# PharmaJet — Healthcare Investment Intelligence > medical_device · Series B. MedFuel Intel profile as of 2026-06-12. PharmaJet develops and commercializes needle-free injection systems for delivering vaccines and medications intradermally, intramuscularly, or subcutaneously. Its Tropis and Stratis systems are commercialized and have regulatory clearances including WHO PQS certification, CE Mark, and U.S. FDA 510(k) clearance for Stratis. --- Uploaded Documents: [From: PharmaJet Drug Delivery Risk Mitigation 5.2026.pdf | Type: document] 1 Needle-Free Drug Delivery Investment Opportunity PharmaJet’s risk mitigated development path to create subcutaneous needle-free jet injection platforms for self-administration of chronic disease indications, with underlying co-development programs with established drug manufacturers Overview: PharmaJet (“PJ”) is the world’s leading needle free jet injection device company. PJ has successfully developed, scaled, and commercialized two needle-free platforms for purposeful focus on preventative and therapeutic vaccine administration and next-gen cell and gene (CGT) therapies. Tropis™ (ID, 0.1 mL) and Stratis™ (IM/SC, 0.5 mL) These “vaccine” medications, which are aimed at generating an immune response, must typically be injected into either the muscle or dermis (IM and ID) to be effective. The patient populations currently served are often large-scale immunization programs in LMIC’s, or within the clinical for novel vaccine/therapeutic development programs (pandemic preparedness, various types of cancer, etc., with government and pharma partners). The new (under development) Drug Delivery device platforms (“NF Pen(s)”) are being designed for a different purpose; namely frequent self-administration for chronic disease drug treatments, which are primarily aimed at the subcutaneous tissue. o Single-use, fully disposable, prefilled auto-injector ▪ Convenient, “one-and-done”, o Limited life reuseable injector ▪ Field-filled syringe for vial use; plus prefilled syringes ▪ Potential “smart” features, including electronic capabilities for reminders and recording drug usage, etc. to improve patient outcomes through improved persistence and adherence, to increase compliance and improved patient outcomes The NF Pen design requirements are aimed at weekly/bi-weekly/monthly injections, in the home or on the go. • They will compete with needle-based options (needle/vial, prefilled, single use needle- pen, smart needle-pen reusable injector). • Importantly, they will be able to reduce patient anxiety, be cost/price competitive with needle-pens, through a fast fluid injection that reaches the target tissue and is comfortable for the patient. • While “needle-free” provides drug makers with a point of differentiation and patient appeal, it addresses an unmet medical need: o needle-phobia—26%, and; o needle hesitancy/non-compliance (20 – 40 – 60%, depending upon the indication). 2 • Valuably, the change in the route of administration (moving from needle to needle- free) can extend drug patent life. These differentiating factors are worth billions of $$’s to the drug company. Investment & Rationale: • The Company is seeking initial funding of up to $10m to advance these drug delivery platforms toward pharma partner co-development programs, for engagement within their commercialized multi-billion-dollar drug franchises. • Via a newly to be established subsidiary entity (“NewCo”), initially to be 100% owned by PharmaJet, this opportunity is open to existing (PharmaJet shareholders) and new investors. • By investing via NewCo, investors may be able to experience a generous ROI (10x+) upside, one step removed from the existing PharmaJet capital stack, while being under the umbrella of PharmaJet oversight and execution. Via licensing agreement among PharmaJet and NewCo, which provides for cost sharing, IP Integration (existing and new devices) and new filings, PharmaJet will have performance-based incentives that reinforce completion of device development, solicitation of pharma license deals, and tasks involved in scaling for a near-term commercial offering of combination products. • Overall, the business will be developed and positioned for acquisition by either: o a large OEM device manufacturer which is currently servicing the drug world with needle-pen injectors, or; o a direct ownership by a large pharma company interested in owning the “needle-free” drug delivery space (ID, SC, IM tissues), and other markets served 3 by PharmaJet’s existing platforms. In other words, the range of injectables could span from infectious disease and cancer vaccines and therapeutics, through to chronic disease drug delivery, which would be a vast spectrum of liquid medicine injection capability unmatched within the “needle-free” world. NewCo Funding Use & Approach: • Device development underway will continue through the coming year to bring the platforms through pre-clinical to a clinic (human study) ready state. • PharmaJet’s IP and know-how from historical device platforms will be improved, creating novel IP to be filed for the subcutaneous drug delivery platforms. • Prospective pharma-partners can take comfort in the underlying proven PharmaJet expertise (engineering, development, quality systems, regulatory