Month: September 2026

Strong Operational Execution and Progress Across Customer Deployments, Commercial Partnerships and Product Development

Revenue Increased 14% Year-Over-Year, Including 34% Growth in QPU-Related Services Revenue

PARIS and NEW YORK, Sept. 24, 2026 (GLOBE NEWSWIRE) — Pasqal Holding SA (Nasdaq: PSQL), a global leader in neutral-atom quantum computing, today announced its financial results for the first half of 2026, covering the six months ended June 30, 2026.

First Half 2026 Financial Highlights

• Revenue of €4.9 million, an increase of 14% year-over-year.
• QPU-related services revenue of €3.9 million, an increase of 34% year-over-year.
• Booked and awarded business¹ of €70.4 million as of June 30, 2026.
• Operating loss of €59.2 million, which included €37.5 million in share based payments and one-time charges, as compared with €19.8 million in the first half of 2025, which included €1.0 million in share based payments.
• Shared based payment charges amounted to €27.3 million in the first half of 2026, compared to €1.0 million in the first half of 2025. One-time transaction-related expenses incurred in connection with the completion of the business combination and the related listing process amounted to €10.2 million in the first half of 2026.
• Cash and cash equivalents of €110.8 million as of June 30, 2026. Strong balance sheet to fund growth with cash and cash equivalents of approximately €312.9 million as of August 27, 2026, following the successful business combination with Bleichroeder Acquisition Corp. II and related financing transactions as described below.

(1) Booked and awarded business include grants, tax credit and multi-year customer contracts.

“During the first half of 2026, we continued to deepen our engagement with our customers of choice across financial services, energy and advanced materials to solve high-value business problems and integrate quantum computing into real-world workflows. As demonstrated by our expanding relationships with organizations including NVIDIA, Google, Saudi Aramco and Crédit Agricole, the ability to deliver quantum advantage on meaningful applications today is driving commercial momentum, strengthening our backlog and validating quantum computing as a practical tool for creating measurable value for enterprise customers,” said Dr. Wasiq Bokhari, Chief Executive Officer of Pasqal.

“At the same time, we continue to execute against our roadmap. Recent milestones, including the demonstration of more than 1,000 physical qubits, industry-leading progress in logical qubits, and the successful application of our systems to solve complex differential equations and simulate materials beyond the practical reach of classical computing, reinforce our confidence in the strength and differentiation of Pasqal’s neutral-atom approach and position the Company to capitalize on the growing demand for practical quantum computing solutions,” continued Dr. Bokhari.

“Importantly, Pasqal’s capital-efficient business model enables us to pursue these technology and commercial objectives without the significant infrastructure investments required by many alternative quantum architectures. By leveraging a highly scalable neutral-atom platform that can be deployed in conventional data center environments, we are able to bring quantum solutions to customers more quickly, lower total cost of ownership, and accelerate the transition from research programs to production applications. This capital efficiency benefits both Pasqal and our customers, allowing us to focus resources on delivering practical solutions to real-world business challenges today while advancing toward fault-tolerant quantum computing.”

“As we enter the second half of the year as a publicly traded company, we believe Pasqal is uniquely positioned at the intersection of scientific innovation and commercial adoption. With a growing portfolio of customer engagements, a differentiated technology platform, a disciplined approach to capital allocation, and a strong balance sheet to support future growth, we remain focused on delivering practical quantum solutions that create value today while building the foundation for the next generation of quantum computing.”

