Board Change • May 20
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Director Shantha Kodihalli is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Feb 20
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 20% 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 Share price has been highly volatile over the past 3 months (20% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$8.12m market cap, or US$5.93m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). Announcement • Jan 21
Cytophage Technologies Ltd. Announces Chief Financial Officer Changes Cytophage Technologies Ltd. announced the appointment of James Kinley, CPA CA, as Chief Financial Officer. Mr. Kinley is based in Winnipeg and brings extensive experience in the biotech industry, having served as a CFO to several publicly listed healthcare companies over the past 15 years, including his current engagement as CFO to Algernon Health Inc. He will work with management and the Board of Directors to ensure continued compliance with the Company's financial reporting obligations and the requirements of applicable securities regulators and the TSX Venture Exchange. As a fractional CFO, the Company will also be able to benefit from cost savings in the appointment of Mr. Kinley. Mr. Kinley replaces Julius Kalcevich who has been the Company’s CFO since July 2023. Mr. Kalcevich was brought on to take the Company public through a reverse takeover and lead several financing efforts. Mr. Kalcevich has agreed to assist with an orderly transition and will work closely with Mr. Kinley to support continuity of financial oversight, reporting, and public company compliance during the transition period. Mr. Kalcevich will remain available to the Company as an ad-hoc independent consultant. New Risk • Jan 13
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 16% 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 Revenue is less than US$1m. Market cap is less than US$10m (CA$8.80m market cap, or US$6.34m). Minor Risks Share price has been volatile over the past 3 months (16% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Announcement • Nov 29
Cytophage Technologies Ltd. announced that it has received CAD 1.2 million in funding On November 28, 2025, the company has closed the transaction. The company has issued 990,000 Units at a price of CAD 0.2 per unit for aggregate proceeds of CAD198,000. In connection with the closing, the Company has also agreed, subject to receiving Exchange approval, to pay finder’s fees of CAD4,200 in cash and to 21,000 broker warrants, on the same terms as the Warrants forming part of the Offering, to qualified non related parties. The closing of the Offering remains subject to all regulatory approvals from the TSX Venture Exchange. New Risk • Nov 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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$12.0m market cap, or US$8.56m). Minor Risk Shareholders have been diluted in the past year (24% increase in shares outstanding). Announcement • Oct 17
Cytophage Technologies Ltd. announced that it expects to receive CAD 1.2 million in funding Cytophage Technologies Ltd. announced a non-brokered private placement of up to 6,000,000 units at CAD 0.20 per Unit , for gross proceeds of up to CAD 1,200,000. Each Unit consists of one common share of the Company and one half of a common share purchase warrant. Each whole Warrant entitles the holder thereof to purchase one additional Share at a price of CAD 0.40 per Warrant Share, for a period of 24 months from the date of issuance. The Company reserves the right to increase the size of the Offering by up to an additional CAD 600,000 through the sale of up to 3,000,000 additional Units. All securities issued under the Offering, including Warrant Shares issuable upon exercise of the warrants and finders warrant shares issuable upon exercise of the Finders Warrants, will be subject to a hold period expiring 4 months and 1 day after each applicable closing date, in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws. The Company may close the Offering in multiple tranches. With the pending regulatory approvals from the TSX Venture Exchange, the Company expects to close the Offering on or about November 6, 2025. New Risk • Oct 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$12.6m (US$9.07m) 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$3.7m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (CA$12.6m market cap, or US$9.07m). Minor Risk Share price has been volatile over the past 3 months (18% average weekly change). New Risk • Aug 31
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$3.7m 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$3.7m 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$15.4m market cap, or US$11.2m). New Risk • Jul 02
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 Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$10.5m market cap, or US$7.68m). Announcement • Jun 11
Cytophage Technologies Ltd. announced that it has received CAD 1.55 million in funding On June 10, 2025, Cytophage Technologies Ltd. closed the transaction. In connection with offering company paid pay finders' fees of CAD 27,545 in cash and issue 128,975 broker warrants. All securities issued are subject to a four-month hold period expiring Oct. 11, 2025.The company's directors and senior officers have collectively subscribed for 1,212,500 units for CAD 242,500, representing approximately 15.7 per cent of the total offering. New Risk • May 16
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 Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (CA$12.9m market cap, or US$9.25m). Announcement • May 14
Cytophage Technologies Ltd. announced that it expects to receive CAD 1 million in funding Cytophage Technologies Ltd announced a non brokered private placement to issue 5,000,000 units at a price of CAD 0.2 per unit for aggregate gross proceeds of CAD 1,000,000 on May 14, 2025. Each unit consists of one common share of the company and one common share purchase warrant. Each Warrant entitles the holder thereof to purchase one additional common share of the company at a price of CAD 0.4 per warrant share for a period of 24 months from the date of issuance. The company has received commitments from its directors and officers to subscribe for approximately 1,000,000 units, for gross proceeds of approximately CAD 200,000. The company anticipates closing the offering in multiple tranches. Pending all regulatory approvals from the TSX Venture Exchange, the company expects to close the first tranche of the offering on or about May 22, 2025. The company may pay finder’s fees of up to 7% of gross proceeds raised and issue warrants, on the same terms as the Warrants forming part of the units, of up to 7% of the number of units sold to investors, to qualified non-related parties, in accordance with the policies of the exchange. All securities issued under the offering, including warrant shares issuable on exercise of the Warrants, will be subject to a hold period expiring 4 months and 1 day after issuance, in accordance with the rules and policies of the Exchange and applicable Canadian securities laws. Announcement • Apr 30
