Mr. David Burke reports

SERNOVA BIOTHERAPEUTICS ANNOUNCES WARRANT AMENDMENTS

Subject to approval from the Toronto Stock Exchange, Sernova Biotherapeutics Inc. intends to amend some of its outstanding warrants.

The company issued 20,852,100 warrants pursuant to a private placement unit offering on Sept. 3, 2024, that are governed by a warrant indenture and expire on March 3, 2026. The company also issued 404,950 warrants to finders in connection with the private placement that also expire on March 3, 2026. All of these warrants have an exercise price of 30 cents and are subject to accelerated expiry by the company if the 20 day volume-weighted average trading price exceeds 50 cents. The proposed amendment will extend the expiry date by one year to March 3, 2027, for all warrants not held by insiders of the company for a total of 19,977,050 common share purchase warrants.

The company also issued 5,466,250 warrants to investors pursuant to a private placement unit offering in October and November, 2025, and 105,000 finders warrants. These warrants have an exercise price of 40 cents and a term of three years. The proposed amendment will amend the exercise price to 25 cents and include a provision to allow the company to accelerate the expiry date if the five-day volume-weighted average trading price exceeds 50 cents.

No warrants held by insiders of the company will be amended. Both amendments will come into effect on March 6, 2026, and the warrants extended to March 3, 2027, will not be exercisable on March 4 or March 5, 2026.

About Sernova Biotherapeutics Inc.

Sernova Biotherapeutics is a clinical-stage company developing regenerative medicine therapeutics combining its Cell Pouch with human donor cells or stem-cell derived islet-like clusters in collaboration with Evotec to create bio-hybrid organs to treat T1D. A biohybrid organ comprised non-biomaterials, such as the Cell Pouch, integrated with living tissues to restore or enhance the function of a compromised organ. This innovative approach aims to deliver a potentially revolutionary treatment for patients with chronic diseases, initially focusing on T1D and thyroid disorders.

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