Applied Therapeutics Releases Shareholder Letter, Cycle Group Extends Tender Offer to January 29, 2026

Applied Therapeutics released the following letter to stockholders regarding the pending tender offer by AT2B, an indirect wholly owned subsidiary of Cycle Group Holdings. "As announced on December 11, 2025, we entered into a definitive agreement with Cycle, a United Kingdom-based company focused on rare genetic conditions in metabolic, immunology, urology and oncology, for Cycle to acquire the Company. On January 29, 2026, Cycle announced that Purchaser has further extended the expiration date of its tender offer to purchase all of the outstanding shares of common stock, par value $0.0001 per share of the Company for $0.088 per share, net to the seller in cash, without interest, plus one non-tradeable contingent value right per share until one minute following 11:59 p.m. Eastern Time on January 29, 2026. Our Board of Directors of the Company, including myself, remains fully committed to advancing govorestat, a potentially life-changing therapy for patients with Classic Galactosemia, CMT-SORD, and PMM2-CDG... If a sufficient number of shares are not tendered and the Offer cannot be completed, your investment may be exposed to significant risks, including the following: Liquidation and Dissolution - if the Offer is not completed and the transaction with Cycle is terminated, the Company will likely pursue a wind-down of its operations or liquidation and the Company's stockholders are not expected to receive any proceeds... Acceleration of Obligations Under Promissory Note - Cycle issued a promissory note to the Company pursuant to which Cycle has advanced an aggregate of $8.5 million to the Company, bearing interest at a fixed rate equal to 24.0% per annum, with default interest of an additional 5.0% payable on demand during an event of default... Lack of Strategic Alternatives - prior to entering into the Merger Agreement with Cycle, the Company contacted numerous potential counterparties, and the Company Board, after a thorough review of possible alternative strategic alternatives reasonably available to the Company determined that the Offer and the transaction with Cycle represent the Company's best reasonably available prospect for maximizing stockholder value... Share Price Decline - if the Offer is not consummated, the trading price of the Company's shares may decline, particularly to the extent the current market price reflects investor expectations that the Offer will be completed."