Lexaria Bioscience CEO Releases Annual Letter, Outlook for 2026

Lexaria Bioscience provided an Annual Letter from its CEO Richard Christopher as a strategic update to all stakeholders, which read in part, "I'm truly honored to deliver Lexaria's Annual Letter from the CEO following my first full year in the position. I'm pleased to report that, in 2025, Lexaria made significant progress in further evidencing the potential to advance oral based drug delivery within the GLP-1 sector with the use of its proprietary DehydraTECH technology. A number of human and animal studies were conducted and concluded in 2025 which produced extremely encouraging safety and tolerability, pharmacokinetic, weight loss, blood glucose, insulin, biodistribution, and blood pressure results...Even before our 2025 R&D program came to an end, we had already begun scoping out work plans for 2026 to build upon key lessons learned to-date. Although we are not ready today to provide detailed plans of that work, we certainly can provide some basic guidance. Our #1 priority remains GLP-1, and specifically, our relationship with our MTA partner. Our 2025 Human Study #4 produced extremely important information that greatly advanced our DHT-GLP-1 program. Indeed, Human Study #4 provided us with vital clues that we intend to utilize to formulate potentially new and improved oral GLP-1 products, as measured both by reduced AE's and impressive performance. Therefore, we have already started designing our next DHT-GLP-1 human study to leverage advanced, next-generation DHT oral formulations that no other company in the world possesses. Once we have finalized this study design, it will be announced and vigorously pursued. As currently envisioned, we would expect to complete this study during calendar 2026, and we can fully fund it using existing Company resources. We are also considering a new animal study under design to explore additional new and improved DHT-GLP-1 formulations, including leading developmental GLP-1 peptide agonists not previously tested together with DHT. Lexaria's DHT technology is a dynamic platform that allows us to build layers of specialized and varied ingredients on top of standard patented processes; this compatibility grants us numerous choices when optimizing for different drugs, and that optimization process for DHT-GLP-1 is by no means complete! While design work is still ongoing, we expect to complete this study during calendar 2026 as well utilizing existing Company resources. Also, as noted above, we plan to also take additional steps in 2026 to investigate whether DHT-processed liraglutide might offer relatively rapid access to the marketplace via the expedited 505(b)(2) development pathway. This may involve select R&D activities, fully funded using existing Company resources, and the exploration of prospective strategic corporate partnering interest and opportunities to support this program. Newer shareholders might not fully realize the adaptability that DHT offers, and I believe it is important to convey that our DHT-GLP-1 formulation explorations are not complete and may yet yield even more powerful results than have been obtained to date. As such, part of our ongoing work is to continually explore additional formulations in search of higher performance. The animal and human studies under consideration will be designed to do exactly this. We are also exploring additional R&D in areas outside of GLP-1. We've conducted work in many sectors since our original discovery of DHT, and we have intriguing commercial opportunities that remain untapped. Once design work has been more fully completed, we will announce those studies that we decide to pursue."