Tag: GlobeNewswire

Project Advancing Towards Updated PEA

VANCOUVER, British Columbia, Nov. 02, 2026 (GLOBE NEWSWIRE) — American Lithium Corp. (“American Lithium” or the “Company”) (TSX-V:LI | OTCQX:AMLIF | Frankfurt:5LA1) is pleased to announce an updated Mineral Resource Estimate (“MRE”) for the Macusani Uranium Project (“Macusani” or the “Project”), located in southeastern Peru. The updated resource estimate, with a larger share of the resource now classified as Measured and Indicated, positions Macusani as the largest known, undeveloped uranium project in South America.

The updated Macusani Project MRE is as follows:

• Measured: 10.482 million tonnes (“Mt”) at 179 parts per million (“ppm”) U₃O₈ totaling 4.13 million pounds (“Mlbs”) U₃O₈
• Indicated: 111.426 Mt at 216 ppm U₃O₈ totaling 53.03 Mlbs U₃O₈
• Inferred: 114.873 Mt at 258 ppm U₃O₈ totaling 65.32 Mlbs U₃O₈

Macusani benefits from near surface uranium mineralization, favourable historical metallurgical results, including rapid leach times and low acid consumption, and established regional infrastructure. Combined with community support and exploration upside, these characteristics support the Project’s potential to become a competitive, low-cost uranium producer.

“The updated Macusani Mineral Resource Estimate represents another important step forward for the Project and reinforces our confidence in its long-term potential,” stated Alex Tsakumis, CEO. “With more than 40 undrilled uranium surface occurrences across the project area, we see significant opportunity for Macusani to grow, particularly with the dedicated focus it deserves. It remains the Company’s intention to transition Macusani into a stand-alone uranium-focused company. With the world entering what many believe to be a nuclear renaissance, we look forward to participating in this exciting period as we continue to advance Macusani,” he added.

With the updated MRE complete, work on an updated Preliminary Economic Assessment (“PEA”) is well underway, incorporating current uranium pricing and development costs. The Company also plans to advance expansion and infill drilling, metallurgical piloting and ultimately a Pre Feasibility Study (“PFS”). These next steps will further evaluate Macusani’s economic potential and establish a clearer pathway toward future development.

The updated MRE has been established using conservative parameters for demonstrating reasonable prospects for eventual economic extraction (“RPEEE”). Current Peruvian mining costs, updated processing cost estimates combined with a long-term uranium selling price of US$100/lb U₃O₈ result in an open pit-constrained cut-off of approximately 47 ppm Uranium (“U”) and an underground mining block constrained cut-off of approximately 111 ppm U. The historical MRE used a global 75 ppm U cut-off, costs established in 2015 along with a US$50/lb U₃O₈ selling price assumption.

The revised resource estimate also reflects changes to Mineral Resource reporting practices introduced in 2020, several years after the previous MRE was completed in 2015. These changes include the application of stricter pit and stope constrained resource reporting, with differences between the historical and updated resource estimates reflecting updated reporting requirements and economic constraints rather than changes to the underlying geological model.

The updated MRE was completed by the Deloitte Consulting (Pty) Ltd (“Deloitte”) Qualified Person (“QP”) based in Johannesburg, South Africa, in accordance with the latest National Instrument NI 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) and U.S. Securities and Exchange Commission (“SEC”) property disclosure regulations (S-K 1300) requirements.

Macusani Project Mineral Resource Details

The previous Macusani MRE, prepared by The Mineral Corporation (“TMC”), was last included in the NI 43-101 Preliminary Economic Assessment (“PEA”) report dated March 2015.

Deloitte updated the MRE effective July 01, 2026. The QP had previously contributed to the development of the MRE while employed by TMC and has conducted multiple site visits to the Macusani uranium deposits, most recently in March 2025.

The MRE used a total of 1,152 diamond drillholes completed across the Project, comprising 114,576 metres (“m”) of drilling. Sampling intervals varied to preserve the integrity of higher-grade mineralized zones. All assay data were vertically composited into 1.5 m bench composites, which formed the basis of the estimation process.

Geological interpretation and block modelling were undertaken using Datamine® software. Mineral Resources were estimated using Multiple Indicator Kriging (“MIK”) for two mineralized domains (Zones A and B), which are oriented sub-parallel to the basal mineralization surface. Dynamic anisotropy was applied to permit the rotation of search ellipsoids and variogram models on a cell-by-cell basis, thereby reflecting the gently dipping geometry of uranium mineralization.

The block models were constructed using parent cell dimensions of 50 m × 50 m × 3 m in well-informed areas and 100 m × 100 m × 3 m in less informed areas, accommodating both potential open-pit and underground mining scenarios. The selected estimation approach appropriately reflects the highly skewed uranium grade distribution and the interpreted geometry of the mineralized horizons. Tonnage estimates were derived using measured bulk density data. Mineral Resource classification was based on a combination of geostatistical parameters, including kriging efficiency, geological confidence, drillhole spacing, and quality assurance and quality control (“QAQC”) considerations.

As part of the update, the QP reviewed and validated the existing models through statistical analyses, visual validation, and swath plot assessments. The QP also reassessed the classification criteria to incorporate drillhole spacing, geological continuity, estimation confidence, and practical mining considerations. The updated MRE was subsequently constrained within conceptual open-pit shells and, where applicable, evaluated for underground extraction potential. RPEEE was demonstrated using assumptions relating to long-term uranium price (US$100/lb), mining and processing costs, metallurgical recovery, pit slope parameters, and appropriate cut-off grades (~47 ppm U for open pit and ~111 ppm U for underground).

Macusani Drillholes by Complex

Complex	Drill holes	Metres
Corachapi	204	11,933
Colibri	157	12,522
Kihitian	295	50,427
Isivilla	142	11,928
Corani	174	14,820
Sayaña	180	12,946
Total	1,152	114,576

Macusani updated Mineral Resource Estimate (Deloitte – effective July 01, 2026) – summary table

Complex	Deposit	Mining Method	Mineral Resource Category	Metric Units				Imperial Units
				Tonne (Mt)	U Grade (ppm)	U3O8 Grade (ppm)	U3O8 Content (000’kg)	Ton (Mt)	U3O8 Grade (lb/ton)	U3O8 Content (Mlb)
Corachapi	Corachapi	OP	Measured	10.482	151	179	1,871	11.555	0.36	4.13
	Corachapi	OP	Indicated	5.329	132	156	830	5.875	0.31	1.83
Colibri	Colibri II & III	OP	Indicated	32.238	184	217	6,985	35.536	0.43	15.40
Kihitian	Chilcuno Chico	OP	Indicated	27.366	180	212	5,804	30.166	0.42	12.79
	Chilcuno Chico	UG	Indicated	5.133	218	257	1,318	5.658	0.51	2.91
	Quebrada Blanca	OP	Indicated	3.529	279	329	1,163	3.890	0.66	2.56
	Quebrada Blanca	UG	Indicated	0.582	189	222	129	0.642	0.44	0.29
	Tantamaco	OP	Indicated	21.943	166	196	4,296	24.188	0.39	9.47
	Tantamaco	UG	Indicated	6.022	162	191	1,152	6.638	0.38	2.54
Isivilla	Isivilla	OP	Indicated	4.989	300	353	1,763	5.499	0.71	3.89
Corani	Nueva Corani	OP	Indicated	4.295	122	143	616	4.734	0.29	1.36
Total Measured and Indicated				121.908	180	213	25,927	134.381	0.43	57.16
Corachapi	Corachapi	OP	Inferred	4.258	159	188	799	4.694	0.38	1.76
Colibri	Colibri II & III	OP	Inferred	11.430	146	172	1,965	12.599	0.34	4.33
	Tupurumani	OP	Inferred	13.464	110	130	1,745	14.841	0.26	3.85
Kihitian	Chilcuno Chico	OP	Inferred	24.221	283	334	8,085	26.699	0.67	17.82
	Chilcuno Chico	UG	Inferred	11.846	298	351	4,160	13.058	0.70	9.17
	Quebreda Blanca	OP	Inferred	11.961	261	308	3,686	13.184	0.62	8.13
	Quebreda Blanca	UG	Inferred	3.391	256	302	1,022	3.738	0.60	2.25
	Tantamaco	OP	Inferred	11.137	185	218	2,425	12.276	0.44	5.35
	Tantamaco	UG	Inferred	2.823	198	234	660	3.111	0.47	1.45
	Tuturumani	OP	Inferred	1.558	132	156	243	1.717	0.31	0.54
	Tuturumani	OP	Inferred	0.654	154	181	119	0.721	0.36	0.26
Isivilla	Isivilla	OP	Inferred	5.740	320	378	2,168	6.327	0.76	4.78
	Puncopata	OP	Inferred	6.280	200	236	1,483	6.923	0.47	3.27
	Calvario I	OP	Inferred	2.024	232	274	554	2.231	0.55	1.22
Corani	Nueva Corani	OP	Inferred	4.087	107	126	515	4.505	0.25	1.14
Total Inferred				114.873	219	258	29,629	126.626	0.52	65.32

<sup>Notes:         
1. The Mineral Resources are reported on a 100% attributable basis.
2. All open pit (“OP”) Mineral Resources are reported using a ~47 ppm U pit shell and cut-off grade.
3. All underground (“UG”) Mineral Resources are reported using a ~111ppm U cut-off grade.
4. Tonne is metric tonne and ton is short ton. These are calculated based on a density of 1.98t/m3 for all complexes except Colibri that is based on a density of 1.99t/m3
5. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any Mineral Resource will be converted into Mineral Reserve.
6. Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and content.
7. U grade to U308 grade conversion factor 1.1793
8. There are currently no known risks that could materially affect potential development.
9. The Mineral Resource estimate has been prepared by Stewart Nupen, B.Sc. (Hons), FGSSA, Pr Sci Nat of Deloitte in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported in accordance with the Canadian Securities Administrators NI 43-101. The effective date of the Mineral Resource Estimate is July 01, 2026.</sup>

The Qualified Person

Stewart Nupen, B.Sc. (Hons), FGSSA, Pr Sci Nat (No 400174/07) of Deloitte, a QP as defined by NI 43-101, has prepared or supervised the preparation of, or has reviewed and approved, the scientific and technical data pertaining to the MRE contained in this release and will be preparing the NI-43-101 Technical Report for filing on SEDAR+ within 45 days. Ted O’Connor, P.Geo., Executive Vice President of American Lithium, and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this news release.

About Deloitte
Deloitte, through its technical mining advisory (“DTMA”) team, offers leading advisory services in techno-economic and techno-strategic aspects tailored for the mining and metals sector. The DTMA team is recognized for its robust technical expertise in assessing acquisition and divesture opportunities, estimating Mineral Resources, and preparing corporate project disclosure documentation.

About American Lithium
American Lithium is developing two of the world’s largest, advanced-stage lithium projects, along with the largest undeveloped uranium project in Latin America. They include the TLC claystone lithium project in Nevada and the Falchani hard-rock lithium project in southern Peru, which also hosts a globally significant cesium resource, as well as the Macusani uranium project located in the same region. All three projects have completed robust preliminary economic assessments, exhibit significant expansion potential and enjoy strong community support.

For more information, please contact the Company at info@americanlithiumcorp.com or visit our website at www.americanlithiumcorp.com.

Follow us on Facebook, Twitter and LinkedIn.

On behalf of the Board of Directors of American Lithium Corp.

“Alex Tsakumis”

Chief Executive Officer

Tel: 604 428 6128

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Cautionary Statement Regarding Forward Looking Information
This news release contains certain forward-looking information and forward-looking statements (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding the business plans, expectations and objectives of American Lithium. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend”, “indicate”, “scheduled”, “target”, “goal”, “potential”, “subject”, “efforts”, “option” and similar words, or the negative connotations thereof, referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management and are not, and cannot be, a guarantee of future results or events. Although American Lithium believes that the current opinions and expectations reflected in such forward-looking statements are reasonable based on information available at the time, undue reliance should not be placed on forward-looking statements since American Lithium can provide no assurance that such opinions and expectations will prove to be correct. All forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including risks, uncertainties and assumptions related to: American Lithium’s ability to achieve its stated goals; the ability to access mineral properties for indeterminate amounts of time; the health of the employees or consultants; social or political instability in Peru; American Lithium’s ability to maintain the continuity of its business operating requirements; availability or failures of various local administration and critical infrastructure; reduced demand for the American Lithium’s potential products; availability of materials; availability of insurance and the associated costs; the ongoing ability to work cooperatively with stakeholders, including but not limited to local communities and all levels of government; the potential for delays in exploration or development activities; the interpretation of drill results, the geology, grade and continuity of mineral deposits; the possibility that any future exploration, development or mining results will not be consistent with our expectations; permits being obtained as planned; mining and development, including risks related to accidents, equipment breakdowns, labour disputes (including work stoppages, strikes and loss of personnel) or other unanticipated difficulties with or interruptions in exploration and development; commodity price and foreign exchange rate fluctuations; ; the cyclical nature of the industry in which American Lithium operates; failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals; environmental regulation and liability; political and regulatory risks associated with mining and exploration; the uncertain global economic environment and the effects upon the global market generally, any of which could have a material adverse impact on American Lithium’s business, the trading price of American Lithium’s shares and could negatively affect American Lithium’s ability to raise capital and may also result in additional and unknown risks or liabilities to American Lithium. Other risks and uncertainties related to prospects, properties and business strategy of American Lithium are identified in the “Risk Factors” section of American Lithium’s Management’s Discussion and Analysis filed on July 29, 2026 and in recent securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements. American Lithium undertakes no obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

$127.3 million in 3Q VYJUVEK global revenue and $1.1 billion since launch

VYJUVEK pricing negotiations in Germany and Italy completed

KB113 clinical data demonstrate regression in more than 80% of assessed basal cell carcinoma lesions in patients with Gorlin syndrome

Strong balance sheet, ending the quarter with $1.2 billion in cash and investments

Board authorizes share repurchase program of up to $400 million

PITTSBURGH, Nov. 02, 2026 (GLOBE NEWSWIRE) — Krystal Biotech, Inc. (the “Company” or “Krystal”) (NASDAQ: KRYS) today reported financial results for the third quarter ended September 30, 2026 and provided a business update.