approval, scaling, etc.), but under a new brand (look and feel) and positioning appropriate for the drug world. • A “Shared Services” contractual relationship would facilitate NewCo funding to support cost coverage for PharmaJet staff (engineering, regulatory, scientific, leadership, etc.) who will execute on necessary tasks, while NewCo’s additional team members (drug delivery market expertise) would work to secure co-development programs with pharma partners. • The list of expenditures includes a proof-of-concept PK study to confirm drug bioavailability (needle versus needle-free) for subcutaneous delivery (e.g. initially using Zepbound (Lilly’s GLP-1) with PharmaJet’s Stratis device, which is FDA 510k approved for IM/SC tissues, though was not originally designed for drug delivery). This helpful data point will help tick-the-box for the traditional pharma query. • Among the eventual NewCo hires, drug experienced business development and science will be the focus, along with related overhead, marketing, and travel support for successful engagement with established drug companies. • IP filing and transactional legal costs will be expended during negotiation of co- development agreements with new pharma partners Market Opportunity: Of ~100 existing drug indications identified by PharmaJet (1 mL and below) which may be a fit for the new subcutaneous platforms, a target short list for engagement is focused on six drug companies across 10-12 medicines, represents 1.3 billion annual injections across 26 million patients, spending $45B annually. While there are a host of new drug candidates in the pipeline to serve as potential NF Pen collaborations, NewCo will initially focus its engagement on established drug franchises for a more rapid commercial and revenue path, to limit risk that the drug indication may not be approved. Initial discussions are revealing that pipeline medicines are of interest for prospective pharma partners. Through a NF Pen offering, drug companies can grow their markets by: 4 o Addressing the needle phobic (26%) individuals who could benefit from their drugs, but have not tried them; o Better serving the needle-hesitant/non-compliant existing patients (20 - 60%, depending upon the segment) o Differentiating versus competition; and; o Potentially extending patent life of the combination product by years and $$Billions. Injectable drugs represent ~50% of the current drug market and the future value of drugs in clinical development. Across many surveys, the increased use of self-administered injectable drugs, and frequency of injection, is causing patients to demand needle-free options. • Patient’s most common self-reported reason cited for missing a prescribed injection was fear of needles, not forgetfulness or adverse events, accounting for 46% of injectable drug non-compliance • For GLP-1’s (used for weight loss, type II diabetes, and cardiovascular health), 91% of needle hesitant patients surveyed indicate that a needle-free device would eliminate this issue • Healthcare providers and drug companies have documented that needle hesitancy and phobia cause patients to: o Reject injectable treatments altogether (3-5%); o Receive an injection for their treatments o --- [From: PharmaJet Drug Delivery two pager 5.2026.pdf | Type: document] 1 This information contains forward-looking statements based on current expectations and assumptions. Actual results may differ materially due to risks and uncertainties. This document does not constitute an offer or solicitation to buy or sell securities, and the Company undertakes no obligation to update any forward-looking statements except as required by law. Needle-Free Drug Delivery Investment Opportunity Risk-Mitigated, License-Based Investment in Self-Administered Chronic Disease Treatment, via PharmaJet’s legal affiliate Investment Stage: • Development/ Early Growth potentially via subsidiary dedicated to new market/device pursuit Total Raise: • Estimated $10m need ($1.5m cornerstone from PharmaJet investor) Structure / Focus: • PharmaJet, Inc. may establish a legal subsidiary (“NewCo”) through which it pursues a drug focused approach with new needle-free injection platforms, appropriate for high frequency, self-injection home setting treatments of chronic diseases (weekly, bi-weekly) • Serves needle-hesitant patients who are reluctant to trial and/or are not adherent or persistent with their prescriptions of injectable drugs. Needle-free pen injectors will allow pharma partners to accelerate adoption and grow the market for their self-administered drugs • Investment supports development and commercialization of new platforms (subcutaneous single use, and limited life reusable injectors), integrating proven PharmaJet IP into new platforms, with new IP fortifying value and mitigating risks for investors and pharma partners • Initial approach will be to pharma partners within existing blockbuster drug indications (~100 identified multi-billion $$ indications, with smaller subset of ideal targets) that require differentiation, to serve new needle-phobic patients, while reinforcing compliance by eliminating needle-anxiety, and extending patent life (change to the route of administration, from needle to needle-free) The Opportunity PharmaJet is the world’s leading needle-free