First Half 2026 Business and Technological Highlights

• Introduced New Integration with NVIDIA CUDA-Q: Integrated NVIDIA CUDA-Q with Pasqal’s platform to advance hybrid quantum-classical computing and simplify deployment of quantum workloads within existing HPC infrastructure.
• Experimental Validation of Quantum Simulation: Pasqal and its academic partners used up to 256 atoms on Pasqal’s Orion Beta QPUs to simulate the magnetic material TmMgGaO₄ and compared the results against laboratory measurements on crystals of that material. The work was among the studies cited by Nature on March 30, 2026, in its coverage of quantum simulations being verified against experimental data for the first time.
• Scaling of the Qubit Register: Pasqal prepared defect-free registers of 1,024 atoms, doubling its previous result of 506 atoms, and extended atom lifetimes approximately 40-fold through a redesigned cryogenic platform.
• Research Milestone in Logical Qubit Computing: Pasqal executed a full machine-learning application for solving differential equations using logical qubits, with the logical implementation outperforming its physical-qubit counterparts, in what the Company believes to be the first such comparison on a full application rather than on isolated sub-routines.
• Selected as XPRIZE Quantum Applications Finalist: Pasqal is one of five teams advancing in the XPRIZE Quantum Applications competition, a three-year global initiative sponsored by Google Quantum AI and the Geneva Science and Diplomacy Anticipator (GESDA) to accelerate the development of quantum computing solutions for real-world challenges. Final results are expected to be announced in 2027.
• Partnered with True Nexus to Apply Quantum Computing to Next‑Generation Food Protein Design: The partnership aims to create advanced computational models for protein functionality, expanding Pasqal’s presence in industrial applications and demonstrating the potential of neutral-atom quantum systems in life sciences and sustainable food innovation.
• Launched Saudi Arabia’s First Quantum Computer and the Middle East’s First Commercial Quantum Computing as a Service Platform: The deployment provides cloud-based access to a 200-qubit neutral-atom system and marks a significant milestone in the commercialization of quantum computing for industrial applications.
• Advanced Strategic Partnership with Crédit Agricole CIB to Deploy Quantum Computing Applied to Finance: The strategic partnership is expected to accelerate the transition from quantum research to operational deployment in capital markets activities.
• Deployed Italy’s First Neutral Atom Quantum Computer: Delivered a 140-qubit system designed for integration with the Leonardo supercomputer, expanding Pasqal’s installed base of production quantum systems across strategic research and commercial computing centers.
• Strengthened Leadership Team: Appointed Stéphane Rougeot as Chief Financial Officer to lead Pasqal’s global finance organization.

Recent Developments

• Memo of Understanding (“MOU”) with Eleven Ventures: Announced a MOU with Eleven Ventures, a Kingdom of Saudi Arabia investment platform and venture capital firm, to establish a joint venture to deploy and commercialize Pasqal’s quantum computing systems across the Kingdom of Saudi Arabia.
• Collaboration with King Abdulaziz City for Science & Technology (“KACST”): Entered into research collaboration agreement with KACST to advance research and development in quantum technologies in the Kingdom of Saudi Arabia.
• Advance Next-Generation Technologies for Critical Mineral Production: Partnered with USA Rare Earth and Riven Systems to advance next-generation technologies for critical mineral production.
• Photon Integrated Circuit (“PIC”) Packaging Center of Competency: Launched, through its Canadian subsidiary Aeponyx Enterprises Inc. (“Aeponyx”), a Center of Competency in Photonic Integrated Circuit (“PIC”) Packaging at the C2MI in Bromont, Quebec, intended to establish a domestic Canadian supply chain supporting the photonic layer of Pasqal’s hardware roadmap.
• PIC Trapped Atoms Further Enhancing Technological Roadmap: Pasqal trapped individual atoms using laser light generated by a PIC, holding four rubidium atoms in four optical traps from a single photonic chip with lifetimes of approximately 27.5 seconds, matching the Company’s bulk-optics systems. The platform was co-developed with Aeponyx, acquired less than 18 months earlier, and reduces the optical footprint by up to a factor of 50, addressing a principal constraint on manufacturing neutral-atom processors at industrial scale.

Earnings Conference Call

Pasqal will host a conference call to discuss the Company’s first half 2026 financial results on Thursday, September 24, 2026, at 8:00 a.m. Eastern Time. Those wishing to participate via telephone may dial 1-877-497-9071 (U.S. and Canada) or 1-201-689-8727 (international). A live audio webcast of the conference call can be accessed through Pasqal’s Investor Relations website at https://investors.pasqal.com, and a webcast replay will be accessible following the scheduled call.

About Pasqal

Pasqal (Nasdaq: PSQL) helps organizations tackle problems that are difficult or impossible to solve with conventional computing methods alone. Founded in 2019 on Nobel Prize–winning research, Pasqal builds and operates neutral-atom quantum computers, delivered with a full software stack, for industry, science, and governments. Pasqal’s production-ready systems are available both on-premises and through the cloud, enabling organizations to harness quantum computing without requiring in-house quantum expertise. A single hardware platform supports analog workloads today and is designed to evolve toward fault-tolerant quantum computing in the future.

Headquartered in France with operations globally, Pasqal’s quantum computing systems are used by customers across energy, financial services and advanced materials to address complex challenges. Pasqal’s customers include Saudi Aramco, Crédit Agricole CIB, LG Electronics and supported by partnerships with NVIDIA and IBM (Pasqal is part of the IBM Quantum Network).

Forward-Looking Statements

Certain statements herein may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “might”, “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “predict,” “project”, “forecast,” “potential,” “seem,” “seek,” “target,” “possible,” “future,” “outlook” or similar terminology or expressions that predict or indicate future events or trends. These forward-looking statements include, but are not limited to, statements regarding future events, including Pasqal’s expected use of cash available at closing of the business combination and Pasqal’s ability to accelerate global deployment of its quantum computing platform.