“Continued growth in VYJUVEK revenue is supporting profitability and funding the advancement of our pipeline,” said Krish S. Krishnan, Chairman and Chief Executive Officer of Krystal Biotech. “Our financial strength allows us to invest fully in these programs and our global commercial expansion while returning capital to shareholders. The $400 million share repurchase program, under which we expect to repurchase shares opportunistically over the next two years, reflects our confidence in Krystal’s long-term growth prospects and our commitment to disciplined capital allocation.”

VYJUVEK® (beremagene geperpavec-svdt, or B-VEC)
for the Treatment of Dystrophic Epidermolysis Bullosa (DEB)

The Company recorded $127.3 million in global VYJUVEK net product revenue for the third quarter of 2026, an increase of 30% compared to the prior year third quarter. Gross margin for the quarter was 94%.

Patient demand in the United States continues to grow with over 760 reimbursement approvals secured for VYJUVEK nationwide. Steady expansion of the U.S. prescriber base is supporting continued adoption across the country.

The Company is also expanding its reach across its initial launch markets of Germany, France, and Japan, converting high physician interest and engagement into patient starts and broadening the prescriber base to bring VYJUVEK treatment closer to patients.

Pricing negotiations are now complete in both Germany and Italy, and the Company expects to launch VYJUVEK in Italy in early 2027. Pricing negotiations are ongoing in multiple European countries and the United Kingdom, with decisions expected in Spain later this year, and in France no earlier than 2027. The Company has also submitted a marketing authorization application for VYJUVEK in Australia and expects to submit an application for marketing authorization in Switzerland before year end.

Dermatology

KB111 for the treatment of Hailey-Hailey disease (HHD)

Enrollment is complete and dosing is ongoing in HALITE-1, the Company’s open-label, single-arm study evaluating the safety of KB111, administered once weekly for 12 weeks, in patients with HHD. HHD is a genetic disease characterized by painful rash and blistering in skin folds. In addition to pain, patients with HHD reporting debilitating symptoms of itch, burning, infections, and body odor, as well as severe, negative impacts on quality of life and psychological distress. The prevalence of HHD is not well characterized and is most commonly estimated at roughly 1 per 50,000, although underreporting is possible.

A total of five patients have been enrolled in HALITE-1. The Company expects to report interim study results before the end of the year. Details of the study can be found at www.clinicaltrials.gov under NCT identifier: NCT07717346.

The Company has also completed development of its HHD-specific severity scale for the clinical evaluation of KB111. The Company expects to meet with the FDA in the first quarter of 2027, following completion of scale validation, to discuss study results, the scale, and study designs to enable a registrational study start in 2027.

KB113 for the treatment of Gorlin syndrome (GS)

In October, the Company announced a positive clinical update supporting initial proof of concept for KB113 in the treatment of basal cell carcinoma (BCC) in patients with GS. GS is a genetic disease characterized by a greatly increased risk of developing BCCs. Patients with Gorlin syndrome can develop BCCs as early as infancy and may have hundreds of BCCs over their lifetimes requiring frequent and potentially disfiguring surgical procedures. Prevalence data for GS is limited but available data suggest the number of patients with GS in the United States could exceed 10,000.

In the Company’s three patient pilot, multicenter, single-arm, open-label study, more than 80% of assessed BCC lesions showed investigator-assessed clinical regression. Regression was observed in both injected and non-injected lesions, consistent with an abscopal effect. Histologic assessment also confirmed complete clearance of an injected BCC lesion in each patient. KB113 was well tolerated, with all reported adverse events mild or moderate in severity, transient, and resolving during the study.

Building on these positive initial results, the Company has initiated discussions with the FDA regarding the advanced clinical development of KB113 for the treatment of BCCs in patients with GS. The Company will provide an update on its clinical development plans following alignment with the FDA.

Ophthalmology

KB803 for the treatment and prevention of corneal abrasions in DEB patients

The Company has enrolled three additional patients in its registrational IOLITE study, including one child aged one year. The additional enrollment replaces two patients who withdrew for reasons unrelated to safety and provides supporting evidence for the potential treatment of corneal abrasions in DEB patients from birth. The Company now expects the last patient visit in February 2027 with top-line results reported shortly thereafter. The primary efficacy endpoint is the change in the average number of days per month with corneal abrasion symptoms while receiving KB803 versus placebo. Details about the study can be found at www.clinicaltrials.gov under NCT identifier: NCT07016750.

KB801 for the treatment of neurotrophic keratitis (NK)

Enrollment is ongoing in EMERALD-1, the Company’s registrational, 1:1 randomized, double-masked, multicenter, placebo-controlled study evaluating KB801 for the treatment of NK. The Company has activated 22 sites across the United States and is close to activating sites in France, Spain and the United Kingdom. Patient enrollment has progressed slower than initially anticipated, reflecting the study’s narrowly defined eligibility criteria and the challenges of enrolling patients in a placebo-controlled trial in an indication with an available approved therapy. The Company now expects to complete enrollment of approximately 60 patients in EMERALD-1 and report top-line results in 2027. Details about the study can be found at www.clinicaltrials.gov under NCT identifier: NCT06999733.

Respiratory

KB407 for the treatment of cystic fibrosis (CF)

Three patients are currently being dosed in the Company’s ongoing open-label, single-arm study evaluating the safety of repeat-dose KB407 administration over 24 weeks in patients with CF who are ineligible for, do not tolerate, or do not benefit from modulator therapy. The Company expects to enroll and dose three additional patients before year end, with interim study results now anticipated in the first half of 2027. Earlier this year, the Company announced positive interim clinical findings demonstrating successful delivery and expression of wild-type CFTR protein in the lungs of patients treated with KB407. Details about the study can be found at www.clinicaltrials.gov under NCT identifier: NCT05504837.

In the third quarter, the Company was selected for the FDA’s Complex Innovative Trial Design (CID) Meeting Program, advancing ongoing discussions regarding the Company’s innovative registrational study design. The CID Meeting Program is intended to facilitate and advance the use of complex and novel clinical trial designs and provides the opportunity for increased interaction with the FDA. The Company will share the design and associated statistical analysis of the registrational study following alignment with the FDA and is presently on track to initiate the registrational study in 2027.

KB408 for the treatment of alpha-1 antitrypsin deficiency (AATD) lung disease

The Company continues to enroll in repeat-dose Cohort 2B of SERPENTINE-1, the Company’s open-label dose escalation study evaluating KB408 in adult patients with AATD with a Pi*ZZ or a Pi*ZNull genotype. Cohort 2B is designed to evaluate the safety and tolerability of repeat KB408 dosing at the same dose level that was previously shown to safely deliver SERPINA1 to the lungs of AATD patients after a single dose. Details of the study can be found at www.clinicaltrials.gov under NCT identifier: NCT06049082. The Company expects to report interim study results in 2027.

Oncology

Inhaled KB707 for the treatment of non-small cell lung cancer (NSCLC)

KYANITE-1 is an ongoing Phase 1/2 open-label, multi-center, dose escalation and expansion study evaluating inhaled KB707, as monotherapy or in combination with standard of care therapies, in patients with locally advanced or metastatic solid tumors involving the lungs.

Interim clinical results from the KYANITE-1 dose expansion cohort evaluating inhaled KB707 in combination with pembrolizumab were presented at the American Society for Clinical Oncology 2026 Annual Meeting in May and demonstrated antitumor activity in patients with advanced NSCLC, with an objective response rate (ORR) of 31% and a disease control rate (DCR) of 75%. Multiple patients from this cohort remain on treatment and in follow-up with sustained disease control.

The Company is currently enrolling patients with advanced NSCLC in a global KYANITE-1 dose expansion cohort evaluating inhaled KB707 in combination with chemotherapy. An initial dose-optimization phase evaluated the safety and tolerability of the combination regimen in the first 10 patients and informed the selection of the chemotherapy dose for subsequent enrollment. Sites have also been activated in France and Spain. The Company expects to enroll approximately 70 patients to be dosed at the selected combination regimen by mid-2027.

Details of the KYANITE-1 study can be found at www.clinicaltrials.gov under NCT identifier: NCT06228326.

Aesthetics

KB304 for the treatment of wrinkles of the décolleté

Jeune Aesthetics, Inc., a wholly owned subsidiary of the Company, expects to initiate a Phase 2 study of its lead program KB304 in 2027.

Share Repurchase Program

The Company also announced today that its Board of Directors has authorized a share repurchase program under which Krystal may repurchase up to $400 million of its outstanding common stock. Repurchases may be made from time to time through open-market purchases, privately negotiated transactions, or by other means permitted under applicable securities laws, including through purchases compliant with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and trading plans adopted under Rule 10b5-1 under the Exchange Act. The timing and amount of any repurchases will depend on a number of factors, including the market price of Krystal’s common stock, market and business conditions, the Company’s liquidity and capital requirements, clinical development and commercialization plans, alternative uses of capital, and legal and regulatory requirements. The program has no expiration date, does not obligate Krystal to repurchase any amount of common stock, and the program may be modified, suspended or discontinued at any time at the Company’s discretion.

Financial Results for the Quarter Ended September 30, 2026:

• Cash, cash equivalents and investments totaled $1.2 billion as of September 30, 2026
• Product revenue, net totaled $127.3 million and $97.8 million for the three months ended September 30, 2026 and September 30, 2025, respectively.
• Cost of goods sold totaled $7.6 million and $4.3 million for the three months ended September 30, 2026 and September 30, 2025, respectively.
• Research and development expenses for the three months ended September 30, 2026 were $14.9 million, inclusive of $2.6 million of stock-based compensation, compared to $14.6 million, inclusive of stock-based compensation of $2.6 million, for the three months ended September 30, 2025.
• Selling, general, and administrative expenses for the three months ended September 30, 2026 were $33.7 million, inclusive of stock-based compensation of $11.3 million, compared to $37.6 million, inclusive of stock-based compensation of $10.6 million, for the three months ended September 30, 2025.
• Net income for the three months ended September 30, 2026 was $63.1 million, or $2.13 per common share (basic) and $2.05 per common share (diluted). Net income for the three months ended September 30, 2025 was $79.4 million, or $2.74 per common share (basic) and $2.66 per common share (diluted).
• For additional information on the Company’s financial results for the three months ended September 30, 2026, please refer to the Form 10-Q filed with the SEC.

Financial Results for the Nine Months Ended September 30, 2026:

• Product revenue, net totaled $362.9 million and $282.0 million for the nine months ended September 30, 2026 and September 30, 2025, respectively.
• Cost of goods sold totaled $20.3 million and $16.5 million for the nine months ended September 30, 2026 and September 30, 2025, respectively.
• Research and development expenses for the nine months ended September 30, 2026 were $44.7 million, inclusive of $7.3 million of stock-based compensation, compared to $43.3 million, inclusive of stock-based compensation of $7.7 million, for the nine months ended September 30, 2025.
• Selling, general, and administrative expenses for the nine months ended September 30, 2026 were $114.6 million, inclusive of stock-based compensation of $34.4 million, compared to $105.3 million, inclusive of stock-based compensation of $33.1 million, for the nine months ended September 30, 2025.
• Net income for the nine months ended September 30, 2026 was $173.8 million, or $5.90 per common share (basic) and $5.66 per common share (diluted). Net income for the nine months ended September 30, 2025 was $153.4 million, or $5.31 per common share (basic) and $5.14 per common share (diluted).
• For additional information on the Company’s financial results for the nine months ended September 30, 2026, please refer to the Form 10-Q filed with the SEC.

Financial Guidance

($ in millions)		FY 2026 Guidance
Non-GAAP Research and Development (“R&D”) and Selling, General and Administrative (“SG&A”) expense(1)		$155.0 – $165.0

(1) Refer to Non-GAAP Financial Measures section below for additional information. Non-GAAP combined R&D and SG&A expense guidance does not include stock-based compensation as we are currently unable to confidently estimate Full Year 2026 stock-based compensation expense. As such, we have not provided a reconciliation from forecasted non-GAAP to forecasted GAAP combined R&D and SG&A Expense in the above. This could materially affect the calculation of forward-looking GAAP combined R&D and SG&A Expense as it is inherently uncertain.