jet injection technology company. This opportunity capitalizes on PharmaJet’s achievements, to accelerate development for new platforms serving the self-administration market (existing blockbuster drugs, and new biologics and specialty injectables projected to be $600B+ market by 2030 if delivered at home. Problem/Solution: • Needle-phobia/aversion affects ~25% of adults, with injection hesitancy separately affecting additional 20-40-60% of patients self-injecting medicines administered frequently • Pharma is seeking differentiated delivery methods to improve trail and compliance, while extending patents, and expanding market share and potential premium pricing opportunities • NewCo enables rapid entry into a defined ~$125B market (~100 drugs) with no novel drug development risk, using week-established combination drug-device pathways (505 (b)(2)) What We’re Building: Two subcutaneous needle-free fluid drug delivery platforms ("NF Pen"), ideal for chronic disease: 1. Single-use, prefilled auto-injector for convenience and mobility 2. Reusable injector with vial and prefilled syringe options, with optional “smart” features (such as, dose tracking, adherence reminders, etc.) Initially, these platforms will be optimized for 0.5 ml injection volumes (suitable for certain GLP-1s, other peptides, immune-modulators, monoclonal antibodies and small molecule drugs). PharmaJet’s expertise in fluid dynamics (optimized for patient comfort and drug compatibility), through these new platforms, could address the established $45B market (pharma revenue) of users. Investment Use of Funds • Cost coverage of PharmaJet’s experienced team (engineering, quality systems, regulatory) and related capex/cost 2 This information contains forward-looking statements based on current expectations and assumptions. Actual results may differ materially due to risks and uncertainties. This document does not constitute an offer or solicitation to buy or sell securities, and the Company undertakes no obligation to update any forward-looking statements except as required by law. • Proof-of-concept PK studies (bioavailability: needle vs. needle-free) • New IP filings for new subcutaneous platforms, integrating ~75% of PharmaJet’s existing IP • Essential overhead, legal, and pharma engagement costs for co-development agreements Initial Market Opportunity • 25 pharma prospects (market leaders, biosimilars, generics) with 25+ approved drugs administered at 0.5 ml (or lower volume), plus multiple other indications with potential fit • Initial targets across six large pharma companies, with an underlying 10-12 approved block- buster medications for chronic disease treatment, used by 26 million patients who are treated annually with 1.3 billion self-administered subcutaneous injections • Target drugs (GLP-1s, TNFs, antipsychotics) account for $45B+ in annual pharma revenue • Pharma partners stand to gain: o Improved patient preference and adherence (which should grow volumes) o Market expansion (addressing the needle-phobic population, to grow volumes) o Patent life extension (via new delivery route/IP protection), to protect franchise o Premium pricing justified by higher compliance and clinical performance o Faster uptake through faster testing, access and self-administration acceptance Risk-Mitigated Model • No novel drug development for many medications — change in the method of administration (from needle to needle-free) for existing approved drugs. No reformulation, unless volume required/desired by pharma partner. • Low-cost/high-likelihood regulatory path (FDA 505(b)(2) bioequivalence studies) • Regulatory approvals granted for Pharmajet’s current device capabilities and experience lends credibility and IP to successful process and completion for new device platforms • Highly experienced PharmaJet team, immediately in place, having achieved multiple firsts and onlys (awards, scale up, collaboration management) • Pharma partners to fund combination product clinical trials and bespoke injector designs Exit Potential • Multiple acquirers possible: drug companies, medical device OEMs • Potential for early exit horizon after pharma onboarding and pre/clinical validation • Modeled outcomes: o Potential rapid growth to revenue of $100M+ in annual injector sales (e.g. 300-600k patients – new and existing users), representing ~1% the 26 million initial target market of existing users; doubling or tripling quickly o Valuation potential of $500M–$1B+,(applying 5-10x medtech revenue multiples) Why Pharma Should Buy In • NF Pens could solve a major compliance and adherence challenge, and accelerate drug acceptance, as documented by a variety of patient and caregiver surveys and studies • Extends drug lifecycle (practical and patent extension) and protects biosimilar erosion • Differentiated offering, with seamless integration with existing channels • Demonstrated patient/provider preference from PharmaJet’s vaccine platforms: o 5000:1 patient preference vs. needles o 200:1 provider preference o Anticipated 20% compliance increase (based on PJ real-world data) o 12m+ patient administrations (real-world experience) • These factors combined have significant potential value to pharma blockbuster franchises Contact: Heather Potters, Co-Founder, EVP, PharmaJet