These statements are based on current expectations and are not predictions of actual performance. They are provided for illustrative purposes only and must not be relied on as a guarantee, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and are beyond the control of Pasqal. These statements are subject to known and unknown risks and uncertainties and assumptions regarding Pasqal’s business and the business combination, and actual results may differ materially. These risks and uncertainties include, but are not limited to: general economic, political, social and business conditions; uncertainty or changes with respect to laws and regulations; risks related to Pasqal’s indebtedness; the risk from Pasqal pursuing an emerging technology, facing significant technical challenges and the potential that it may not achieve commercialization or market acceptance; Pasqal’s reliance on strategic partners and other third parties; Pasqal’s ability to maintain, protect and defend its intellectual property rights; and other risks that will be detailed from time to time in filings with the U.S. Securities and Exchange Commission. The foregoing list of risk factors is not exhaustive. There may be additional risks that Pasqal does not know or currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide Pasqal’s expectations, plans and forecasts of future events and views as of the date of this communication. While Pasqal may elect to update these forward-looking statements in the future, Pasqal specifically disclaims any obligation to do so.

Contact:

Investors
investors@pasqal.com 

Media
pr@pasqal.com

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

In € thousand	June 30, 2026	December 31, 2025
Goodwill	19,643	19,676
Other intangible assets	18,858	17,451
Property, plant and equipment, net	30,346	28,119
Right-of-use assets	8,346	8,978
Deposits	8,802	8,421
Government grant receivables	8,667	1,198
Total non-current assets	94,662	83,844
Inventories, net	11,796	11,309
Trade receivables	6,109	5,608
Government grant receivables	3,009	8,181
Tax receivables	5,315	3,111
Other current assets	3,110	2,010
Cash and cash equivalents	110,835	73,762
Total current assets	140,175	103,980
Total Assets	234,837	187,824
In € thousand	June 30, 2026	December 31, 2025
Share capital	868	715
Share premium	211,131	70,158
Accumulated deficit	(124,889)	(32,533)
Other reserves	95,196	49,601
Loss for the period	(53,236)	(92,355)
Total equity	129,070	(4,415)
Borrowings	7,796	7,640
Lease liabilities	9,359	9,627
Employee benefit liabilities	15,161	11,051
Deferred tax liabilities	379	366
Deferred income from government grants	10,023	9,484
Total non-current liabilities	42,719	38,168
Borrowings	2,854	105,164
Lease liabilities	520	524
Provisions	357	356
Trade and other payables	13,911	9,556
Contract liabilities	28,237	22,977
Deferred income from government grants	6,931	7,409
Other current liabilities	10,237	8,084
Total current liabilities	63,048	154,070
Total shareholder’s equity and liabilities	234,837	187,824

CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)

	Six-month period ended
In € thousand	June 30, 2026	June 30, 2025
Revenue	4,872	4,286
Government grant income	2,950	3,544
Other operating income	182	1,275
Purchases of material	(2,569)	(2,692)
Changes in inventory	1,372	1,825
Employee salaries and benefit expenses	(41,594)	(15,353)
Professional services and other services	(19,553)	(8,261)
Depreciation and amortization	(4,302)	(4,396)
Other operating expenses	(518)	–
Operating loss	(59,161)	(19,773)
Change in fair value of financial liabilities at FVTPL	7,048	(3,033)
Finance income	1,414	1,101
Interest expense	(1,996)	(1,838)
Other financial expense	(521)	(2,608)
Loss before tax	(53,216)	(26,150)
Income (expense) tax benefit	(20)	31
Loss for the period	(53,236)	(26,118)
Other comprehensive loss	June 30, 2026	June 30, 2025
Items that may be reclassified to profit or loss in subsequent periods	(311)	10
Foreign currency translation adjustments	(311)	10
Items that will not be reclassified to profit or loss / income in subsequent periods	(11)	14
Remeasurement of defined benefit plans	(14)	19
Income tax impact	4	(5)
Other comprehensive (loss) / income for the period, net of tax	(322)	24
Total comprehensive loss for the period	(53,558)	(26,094)
Loss per share
Basic losses per share	(6.6)	(3.8)
Diluted losses per share	(7.3)	(3.8)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six-month period ended
in € thousand	June 30, 2026	June 30, 2025
CASH FLOW USED IN OPERATING ACTIVITIES
Cash used in operations	(25,194)	(19,956)
Net cash flows used in operating activities	(25,194)	(19,956)
CASH FLOW USED IN INVESTING ACTIVITIES
Acquisition of property, plant and equipment	(2,042)	(4,908)
Acquisition of intangible assets	(2,423)	(147)
Proceeds from sale of intangible asset	–	112
Receipt of government grants	375	1,359
Change in deposits	(380)	596
Purchases of subsidiary	(500)	(157)
Net cash flows used in investing activities	(4,970)	(3,145)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from borrowings	83	43,518
Repayment of borrowings and lease liabilities	(1,123)	(1,588)
Interest paid	(188)	(407)
Proceeds from capital increases	68,480	–
Net cash flows from financing activities	67,251	41,523
Net increase in cash and cash equivalents	37,087	18,422
Cash and cash equivalents at the beginning of the six-month period	73,762	7,163
Effects of exchange rate changes on cash and cash equivalents	(14)	(61)
Cash and cash equivalents at the end of the six-month period	110,835	25,524