Conference Call

The Company will host a conference call and webcast on November 2, 2026, at 8:30 am ET.

Investors and the general public can access the live webcast at: https://www.webcaster5.com/Webcast/Page/3018/54689.

For those unable to listen to the live conference call, a replay will be available for 30 days on the Investors section of the Company’s website at www.krystalbio.com.

About VYJUVEK

VYJUVEK is a non-invasive, topical, redosable genetic medicine designed to deliver two copies of the COL7A1 gene when applied directly to DEB wounds. VYJUVEK was designed to treat DEB at the molecular level by providing the patient’s skin cells the template to make normal COL7 protein, thereby addressing the fundamental disease-causing mechanism. VYJUVEK is approved in the United States, Europe, and Japan.

U.S. INDICATION

VYJUVEK is a herpes-simplex virus type 1 (HSV-1) vector-based gene therapy indicated for the treatment of wounds in adult and pediatric patients with dystrophic epidermolysis bullosa with mutation(s) in the collagen type VII alpha 1 chain (COL7A1) gene.

IMPORTANT SAFETY INFORMATION

Adverse Reactions

The most common adverse drug reactions (incidence >5%) were itching, chills, redness, rash, cough, and runny nose. These are not all the possible side effects with VYJUVEK. Call your healthcare provider for medical advice about side effects.

To report SUSPECTED ADVERSE REACTIONS, contact Krystal Biotech, Inc. at 1-844-557-9782 or FDA at 1-800-FDA-1088 or http://www.fda.gov/medwatch.

Contraindications

None.

Warnings and Precautions

VYJUVEK gel may be applied by a healthcare provider, a caregiver, or the patient.

After treatment, patients and caregivers should be careful not to touch treated wounds and dressings until the next dressing change.

Wash hands and wear protective gloves when changing wound dressings. Disinfect bandages from the first dressing change with a virucidal agent, and dispose of the disinfected bandages in a separate sealed plastic bag in household waste. Dispose of the subsequent used dressings in a sealed plastic bag in household waste.

Patients should avoid touching or scratching wound sites or wound dressings.

In the event of an accidental exposure flush with clean water for at least 15 minutes.

For more information, see full U.S. Prescribing Information.

About Krystal Biotech, Inc.
Krystal Biotech, Inc. (NASDAQ: KRYS) is a fully integrated, commercial-stage, global biotechnology company focused on the discovery, development and commercialization of genetic medicines to treat diseases with high unmet medical needs. VYJUVEK®, the Company’s first commercial product, is the first-ever redosable gene therapy and the first genetic medicine approved in the United States, Europe, and Japan for the treatment of dystrophic epidermolysis bullosa. The Company is rapidly advancing a robust preclinical and clinical pipeline of investigational genetic medicines. Krystal Biotech is headquartered in Pittsburgh, Pennsylvania. Visit www.krystalbio.com to learn more or follow us on LinkedIn and X.

About Jeune Aesthetics, Inc.

Jeune Aesthetics, Inc., a wholly-owned subsidiary of Krystal Biotech, Inc., is a biotechnology company leveraging a clinically validated gene delivery platform to develop products to fundamentally address – and reverse – the biology of aging and/or damaged skin. For more information, please visit http://www.jeuneinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, including statements regarding: the commercial launch and expansion of VYJUVEK in Europe, Japan, and additional markets (including the timing of launch in Italy, the timing of pricing and reimbursement decisions in Spain and France, and the timing of marketing authorization filings in other jurisdictions); the Company’s development plans for its product candidates; the timing of enrollment, data readouts, and regulatory interactions with respect to the Company’s clinical trials of its product candidates (including registrational study plans for KB111 and KB407, the timing of interim results for KB111, KB407 and KB408 and top-line results for KB803 and KB801, the Company’s plans for the further clinical development of KB113, and the Company’s plans to provide updates on the clinical development of KB113 and the KB407 registrational study following alignment with the FDA); the Company’s share repurchase program, including the timing, manner and amount of any repurchases; the Company’s 2026 financial guidance; and other statements about expectations, plans, and prospects. These statements are often identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “likely,” “will,” “would,” “could,” “should,” “continue,” and similar expressions. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: uncertainties associated with regulatory review of clinical trials and applications for marketing approvals; the Company’s ability to enroll patients in its clinical trials on anticipated timelines; whether results of early clinical trials, including results observed in a small number of patients, will be indicative of the results of later-stage studies; the outcome of the Company’s discussions with the FDA regarding the design of planned clinical trials; the availability, pricing, and commercial potential of VYJUVEK and the Company’s product candidates; the amount and timing of any share repurchases, whether the share repurchase program will enhance long-term stockholder value, and the effect of repurchases on the Company’s cash position and its ability to fund its operations and development programs; and other important factors set forth under the caption “Risk Factors” in the Company’s annual and quarterly reports on file with the U.S. Securities and Exchange Commission. The forward-looking statements represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change, and although the Company may elect to update these statements, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures

This press release includes forward-looking combined R&D and SG&A expense guidance that is not required by, or presented in accordance with, U.S. GAAP and should not be considered as an alternative to R&D and SG&A expense or any other performance measure derived in accordance with GAAP. The Company defines non-GAAP combined R&D and SG&A expense as GAAP combined R&D and SG&A expense excluding stock-based compensation. The Company cautions investors that amounts presented in accordance with its definition of non-GAAP combined R&D and SG&A expense may not be comparable to similar measures disclosed by competitors because not all companies calculate this non-GAAP financial measure in the same manner. The Company presents this non-GAAP financial measure because it considers this measure to be an important supplemental measure and believes it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in the Company’s industry. Management believes that investors’ understanding of the Company’s performance is enhanced by including this forward-looking non-GAAP financial measure as a reasonable basis for comparing the Company’s ongoing results of operations. Management uses this non-GAAP financial measure for planning purposes, including the preparation of the Company’s internal annual operating budget and financial projections; to evaluate the performance and effectiveness of the Company’s operational strategies; and to evaluate the Company’s capacity to expand its business. This non-GAAP financial measure has limitations as an analytical tool, and should not be considered in isolation, or as an alternative to, or a substitute for R&D and SG&A expense or other financial statement data presented in accordance with GAAP in the Company’s consolidated financial statements. The Company has not provided a quantitative reconciliation of forecasted non-GAAP combined R&D and SG&A expense to forecasted GAAP combined R&D and SG&A expense because the Company is unable, without making unreasonable efforts, to calculate the reconciling item, stock-based compensation expenses, with confidence. This item, which could materially affect the computation of forward-looking GAAP combined R&D and SG&A expense, is inherently uncertain and depends on various factors, some of which are outside of the Company’s control.

CONTACT

Investors and Media:                                                                                        
Stéphane Paquette, PhD
Krystal Biotech
spaquette@krystalbio.com     

Condensed Consolidated Balance Sheet Data:

	September 30, 2026			December 31, 2025
(in thousands)	(unaudited)
Balance sheet data:
Cash and cash equivalents	$	462,841		$	496,304
Short-term investments		449,010			331,487
Long-term investments		282,301			128,066
Total assets		1,586,056			1,333,794
Total liabilities		150,472			114,234
Total stockholders’ equity	$	1,435,584		$	1,219,560

Condensed Consolidated Statements of Operations:

	Three Months Ended September 30,
		2026			2025			Change
(in thousands, except per share data)	(unaudited)
Revenue
Product revenue, net	$	127,341			$	97,800		$	29,541
Operating Expenses
Cost of goods sold		7,556				4,263			3,293
Research and development		14,891				14,585			306
Selling, general, and administrative		33,749				37,578			(3,829	)
Total operating expenses		56,196				56,426			(230	)
Income from operations		71,145				41,374			29,771
Other income
Interest and other income, net		9,000				6,593			2,407
Income before income taxes		80,145				47,967			32,178
Income tax (expense) benefit		(17,077	)			31,398			(48,475	)
Net income	$	63,068			$	79,365		$	(16,297	)
Net income per common share:
Basic	$	2.13			$	2.74
Diluted	$	2.05			$	2.66
Weighted-average common shares outstanding:
Basic		29,610				28,953
Diluted		30,838				29,833

	Nine Months Ended September 30,
		2026			2025			Change
(in thousands, except per share data)	(unaudited)
Revenue
Product revenue, net	$	362,920			$	282,025		$	80,895
Operating Expenses
Cost of goods sold		20,316				16,457			3,859
Research and development		44,739				43,251			1,488
Selling, general, and administrative		114,612				105,292			9,320
Total operating expenses		179,667				165,000			14,667
Income from operations		183,253				117,025			66,228
Other income
Interest and other income, net		24,413				21,315			3,098
Income before income taxes		207,666				138,340			69,326
Income tax (expense) benefit		(33,898	)			15,091			(48,989	)
Net income	$	173,768			$	153,431		$	20,337
Net income per common share:
Basic	$	5.90			$	5.31
Diluted	$	5.66			$	5.14
Weighted-average common shares outstanding:
Basic		29,477				28,893
Diluted		30,680				29,829

• The proposed business combination values Nuclea Energy at an enterprise value of $350 million, subject to adjustments at closing
• The transaction is expected to close in the first half of 2027
• Nuclea is developing advanced nuclear technologies to support growing demand for reliable, carbon-free electricity, driven in part by the expansion of data centers and other energy-intensive industries

NEWPORT BEACH, Calif., Nov. 02, 2026 (GLOBE NEWSWIRE) —

Nuclea Energy Inc. (“Nuclea”), a company developing advanced nuclear technologies, and NorthStrive Acquisition Corp I (Nasdaq: NSAI, NSAIU, NSAIW, NSAIR) (“NSAC I”), a special purpose acquisition company, today announced that they have entered into a definitive business combination agreement (the “Business Combination Agreement”) pursuant to which, if the proposed transaction is consummated, Nuclea would become a publicly traded company. On closing of the proposed transaction (the “Proposed Transaction”), NSAC I is expected to be renamed Nuclea-X Inc. (the “Combined Company”) and to list on The Nasdaq Stock Market LLC (“Nasdaq”). The Proposed Transaction implies an enterprise value for Nuclea of $350 million, subject to adjustments at closing.

Headquartered in Mississauga, Ontario, Nuclea Energy Inc. is a company developing advanced nuclear technology dedicated to delivering clean, reliable energy. The company’s flagship innovation is the Morpheus Micro Modular Reactor (MMR), a transportable, factory-built, lead-cooled, graphite-moderated system scalable from 3.5 MWe to 50 MWe. Through its pending acquisition of Moltex, Nuclea aims to pioneer a closed nuclear fuel cycle business. By integrating the proprietary WATSS spent nuclear fuel recycling process with a diverse reactor portfolio including the Stable Salt Reactor-Wasteburner (SSR-W) Small Modular Reactor (SMR) and the Morpheus, Nuclea aims to commercialize sustainable waste recycling and next-generation zero-emission global power.

The closing of the Proposed Transaction is subject to the satisfaction or waiver of certain closing conditions, including customary closing conditions such as approval by the shareholders of NSAC I and Nuclea, the registration statement on Form S-4 being declared effective by the U.S. Securities and Exchange Commission (the “SEC”) and approval of the Combined Company’s listing on Nasdaq, as well as additional conditions, including completion of the Moltex Acquisition (including clearance under the U.K. National Security and Investment Act 2021 and receipt of required export control licenses and other governmental authorizations), dissent rights not having been exercised with respect to more than 5% of Nuclea’s shares and the satisfaction of a minimum cash condition.

Josef Freundorfer, Chief Executive Officer of Nuclea, commented: “This transaction is a pivotal milestone for Nuclea. We believe the public company platform and capital from this combination with NSAC I will help us accelerate the development of our Morpheus reactor and pioneer a closed nuclear fuel cycle through our pending acquisition of Moltex. We believe we are uniquely positioned to deliver the sustainable, zero-emission power that data centers and other energy-intensive industries increasingly demand.”

Michel Tamer, Chief Executive Officer of NSAC I, commented: “We set out to identify a business serving high-growth markets across industrials and critical supply chains, with the potential to create lasting shareholder value,” said Michel Tamer, CEO of NorthStrive Acquisition Corp I and Head of M&A at NorthStrive Companies. “We believe Nuclea’s advanced nuclear technology and pending acquisition in nuclear fuel recycling deliver on that vision and reflect NorthStrive’s investment approach.”

Transaction Overview

Pursuant to the Business Combination Agreement, NSAC I will deregister as a Cayman Islands exempted company and continue to Canada under the Canada Business Corporations Act. Nuclea will then amalgamate with a wholly owned subsidiary of NSAC I under the Business Corporations Act (British Columbia), and the amalgamated company will become a wholly owned subsidiary of the Combined Company.