heather.potters@pharmajet.com | 720 878 8785 Extensive additional materials available under NDA --- [From: PharmaJet Drug Delivery Expansion 5.2026.pdf | Type: document] Global leader in needle-free injections 1 Route of administration matters Proven Needle-Free expertise now being applied to Subcutaneous Pen Injector device platforms designed for self-administration Seeking $10m in funding for our expansion May 2026 PharmaJet: The Global Leader in Needle-Free Jet Injection 2 •+20M injections •95+% preferred (vs. needles) •20% more compliance •Regulatory clearance IM, SC, ID •Three injection platforms (tissue depth specific) •Single & multi-use platforms •Fillable & pre-filled syringe options General delivery of a range of injectables can be accommodated through PharmaJet’s syringe without harm to the large and small molecules, including: •Peptides, Hormones, Proteins •CGT, DNA & RNA •Viral Vectors •Liposomes & Nanotech •50m, 100m, 150m annual syringe scale •Validated GMP facilities •Modular automation cells •43 Needle-free Patents (issued, pending & in process) •FDA 510K Approvals •EMA CE Marks (MDR) •Master Files & Data Sets •ISO 13485 & 21649 compliant •21 CFR 820 •On label clinical claims •50+ Pharma Partnerships •Extensive data and claims •98 Peer-Reviewed Publications •Phase I – III clinical confirmations FORMATS API’s & FORMULATIONS EXPERIENCE MANUFACTURING INTELLECTUAL PROPERTY REGULATORY & QUALITY COLLABORATIONS & DATA CONFIDENTIAL Proven Needle-Free Platforms (IM/ID) for Vaccines & Therapeutics are being used to create a Subcutaneous Drug Delivery Platform Scaled Commercial Needle-Free Delivery Systems •Tropis ® Intradermal (0.1mL) •Stratis ® Intramuscular & Subcutaneous (0.5mL) •20 million+ immunizations •95%+ preferred by caregivers and patients (15% higher preference) 1 •Increased patient use compliance of up to 20% vs. needles 2 •Workflow faster and easier than needles Real-World-Evidence Development Programs (Vaccines & Therapeutics) •Various pre-clinical and clinical infectious disease and oncology partners •Licensed partners: Phase II / III Melanoma, HPV, and Prostate cancer candidates •Tuberculosis testing tool (clinical trial PoC’s) 3 1.Mohan, D. et al. Evaluating the impact of needle-free delivery of inactivated polio vaccine on Nigeria’s routine immunization program: an implementation hybrid trial. Vaccines 13, 533 (2025). Rinaldi, A. et al. Patients’ requests and physicians’ prescribing behavior: a systematic review. Patient Educ. Couns. 131, 108449 (2025). 2.https://pubmed.ncbi.nlm.nih.gov/40432142/ Stratis ® Tropis ® Next Frontier: Single & Multi-use platforms for subcutaneous self-administration: <= 0.5 mL Embedded hyperlinks for Video’s CONFIDENTIAL 4 ...Fractional dose and immune enhancing delivery PharmaJet’s current platforms have demonstrated impact ... CONFIDENTIAL 5 Recent progress toward Polio Eradication (Tropis) Pakistan: •2025 POs for 5.5M syringes: $3.2M (WHO) •2026 POs for 7M syringes: $4.1M (WHO) Afghanistan •2025 POs for 3M syringes (UNICEF) Nigeria •2026 PO for 1.3M syringes : $1.5M (BMGF) Egypt •Product approval in process for nationwide fIPV administration in routine immunization clinics Scancell Phase 3 initiation in 2026 Advanced Melanoma Nykode Phase 2 initiation in Q2 2026 HPV- induced Head and Neck Cancers Animal Health (under negotiation) Modify Stratis to deliver oncology marketed product PharmaJet Stratis Delivery Strategic Advantages •Proven, efficient DNA delivery to reach immune targets •Therapeutic use case fit for repeat dosing •Oncology patient population Recent progress for Tropis & Stratis channels Volume Value CONFIDENTIAL Drug market (global) •$1.5 trillion+ annually •Drug delivery $114.7B •CAGR ~9% •Auto-injectors 59% of market •Chronic disease treatments •Frequent and long term •Driven by new treatments that gain traction because they become essential •Smaller patient numbers •High price/value/frequency •$250 - $10,000/injection Vaccine market (global) •$60B+ annually ($150B COVID peak) •Preventative (infectious disease) •Therapeutic (oncology) •Typically, single injection •Driven by birth cohort and period pandemics •High volume/Low price (infectious disease) •$3-100/injection •High price/low volume (therapeutic oncology) 37m in US 26% use GLP-1’s Diabetes 35m use GLP-1’s for obesity and Type II diabetes (majority injectable) Auto-immune 5-8m in US Asthma osteoporosis, fertility, and rare disease 3-5m in US Next Markets of Pursuit 40m+ US patient targets, in well established vertical markets with established indications, injecting weekly, biweekly, monthly represents significant TAM, including injection volume appropriate for PharmaJet’s NF Pen (0.5 mL or less) 25x larger Confidential PharmaJet expanding market opportunity – beyond vaccines to drugs PROBLEM: Needles Limit Self-Administered Drugs and Chronic Disease Treatment This unmet healthcare need affects Patients and provides opportunity for Pharma and Payors •Non-adherence barriers for those still on medication: injection concerns (42%); needle pain experience (13%), nervousness (11%), fear of needles (10%), and needle size (7%) 1 •General medication non-adherence evidence: 20% of patients do not initiate treatment, 30-50% ultimately do not implement prescribed treatment, and 80-100% discontinue use 2 •Needle phobia and hesitancy: 20-30% of patients 3 •Self-injection anxiety: 20 - 40%, or more 4 •Sharps: disposal cost, safety concerns, infrastructure burden 7 1.Elsevier, Self-reported Barriers to Adherence and Persistence to Treatment With Injectable Medications for Type 2 Diabetes 2.Frontiers in Pharmacology: Medication nonadherence -definition, measurement, prevalence, and causes: reflecting on the past 20 years and looking forwards 3.McLenon, J. & Rogers, M. A. M. The fear of needles: a systematic review and meta-analysis. J. Adv. Nurs. 75, 30–42 (2019). 