Fourth Annual Collaboration Coincides with Breast Cancer Awareness Month

NORWOOD, Mass., Sept. 24, 2026 (GLOBE NEWSWIRE) — Betty’s Eddies™, the all-natural cannabis fruit chews handcrafted for specific health and wellness effects, announced today its fourth annual collaboration with the Keep A Breast Foundation (“KAB”). The collaboration, which furthers the brand’s commitment to breast cancer awareness, early screening education, and community support, kicks off this week as a lead-up to October’s Breast Cancer Awareness Month. Betty’s Eddies, is produced and distributed by leading multi-state cannabis operator, MariMed Inc. (“MariMed”) (CSE: MRMD) (OTCQB: MRMD).

After years of hearing from patients and consumers who have used Betty’s Eddies to help cope with treatment-related ailments, the brand is continuing its mission to spotlight the power of cannabis alongside preventative health practices. The partnership with KAB once again features a limited-time pink package for the fan-favorite Ache Away Eddies fruit chews, available across Massachusetts, Maine, Maryland, Illinois, and Delaware. The packaging promotes the Keep A Breast app, a free resource on Apple and Google Play that educates users on self-checking, offers risk-reduction tips, and connects directly to medical professionals when needed. Ache Away Eddies, infused with CBD, CBC, and THC, plus turmeric, piperine, and vitamin E, may help ease inflammation and aid recovery.

New to this year’s campaign is a retail round-up initiative at all 12 Thrive dispensary locations in participating states. Customers will be invited to round up their purchases to support the Keep A Breast Foundation, with all proceeds from the program benefiting KAB and its breast cancer awareness and education initiatives. Customers who participate will receive a Betty’s Eddies and Keep A Breast co-branded bracelet, while supplies last.

“Each year, our partnership with Betty’s Eddies creates new opportunities to reach people with education about breast health and the importance of early detection,” said Shaney Jo Darden, Founder of the Keep A Breast Foundation. “We’re especially excited about this year’s retail round-up initiative, which invites customers to directly support our mission. Together, we’re making breast health education more accessible and empowering more people to take an active role in their health.”

“Betty’s Eddies is deeply committed to promoting health and wellness in a fun, engaging, and educational way,” said Sara Rosenfield, Brand Manager for Betty’s Eddies. “Our continued partnership with the Keep A Breast Foundation is a natural extension of that commitment. We’re proud to make a meaningful impact on consumers by helping raise awareness about breast health, encouraging proactive screening, and connecting people with resources that can make a difference in their lives. Through this partnership, we’re continuing to support KAB’s important work while sharing how cannabis may provide relief for those navigating health challenges.”

About MariMed
MariMed Inc. is a leading multi-state cannabis operator, known for developing and managing state-of-the-art cultivation, production, and retail facilities. Our award-winning portfolio of cannabis brands, including Betty’s Eddies™, Bubby’s Baked™, Vibations™, InHouse™, and Nature’s Heritage™, sets us apart as an industry leader. These trusted brands, crafted with quality and innovation, are recognized and loved by consumers across the country. With a commitment to excellence, MariMed continues to drive growth and set new standards in the cannabis industry. For additional information, visit www.marimedinc.com.

Media Contact:
Zach Galasso
DPA Communications
Email: zach@dpacommunications.com
Phone: (978) 604-5423

Company Contact:
Howard Schacter
Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007

TORONTO and HOUSTON, Sept. 24, 2026 (GLOBE NEWSWIRE) — Medicenna Therapeutics Corp. (“Medicenna” or the “Company”) (TSX: MDNA, OTCQX: MDNAF), a clinical-stage immunotherapy company developing Superkines for targeting cancer and autoimmune disease, today announced that an abstract evaluating survival outcomes with bizaxofusp (formerly MDNA55) in unresectable, IDH-wildtype recurrent glioblastoma (rGBM) has been selected for an oral presentation at the 31st Annual Meeting of the Society for Neuro-Oncology (SNO 2026), taking place November 12-15, 2026, in Philadelphia.

The oral presentation will be delivered by Dr. Nicholas A. Butowski, MD, Professor of Neurological Surgery and Director of Translational Research, Neuro-Oncology at the University of California, San Francisco.

