely aligned between the two molecules, supporting the reproducibility of the platform across multiple GLP/GIP-based therapies. The Study also compared topical protamine formulations of semaglutide and tirzepatide against standard subcutaneous injection and untreated controls using a standardized glucose tolerance model. Completion of the Study for both compounds demonstrated that the observed skin permeation activity may not be limited to a single drug, but instead likely reflects a broader, molecule-agnostic capability of the protamine delivery system. With the comparative mouse Study now complete, LIR intends to use the full dataset to guide next steps in formulation optimization, dose refinement, and selection of lead candidates for subsequent preclinical and regulatory-enabling studies. The Company also notes that results from the Study were presented at ENDO 2026, the Endocrine Society’s annual meeting, held in Chicago, Illinois from June 13 to 16, 2026. The Company believes these results further support the potential of skin-applied, protamine-enabled delivery as a viable needle-free approach for incretin-based obesity therapies. New Risk • May 31
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$12.0m (US$8.69m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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$1.7m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$12.0m market cap, or US$8.69m). New Risk • May 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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$1.7m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (CA$15.3m market cap, or US$11.3m). New Risk • Apr 04
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$1.7m 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$1.7m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (CA$13.9m market cap, or US$9.99m). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (18% average weekly change). New Risk • Mar 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.4m (US$9.74m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m. Market cap is less than US$10m (CA$13.4m market cap, or US$9.74m). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (19% average weekly change). Announcement • Jan 23
LIR Life Sciences Corp. Completes Design of Ex Vivo Animal Study to Evaluate Novel Transdermal Agents for Transport of Larger Therapeutic Molecules LIR Life Sciences Corp. announced the completion of a study design for an ex vivo porcine skin investigation that is designed to evaluate whether novel transdermal agents can enhance the transdermal penetration of therapeutic macromolecules across a wide molecular size range, spanning approximately 5kDa up to antibody scale (~150kDa). In particular, the study will test whether transdermal agents can help much larger medicines move through skin effectively, which could potentially open the door to developing certain therapies without injections. Working with its scientific partners, LIR has finalized a controlled experimental framework using full thickness porcine skin, which is commonly accepted as one of the most relevant models for human skin permeability. The study is designed to compare transdermal agent-containing formulations with matched controls that contain the same macromolecular payloads without transdermal agents. Penetration depth and distribution will be evaluated using confocal microscopy together with quantitative fluorescence-based measurements collected at predefined time points. These analyses are intended to help determine whether the transdermal agents can meaningfully facilitate the movement of macromolecular therapeutics through the skin to a measurable degree. Completion of the design phase allows LIR to proceed towards formal study execution, which is expected to occur in First Quarter, 2026. The results are expected to inform which categories of larger therapeutic molecules may ultimately be compatible with skin applied, needle free delivery strategies. 