Cytophage Technologies Ltd., Annual General Meeting, Jun 25, 2025 Cytophage Technologies Ltd., Annual General Meeting, Jun 25, 2025. New Risk • Apr 15
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 16% 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$5.8m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (CA$7.28m market cap, or US$5.21m). Minor Risk Share price has been volatile over the past 3 months (16% average weekly change). New Risk • Feb 27
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$5.8m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (CA$13.8m market cap, or US$9.59m). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Board Change • Dec 31
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 1 experienced director. No highly experienced directors. Director Will Ollerhead is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Nov 19
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$5.5m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (CA$13.5m market cap, or US$9.57m). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (13% average weekly change). New Risk • Nov 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.5m (US$9.69m) 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$5.5m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (CA$13.5m market cap, or US$9.69m). Minor Risk Less than 3 years of financial data is available. New Risk • Sep 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.5m (US$9.95m) 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$5.5m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (CA$13.5m market cap, or US$9.95m). Minor Risk Less than 3 years of financial data is available. New Risk • Aug 29
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$5.5m 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$5.5m free cash flow). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Market cap is less than US$100m (CA$17.8m market cap, or US$13.2m). New Risk • May 11
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$3.0m 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$3.0m free cash flow). Revenue is less than US$1m. Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (17% average weekly change). Market cap is less than US$100m (CA$13.9m market cap, or US$10.2m). Announcement • Apr 17
Cytophage Technologies Ltd. Appoints Michael D. Cochrane as Newest Member of Board of Directors Cytophage Technologies Ltd. announced that Michael D. Cochrane, a managing partner at Dixford Capital, LLC, has joined the Cytophage board of directors as its newest member. He will also join the Audit and Finance Committee of the board. Michael's extensive experience as an investment banking veteran complements the board's wealth of expertise in research, product development, commercialization, finance and corporate governance. Michael D. Cochrane is an investment banking veteran with more than 30 years of M&A and finance experience in both New York and Toronto. During his 20-year career in New York, he held coverage and management positions at Goldman, Sachs, Lehman Brothers, Credit Suisse and CIBC World Markets. Michael has specialized in M&A for growth companies focused on industry disruption through unique technologies, innovative business models or consolidation strategies. Michael is currently the Managing Partner of Dixford Capital, an advisory and investment company which focuses on growing small and mid-sized business through implementing operational, financing and capital allocation strategies. Dixford is presently an investor in Lakeview Mortgage Funding, The Milbrook Corporation, MCC Leasing, Aeris Communications and MacCosham Inc. Previous positions include Managing Director in New York with UBS's Global Industrial Group, Managing Director with CIBC World Markets in Toronto and Co-Head of CIBC's Global Diversified Industries investment banking group. Between 2014 and 2019, Michael taught M&A and Economics courses in the MBA programs at Queen's University's Smith School of Business and York University's Schulich School of Business. Announcement • Feb 14
Cytophage Technologies Ltd. Provides Update on Upcoming Product for Egg Production in Canada Cytophage Technologies Ltd. announced that it has completed research and development of its OvaPhage product, and is preparing to conduct field trials in Canada as a final step before commercialization. Cytophage has been in longstanding discussions with Canadian industry leaders who have sought alternatives to the currently available disinfectant products used in egg production. As a result, Cytophage has developed OvaPhage, its next product in the FarmPhage line. OvaPhage is a bacteriophage product that will address bacteria such as Salmonella, Escherichia, and Shigella on the surface of eggs. OvaPhage is an disinfectant bacteriophage product that, in laboratory studies, reduces 90% of bacterial load on egg shells. OvaPhage is also environmentally friendly, non-toxic and does not damage the cuticle of the egg. Cytophage developed OvaPhage based on its proprietary bacteriophage technology, and has tested it in its laboratories over the past 9 months. Cytophage is now preparing for field trials which will involve testing the product in poultry barns. OvaPhage will be spray on the eggs using the existing closed spray systems available in poultry barns. The Company's national poultry advisor has indicated that Canadian egg producers would welcome new products that will decrease spoilage and increase revenues while not requiring new application processes. To facilitate this step, an Experimental Studies Certificate application is being prepared for submission to the Canadian Food Inspection Agency. An application for regulatory approval in the United States has been submitted and a similar regulatory approval submission for Canada is currently being developed. Upon completion of field testing and regulatory approvals, the Company expects to commence commercialization of OvaPhage across Canada. Board Change • Feb 12
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Andy Hurley was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 