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Holding an auction via the Asset Match platform.

Meanwhile, the Company will explore whether there is any opportunity to divest certain intellectual property assets related to SNG001 although there is no guarantee that this will be successful.

The Company will share further details with shareholders regarding the wind-down process in due course, including any shareholder approvals which may be required to approve it.

Joseph Colliver, Chief Executive Officer of Synairgen said: “We are very thankful for all our shareholders who have supported us in the development of SNG001, and for all our clinical and other collaborators and partners, as well as our internal team and colleagues for their dedication and professionalism. This was a very difficult decision, made after thorough consideration of all realistic options available to us and one which the Directors consider is in the best interests of all shareholders as a whole."

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

I think both sides will dilute existing shareholders and award themselves options to cover it. We are the ones that lose out, not them.

Tomorrowtoday, what was the outcome of that video/investigation you saw that was done recently. Is anything able to be shared with us prior to the vote? Appologies if I've missed something.

Yep. Although with the RNS this morning admitting to knowing about, shall we call it, "increasing resentment" with how TG was being run dating back to June 2023. You could say that issuing shares in the recent placing was quite convenient for the current board. Puruvi has only been on the board for 5 mins but got 1.3mil shares @11p on 17 Jan 24. Not bad for someone who doesn't work much for TG and is probably getting her wages paid by TG into Pranagraph.

Whether you're team existing or new directors, this whole thing stinks and I wish I never invested because I think there are a lot a skeletons in the cupboard from all of them, not just the current board.

I've seen that the top 38% of existing majority shareholders of TG have increased their holdings in. Of note are:-

Shishir Poddar increased by 2.1mil shares to 3.9mil holding 13 May 24

Puruvi Poddar increased by 2.7mil shares to 2.7mil holding 13 May 24

Hemant Poddar increased by 454k shares to 1.6mil holding 10 May 24

Christian Dennis increased by 300k shares to 1.5mil holding 10 May 24

Premier Miton Fund increased by 510k shares to 2.8mil holding 29 Feb 24

Nobody seems to be getting rid of any this year.

What will be interesting is how is Tirupati Carbons & Chemicals are going to vote. They have 29.6mil shares and both Shishir and Hemant are involved together in that company. I'll get the popcorn!

Saluc, but why have Optiva jumped ship? Grass is greener on the other side maybe.

I don't get why Optiva, who have been there since TG startup jumped ship and are backing the new group. Especially as they were in Madagascar in Feb. It looks like to me that Shishir and Hemant both wanted to bleed the company for their own personal gains and resulted in a family power struggle.

With funding, or lack of, they board of directors have to take full responsibility for that. If there was only one financing offer with rubbish terms, what was the alternative? If there wasn't one, who's fault is that. The chicken and egg analogy comes to mind. I'm not convinced that transactions with Poddar's private companies beneffited TG. Here's an idea Shishir, how about Pranagraph buy TG for over a pound a share due to all the potential that we were fed.

Quite frankly, I don't trust or believe either side in this vote. Unfortunately for me, I'm so underwater with my investment, I can't see that either side will change that for me. The only good thing in all this is that the mine itself must be a worthwhile exercise or why would either side bother.

What would happen if the shareholder vote goes to remove the current board of TGR and none of the proposed new Directors get appointed?

It is hidden though. They don't say Pranagraf is us. They say things like "Pranagraf is the ideal partner" and "The company again received a proposal in Aug 23 and designated an Independant NED to advance discussions with the appointed representative of Pranagraf. Discussions with Pranagraf have been re-initiated again." Who is "negotiating" with who.

It's brought up because shareholders have concerns. Why do shareholders have concerns about Pranagraph. Why hasn't it merged with TGR and how do we know were not being shafted with no profits and Pranagraph gets it all and doesn't have to share any of it with us shareholders. If the Poddars only worked for TGR, I wouldn't be concerned, but they don't, they work for the Poddars and from what I saw today, All the same stuff is regurgitated by them. It will all be fine in the future. The question is, for who.

Last time I checked Pranagraph (formely known TSG) is a private company based in Mumbai. It is run by Shishir Poddar, Puruvi Poddar and Hemant Poddar but you'll have to check if Hemant is still on the board there. As far as I'm concerned there is potential for a conflict of interest because there is no independant oversight in controlling what deals are done between the companies. TGR does not get any of the profit from Pranagraph but the Poddars do. But the bit that grates me is the continued appearance that Pranagraph is a completely independant company run by different people. For clarity, it's the same people but with different hats on so I can't work out why there would be a legal reason for the two companies to merge.

She's reading this BB.

Come on, be honest with investors. 2 out of the 3 people on the sharholder meeting ARE Pranagraph. Stop trying to make out it's an "independant" company. I don't like the way they try and portray it.

Do you know what companies has he incorporated into TGR? As far as I know, his companies have benefitted from TGR by either selling them equipment or buying the graphite.

I don't think the Poddars will lose control of the mines, whatever happens with TGR. Or if they do lose the vote the new board will probably do the same thing. Either way, there is a risk us shareholders will lose.

Saluc, the company hasn't been taken private....yet. I'm leaning towards TGR goes into administration and the assets get bought by the Poddars and maybe the original investors (Optiva), leaving all the debts and us shareholders behind. Maybe this was the plan all along but someone had better come up with a lifeline "imminantly", rather than empty promises.

I can't disagree with what you're saying. But that sums it up doesn't it. No money and not looking like anyone is able to get any. Chicken and egg?

I'm tired of hearing that the company is looking into things. That's all they do. I'm convinced that with all the board resignations over the last year that they knew what was going to happen and we we were fed crumbs to keep us invested. I do feel misled into investing here but if you look at the shareholding of Nicholas Pettijean who holds 3.09%, he hasn't sold any shares since last year and if my memory is correct he works at the madagascar mine. So maybe he knows something.

That's it isn't it. Neither party appear to be able to actively do something for us shareholders. I've lost all faith in the current board running the company. They have had plenty of time to turn it around but it hasn't transpired. All the talk by the current board saying they are looking for new appointments. They started this in Feb. To me it doesn't seem to be a high priority for them. It's always that were looking into it. Is it a case of they only want people appointed to board who will do as they are told. Because if that's the case, then we will just carry on as we have been. As it stands it looks like whatever Shishir decides, happens and he needs to be controlled to ensure it's to TGR's benefit, not themselves.

If the resolution doesn't get voted for, what does the current BOD do then. Carry on with giving out what a great company we will be and continually include Pranagraph's business as TGR's when for all intents and purposes it's a completely seperate company. It's always tomorrow will be great but nothing seems to improve.

While I'm whinging, in the RNS it states that Puruvi isn't getting a pay increase now she's a board memeber, but given a load of shares instead. She's a Director of Prangraph so aren't they paying her wages? One thing for sure is when dilution comes the current BOD will give themselves a load of shares to cover it. The BOD are paid a lot of money for getting us into this mess and Shishir has worked nearly 4 hours a day on it. He should do it for free as most of it goes to Prangraph anyway. I'm totally frustrated with this whole situation and now look at everything with utter contempt.

I've lost faith in it all. It's a shame, because someone is going to make a lot of money out of this, but I know it won't be me.

Didn't Sushir state recently that he was worried about the company being vunderable to a takeover from a third party. Perhaps he already knew something was brewing.

The dilema is that neither the current board of TGR or the new group seem to be any good for us shareholders. Unfortunately, the cons far outway the pros with all of them.

After reading the requition letter and the RNS today as well as the one on Friday. I would prefer a third option because I don't like either option so far. I would almost go as far as to say I don't trust either party. Neither of them have shareholders interests at the forfront of their agendas.