Nuclea’s shareholders will receive Class A shares of the Combined Company valued at $10.00 per share. The number of shares is based on a valuation of Nuclea of $350 million, reduced by Nuclea’s indebtedness and other agreed debt-like items at closing and by Nuclea transaction expenses above $1.5 million, and increased by Nuclea’s cash at closing (excluding bridge financing proceeds) and by NSAC I transaction expenses above $1.5 million, less 500,000 Class A shares issuable to an advisor to Nuclea. Outstanding Nuclea options will roll over into options of the Combined Company.

Nuclea’s shareholders will also receive an aggregate of 5,000,000 Class A Earnout Shares, 5,000,000 Class B Earnout Shares and 5,000,000 Class C Earnout Shares of the Combined Company with no voting or economic rights, that will convert into publicly-traded Class A Shares of the Combined Company if, within four years of closing, the Combined Company: (i) achieves criticality in a molten salt reactor or criticality of recycled nuclear fuel (Class A Earnout Shares); (ii) receives acceptance of a license or permit to construct from a nuclear regulator for a demonstration nuclear facility (Class B Earnout Shares); and (iii) receives approvals for at least $100 million of grants, government funding (including government loans) or other non-dilutive project financing (Class C Earnout Shares).

The Boards of Directors of Nuclea and NSAC I have unanimously approved the Proposed Transaction. Nuclea shareholders holding at least 66 2/3% of Nuclea’s shares, including Sagar Sanghera and Vinayak Ashok Gunda, have entered into voting agreements in support of the Proposed Transaction, and NorthStrive Sponsor I LLC, NSAC I’s sponsor, and Sinamor LLC have entered into a support agreement with NSAC I and Nuclea. Sinamor LLC has also entered into a securities purchase agreement with NSAC I and the sponsor to acquire Class B ordinary shares of NSAC I. Following closing, the Combined Company is expected to be led by Nuclea’s current management team, including Josef Freundorfer as Chief Executive Officer and Sagar Sanghera as Executive Chairman.

The Proposed Transaction is expected to close in the first half of 2027, subject to the satisfaction or waiver of the closing conditions described above.

Additional information about the Proposed Transaction, including a copy of the Business Combination Agreement, will be provided in a Current Report on Form 8-K to be filed by NSAC I with the SEC and available at www.sec.gov.

Advisors

D. Boral Capital LLC (“D. Boral”) is acting as Financial and Capital Markets advisors to NorthStrive Acquisition Corp I. Sichenzia Ross Ference Carmel LLP is acting as U.S. legal advisor and Carey Olsen is acting as Cayman Islands legal advisor to NSAC I. Cozen O’Connor LLP is acting as Canadian legal advisor to NSAC I. Houlihan Capital, LLC provided a fairness opinion to the Board of Directors of NSAC I dated October 29, 2026. Mintz LLP is acting as legal advisor to Nuclea. Panthers Capital Management LLC is acting as advisor to Nuclea. NorthStrive Companies Inc., is acting as business and M&A advisors to NSAC I., GB Capital Ltd., is acting as financial advisors to NSAC I.

About Nuclea Energy Inc.

Headquartered in Mississauga, Ontario, Nuclea Energy Inc. is an advanced nuclear technology company dedicated to delivering clean, reliable energy. The company’s flagship innovation is the Morpheus Micro Modular Reactor (MMR), a transportable, factory-built, lead-cooled, graphite-moderated system scalable from 3.5 MWe to 50 MWe. Through its pending acquisition of Moltex, Nuclea aims to pioneer a closed nuclear fuel cycle business. By integrating the proprietary WATSS spent nuclear fuel recycling process with a diverse reactor portfolio including the Stable Salt Reactor-Wasteburner (SSR-W) Small Modular Reactor (SMR) and the Morpheus, Nuclea aims to commercialize sustainable waste recycling and next-generation zero-emission global power. For more information, visit www.nuclea.energy.

About NorthStrive Acquisition Corp I (Nasdaq: NSAI)

NorthStrive Acquisition Corp I is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. NSAC I completed its initial public offering of $100 million on August 19, 2026, and is sponsored by NorthStrive Sponsor I LLC, a wholly owned subsidiary of PMGC Holdings Inc. (Nasdaq: ELAB).

Additional Information and Where to Find It

For additional information on the Proposed Transaction, see NSAC I’s Current Report on Form 8-K, which will be filed concurrently with this press release. In connection with the Proposed Transaction, NSAC I intends to file relevant materials with the SEC, including a registration statement on Form S-4, which will include a proxy statement/prospectus of NSAC I, and will file other documents regarding the Proposed Transaction with the SEC. NSAC I’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement and documents incorporated by reference therein filed in connection with the Proposed Transaction, as these materials will contain important information about Nuclea, NSAC I and the Proposed Transaction. Promptly after the Form S-4 is declared effective by the SEC, NSAC I will provide the definitive proxy statement/prospectus and a proxy card to each shareholder entitled to vote at the meeting relating to the approval of the business combination and other proposals set forth in the proxy statement/prospectus. Before making any voting or investment decision, investors and shareholders of NSAC I are urged to carefully read the entire registration statement and proxy statement/prospectus, when they become available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the Proposed Transaction. The documents filed by NSAC I with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, once available, copies of the registration statement, the proxy statement/prospectus and the other documents filed by NSAC I with the SEC may be obtained free of charge through the website maintained by the SEC at www.sec.gov. In addition, once available, copies of the registration statement, the proxy statement/prospectus and the other documents filed by NSAC I with the SEC may be obtained free of charge from NSAC I by directing a written request to NSAC I at 520 Newport Center Drive, Suite 470, Newport Beach, CA 92660, Attention: Michel Tamer, Chief Executive Officer, or by telephone at (888) 445-4886.

No Offer or Solicitation

This communication does not constitute, and should not be construed to be, a proxy statement or the solicitation of a proxy, a solicitation of any vote or approval, consent or authorization with respect to any securities or in respect of the Proposed Transaction described herein and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Participants in the Solicitation

NSAC I and its directors and executive officers may be deemed participants in the solicitation of proxies from its shareholders with respect to the Proposed Transaction. A list of the names of those directors and executive officers and a description of their interests in NSAC I will be included in the proxy statement/prospectus for the Proposed Transaction when available at www.sec.gov. Information about NSAC I’s directors and executive officers and their ownership of NSAC I shares is set forth in NSAC I’s final prospectus dated August 17, 2026, filed with the SEC in connection with its initial public offering (File No. 333-297611). Other information regarding the interests of the participants in the proxy solicitation will be included in the proxy statement/prospectus pertaining to the Proposed Transaction when it becomes available. These documents can be obtained free of charge from the source indicated above.

Nuclea and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of NSAC I in connection with the Proposed Transaction. A list of the names of such directors and executive officers and information regarding their interests in the Proposed Transaction will be included in the proxy statement/prospectus for the Proposed Transaction.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will,” “would,” “are expected to,” “is anticipated,” “estimated,” “believe,” “could,” “intend,” “may,” “might,” “plan,” “projection,” “pro forma,” “should,” “outlook” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Nuclea’s industry and market sizes, future opportunities for Nuclea and NSAC I, Nuclea’s technology development and regulatory plans, the completion of the Moltex Acquisition, the bridge financing, the continuance of NSAC I to Canada, and the Proposed Transaction between NSAC I and Nuclea, including the expected transaction and ownership structure and the likelihood, timing and ability of the parties to successfully consummate the Proposed Transaction. Such forward-looking statements are based upon the current beliefs and expectations of NSAC I’s and Nuclea’s management and are inherently subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond NSAC I’s or Nuclea’s control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements. There can be no assurance that the Proposed Transaction will be consummated on the anticipated timeline or at all, or that, if consummated, the Combined Company’s securities will be approved for listing or remain listed on Nasdaq. Factors that could cause actual results to differ include, but are not limited to: (i) the risk that the Proposed Transaction may not be completed in a timely manner or at all, including by NSAC I’s deadline of August 19, 2027 to complete a business combination; (ii) the failure to satisfy the conditions to closing, including approval by the shareholders of NSAC I and Nuclea, the effectiveness of the registration statement on Form S-4, satisfaction of the minimum cash condition and approval of the Combined Company’s listing on Nasdaq; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement; (iv) the amount of redemption requests made by NSAC I’s public shareholders; (v) the risk that the Moltex Acquisition, including any required U.K. regulatory clearances, is not completed on the anticipated terms, by November 30, 2026 or at all; (vi) the ability to obtain audited and other financial statements of Nuclea and the Moltex business required for the registration statement on Form S-4, including whether the SEC grants relief from the requirement to include financial statements of Moltex or the acquired Moltex assets; (vii) risks related to the continuance of NSAC I to Canada and the amalgamation; (viii) the ability of Nuclea to obtain the nuclear regulatory licenses, permits and approvals required to develop, construct and operate its facilities and technologies, and the timing of any such approvals; (ix) the risk that Nuclea’s technologies, including the WATSS process and its reactor designs, may not be successfully developed, demonstrated, licensed or commercialized, and that Nuclea may never achieve criticality or the earnout milestones; (x) Nuclea’s ability to raise additional capital, including grants, government funding and other non-dilutive financing, on acceptable terms or at all; (xi) the outcome of any legal proceedings that may be instituted against the parties following the announcement of the Proposed Transaction; (xii) the ability of the Combined Company to meet Nasdaq’s initial and continued listing standards; (xiii) the costs related to the Proposed Transaction; (xiv) changes in applicable laws, regulations and government policy relating to nuclear energy; and (xv) other risks and uncertainties to be included in the registration statement on Form S-4, including under the heading “Risk Factors,” and in NSAC I’s other filings with the SEC. All subsequent written and oral forward-looking statements concerning Nuclea and NSAC I or the Combined Company, the transactions described herein, or other matters and attributable to Nuclea and NSAC I or the Combined Company, or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Except as required by law, NSAC I and Nuclea do not undertake any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

CONTACT: Contacts
Nuclea Energy Inc.
Josef Freundorfer, Chief Executive Officer
ir@nuclea.energy

NorthStrive Acquisition Corp I
Michel Tamer, Chief Executive Officer

Dealflow@northstrivespac1.com

HDDH062 intersects 25m at 1.6 g/t AuEq from 120.3m, including 3.5m metres at 5.5 g/t AuEq; additional mineralization identified over 200 metres to the west

TORONTO, Nov. 02, 2026 (GLOBE NEWSWIRE) — Fredonia Mining Inc. (TSXV: FRED; OTC: FREDF) (“Fredonia” or the “Company”) is pleased to announce new drilling results from its ongoing drilling programme at Herradura Hill at its flagship El Dorado–Monserrat (“EDM”) Gold-Silver Project in Santa Cruz, Argentina.

The results highlight the potential to extend mineralization at depth and to the west of the current pit design, confirming the assessed resource model and reinforcing the geological interpretation of the existing deposit.

Key Highlights

HDDH062 – Broad Mineralization at the Western Pit Boundary

• 25m meters at 1.6 g/t AuEq from 120.3m, including 3.5 meters at 5.5 g/t AuEq
• Plus 35m at 0.8 g/t AuEq from 153.5m

Located at the western edge of the current pit design, HDDH062 highlights potential for mineralization to extend at depth, providing a target for follow-up drilling.

HDDH061 – Mineralization Beyond the Current Pit Footprint

10m at 0.75 g/t AuEq from 51m, including 1.5m at 3.3 g/t AuEq. Drilled more than 200 meters west of HDDH062, HDDH061 indicates additional gold-silver mineralization outside current pit design. Continuity with the known deposit remains to be established.

HDDH063 – Reinforcing the Existing Deposit

5m at 1.46 g/t AuEq from 97m, including 1.4m at 4.7 g/t AuEq; and 7.7 meters at 0.98 g/t AuEq, including 1.0 meter at 3.76 g/t AuEq. Located in the central-eastern portion of the pit, HDDH063 provides additional confirmation for the resources estimate within current block model.

Note on gold equivalent calculation: AuEq (g/t) = Au (g/t) + Ag (g/t) × 0.016471, based on US$4,000/oz gold, US$70/oz silver and assumed recoveries of 85% Au and 80% Ag, supported by initial bottle-roll testwork, benchmarking and expert judgment.

Building on a Strong Foundation

These results follow the previously announced 70.75-metre mineralized intercept in HDDH051 and Fredonia’s recently completed preliminary economic assessment (“PEA”), which outlined a 10Mtpa ROM operation producing 146koz/year average for the 17 year mine life, resulting in an NPV10 at US$1.5b and an IRR of 65%. Drilling continues after a short winter break, with a programme to complete 10,000m in Herradura and Main Veins.

The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the results of the PEA will be realized. The PEA results are based on the mineral resource estimate and assumptions described in the Company’s technical report entitled “NI 43-101 Technical Report – Preliminary Economic Assessment, El Dorado – Monserrat Gold- Silver Project” (the “Technical Report”), bearing an effective date of August 17, 2026 and which was filed on the Company’s profile on SEDAR+ on October 7, 2026. The Technical Report was prepared by Messrs. Sergio Alvarado Casas, R.M. (Geology) of the Comisión Calificadora de Competencias en Recursos y Reservas Mineras de Chile (“CMC”) (#004), Ricardo Muñoz González, R.M. (Mining) of the CMC (#005) and MAusIMM (Registration No. 312,131), and Carlos Puga Gómez, R.M. (Mining) of the CMC (#180). The newly reported drill results, which were completed after the effective date of the PEA, are not included in a mineral resource estimate or economic assessment for the EDM project.