“Selection for an oral presentation at SNO highlights the interest of the neuro-oncology community in the continued clinical development of bizaxofusp for patients with recurrent glioblastoma,” said Fahar Merchant, PhD, President and Chief Executive Officer of Medicenna. “We look forward to presenting this survival analysis in the intended Phase 3 population and continue engaging with leading clinicians, researchers and potential pharma partners during SNO 2026.”

Details of the oral presentation are as follows:

Presentation Type: Oral Presentation
Title: Survival outcomes with bizaxofusp (MDNA55) in unresectable IDH-wildtype recurrent glioblastoma (rGBM) using a propensity score-weighted external control arm (ECA) in the intended Phase 3 population
Session: Clinical Trials Oral Abstracts Session I
Presenter: Nicholas A. Butowski, MD, University of California, San Francisco
Date and Time: Friday, November 13, 2026, 10:36 a.m. ET
Group Q&A: Friday, November 13, 2026, 10:43 a.m. ET
Location: Room 118 ABC, First Floor, Pennsylvania Convention Center, Philadelphia

About Bizaxofusp
Bizaxofusp (formerly MDNA55) is Medicenna’s IL-4 Empowered Superkine that has been evaluated in more than 130 patients across five clinical trials, including a Phase 2b study in recurrent glioblastoma. Bizaxofusp is designed to selectively target the interleukin-4 receptor (IL-4R), which is overexpressed by glioblastoma cells and cells in the tumor microenvironment, and is administered directly into the tumor using convection-enhanced delivery. Bizaxofusp has received Fast Track designation from the U.S. Food and Drug Administration and Orphan Drug designation in the United States and Europe.

About Medicenna Therapeutics
Medicenna is a clinical-stage immunotherapy company developing engineered cytokine therapies designed to selectively engage the immune system to treat cancer. The Company’s most advanced program, bizaxofusp (formerly MDNA55), is a targeted IL-4 Empowered Superkine that has been evaluated in more than 130 patients across five clinical trials, including a Phase 2b study in recurrent glioblastoma. Bizaxofusp has received Fast Track designation from the FDA and Orphan Drug designation in the United States and Europe. Medicenna is also advancing MDNA11, a long-acting IL-2 Superkine designed to selectively activate cancer-fighting immune cells, which is currently being evaluated in the Phase 1/2 ABILITY-1 study and the Phase 1b NEO-CYT study. The Company is also developing MDNA113, a targeted PD-1 x IL-2 bifunctional immunotherapy for solid tumors, and MDNA209, an antagonist of CD122 blocking IL-2/IL-15 signaling, using its proprietary BiSKIT and T-MASK platforms.

For more information, please visit www.medicenna.com, and follow us on X and LinkedIn.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, express or implied statements regarding the future operations of the Company, estimates, plans, strategic ambitions, partnership activities and opportunities, objectives, expectations, opinions, forecasts, projections, guidance, outlook or other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expect”, “believe”, “seek”, “potentially” and similar expressions. and are subject to risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the risks detailed in the latest annual information form of the Company and in other filings made by the Company with the applicable securities regulators from time to time in Canada.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date hereof and except as required by law, we do not intend and do not assume any obligation to update or revise publicly any of the included forward-looking statements.

This news release contains hyperlinks to information that is not deemed to be incorporated by reference in this new release.

Investor/Company Contact
Daniel Scarr
Director, Corporate Development
Medicenna Therapeutics
ir@medicenna.com

STAMFORD, Conn., Sept. 24, 2026 (GLOBE NEWSWIRE) — The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”), the Designed for Life home and technology brand best known for its Sactionals, The World’s Most Adaptable Couch, announced today that the Company is scheduled to participate in the 2026 Global Consumer & Retail Conference hosted by Telsey Advisory Group in collaboration with Santander Corporate & Investment Banking on Thursday, October 8, 2026, at 2:45 p.m. Eastern Time.

The fireside chat will be webcast live over the Internet and can be accessed on the Company’s Investor Relations website, investor.lovesac.com. An online archive will be available on that site following the event.

About The Lovesac Company

Based in Stamford, Connecticut, The Lovesac Company (NASDAQ: LOVE) is a technology driven company that designs, manufactures and sells unique, high quality furniture derived through its proprietary Designed for Life approach which results in products that are built to last a lifetime and designed to evolve as customers’ lives do. The current product offering is comprised of modular couches called Sactionals, the Sactionals Reclining seat, premium foam beanbag chairs called Sacs, the PillowSac Chair, an immersive surround sound home theater system called StealthTech, and an innovative sofa seating solution called Snugg™. As a recipient of Repreve’s 9th Annual Champions of Sustainability Award and Edison Awards’ 38th Annual Best New Product Awards for Sustainable Consumer Products and 39th Annual Bronze Award for Human-Centric Domestic Solutions, responsible production and innovation are at the center of the brand’s design philosophy with products protected by a robust portfolio of utility and design patents. Products are marketed and sold primarily online directly at www.lovesac.com, supported by a physical retail presence in the form of Lovesac branded showrooms, as well as through shop-in-shops and pop-up-shops with third party retailers. LOVESAC, DESIGNED FOR LIFE, PILLOWSAC, SACTIONALS, SAC, STEALTHTECH, LOVESOFT, and THE WORLD’S MOST ADAPTABLE COUCH are trademarks of The Lovesac Company and are registered in the U.S. Patent and Trademark Office.