4.Plos, The prevalence and evidence-based management of needle fear in adults with chronic disease: A scoping review 5.The Environmental Impact of Single-Use Medical Supplies - Home Medical Inc. Our next market... SOLUTION: Needle-Free Self-Administration •Drug Company Benefits: Differentiation versus competitive offerings, attracts new patients, extends patent cliff, etc. •Environmental Benefits: Saves medical waste—reducing the millions of tons associated with used needles 5 CONFIDENTIAL Accurate and consistent injections No sharps Easy to use Optimized for subcutaneous self-injection Ideal for weekly, bi-weekly, monthly use Optional smart features Customized design options Spring-powered, fluid injections Cost competitive with needle-pens Subcutaneous Self-Administration Platforms under Development Single-use •Fixed dose •Pre-filled •Smart features Multi-use •Fixed dose •Vial filled & pre-filled syringe options •Smart features •Saves environmental waste (est. >5x reduction) 8 PharmaJet Intellectual Property can fortify a drug’s IP through a combination product co-development, at any stage in the product’s lifecycle Needle-Free self-injection options & attributes 1 2 Can be customized to suit branding & human factor requirements Video Link: Password: PharmaJet CONFIDENTIAL 9 Simple to charge, store, and capture data •Easy to use for the patient •Valuable to payors to verify compliance •Cost competitive with least expensive needle-pens •Drug temperature sensing •Injection time-stamp •NDC traceability •HIPAA secure connectivity •PHI data transfers •Clinical dashboard transfers CONFIDENTIAL 10 Needle-Free drug use rates* 20% Needle-Free premium pricing 10-40% Price/dose # Injected doses Accessible Market: Needle Injected Drug Expand market opportunity, share, and value through patient friendly needle-free offering Expand Market Share •Directly address unmet medical need of needle-phobic population = 20-30% share gain † •Needle-free = improved compliance = improved health outcome Build Premium Brand •Build brand differentiation, value, and promise through needle-free •Investment in “needle-free” branding are protected by PharmaJet’s proprietary patents Extend Drug Patent Life •Change route of administration •From needle to needle-free •Combinati --- [From: PharmaJet Convertible Note Stuctural Overview.pdf | Type: document] Convertible Note Structural Overview Needle-Free Self-Administration Drug Delivery Platform Development Financial Support for up to $5m April 2026 Member Member Member Third party BizOps management NFP LendingCo LLC Delaware Cornerstone Member PMIHA LLC PharmaJet, Inc. NewCo 100% PharmaJet, Inc. NewCo Step 2 Intercompany Agreements established License of defined use of IP, knowhow, regulatory, etc. Step 1: PharmaJet creates affiliate Step 1: •Cornerstone (PMIHA) established “LendingCo” syndicate loan vehicle, for purposes of providing Convertible Note Facility •Initial investment of $1.5m from Cornerstone made into LendingCo. •Cornerstone receives a 10% zero cost common share warrant (exercisable when anticipated conversion to equity is complete and NewCo is sold). •Cornerstone (on behalf of LendingCo) executes legal documents with PharmaJet, which facilitates the initial drawdown of funding by PharmaJet to support its drug delivery platform developments and related costs. Step 2: •LendingCo incorporates other investors into its ownership structure, and notifies PharmaJet (from time to time) the amount of committed capital available within the Convertible Note. Step 3: •Upon PharmaJet reaching agreement with new 3 rd party investors for an investment of $5m or more, the LendingCo Convertible Note is converted to equity in NewCo, at a 20% discount. PharmaJet issues drawdown requests, from time to time NFP LendingCo wires money for specific drug delivery purpose, as agreed with PharmaJet Creation of legal affiliate requires $5m third party investment, under terms that would be agreed and approved by the Board of PharmaJet. Such affiliate has not yet been created. Third party investor $5m+ LendingCo LLC investors Convert into equity in NewCo PJCN New Investor(s) Convertible Note Legal Affiliate & Equity Other investors enter lending vehicle after initial formation and funding by Cornerstone --- [From: PharmaJet $5m Convertible Note Term Sheet 3.31.2026.pdf | Type: document] BHGR 3/31/26 1 PHARMAJET, INC. SENIOR SECURED CONVERTIBLE PROMISSORY NOTE CONFIDENTIAL MEMORANDUM OF TERMS (March 2026) Privileged & Confidential This term sheet (the “Term Sheet”) outlines certain material terms and conditions (and does not purport to summarize all of the terms and conditions) with respect to the proposed investment described herein. The following is intended for