Management Commentary

Estanislao Auriemma, President and CEO, commented:

“Herradura Hill continues to demonstrate significant exploration potential beyond the mineralization currently defined. HDDH062 is particularly encouraging, with two broad mineralized zones at the western edge of the pit, highlighting the potential for additional mineralization at depth. More than 200 metres farther west, HDDH061 has identified another mineralized area entirely outside the current pit design. Together with HDDH063, these results strengthen our geological understanding of Herradura Hill and provide compelling targets for further exploration. With a strong PEA now in place, our focus is on advancing EDM toward development while continuing to unlock the exploration potential of this extensive gold-silver system.”

Next Steps

Fredonia plans to integrate the results into its block model and continue follow-up drilling targeting depth extensions in both Herradura Hill and Main Veins in support of the Pre-Feasibility Study to be completed in 2027.

Figure 1 – Herradura Hill: New Drilling and Expansion Potential

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0f084299-1c75-418b-ae5c-2caab0028878

Hole ID	East Coord.	North Coord.	Elevation (m.a.s.l)	True Az	Dip	EOH (m)
HDDH061	2531595	4632868	165	31,61	50	140
HDDH062	2531870	4632820	185	17,91	45	245
HDDH063	2532364	4632755	213	15,75	60	335

Drillhole collars are presented in Gauss Krüger F2- Campo Inchauspe (Garmin Etrex10).

Table 1 – Significant Drill Intercepts

Hole	From (m)	Length (m)*	Au (g/t)	Ag (g/t)	AuEq (g/t)**
HDDH062	120.3	24.7	1.3	15	1.6
incl.		3.5	5.1	26	5.5
+	153.50	35.0	0.55	16	0.8
HDDH061	51.0	10.0	0.6	7	0.75
incl.		1.5	3.1	9	3.3
+	118.0	4.0	0.44	1	0.41
+	136.0	4.0	0.44	10	0.6
HDDH063	44.0	3.0	0.56	13	0.77
+	97.0	5.0	1.4	4	1.46
incl.		1.4	4.5	10	4.7
+	107.40	7.70	0.86	7	0.99

(*) Reported interval length are down hole widths and not true widths.

(**) Gold Equivalent: AuEq (g/t) = Au (g/t) + Ag (g/t) × 0.016471, based on US$4,000/oz gold, US$70/oz silver and assumed recoveries of 85% Au and 80% Ag. The Company’s July 14, 2026 HDDH051 release used a different methodology; its 70.75-metre interval would grade approximately 1.33 g/t AuEq on this basis.

The two principal HDDH062 intervals are separated by 8.5 metres of lower-grade material.

Drill core samples were collected from HQ3-diameter diamond drill core, which was longitudinally split, with one half submitted for laboratory analysis and the remaining half retained for reference. Samples were submitted to Alex Stewart International’s certified laboratory in Mendoza, Argentina, for gold analysis using the fire assay method and ICP (39 elements).

Figure of Cross section – HDDH061 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/16583fad-b3de-4328-97a0-9b6b4b708060

SSW–NNE geological cross-section showing drill holes HDDH061 and HDDH014, AuEq assay intervals, and the interpreted mineralized zone showing possible extension in all directions.

Figure of Cross section – HDDH062 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f50010f9-65fe-4532-8f14-ce71b6ddfbc8

SSW–NNE geological cross-section showing location drill hole HDDH062, AuEq assay intervals, and the interpreted mineralized zone showing possible extension in all directions. Section showing open-pit design outlined in the Preliminary Economic Assessment (PEA) (black line). Composites use a 0.20 g/t AuEq cut-off, up to 3 metres of consecutive internal dilution and a minimum length of 2 metres. High-grade sub-intervals use a 1.0 g/t AuEq cut-off. No top cut was applied. Final compositing parameters and assays are subject to QP verification.

Figure of Cross section – HDDH063 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e8add3c8-6c99-40f4-ab45-20372a8ab644

SSW–NNE geological cross-section showing location drill hole HDDH063, AuEq assay intervals, and the interpreted mineralized zone showing possible extension in all directions. Section showing open-pit design outlined in the Preliminary Economic Assessment (PEA) (black line). Composites use a 0.20 g/t AuEq cut-off, up to 3 metres of consecutive internal dilution and a minimum length of 2 metres. High-grade sub-intervals use a 1.0 g/t AuEq cut-off. No top cut was applied. Final compositing parameters and assays are subject to QP verification.

Technical and Corporate Disclosure

About Fredonia

Fredonia holds gold and silver license areas totaling approximately 64,000 ha. in the prolific Deseado Massif geological region in the Province of Santa Cruz, Argentina, including its flagship advanced EDM project (approx. 33,500 ha.) located close to AngloGold Ashanti’s approximately 200,000 oz./yr Au-Ag Cerro Vanguardia mine, the El Aguila project (approx. 9,100 ha.), and the Hornía project (approx. 21 500 ha).

For further information: Please visit the Company’s website at www.fredoniamanagement.com or contact: Estanislao Auriemma, Chief Executive Officer, Direct +54 91 149 980 623, Email: estanislao.auriemma@gmail.com.

Qualified Person

The scientific and technical information contained in this press release has been reviewed and approved by Mario Alfaro and Sergio Alvarado, both of whom are “Qualified Persons” as defined under NI 43-101. Messrs. Alfaro and Alvarado are independent of the company.

The Qualified Persons named above have reviewed and verified the sampling, analytical, and test data underlying the technical information disclosed in this news release. Data verification included a review of the original laboratory assay certificates, site visits and visual inspection of the drill cores.

Forward-Looking Information

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the prospectivity of the EDM Project (including Herradura Hill) for mineralization, including based on proximity to existing known systems in the Deseado Massif, recovery assumptions, the results of the PEA, the Company’s financial resources and ability to execute its plans, the impact of involvement of experienced strategic advisors on the Company’s operations, planned drilling and district consolidation programs, and any other information herein that is not a historical fact, may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties or other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual results of drilling, and of engineering and metallurgical tests conducted in the course of the Company’s activities, unforeseen expenditures and the ability to finance operations, volatility in the trading price of the Common Shares, risks relating to the ability of the Company to obtain required approvals, the global economic climate, new and ongoing wars, and metal prices. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot guarantee shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Company nor any other person assumes responsibility for the accuracy and completeness of any such forward looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. Accordingly, readers should not place undue reliance on forward-looking statements and information.

For further information: Please visit the Company’s website at www.fredoniamanagement.com or contact: Estanislao Auriemma, Chief Executive Officer, Direct +54 91 149 980 623, Email: estanislao.auriemma@gmail.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

TORONTO, Nov. 02, 2026 (GLOBE NEWSWIRE) — Spectral Medical Inc. (“Spectral” or the “Company”) (TSX: EDT), a Phase 3 company seeking U.S. FDA approval for its unique product for the treatment of patients with septic shock, Toraymyxin™ (“PMX”), is pleased to announce the closing of the first tranche of a $14.0 million private placement offering (the “Offering”) of convertible unsecured notes (the “2026 Notes”) due on November 1, 2031 (the “Maturity Date”), and the conversion of an aggregate of US$4.5 million (approximately $6.3 million) of maturing convertible notes, and the repayment of an additional US$4.5 million (approximately $6.3 million) of maturing convertible notes. All dollar amounts in this news release are in Canadian dollars unless otherwise stated.

Conversion and Repayment of 2022 Notes and 2023 Notes

Prior to the closing of the Offering, the Company had outstanding US$5.0 million aggregate principal amount of 7.00% convertible senior notes issued on November 2, 2022 (the “2022 Notes”) and US$4.0 million aggregate principal amount of 9.00% convertible senior notes issued on September 7, 2023 (the “2023 Notes”), all of which matured on November 1, 2026.

The holder of US$2.5 million aggregate principal amount of the 2022 Notes and US$2.0 million aggregate principal amount of the 2023 Notes converted those notes in accordance with their terms into an aggregate of 13,870,397 common shares of the Company (the “Common Shares”).

The remaining US$2.5 million aggregate principal amount of the 2022 Notes and US$2.0 million aggregate principal amount of the 2023 Notes, held by Vantive US Healthcare LLC, were not converted and will be repaid by the Company today, together with accrued and unpaid interest thereon, for an aggregate principal amount of US$4.5 million (approximately $6.3 million).

2026 Notes Offering

On October 30, 2026, Spectral issued $7.7 million aggregate principal amount of 2026 Notes in the first tranche of the Offering and expects to issue an additional $6.3 million aggregate principal amount of 2026 Notes in a second tranche to be completed on or about November 6, 2026, subject to customary closing conditions.

Holders may convert all or any portion of their 2026 Notes at any time prior to the Maturity Date into units of the Company (the “Units”) at a conversion price of $1.00 per Unit (the “Conversion Price”), subject to customary anti-dilution adjustments. Each Unit consists of one Common Share and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $1.10 until the Maturity Date.

The 2026 Notes bear interest at the Canadian Overnight Repo Rate Average plus 800 basis points per annum, accruing from the date of issue and payable semi-annually. On each interest payment date, the Company may elect, in its sole discretion, to pay the interest then due in cash or in kind. Interest paid in kind (“PIK Interest”) will be added to the outstanding principal amount of the 2026 Notes, will bear interest at the same rate and will be convertible into Units at the Conversion Price on the same terms as the 2026 Notes, provided that the Conversion Price is not then lower than the minimum price permitted by the Toronto Stock Exchange (the “TSX”). If it is, the interest then due will instead be satisfied by the issuance of units of the Company (“PIK Units”) at a price per PIK Unit equal to the volume weighted average trading price of the Common Shares on the TSX for the five trading days immediately preceding the applicable interest payment date (the “Market Price”) less a 10% discount. Each PIK Unit shall be comprised of one Common Share and one-half of one common share purchase warrant of the Company, with each whole warrant comprised in the PIK Units exercisable at the Market Price until the Maturity Date. Each issuance of PIK Units is subject to the prior acceptance of the TSX. The maximum aggregate principal amount of 2026 Notes and PIK Units outstanding (including PIK Interest) at the Maturity Date is capped at $28,000,000.

The Company intends to use the net proceeds from the Offering to repay the US$4.5 million (approximately $6.3 million) principal amount of the 2022 Notes and 2023 Notes that were not converted, together with accrued interest, and for general corporate and working capital purposes.

Paradigm Capital Inc. (the “Advisor”) acted as financial advisor to the Company on the Offering and received on the closing of the first tranche a cash commission of $192,500, $192,500 principal amount of 2026 Notes and 385,000 compensation options (the “Compensation Options”), each exercisable for one Common Share at the Conversion Price until the Maturity Date, and will receive similar compensation on the closing of the second tranche. The 2026 Notes issued in the first tranche were purchased by Pinnacle Island II LP (“Pinnacle II”) and the Advisor. The general partner of Pinnacle II is 1000318530 Ontario Inc., a subsidiary of Paradigm Capital Partners Limited, which is an influential securityholder of the Advisor and a limited partner of Pinnacle II. Pinnacle Island LP, an affiliate of Pinnacle II, was the holder of the 2022 Notes and 2023 Notes converted as described above. For so long as any 2026 Notes remain outstanding, Pinnacle II will be entitled to designate a non-voting observer to attend meetings of the Company’s board of directors. The 2026 Notes, including any securities issuable thereunder, and the Compensation Options contain limitations on conversion and exercise required by the TSX that apply to any holder which, together with its affiliates and joint actors, would own more than 9.99% of the outstanding Common Shares and, in the case of Pinnacle II, the Advisor and their affiliates, more than 19.99% of the outstanding Common Shares.

About Spectral

Spectral is a Phase 3 company seeking U.S. FDA approval for its unique product for the treatment of patients with septic shock, Toraymyxin™ (“PMX”). PMX is a therapeutic hemoperfusion device that removes endotoxin, which can cause sepsis, from the bloodstream and is guided by the Company’s FDA-cleared Endotoxin Activity Assay (EAA™), the only FDA-cleared test for endotoxin in blood.

PMX is approved for therapeutic use in Japan and Europe, licensed by Health Canada, and has been used safely and effectively with over 360,000 units sold worldwide to date. In March 2009, Spectral obtained the exclusive development and commercial rights in the U.S. for PMX, and in November 2010, signed an exclusive distribution agreement for this product in Canada. In July 2022, the U.S. FDA granted Breakthrough Device Designation for PMX for the treatment of endotoxic septic shock. Approximately 330,000 patients are diagnosed with septic shock in North America each year.

Spectral is listed on the Toronto Stock Exchange under the symbol EDT. For more information, please visit www.spectraldx.com.