Investor Relations Contact:
Caitlin Churchill, ICR
Colton West, ICR
(203) 682-8200
InvestorRelations@lovesac.com

NEW YORK, Sept. 24, 2026 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Virginia-based Bank of Botetourt (OTCQX: BORT, BORTP), a full-service community bank, has qualified to trade on the OTCQX® Best Market. Bank of Botetourt upgraded to OTCQX from the OTCID™ Basic Market.

Bank of Botetourt begins trading today on OTCQX under the symbol “BORT, BORTP.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Founded in 1899, Bank of Botetourt has built a legacy of financial strength, relationship banking, and community leadership. Today, the Bank serves its customers through multiple branch locations while maintaining a deep commitment to the communities it calls home. Through charitable giving, employee volunteerism, and strategic partnerships with local businesses and organizations, Bank of Botetourt works to support economic development and improve the quality of life throughout its market area. This commitment to community engagement remains a cornerstone of the Bank’s long-term success and shareholder value.

Graduating to the OTCQX Market marks an important milestone for community banks in the U.S. public markets. The OTCQX Market enables banks to maximize the value of being a public company by providing transparent trading and easy access to company information for shareholders. To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

Executive Vice President & CFO, Dustin Bays stated, “Trading on the OTCQX Market marks an exciting new chapter for Bank of Botetourt. This transition enhances the visibility of our company, provides our shareholders with access to a premier public marketplace, and supports greater transparency for investors. As we continue to execute our long-term strategy, we believe the OTCQX platform will help broaden investor awareness and contribute to the creation of lasting shareholder value, while allowing us to remain focused on delivering exceptional service to our customers and communities.”

Raymond James and Associates acted as Bank of Botetourt’s corporate broker.

Trading in U.S. community banks on OTCQX reached $464M in dollar volume the second quarter of 2026. OTC Markets recorded $453.34B in total dollar volume in the first half of the year. In the second quarter of 2026, 104 banks traded on OTCQX with an average market capitalization of $166M.

About Bank of Botetourt
Founded in 1899, Bank of Botetourt is a full-service community bank dedicated to helping individuals, families, businesses, and organizations achieve their financial goals through personalized service, local decision-making, and trusted relationships. Offering personal banking, business banking, mortgage lending, and wealth management services throughout western Virginia, the Bank is known for its award-winning service, financial strength, and unwavering commitment to the communities it serves. For more than 125 years, Bank of Botetourt has remained focused on delivering exceptional customer experiences while supporting the economic vitality of the region. 

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN, OTC Link NQB, OTC Overnight® and MOON ATS® are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Media Contact:   OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

• FDA clearance expands development of forazapadin into a second degenerative muscle disease with significant unmet medical need
• FSHD Canada Foundation to provide up to US$5 million in non-dilutive financing toward the clinical development of forazapadin in FSHD
• Phase 2 study in FSHD expected to begin in Q4 2026

TORONTO, Sept. 24, 2026 (GLOBE NEWSWIRE) — Satellos Bioscience Inc. (NASDAQ: MSLE, TSX: MSCL), a clinical-stage drug development company developing potentially life-improving medicines to treat degenerative muscle diseases, today announced that the U.S. Food and Drug Administration (FDA) has cleared its Investigational New Drug (IND) application for forazapadin for the treatment of facioscapulohumeral muscular dystrophy (FSHD). The company plans to initiate a Phase 2 clinical study in FSHD in the fourth quarter of 2026. Satellos also announced that the FSHD Canada Foundation has agreed to provide up to US$5 million in non-dilutive financing toward the clinical development of forazapadin in FSHD.

“We believe the biology targeted by forazapadin has the potential to address significant unmet needs in degenerative muscle diseases, and our expansion into FSHD reflects the broad potential of our muscle regeneration approach,” said Frank Gleeson, co-founder and chief executive officer of Satellos. “Progress in medicine happens when researchers, clinicians, industry partners and advocacy organizations come together around a common goal, and we are grateful to the FSHD Canada Foundation for its partnership and confidence in our work. This support is expected to enable us to advance forazapadin into clinical development in FSHD and extend our muscle regeneration strategy to a second patient community.”