discussion purposes only and, except for the confidentiality provisions contained herein, has no binding effect whatsoever and shall therefore not be deemed to be a commitment to fund or arrange for funding of the proposed investment contemplated hereby or to negotiate or agree upon the proposed investment contemplated hereby. Any such commitment, if issued, will be subject to the terms and conditions contained in the definitive documentation, the completion of satisfactory due diligence and internal committee/board (or other) approvals of the Investor(s) (as defined later in this Term Sheet), which have not yet been sought or obtained. The Parties (as defined later in this Term Sheet) agree that they will not disclose the terms of, nor the existence of, this Term Sheet, nor the involvement of the Note Investors or any of their affiliates and/or advisors in this process, to any third party, other than as required by law or to their affiliates and advisors who are directly involved in the consideration of the proposed investment contemplated hereby and who have been informed of the confidential nature of this information and who have agreed to treat such information confidentially. Notwithstanding the non-binding effect of this Term Sheet, the confidentiality obligations contained herein will survive any termination of negotiations regarding the proposed investment. 1. DEFINITIONS 1.1 Closing The completion of the proposed investment shall take place, following the receipt of any relevant approvals, and the satisfaction of other mutually agreed conditions precedent. The initial closing process shall begin, based on the Company receiving a cumulative minimum of $1,500,000 in documented Investment Commitments from Note Investors. The first closing will start no earlier than the Effective Date, with incremental Capital Commitments to be subscribed on a rolling closing basis to reach the maximum principal amount BHGR 3/31/26 2 of the Note, no later than June 30, 2026, or such later date otherwise determined by the Board of Directors, and agreed among a Majority-in-Interest of the Note Investors. 1.2 Cornerstone Investment PMIHA LLC is committing $1.5 million to PharmaJet’s Convertible Note and shall receive for such Cornerstone Investment upon the closing of a Qualified NewCo Financing (as defined below) a warrant (“Warrant”) issued by NewCo to acquire the same class and series of equity securities issued to the third-party investors in such Qualified NewCo Financing. The Warrant shall entitle the Cornerstone Investor to acquire a number of equity securities equal to 10% of the aggregate principal amount actually funded (up to USD 1,500,000), divided by the exercise price (the price per share paid by the third-party investors in the Qualified NewCo Financing, without discount). The Warrant shall be exercisable solely on a cashless basis and shall expire on the earlier of (i) five years from issuance, or (ii) a Liquidity Event of NewCo, with automatic cashless exercise upon such event. No Warrant shall be issued if a Qualified NewCo Financing does not occur on or prior to the Maturity Date. 1.3 Company PharmaJet, Inc., a corporation incorporated in Delaware, with offices located at 400 Corporate Circle, Ste. N, Golden, Colorado 80401, USA (the “Company”). 1.4 Note Investors Accredited investors (including existing stockholders of the Company and new investors), pursuant to the terms and conditions set forth herein. The current stockholders of the Company who are accredited investors will be offered the opportunity to participate in the financing, in addition to third party accredited investors. At the discretion and confirmation by non- conflicted members of the Board, investor BHGR 3/31/26 3 commitments to the Note will be accommodated, to the extent practicable. 1.5 Parties The Company and the Note Investors. 1.6 Signing The entering into binding, definitive agreements (the “Agreements”) necessary to implement the proposed investment as envisaged herein. 1.7 Conditions Precedent Signing shall be subject to certain conditions, including, without limitation: • the completion of all business, operational, financial, accounting, tax and legal due diligence to the satisfaction of the Note Investors; and • execution of mutually acceptable Agreements containing provisions (including covenants, representations and warranties and indemnities) customary in investments of this type. Closing shall be also subject to certain conditions to be set forth in the Agreements, including, without limitation: • other conditions expressly required to comply with relevant laws and regulations, and • any other conditions mutually agreed between the Parties, which are required to effect Closing. 2. CORPORATE GOVERNANCE 2.1 Board of Directors The Company shall be operated through its board of directors (“Board”). Members of the Company’s Board may participate in the Investment. The Investment has been reviewed and negotiated by an independent and disinterested special committee of the Board (the “Special Committee”). For the avoidance of doubt, BHGR 3/31/26 4 upon formation of NewCo, NewCo will have its own board of directors who will make decisions for NewCo. 