Forward-Looking Information Cautionary Statement

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of Spectral and anticipated events or results, are assumptions based on beliefs of Spectral’s senior management as well as information currently available to it. While these assumptions were considered reasonable by Spectral at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the completion of the second tranche of the Offering, the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of Spectral to take advantage of business opportunities in the biomedical industry, the granting of necessary approvals by regulatory authorities, the Company’s ability to satisfactorily address the items identified in FDA’s deficiency letter and the timing thereof, as well as general economic, market and business conditions, and could differ materially from what is currently expected.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

For further information, please contact:

Ali Mahdavi

Capital Markets & Investor Relations
Spinnaker Capital Markets Inc.
416-962-3300
am@spinnakercmi.com

Chris Seto

CEO
Spectral Medical Inc.
cseto@spectraldx.com

BOSTON, Nov. 02, 2026 (GLOBE NEWSWIRE) — Monte Rosa Therapeutics, Inc. (Nasdaq: GLUE), a clinical-stage biotechnology company developing novel molecular glue degrader (MGD)-based medicines, today announced that management will participate in the following investor conferences:

• Guggenheim’s 3rd Annual Healthcare Innovation Conference (Boston, MA) – fireside chat, November 9, 2026, at 8:00 a.m. ET
• UBS Global Biopharma Conference 2026 (London, UK) – fireside chat, November 16, 2026, at 12:00 p.m. GMT
• Jefferies Global Healthcare Conference in London – fireside chat, November 17, 2026, at 10:00 a.m. GMT
• Piper Sandler 38th Annual Healthcare Conference (New York, NY) – fireside chat, December 1, 2026, at 3:30 p.m. ET

Webcasts of the fireside chats will be accessible via the “Events & Presentations” section of Monte Rosa’s website at ir.monterosatx.com, and archived versions will be made available for 30 days following the presentations.

About Monte Rosa
Monte Rosa Therapeutics is a clinical-stage biotechnology company developing highly selective molecular glue degrader (MGD) medicines for patients living with serious diseases. MGDs are small molecule protein degraders that have the potential to treat many diseases that other modalities, including other degraders, cannot. Monte Rosa’s QuEEN™ (Quantitative and Engineered Elimination of Neosubstrates) discovery engine combines AI-guided chemistry, diverse chemical libraries, structural biology, and proteomics to rationally design MGDs with unprecedented selectivity. Monte Rosa has developed the industry’s leading pipeline of first-in-class and only-in-class MGDs, spanning autoimmune and inflammatory diseases, oncology, and beyond, with three programs in the clinic. Monte Rosa has ongoing collaborations with leading pharmaceutical companies in the areas of immunology, oncology and neurology. For more information, visit www.monterosatx.com.

Investors
Andrew Funderburk
ir@monterosatx.com

Media
Cory Tromblee, Scient PR
media@monterosatx.com

BOSTON and SAN DIEGO, Nov. 02, 2026 (GLOBE NEWSWIRE) — Rapport Therapeutics, Inc. (Nasdaq: RAPP) (“Rapport” or the “Company”), a clinical-stage biotechnology company dedicated to the discovery and development of small molecule precision medicines for patients with neurological or psychiatric disorders, today announced the closing of its previously announced separate underwritten public offerings of 9,761,905 shares of its common stock, which includes the exercise in full of the underwriters’ option to purchase up to 1,428,571 additional shares of its common stock, at a public offering price of $21.00 per share (the “Offering Price”) and, in lieu of common stock to investors that so choose, pre-funded warrants to purchase up to 1,190,476 shares of its common stock at an offering price of $20.999 per pre-funded warrant, which represents the per share Offering Price less the $0.001 per share exercise price for each pre-funded warrant (the “common stock offering”) and $172.5 million aggregate principal amount of 2.25% convertible senior notes due 2032 (the “notes”), which includes the exercise in full of the underwriters’ over-allotment option to purchase up to an additional $22.5 million aggregate principal amount of notes (the “notes offering” and together with the common stock offering, the “underwritten offerings”). Concurrently with the underwritten offerings, Rapport entered into a securities purchase agreement with a certain investor (the “Investor”), in a separately negotiated transaction (the “concurrent private placement” and together with the underwritten offerings, the “offerings”) pursuant to which Rapport sold to the Investor 1,428,571 shares of Rapport’s common stock, at the Offering Price. The sale of shares to the Investor in the concurrent private placement were not registered as part of the common stock offering.

The aggregate net proceeds to Rapport from the offerings, after deducting the underwriting discounts and commissions and estimated offering expenses with respect to the underwritten offerings, and placement agent fees and estimated expenses with respect to the concurrent private placement, are approximately $410.7 million, including the underwriters’ exercise of their option to purchase additional shares in full and their over-allotment option to purchase additional notes in full. All of the securities in the offerings were sold by Rapport.

Morgan Stanley, Leerink Partners and Evercore ISI acted as joint book-running managers for the underwritten offerings and as placement agents for the concurrent private placement. BTIG and Citizens Capital Markets acted as joint book-running managers in the common stock offering.

Rapport currently intends to use the net proceeds from the offerings primarily to fund its ongoing and planned clinical trials advancing RAP-219, for other research and development, and for working capital and general corporate purposes. Rapport also may use a portion of the remaining net proceeds to in-license, acquire or invest in complementary businesses, technologies, products or assets. However, Rapport currently has no agreements or commitments to complete any such transaction. Rapport believes that the net proceeds from the offerings, together with its existing cash, cash equivalents and short-term investments, will enable it to fund its operations through the end of 2029. Rapport has based this estimate on assumptions that may prove to be wrong, and it could use its available capital resources sooner than it currently expects.

The notes are general unsecured obligations of Rapport, will accrue interest at a rate of 2.25% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2027, and will mature on December 1, 2032, unless earlier converted, redeemed or repurchased. Noteholders may convert all or any portion of their notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Rapport has elected to irrevocably fix the settlement method to physical settlement in the indenture governing the notes. As a result, Rapport will satisfy any conversion obligation by delivering shares of its common stock, together with cash in lieu of fractional shares, if applicable. The conversion rate for the notes will initially be 37.3483 shares of common stock per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $26.7750 per share of common stock). The initial conversion price represents a premium of approximately 27.50% over the Offering Price per share of common stock in the common stock offering. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest.

Rapport may redeem for cash all or any portion of the notes (subject to certain limitations), at Rapport’s option, on a redemption date on or after the later of (x) December 6, 2030, and (y) 60 days following (A) the reported topline data results, including the primary endpoint(s), following completion of prespecified analyses of the primary endpoint(s) under the respective protocols and statistical analysis plans of the FOCUS 1 and FOCUS 2 clinical trials of RAP-219 in drug resistant focal onset seizures as well as the two planned pivotal trials of RAP-219 in acute bipolar mania, or (B) in the event one or more of these trials is terminated, the reported results of the remaining trials, if any, that are completed, in each case, if the last reported sale price per share of Rapport’s common stock has been at least 130% of the conversion price then in effect for a specified period of time, and subject to a beneficial ownership limitation set forth in the indenture. The redemption price will be 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the relevant redemption date.

If Rapport undergoes certain corporate events that constitute a “fundamental change,” then, subject to certain conditions and limited exceptions, noteholders may require Rapport to repurchase for cash all or any portion of their notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The securities in the underwritten offerings were offered by Rapport pursuant to an automatically effective shelf registration statement that was filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 10, 2026 (File No. 333-294170). Each of the final prospectus supplements and accompanying prospectuses relating to and describing the terms of the underwritten offerings was filed with the SEC and may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; Leerink Partners LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com; or by accessing the SEC’s website at www.sec.gov.

The offer and sale of the shares in the concurrent private placement was made in a transaction not involving a public offering, and such shares have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or applicable state securities laws, and are being offered and sold in reliance on Section 4(a)(2) of the Securities Act. The shares in the concurrent private placement may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws. Rapport has agreed to file a registration statement with the SEC registering the resale of the shares to be sold in the concurrent private placement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares to be sold in the concurrent private placement, nor shall there be any sale of such shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Rapport Therapeutics
Rapport Therapeutics is a clinical-stage biotechnology company dedicated to discovering and developing small molecule precision medicines for patients with neurological and psychiatric disorders. The Company’s founders made pioneering discoveries related to the function of receptor associated proteins (“RAPs”) in the brain, which form the basis of Rapport’s RAP technology platform. The platform enables a differentiated approach to generate precision small molecule product candidates with the potential to overcome many limitations of conventional neurology drug discovery. Rapport’s precision neuroscience pipeline includes the Company’s lead investigational drug, RAP-219, which is designed to achieve neuroanatomical specificity through selective targeting of a RAP expressed only in discrete regions of the brain. The pipeline is anchored by the Company’s epilepsy portfolio, including FOS and primary generalized tonic-clonic seizures, as well as bipolar mania. The Company is also advancing additional discovery and preclinical programs leveraging its platform, including in chronic pain and migraine and in hearing and vestibular disorders.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, but are not limited to, express or implied statements regarding uncertainties related to the expected amount of net proceeds, the use of proceeds of the offerings and cash runway.

Forward looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect Rapport’s business, operating results, financial condition and stock value. Factors that could cause actual results to differ materially from those currently anticipated include the risks described in “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the SEC and any subsequent filings with the SEC, including those contained or incorporated by reference in each final prospectus supplement and accompanying prospectus related to the underwritten offerings filed with the SEC. Any forward-looking statements represent Rapport’s views only as of today and should not be relied upon as representing its views as of any subsequent date. Rapport expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law, and claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

CONTACT: Contact
Julie DiCarlo
Head of Communications & IR
Rapport Therapeutics
jdicarlo@rapportrx.com

WELLESLEY HILLS, Mass., Nov. 02, 2026 (GLOBE NEWSWIRE) — Climb Bio, Inc. (Nasdaq: CLYM), a clinical stage biotechnology company developing therapeutics for patients with immune-mediated diseases, today announced that members of its executive team will participate in the upcoming investor conference detailed below.

Guggenheim 3rd Annual Healthcare Innovation Conference
Format: Fireside Chat
Date: Monday, November 9
Time: 4:00 – 4:25 p.m. ET

The live webcast will be accessible via the “Investors & Media” section of the Climb Bio website. A webcast replay will be available on the Climb Bio website beginning approximately two hours after the webcast event and will be archived for at least 30 days.

About Climb Bio, Inc.
Climb Bio, Inc. is a clinical-stage biotechnology company with a mission to deliver high impact, disease-modifying medicines for individuals living with immune-mediated diseases, including those affecting kidney health. The Company’s pipeline includes, budoprutug, an anti-CD19 monoclonal antibody that has potential to treat a broad range of B-cell mediated diseases, and CLYM116, an anti-APRIL monoclonal antibody being developed for IgA nephropathy. For more information, please visit climbbio.com.

Investors and Media
Carlo Tanzi, Ph.D.
Kendall Investor Relations
ctanzi@kendallir.com

Third quarter revenue of $526 million, representing 33% year-over-year growth; Guiding fourth quarter revenue of $600 million, 36% year-over-year growth

MIGDAL HAEMEK, Israel, Nov. 02, 2026 (GLOBE NEWSWIRE) — Tower Semiconductor (NASDAQ/TASE: TSEM) reports today its results for the third quarter ended September 30, 2026.

Third Quarter of 2026 Results Overview
Record revenue for the third quarter of 2026 of $526 million, representing revenue growth of 33% year over year, as compared to $396 million in the third quarter of 2025.

Record gross profit for the third quarter of 2026 of $179 million, 92% higher than $93 million in the third quarter of 2025.

Operating profit for the third quarter of 2026 was a record of $127 million (excluding non-recurring items), a multiple of 2.5X as compared to the $51 million operating profit for the third quarter of 2025.

Net profit for the third quarter of 2026 was a record of $120 million (excluding non-recurring items), representing 23% net margin and reflecting $1.06 basic and $1.05 diluted earnings per share. This net profit is a multiple of 2.2X of the $54 million net profit in the third quarter of 2025.

Cash from operating activities in the third quarter of 2026 was $185 million and investments in property and equipment, net, were $191 million. In the third quarter of 2025, cash flow generated from operating activities was $139 million and investments in property and equipment, net, were $103 million.

Business Outlook
The Company provides revenue guidance of $600 million for the fourth quarter of 2026, with an upward or downward range of 5%. Mid-range revenue guidance represents an increase of 36% year-over-year and 14% quarter-over-quarter.

Russell Ellwanger, Chief Executive Officer of Tower Semiconductor, said: “We are entering the strongest growth phase in our history, according to fourth quarter guidance, closing the year at $2 billion annual revenue and a $2.4 billion annualized revenue run rate. We target to begin 2027 avoiding first quarter’s typical industry seasonality, with clear visibility to incremental sequential revenues with accompanying margins’ growth.”

Ellwanger further added: “With a background of growth and strong increasing demand in each of our core businesses, infrastructure (SiPho and SiGe) demand specifically is driving exceptional growth in our high-speed connectivity business. We target to achieve an annualized $1.1 billion run rate in the fourth quarter of 2026 of SiPho revenue alone, namely 5X of the 2025 SiPho annual revenue. Our on-going capacity investments, including the announced Track-1 Japan 300mm buildout, are progressing ahead of schedule, supported by customer contracts which are being extended through 2029, providing great assurance to achieve our 2028 revenue and margins model, and a well-defined path for accretive margins thereafter. The combination of Tower’s technology leadership, expanding capacity and deep alignment with our customers, positions Tower to deliver significant long-term growth and shareholder value.”