“People living with FSHD, like me, are eager to find treatments that can stop our muscles from getting weaker. But we would also like to get some of those muscles back,” said Neil Camarta, co-founder of the FSHD Canada Foundation. “That is what makes this announcement so meaningful. Seeing forazapadin advance into clinical trials to evaluate the potential for muscle regeneration in FSHD is an important step for our community. While we know there is still a long road ahead, it is encouraging to see innovative approaches like this moving into the clinic. FSHD Canada appreciates the support we received from our friends at Solve FSHD, the FSHD Society and FSHD Global in helping make this possible. Time is muscle!”

The collaboration between Satellos and the FSHD Canada Foundation provides non-dilutive capital to advance forazapadin’s clinical development in FSHD. Under the agreement, the Foundation has agreed to contribute up to US$5 million in milestone payments over the next five quarters in exchange for a capped revenue-sharing interest in future FSHD-related proceeds. The funds are expected to support the IND-cleared Phase 2 randomized, double-blind, placebo-controlled proof-of-concept clinical study designed to evaluate the safety, tolerability, pharmacokinetics and potential efficacy of orally administered forazapadin at 60 mg and 120 mg doses in adults aged 18 and older living with FSHD, which we expect to initiate in the fourth quarter of 2026.

Wildon Farwell, M.D, chief medical officer of Satellos added, “We are excited to receive FDA clearance of our IND application for forazapadin in a second disease indication, one for which there are currently no approved therapies. FSHD is a genetic disease in which muscle regeneration appears to be compromised. We look forward to working with the FSHD community to evaluate the potential of forazapadin to impact muscle regeneration and benefit people living with FSHD. In particular, we are delighted that the clearance included 60 mg and 120 mg dose levels of forazapadin, enabling evaluation of two doses of our small molecule drug candidate.”

FSHD is one of the most common forms of muscular dystrophy, affecting an estimated 800,000 individuals worldwide. It is caused by abnormal activation of the DUX4 gene, which damages muscle and contributes to progressive muscle weakness. Symptoms often begin in the muscles of the face, shoulders and upper arms before progressing to other parts of the body. The severity and rate of progression vary from person to person, and there are currently no approved disease-modifying therapies.

The clearance of this IND represents the second clinical indication for which forazapadin is being developed. Forazapadin is currently being evaluated for Duchenne muscular dystrophy (DMD), where preliminary data from an ongoing Phase 2 clinical trial in adults living with DMD showed a favorable safety profile, reduced muscle fat fraction as measured by MRI, and increased total effort observed after six months of treatment at 60 mg. The company believes these findings may be consistent with muscle regeneration.

ABOUT FORAZAPADIN
Forazapadin is a proprietary, oral, small molecule drug candidate being developed by Satellos as a novel approach to regenerating skeletal muscle lost in degenerative muscle diseases or injury conditions. Forazapadin targets AAK1, a key protein identified by Satellos as believed to be capable of helping restore the body’s natural muscle repair and regeneration biology, a fundamental process that is disrupted in DMD, FSHD and other degenerative conditions. By inhibiting AAK1, forazapadin treatment aims to re-establish a biochemical signal believed to be involved in supporting muscle regeneration. Satellos is advancing forazapadin as a potential treatment for DMD that is independent of dystrophin and applicable regardless of exon mutation status as either a stand-alone or adjunctive therapy, with ongoing Phase 2 clinical studies including BASECAMP, a global, randomized, placebo-controlled study in pediatric participants, and TRAILHEAD, an open-label study in adult participants. A Phase 2 clinical study to evaluate the safety, efficacy and tolerability of forazapadin in adults with FSHD is expected to begin in the fourth quarter of 2026.

The company previously referred to the program as SAT-3247 and expects to transition to broader use of the program’s International Nonproprietary Name, forazapadin, in future scientific, regulatory and corporate communications.

ABOUT SATELLOS BIOSCIENCE INC.
Satellos is a clinical-stage drug development company focused on restoring natural muscle repair and regeneration in degenerative muscle diseases. Through its research, Satellos has developed forazapadin, an orally administered small molecule AAK1 inhibitor designed to address deficits in muscle repair and regeneration. Forazapadin is being evaluated as a potential disease-modifying treatment for Duchenne muscular dystrophy (DMD) in two Phase 2 clinical trials, BASECAMP in pediatric participants with DMD and TRAILHEAD in adults living with DMD. The FDA also cleared an Investigational New Drug (IND) application for the clinical evaluation of forazapadin for the treatment of facioscapulohumeral muscular dystrophy (FSHD). The company has identified additional muscle diseases and injury conditions where restoring muscle repair and regeneration may have therapeutic benefit and plans to pursue these opportunities in future clinical development. For more information, visit www.satellos.com and connect with Satellos on X, LinkedIn, Facebook and Instagram.

