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Synairgen Corporate Update

LETTER FROM THE CHAIRMAN AND CEO OF SYNAIRGEN LIMITED

26 February 2026

Corporate Update

Dear Shareholders,

Synairgen (the “Company”), a clinical-stage biotechnology company with sole asset SNG001 (inhaled interferon beta), today announces its decision to terminate the ongoing global phase 2 clinical study (referred to as the INVENT study).

The study was designed to evaluate the efficacy and safety of SNG001 in mechanically-ventilated patients infected with a range of respiratory viruses. The first participant was entered into the study in December 2025. However, recruitment has been markedly behind expectations, and despite very active engagement and dialogue with the clinical sites it has been judged that the number of patients projected for a robust study readout is not feasible in a realistic timeframe. There are a number of reasons for this significantly low patient recruitment, not least the very low intensity of the winter viral season; which although prevalent in the community, did not result in a significant number of patients being admitted to intensive care and requiring invasive mechanical ventilation.

A comprehensive review of alternative phase 2 study design options has been carefully conducted by the Synairgen management team, with material input from external clinical, regulatory and drug development experts. However, after careful deliberation, none of these options were considered feasible as they lacked the necessary combined attributes of

delivering a material value-inflection generating readout in a realistic timeframe, and all demanded significant additional funding. Tetragon Partners, on behalf of certain funds and managed accounts to which it acts as investment manager (and who own the majority of the

Company’s shares), has confirmed that it would not provide further financing to the Company and has recommended that the Company instead focus on returning the maximum available funds to its shareholders.

The Company’s Board of Directors have carefully reviewed various strategic alternatives and have considered the current financing environment, clinical development data outputs and timelines, and the capital requirements of the Company. The Company has determined that it

is not in a position to secure the additional significant funding required or a strategic partnership necessary to continue its operations. Accordingly, given that SNG001 is the sole asset of the

business, the Board recommends that it is in the best interests of all shareholders that it now advances plans to wind down its operations and returns available cash to shareholders.

The Company therefore plans to begin an orderly wind-down of operations, including meeting its obligations to shareholders, employees, creditors, vendors, and stakeholders in accordance with

applicable laws and contractual commitments. Further to the Business Update published on 4 September 2025 and given the current status of the Compa

Dear Shareholders,Business UpdateThe Company is pleased to be writing to you today to update you on the Company's progress inconnection with the Phase 2 (INVENT) clinical study and to give you information on some otherdevelopments.Phase 2 INVENT Clinical StudyThe Company has spent much of 2025 preparing for the start of the INVENT study: a large phase2 study to investigate SNG001 (inhaled interferon-beta) in mechanically-ventilated patients infectedwith a range of respiratory viruses. If the study is positive, it is structured (with mortality as theprimary endpoint) and powered to provide, in our view, a very compelling basis to proceed tophase 3. The essential preparatory work has included a comprehensive and cross-functionalprogramme of activities, with important and positive progress in at least the six main areas whichare outlined below.In summary, the programme plan maintains delivery of the interim analysis of the study in mid2026 and the final analysis in mid-2027. As with all clinical studies, not least in such a specialisedintensive care unit setting, there are a number of risks which we are seeking to mitigate. That said,we are very encouraged by the progress made in the period, as follows.· Establishing a network of more than 60 clinical study sitesWorking in partnership with our selected global clinical research organisation, we haveconducted detailed feasibility of in excess of 200 clinical sites and have identified suitableclinical investigators and hospital centres in the US, UK and four European countries, whohave the necessary skills and experience to execute the study. The group of carefullychosen clinical sites represents the fundamental expert network which is clearly essentialto execute such a specialised study in the intensive care setting.· Securing regulatory agency and ethics committee approvalsSignificant progress has been made towards securing the approvals which are mandatedprior to initiation of patient recruitment. The novel and specialised aerosol technologybeing employed to deliver SNG001 eficiently to the lungs of patients whilst on invasivemechanical ventilation has necessitated separate regulatory agency applications in the UKand in the four separate European countries, as a result of specific European medicaldevice regulations. These device-focused applications have been submitted in parallelwith drug product-focused applications to the regulators. In parallel, in the US, we haveundertaken a formal advice interaction with the Food and Drug Administration (US FDA)and incorporated the agency's feedback in the clinical study protocol. Additionally, wehave followed the FDA's request for further characterisation of SNG001 delivery tomechanically-ventilated patients. The majority of this laboratory work was executed inhouse by the Company's science team and demanded development of selected newanalytical methods prior to an intense period accelerating the studies and reporting theresults to the agency. We were delig