Teleconference and Webcast
Tower Semiconductor will host an investor conference call today, Monday, November 2, 2026, at 10:00 a.m. Eastern time (9:00 a.m. Central time, 8:00 a.m. Mountain time, 7:00 a.m. Pacific time and 5:00 p.m. Israel time) to discuss the Company’s financial results for the third quarter of 2026 and its business outlook.

The call will be webcast and available through the Investor Relations section of Tower Semiconductor’s website at ir.towersemi.com. The pre-registration form required for dial-in participation is accessible here. Upon completing the registration, participants will receive the dial-in details, a unique PIN, and a confirmation email with all necessary information. To access the webcast, click here. The teleconference will be available for replay for 90 days.

Non-GAAP Financial Measures
The Company presents its financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). The financial information in the tables below includes unaudited condensed financial data. Some of the financial information, which may be used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, which we may describe as adjusted financial measures and/or reconciled financial measures, are non-GAAP financial measures as defined in Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our Company. These adjusted financial measures are calculated excluding the following: (i) amortization of acquired intangible assets as included in our costs and expenses, and (ii) compensation expenses in respect of equity grants to directors, officers, and employees as included in our costs and expenses. These adjusted financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the adjusted financial measures used and/or presented in this release, as well as a reconciliation between the adjusted financial measures and the comparable GAAP financial measures. As used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, as well as may be included and calculated in the tables herein, the term Earnings Before Interest Taxes, Depreciation and Amortization which we define as EBITDA consists of operating profit in accordance with GAAP, excluding (i) depreciation expenses, which include depreciation recorded in cost of revenue and in operating cost and expenses lines (e.g., research and development related equipment and/or fixed other assets depreciation), (ii) stock-based compensation expense, and (iii) amortization of acquired intangible assets. EBITDA is reconciled in the tables below and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company from GAAP operating profit. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, are not a required GAAP financial measure and may not be comparable to a similarly titled measure employed by other companies. EBITDA and the adjusted financial information presented herein and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Net Cash, as may be used and/or presented in this release and/or prior earnings-related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is comprised of cash, cash equivalents and short-term deposits less debt amounts as presented in the balance sheets included herein. The term Net Cash is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for cash, debt, operating profit, net profit or loss, cash flows provided by operating, investing and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP. The term Free Cash Flow, as used and/or presented in this release and/or prior earnings related filings and/or in related public disclosures or filings with respect to the financial statements and/or results of the Company, is calculated to be net cash provided by operating activities (in the amounts of: $185 million for the three months period ended September 30, 2026 that includes $23 million increase in customers’ advances; $177 million for the three months period ended June 30, 2026; $139 million for the three months period ended September 30, 2025; $872 million for the nine months period ended September 30, 2026 that includes $305 million increase in customers’ advances, net; 356 million for the nine months period ended September 30, 2025) less cash used for investments in property and equipment, net (in the amounts of $191 million, $187 million and $103 million for the three months periods ended September 30, 2026, June 30, 2026 and September 30, 2025, respectively and in the amounts of $534 million and $326 million for the nine months periods ended September 30, 2026 and September 30, 2025, respectively). The term Free Cash Flow is not a required GAAP financial measure, may not be comparable to a similarly titled measure employed by other companies and should not be considered in isolation or as a substitute for operating profit, net profit or loss, cash flows provided by operating, investing, and financing activities, per share data or other profit or cash flow statement data prepared in accordance with GAAP.

About Tower Semiconductor
Tower Semiconductor Ltd. (NASDAQ/TASE: TSEM) is a leading foundry of high-value analog semiconductor solutions, serving growing markets including industrial, automotive, mobile, infrastructure, medical, and aerospace & defense. The company offers a broad portfolio of advanced and innovative analog technologies, including silicon photonics (SiPho), SiGe, RF CMOS, CMOS image sensors, power management, and mixed-signal, supported by world-class design enablement and process transfer services. Tower operates a global manufacturing network with 200mm and 300mm fabs in Israel, the U.S., Japan, and Italy, providing customers with scalable capacity and multi-fab sourcing. Learn more at www.towersemi.com.

CONTACT:
Liat Avraham | Investor Relations | +972-4-6506154 | liatavra@towersemi.com

Forward-Looking Statements
This release, as well as other statements and reports filed, stated and published, include certain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, among others, projections and statements with respect to our future business, financial performance and activities. The use of words such as “projects”, “expects”, “may”, “targets”, “plans”, “forecast”, “intends”, “committed to”, “tracking”, or variations or words of similar import, may identify a statement as “forward-looking.” However, the absence of these words does not mean that a statement is not forward-looking. Actual results may vary from those projected or implied by such forward-looking statements and you should not unduly rely on such forward-looking statements, which speak only as of the date of this release. Factors that could cause actual results to differ materially from those projected or implied by such forward-looking statements include, without limitation, risks and uncertainties associated with: (i) fluctuating demand in our customers’ end markets and/or SiPho, SiGe and other customer demand may not increase to the levels currently forecasted by the Company, (ii) reliance on acquisitions, establishing new fabs and/or gaining additional capacity for growth, (iii) difficulties in achieving acceptable operational metrics and indices as a result of operational, technological or process-related problems, (iv) identifying and negotiating with third-party buyers for the sale of any excess and/or unused equipment, inventory and/or other assets, (v) maintaining current key customers and attracting new key customers, (vi) over demand for our foundry services and/ or products that may result in operational bottlenecks, extend cycle times, reduce yield, delay delivery schedules, that may result in compensation, penalties and/ or prepayment repayments, loss of customers, revenues, profits and/ or reputation, including with respect to SiPho customer prepayments received for certain minimum capacity commitments, due to inability to fulfill, in whole or in part, all such demand and commitments in a timely manner or at all, (vii) fluctuation of our financial results from quarter to quarter, (viii) the additional 300mm manufacturing facility the Company plans to establish adjacent to Fab 7 and maximization of the Company’s Fab 7 300mm output (including risks associated with the repurposing of the Arai facility), including risks associated with delays in construction period and cost, obtaining necessary equipment and/ or obtaining necessary permits, Government of Japan and/or METI grants terms and covenants relating thereto (which may result in loss of a portion or all of the grant funds), and/ or other consents required, and the negotiation of definitive agreements with vendors and others, that may result in lower profitability than currently expected and/ or added costs and losses, longer return on investment period, including risks associated with the ability to obtain any financing required to fund the establishment, facilities and machinery cost net investments on favorable terms, or at all, (ix) our debt and other liabilities may impact our financial position and operations, (x) our ability to successfully execute acquisitions, integrate them into our business, utilize our expanded capacity and find new business, (xi) fluctuations in cash flow, (xii) our ability to satisfy the covenants stipulated in our agreements with our debt holders and/ or possible incurrence of additional indebtedness, (xiii) pending litigation, (xiv) meeting the conditions set in approval certificates and other regulations under which we received grants and/or royalties and/or any type of funding from the Israeli, US and/or Japan governmental agencies, (xv) receipt of orders that are lower than the customer purchase commitments or forecast and/or failure to receive customer orders currently expected, (xvi) the effects of global recession, credit crisis and/or unfavorable macro-economic conditions, such as the imposition of regulatory requirements, tariffs, import and export restrictions and other trade barriers and restrictions, including the timing and availability of export licenses and permits, (xvii) our ability to accurately forecast financial performance, which is affected by limited order backlog and lengthy sales cycles which may cause financial results to fluctuate from quarter to quarter, (xviii) possible situations of obsolete inventory or overcapacity if forecasted demand exceeds actual demand when we create inventory before receipt of customer orders, (xix) the cyclical nature of the semiconductor industry and the resulting periodic overcapacity, fluctuations in operating results and future average selling price erosion, (xx) capacity and capability expansion and acquisition related transactions in our existing fabrications, strategic and/or other in-organic capacity and/ or capability growth and/ or M&A transactions and opportunities, and/ or the acquisition of and/ or the establishment of a new factory or factories, including the additional 300mm manufacturing facility the Company plans to establish adjacent to Fab 7 and maximization of the Company’s Fab 7 300mm output (including risks associated with the repurposing of the Arai facility), which could require funding needs beyond our existing cash, the availability of which cannot be assured on favorable terms, if at all, and which may have adverse impact on the market value of the Company and the price of the Company’s ordinary shares, (xxi) operating our facilities at sufficient utilization rates necessary to generate and maintain positive and sustainable gross, operating and net profit, (xxii) the purchase of equipment and/or raw material (including purchases under committed contracts), the timely completion of the equipment installation, technology transfer and raising the funds therefor, (xxiii) product returns and defective products, (xxiv) our ability to maintain and develop our technology processes and services to keep pace with new technology, including artificial intelligence, evolving standards, changing customer and end-user requirements, new product introductions and short product life cycles, (xxv) competing effectively, (xxvi) our dependence on increased use of outsourced foundry services for specialty process technologies, (xxvii) our dependence on intellectual property rights of others, our ability to operate our business without infringing others’ intellectual property rights and our ability to enforce our intellectual property against infringement, including risks and uncertainties associated with the infringement claims that the Company is currently party to, brought by GlobalFoundries and certain affiliate alleging infringement of certain of its patents, (xxviii) Fab 3 landlord’s alleged claims regarding noise abatement and request for judicial declaration of material non-curable breach of the Fab3 lease, and in addition, alleged claims by a third-party with whom the landlord is engaged pertaining to the Fab3 site, to enforce certain rights with respect to the lease extension, (xxix) retention of key employees and recruitment and retention of skilled qualified personnel, (xxx) exposure to inflation, currency rates (mainly the Israeli Shekel and the Japanese Yen) and interest rate fluctuations and risks associated with doing business locally and internationally, as well as fluctuations in the market price of our traded securities, (xxxi) meeting regulatory requirements worldwide, including export, environmental and governmental regulations, as well as risks related to international operations, (xxxii) engagements for fab establishment, joint venture and/or capital lease transactions for capacity enhancement in advanced technologies, including risks and uncertainties associated with the Agrate fab, such as its qualification schedule, technology, equipment and process qualification, facility operational ramp-up, customer engagements, cost structure, required investments and other terms, which may require additional funding to cover significant capacity investment needs and other payments, (xxxiii) potential liabilities, cost and other impact due to reorganization and consolidation of fabrication facilities, or cessation of operations, (xxxiv) potential security, cyber and privacy breaches, (xxxv) workforce that is not unionized which may become unionized, and/or workforce that is unionized and may take action such as strikes that may create increased cost and operational risks, (xxxvi) the issuance of ordinary shares as a result of exercise and/or vesting of any of our employee equity, as well as any sale of shares by any of our shareholders, or any market expectation thereof, as well as the issuance of additional employees’ restricted stock units, or any market expectation thereof, which may depress the market value of the Company and the price of the Company’s ordinary shares, and in addition may impair our ability to raise future capital, (xxxvii) the dispute resolution process regarding Intel’s determination not to perform its agreement to build a capacity corridor to enable Intel to manufacture wafers for Tower’s customers, which process may be costly and/ or may result in losses and/or other adverse impact, (xxxviii) Pillar Two tax rules and regulations previously released by the OECD, which require a minimum effective corporate income tax rate of 15% applicable in every jurisdiction in which the company operates, which will result in additional income tax expenses for the years 2026 and beyond, mainly with respect to the Company’s Israeli operations in which the Company was subject to 7.5% preferred tax rate until 2025 under Israeli laws, and (xxxix) climate change, business interruptions due to floods, fires, pandemics, earthquakes and other natural disasters, the security situation in Israel and global trade “war”, including the potential inability to continue uninterrupted operations of the Israeli fab, impact on global supply chain to and from the Israeli fab, delays in the delivery, installation and qualification of equipment, power interruptions, chemicals or other leaks or damages as a result therefrom, absence of workforce due to military service as well as risk that certain countries will restrict doing business with Israeli companies, including imposing restrictions due to hostilities in Israel or political instability in the region that may continue or exacerbate, and other events beyond our control. Due to hostilities and instability in neighboring states, Israel could be subject to additional political, economic, and military confines, and our Israeli facility’s operations could be materially adversely affected. Any current or future hostilities involving Israel or the interruption or curtailment of trade between Israel and its present trading partners, or a significant downturn in the economic or financial condition of Israel, could have a material adverse effect on our business, financial condition and results of operations.

A more complete discussion of risks and uncertainties that may affect the forward-looking statements included in this release or which may otherwise affect our business is included under the heading “Risk Factors” in the Company’s most recent filings on Forms 20-F and 6-K, as were filed with the SEC and the Israel Securities Authority. Future results may differ materially from those previously reported. The Company does not intend to update and expressly disclaims any obligation to update or revise any forward-looking information contained in this release to reflect any changes in expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement is based.