ABOUT THE FSHD CANADA FOUNDATION
The FSHD Canada Foundation is a Calgary-based charitable organization dedicated to finding a cure for facioscapulohumeral muscular dystrophy (FSHD), one of the most prevalent forms of muscular dystrophy affecting adults and children. Founded by Neil Camarta and Craig Kelley, the Foundation funds and partners on research, natural-history studies, biomarker development, and clinical programs aimed at advancing treatments for the FSHD community in Canada and worldwide. For more information, visit fshd.ca.

NOTICE ON FORWARD-LOOKING STATEMENTS
This press release includes forward-looking information or forward-looking statements within the meaning of applicable securities laws regarding Satellos and its business, which may include, but are not limited to, statements regarding: the evaluation of forazapadin as a disease-modifying treatment to Duchenne muscular dystrophy (DMD); the possibility of pursuing regulatory approval for forazapadin, the potential for forazapadin to represent a disease-modifying approach to the therapeutic treatment of people living with facioscapulohumeral muscular dystrophy (FSHD); forazapadin’s proposed mechanism of action, including statements regarding the role of AAK1 in muscle repair and regeneration; the interpretation of preliminary clinical data, including the belief that observed results may be consistent with muscle regeneration; forazapadin’s potential applicability as a treatment for DMD regardless of exon mutation status, whether as a stand-alone or adjunctive therapy; the enrollment in, advancement, design and timing of results of forazapadin through clinical trials, including the BASECAMP, TRAILHEAD and planned Phase 2 FSHD clinical trials and the anticipated design parameters thereof; the potential of forazapadin to address significant unmet needs across multiple degenerative muscle diseases and Satellos’ plans to pursue additional muscle diseases and injury conditions in future clinical development; forazapadin’s prospective impact on FSHD patients or patients with other degenerative muscle disease or muscle injury; the anticipated timing for evaluation in FSHD and the launch of a related Phase 2 clinical trial; contributions by FSHD Canada Foundation to advance forazapadin’s clinical development in FSHD, including the timing and amounts thereof, and Satellos’ anticipated use of such financing proceeds; Satellos’ technologies and drug development plans; and Satellos’ expectation for broader use of the program’s International Nonproprietary Name, forazapadin, in future scientific, regulatory and corporate communications. All statements that are, or information which is, not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, occurrences or developments, are “forward-looking information or statements.” Often, but not always, forward-looking information or statements can be identified by the use of words such as “shall”, “intends”, “believe”, “plan”, “expect”, “intend”, “estimate”, “anticipate”, “potential”, “prospective”, “assert” or any variations (including negative or plural variations) of such words and phrases, or state that certain actions, events or results “may”, “might”, “can”, “could”, “would” or “will” be taken, occur, lead to, result in, or, be achieved. Such statements are based on the current expectations and views of future events of the management of the Company. These statements are based on assumptions and subject to risks and uncertainties. In making forward-looking statements, the Company has relied on various assumptions, including but not limited to: the validity of the company’s scientific hypotheses regarding AAK1 inhibition and muscle regeneration; the receipt of anticipated milestone payments under the FSHD Canada Foundation agreement; its ability to obtain future funding on favorable terms, if at all; obtaining positive results in its clinical trials; its ability to obtain necessary regulatory approvals; its ability to arrange for the manufacturing of its product candidates and technologies; and general business, market and economic conditions. Although management believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this release, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including, without limitation, risks relating to the pharmaceutical and bioscience industry (including the risks associated with preclinical and clinical trials and regulatory approvals), the research and development of therapeutics, the results of preclinical and clinical trials, the possibility that preliminary clinical data may not be replicated in later studies or that the company’s interpretation of such data may prove incorrect, general market conditions and equity markets, economic factors and management’s ability to manage and to operate the business of the Company generally, including inflation and the costs of operating a biopharma business, and those risks and uncertainties described in more detail in the “Risk Factors” section of Satellos’ Annual Information Form dated March 27, 2026, and amended and restated short form base shelf prospectus dated August 11, 2026 (each of which is located on Satellos’ SEDAR+ profile) and incorporated by reference in Satellos’ Form F-10 filed with the Securities and Exchange Commission on August 11, 2026, and in Satellos’ public filings on EDGAR (sec.gov) and SEDAR+ (sedarplus.ca). Although Satellos has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Satellos does not undertake any obligation to publicly update or revise any forward-looking statement, whether resulting from new information, future events, or otherwise.

CONTACTS
Investors: Caitlin Lowie, Vice President, Investor Relations & Communications, ir@satellos.com
Media: Emily Williams, Senior Director, Communications, media@satellos.com