3. TERMS OF INSTRUMENT TO BE ISSUED 3.1 Type Senior secured convertible promissory note (the “Note”) 3.2 Amount Up to $5,000,000, unless a different amount is agreed among the Company and a Majority-in-Interest. 3.3 Drawdown of Committed Capital The Note shall require that each Note Investor shall make a binding commitment to invest a definitive amount, such amount to be relied upon by the Company for periodic funding to be supplied by such Note Investor, up to the maximum amount of such investment commitment (“Capital Commitment”). Cumulatively, all investor Capital Commitments shall be referred to as “Committed Capital”. The Company shall require that all investors who have made a Capital Commitment shall, upon 10 Business Days’ notice, complete a wire of funds to the Company in the amount requested from the Investor(s) by the Company (“Drawdown”). Drawdown amounts called from all Note Investors shall be adjusted by the Company, to account for the Committed Capital paid in to the Company proportional to the investor’s Capital Commitment, and relative to 100% to all Committed Capital subscribed by all Note Investors. As a result, the Final Drawdown notice shall take into consideration all Note Investor Capital Commitment funded amounts relative to total cumulative Committed Capital, to ensure that the final payment reconfirms that the pro- rata portion of each Investor’s Capital Commitments have been paid. Notwithstanding anything to the contrary, in the event of a Material Adverse Effect (as defined below), no Note BHGR 3/31/26 5 Investor shall be obligated to fund any additional amounts, without penalty of any kind; provided that any such suspension shall not constitute an Event of Default and shall not affect amounts previously funded. 3.4 Maturity Amount and Date Unless otherwise converted into equity as described in 3.9, or paid off in full as defined herein, the Note will mature three (3) years from the Effective Date (the “Maturity Date”), at which time the Company will take appropriate steps to repay the outstanding balance of the Note. 3.5 Prepayment To the extent that the Note is outstanding and not yet converted to equity, as defined herein, the Company shall have the right to prepay the Note, in whole or in part, together with accrued and unpaid interest, with 10 Business Days’ written notice to the Note Investors. 3.6 Interest Rate --- [From: PharmaJet Convertible Note NFP LendingCo LLC - signed.pdf | Type: document] V20 3/27/26 1 Convertible Promissory Note THIS SECURED CONVERTIBLE PROMISSORY NOTE AND ANY SECURITIES INTO WHICH THIS SECURED CONVERTIBLE PROMISSORY NOTE IS CONVERTIBLE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE ”ACT”), OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR QUALIFICATION OR AN EXEMPTION THEREFROM UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. IF HOLDER IS NOT A “U.S. PERSON” WITHIN THE MEANING OF REGULATION S OF THE ACT, THE TRANSFER OF THESE SECURITIES IS PROHIBITED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S AS PROMULGATED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION UNDER THE ACT, PURSUANT TO REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION, AND HEDGING TRANSACTIONS INVOLVING THESE SECURITIES (INCLUDING ANY SWAP OR ANY OTHER AGREEMENT OR ANY TRANSACTION THAT TRANSFERS, IN WHOLE OR IN PART THE ECONOMIC CONSEQUENCE OF OWNERSHIP OF THESE SECURITIES, WHETHER ANY SUCH SWAP, AGREEMENT OR TRANSACTION IS TO BE SETTLED BY DELIVERY OF ALL OR ANY PORTION OF THESE SECURITIES OR ANY OTHER SECURITIES, IN CASH OR OTHERWISE), MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT. THIS SECURED CONVERTIBLE PROMISSORY NOTE AND ANY SECURITIES INTO WHICH THIS SECURED CONVERTIBLE PROMISSORY NOTE IS CONVERTIBLE ARE SUBJECT TO RESTRICTIONS ON TRANSFER THAT ARE INCORPORATED HEREIN BY REFERENCE, AND WILL BE INCORPORATED INTO ANY SECURITIES INTO WHICH THE SECURED PROMISSORY NOTE MAY BE CONVERTED. SECURED CONVERTIBLE PROMISSORY NOTE Principal Amount of USD 1,500,000, (as the same may be increased up to an aggregate maximum issuance under all Notes of USD 5,000,000 by the Holders) April 10, 2026 (the “Effective Date”) Golden, Colorado FOR VALUE RECEIVED, PHARMAJET, INC., a Delaware corporation (the “Company”), promises to either (i) pay to the order of NFP LendingCo LLC, or its registered assigns (“Holder”) the initial principal sum of USD 1,500,000 with increases of up to USD 5,000,000 upon prior written notice from the Holder to the Company (the “Principal Amount”) with interest on such outstanding principal amount drawn down and borrowed from Holder by the Company at a rate of eight percent (8%) per annum (computed on the basis of a year of 365 days, calculated as simple interest), or (ii) convert such amount into shares of a new company that may be established by the Company (“NewCo”). Interest shall commence on the date of the receipt of the first draw down borrowing made by the Company and shall continue on the outstanding principal amount borrowed from Holder under this Secured Convertible Promissory Note (this “Note”) until paid or converted V20 3/27/26 2 in accordance with the provisions hereof. All parties involved agree that all such funds will only be used for the Purpose (as defined below). Definitions. For purposes of this Note, the following terms shall have the following meanings (capitalized terms used herein but