An anonymous director reports

AEQUUS PHARMACEUTICALS INC. ANNOUNCES DIRECTOR AND MANAGEMENT RESIGNATIONS

Giovanni Di Genova has resigned as a director of Aequus Pharmaceuticals Inc., effective May 7, 2026.

The company also announces that Doug Janzen resigned as chief executive officer and a director of the company, and Marc Lustig resigned as a director of the company, in each case effective July 27, 2026.

The company previously received a letter dated Dec. 20, 2025, from Mr. Janzen demanding payment of amounts allegedly owing under certain promissory notes and providing notice of default. The company acknowledged receipt of the demand. As of the date of this news release, the amount claimed under the demand, being $6,514,919, remains unpaid.

The company thanks Mr. Di Genova, Mr. Janzen and Mr. Lustig for their contributions and service to the company.

About Aequus Pharmaceuticals Inc.

Aequus is a Canadian reporting issuer whose securities are currently subject to a cease trade order.