(Financial tables follow)

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
	September 30,			December 31,
	2026			2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	250,748		$	235,369
Short-term deposits	1,222,124			916,541
Trade accounts receivable	226,845			222,795
Inventories	263,448			256,855
Other current assets	47,548			78,062
Total current assets	2,010,713			1,709,622
PROPERTY AND EQUIPMENT, NET	1,825,403			1,463,056
OTHER LONG-TERM ASSETS, NET	181,091			149,612
TOTAL ASSETS	$	4,017,207		$	3,322,290
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Short-term debt	$	13,452		$	28,112
Trade accounts payable	193,858			123,915
Deferred revenue and customers’ advances	248,930			25,581
Other current liabilities	84,673			86,139
Total current liabilities	540,913			263,747
LONG-TERM DEBT	140,275			133,406
LONG-TERM CUSTOMERS’ ADVANCES	92,052			1,932
OTHER LONG-TERM LIABILITIES	35,843			18,622
TOTAL LIABILITIES	809,083			417,707
TOTAL SHAREHOLDERS’ EQUITY	3,208,124			2,904,583
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,017,207		$	3,322,290

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
	Three months ended
	September 30,			June 30,
	2026			2026
REVENUE	$	526,161		$	460,079
COST OF REVENUE	347,402			322,307
GROSS PROFIT	178,759			137,772
OPERATING COSTS AND EXPENSES:
Research and development	26,625			23,569
Marketing, general and administrative	24,999			23,913
	51,624			47,482
OPERATING PROFIT	127,135			90,290
FINANCING AND OTHER INCOME, NET	11,943			15,902
PROFIT BEFORE INCOME TAX	139,078			106,192
INCOME TAX EXPENSE, NET	(19,193)			(15,573)
NET PROFIT	119,885			90,619
Net loss attributable to non-controlling interest	371			150
NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	120,256		$	90,769
BASIC EARNINGS PER SHARE	$	1.06		$	0.80
Weighted average number of shares	113,324			112,910
DILUTED EARNINGS PER SHARE	$	1.05		$	0.79
Weighted average number of shares	114,463			114,427
RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	120,256		$	90,769
Stock based compensation and amortization of acquired intangible assets	11,042			9,941
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	131,298		$	100,710
ADJUSTED EARNINGS PER SHARE:
Basic	$	1.16		$	0.89
Diluted	$	1.15		$	0.88

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
	Three months ended
	September 30,			September 30,
	2026			2025
REVENUE	$	526,161		$	395,667
COST OF REVENUE	347,402			302,622
GROSS PROFIT	178,759			93,045
OPERATING COSTS AND EXPENSES:
Research and development	26,625			22,056
Marketing, general and administrative	24,999			20,409
	51,624			42,465
OPERATING PROFIT	127,135			50,580
FINANCING AND OTHER INCOME, NET	11,943			10,491
PROFIT BEFORE INCOME TAX	139,078			61,071
INCOME TAX EXPENSE, NET	(19,193)			(7,625)
NET PROFIT	119,885			53,446
Net loss attributable to non-controlling interest	371			199
NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	120,256		$	53,645
BASIC EARNINGS PER SHARE	$	1.06		$	0.48
Weighted average number of shares	113,324			112,132
DILUTED EARNINGS PER SHARE	$	1.05		$	0.47
Weighted average number of shares	114,463			113,751
RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	120,256		$	53,645
Stock based compensation and amortization of acquired intangible assets	11,042			9,111
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	131,298		$	62,756
ADJUSTED EARNINGS PER SHARE:
Basic	$	1.16		$	0.56
Diluted	$	1.15		$	0.55

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars and share count in thousands, except per share data)
	Nine months ended
	September 30,			September 30,
	2026			2025
REVENUE	$	1,399,871		$	1,125,898
COST OF REVENUE	972,389			879,656
GROSS PROFIT	427,482			246,242
OPERATING COSTS AND EXPENSES:
Research and development	73,724			61,646
Marketing, general and administrative	71,768			61,253
	145,492			122,899
OPERATING PROFIT	281,990			123,343
FINANCING AND OTHER INCOME , NET	37,363			35,476
PROFIT BEFORE INCOME TAX	319,353			158,819
INCOME TAX EXPENSE, NET	(41,284)			(20,064)
NET PROFIT	278,069			138,755
Net loss (profit) attributable to non-controlling interest	(2,012)			1,583
NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	276,057		$	140,338
BASIC EARNINGS PER SHARE	$	2.44		$	1.25
Weighted average number of shares	112,935			111,841
DILUTED EARNINGS PER SHARE	$	2.41		$	1.24
Weighted average number of shares	114,383			113,397
RECONCILIATION FROM GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY TO ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY:
GAAP NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	276,057		$	140,338
Stock based compensation and amortization of acquired intangible assets	30,424			30,041
ADJUSTED NET PROFIT ATTRIBUTABLE TO THE COMPANY	$	306,481		$	170,379
ADJUSTED EARNINGS PER SHARE:
Basic	$	2.71		$	1.52
Diluted	$	2.68		$	1.50

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONSOLIDATED SOURCES AND USES REPORT (UNAUDITED)
(dollars in thousands)
	Three months ended
	September 30,			September 30,
	2026			2025
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD	$	231,188		$	265,293
Net cash provided by operating activities, excluding customers’ advances, net	162,311			142,005
Increase (decrease) in customers’ advances, net	22,848			(2,582)
Investments in property and equipment, net	(190,683)			(103,490)
Debt repaid, net	(7,301)			(6,875)
Effect of foreign currency exchange rate change	2,385			(1,609)
Proceeds from (investments in) deposits	30,000			(20,000)
CASH AND CASH EQUIVALENTS – END OF PERIOD	$	250,748		$	272,742

TOWER SEMICONDUCTOR LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(dollars in thousands)
	Three months ended
	September 30,			September 30,
	2026			2025
CASH FLOWS – OPERATING ACTIVITIES
Net profit for the period	$	119,885		$	53,446
Adjustments to reconcile net profit for the period
to net cash provided by operating activities:
Income and expense items not involving cash flows:
Depreciation and amortization *	90,461			76,456
Other expense (income), net	3,512			(122)
Changes in assets and liabilities, net:
Trade accounts receivable	(23,270)			1,853
Other current assets	8,182			6,770
Inventories	(16,573)			(1,983)
Other long term assets	(41,337)			—
Trade accounts payable	22,615			(6,516)
Deferred revenue	(3,278)			6,805
Other current liabilities	(8,016)			2,958
Other long-term liabilities	10,130			2,338
Increase (decrease) in customers’ advances, net	22,848			(2,582)
Net cash provided by operating activities	185,159			139,423
CASH FLOWS – INVESTING ACTIVITIES
Investments in property and equipment, net	(190,683)			(103,490)
Proceeds from (investments in) deposits	30,000			(20,000)
Net cash used in investing activities	(160,683)			(123,490)
CASH FLOWS – FINANCING ACTIVITIES
Debt repaid, net	(7,301)			(6,875)
Net cash used in financing activities	(7,301)			(6,875)
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGE	2,385			(1,609)
INCREASE IN CASH AND CASH EQUIVALENTS	19,560			7,449
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD	231,188			265,293
CASH AND CASH EQUIVALENTS – END OF PERIOD	$	250,748		$	272,742
* Includes stock based compensation and amortization of acquired intangible assets in the amounts of $11,042 and $9,111 for the 3 months periods ended September 30, 2026 and September 30, 2025, respectively.

Former McKinsey associate partner and Aliaxis strategy leader to lead AI initiatives and pursue partnerships to advance pipeline programs

BERKELEY HEIGHTS, N.J., Nov. 02, 2026 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully integrated, commercial-stage biopharmaceutical company, today announced the appointment of George Lederman, Ph.D., as Executive Vice President, Strategy and Transformation, effective October 30, 2026. Dr. George Lederman brings experience in corporate and portfolio strategy, operational transformation, and applied artificial intelligence (AI) to improve efficiency and reduce costs.

At Tonix, Dr. George Lederman will lead AI initiatives across the organization to improve operational efficiency and manage costs. He will also lead business development efforts, including evaluating potential partnerships and licensing opportunities to advance the Company’s clinical programs and share development costs.

“We believe George’s experience in portfolio strategy and operational transformation, combined with his expertise in AI, will help us improve efficiency and pursue partnerships for select pipeline programs,” said Siobhan Fogarty, Chief Technical Officer of Tonix Pharmaceuticals. “We intend to evaluate opportunities to advance these programs with the goal of sharing development costs.”

“I am excited to join Tonix as it advances its commercial portfolio and development programs,” said Dr. George Lederman. “With an approved treatment for adults with fibromyalgia and investigational programs in Lyme disease prevention and immunology, I believe there is significant untapped potential across Tonix’s pipeline. I look forward to working with the team to unlock that value through potential partnerships and other strategic transactions to create shareholder value. Tonix’s fully integrated model also creates an opportunity to rethink how we work, with AI at the core—simplifying complex processes across development and commercialization to help bring medicines to patients more quickly and efficiently.”

Dr. George Lederman joins Tonix from Aliaxis, a multibillion-dollar global industrial group, where he most recently served as Vice President, Global Strategy. Reporting to the Chief Executive Officer (CEO), he led corporate and portfolio strategy and supported cost savings and operational efficiency initiatives. During his four-year tenure, Aliaxis divested six assets and acquired four companies. He also supported multiple business unit restructuring efforts, including a 10% enterprise-wide fixed cost reduction.

Previously, Dr. George Lederman was an Associate Partner at McKinsey & Company, where he helped build the firm’s digitization practice and advised clients on using machine learning, advanced analytics, and AI to reduce costs and improve efficiency. His experience spans corporate strategy, acquisition opportunities, and operational transformations, including work with specialty chemical operations serving healthcare, biopharmaceutical, and industrial applications.

Dr. George Lederman holds a Ph.D. in Advanced Infrastructure Systems, an engineering discipline, from Carnegie Mellon University, where his research focused on big data and applied machine learning. He also holds Master’s degrees in Electrical and Computer Engineering and Civil and Environmental Engineering from Carnegie Mellon and a Bachelor’s degree in Civil Engineering from Princeton University. He was a National Science Foundation Graduate Research Fellow.

Dr. George Lederman is the son of Seth Lederman, M.D., Tonix’s President, CEO, and Chairman. His appointment was reviewed and approved by the independent members of the Company’s Board of Directors and Audit Committee in accordance with the Company’s related party transactions policy, and his compensation was reviewed and approved by the independent members of the Board of Directors and the Compensation Committee.

Tonix Pharmaceuticals Holding Corp.*
Tonix Pharmaceuticals* is a fully integrated, commercial-stage biopharmaceutical company focused on central nervous system (CNS) disorders, infectious diseases, and immunology conditions with high unmet medical needs. TONMYA^® (cyclobenzaprine HCl sublingual tablets 2.8 mg), the Company’s flagship internally conceived and developed medicine, is the first medicine approved for fibromyalgia in more than 15 years. Tonix’s CNS commercial infrastructure supports its marketed products, including its acute migraine products, Zembrace^® SymTouch^® (sumatriptan injection 3 mg) and Tosymra^® (sumatriptan nasal spray 10 mg). Tonix is extending the science behind TONMYA in Phase 2 clinical studies to evaluate the potential of TNX-102 SL in major depressive disorder and acute stress disorder/acute stress reaction. Tonix is also advancing a pipeline of infectious disease programs, including Phase 2-ready monoclonal antibody TNX-4800 (anti-OspA mAb) for Lyme disease prevention in the U.S., and TNX-801 (horsepox, live virus vaccine), a vaccine in development for the prevention of mpox and smallpox. Within immunology, TNX-1500 (anti-CD40L mAb) is a Phase 2-ready, third-generation CD40 ligand inhibitor for the prevention of kidney transplant rejection. To learn more, visit www.tonixpharma.com.

*Tonix’s product development candidates, including TNX-102 SL for new, unapproved indications, are investigational new drugs or biologics. Their efficacy and safety have not been established for the indications under investigation, and they have not been approved for these uses.

Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. TONMYA is a registered trademark of Tonix Pharma Limited. All other marks are the property of their respective owners.

Forward-Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These statements include expectations regarding Dr. Lederman’s role and contributions; the evaluation, implementation and anticipated benefits of AI initiatives; potential operational efficiencies and cost savings; potential partnerships and licensing transactions; the advancement of the Company’s product candidates; and potential pipeline and shareholder value. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to successfully launch and commercialize TONMYA® and any of our approved products; uncertainties of patent protection and litigation; risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of government or third-party payer reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Investors should read the risk factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 12, 2026, and periodic reports filed with the SEC on or after the date thereof. Except as required by law, Tonix does not undertake an obligation to update or revise any forward-looking statement. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date of this press release.

Investor Contacts
Deborah Elson
Tonix Pharmaceuticals
deborah.elson@tonixpharma.com
investor.relations@tonixpharma.com

Brian Korb
astr partners
(917) 653-5122
brian.korb@astrpartners.com

Media Contacts
Andrea Cohen
Sam Brown Inc.
(917) 209-7163
andreacohen@sambrown.com