not otherwise defined shall have the meanings provided therefor in the Purchase Agreement (as defined below)): “Adverse Transferee” shall mean any Person that, at the time of a proposed transfer of the Note or any interest therein: (i) is engaged, directly or indirectly, in the development, manufacture, or commercialization of needle-free injection systems or subcutaneous drug delivery devices that compete with the Company’s NF Pen Platforms; or (ii) is then a party to, or has threatened in writing, litigation or arbitration against the Company or any of its current officers or directors. “Business Day” shall mean any day which is not a Saturday or Sunday or a legal holiday on which banks are authorized or required to be closed in Golden, Colorado. “Company Common Stock” shall mean the Common Stock of the Company, par value USD 0.00001. “Conversion Price” shall mean a per share price to be established as set forth herein. “Cornerstone Investment” shall mean the Holder’s initial commitment to advance USD 1,500,000 to the Company under this Note to be used for the Purpose. “Cornerstone Investor” shall mean NFP LendingCo LLC. “Holders” means the holders from time to time of any of the Notes, including the Holder of this Note. “Liquidity Event” means the occurrence of any of the following with respect to the Company: (i) the consummation of an initial public offering of the Company’s equity securities pursuant to an effective registration statement under the Securities Act; (ii) a merger, consolidation or other transaction or series of related transactions resulting in a change of control of the Company; (iii) the sale, lease, exclusive license or other disposition of all or substantially all of the assets of the Company; or (iv) the sale or transfer, in a single transaction or series of related transactions, of a majority of the outstanding equity securities of the Company. For the avoidance of doubt, a Liquidity Event shall not include the formation of NewCo, the contribution or transfer of assets to NewCo, or a Qualified NewCo Financing. “Liquidity Event of NewCo” means the occurrence of any of the following with respect to NewCo: V20 3/27/26 3 (i) the consummation of an initial public offering of NewCo’s equity securities pursuant to an effective registration statement under the Securities Act; (ii) a merger, consolidation or other transaction or series of related transactions resulting in a change of control of NewCo; (iii) the sale, lease, exclusive license or other disposition of all or substantially all of the assets of NewCo; or (iv) the sale or transfer, in a single transaction or series of related transactions, of a majority of the outstanding equity securities of NewCo. “Material Adverse Effect ” means any event, circumstance or condition that results in: (i) a final, non-appealable governmental order permanently prohibiting the continued development of the NF Pen Platforms; (ii) the loss or invalidation of all material intellectual property rights necessary to continue development of the NF Pen Platforms, without the availability of a commercially reasonable alternative; (iii) the Company’s cessation of all material development activities relating to the NF Pen Platforms for a period of more than ninety (90) consecutive days (other than as a result of temporary funding constraints, ordinary-course development delays, or regulatory review timelines); or (iv) Material adverse change in the finances, or legal claims against the Company affecting its ability to develop the NF Pen Platforms. For the avoidance of doubt, a Material Adverse Effect shall not include: (i) minor delays inherent in research and development activities; (ii) changes in regulatory requirements or guidance that requires significant further development or regulatory activities; (iii) failure to achieve development milestones. “Majority in Interest” shall mean Holders representing more than fifty percent (50%) of the aggregate outstanding principal amount of all Notes then outstanding (by value of actual amount invested into the Company on the date of such vote). “NF Pen Platforms” means all features and components of the Company’s needle-free jet injection devices designed for self-administration, either in a single or reuseable format, for use in the drug delivery market currently under development by the Company and to be further developed with the proceeds of this Note. “Notes” shall mean this Note and any other convertible promissory notes under substantially the same terms and conditions (except for the warrant specified in Section 2) issued after the date hereof through June 30, 2026, for committed amounts in excess of USD 300,000 or as otherwise separately approved by the Company’s board of directors (“Board”), which shall not be unreasonably withheld, in order to reach a maximum combined committed amount of USD 5,000,000, or such other ## Key facts (as of 2026-06-12) - Sector: medical_device - Stage: Series B - Website: https://www.pharmajet.com ## MedFuel assessment - Intelligence score: 0/100 - Analyses: 0 - Sentiment trend: stable --- Source: MedFuel Intel — https://medfuelintel.com/company/pharmajet. Figures reflect MedFuel's analysis; verify against primary sources (SEC, FDA, ClinicalTrials.gov) before any investment decision.