Mr. Ian Campbell reports

NEURAL THERAPEUTICS ANNOUNCES SERFOR PERMIT RENEWAL SUBMISSION AND EXTENSION OF LOI WITH HANF.COM

Neural Therapeutics Inc. has submitted a renewal application to Servicio Nacional Forestal y de Fauna Silvestre (Serfor). Serfor a specialized Peruvian technical governmental agency under the Ministry of Agriculture, responsible for regulating forest and wildlife matters, as well as proposing policies, strategies and plans to promote the sustainable use of forest and wildlife resources. Neural is also announcing the extension of its letter of intent with CWE European Holdings Inc., doing business as Hanf.com.

Serfor permit renewal application

As disclosed in Neural's Form 2A (Listing Statement) dated March 7, 2025, Neural and its Peruvian partners, Cactus Knize and Cayetano University, completed the wild plant harvesting portion of the sampling program in Peru, under the auspices of Neural's Serfor authorization in late 2023 and early 2024. The harvested samples were delivered by Cactus Knize to Cayetano University's laboratory testing facilities, where a number of analyses were completed on the samples. Due to the highly specialized nature of the required analysis, which primarily focused on DNA identification of the collected species, some work and interpretation were outsourced to third party experts by Cayetano University.

Given the novelty of the DNA analysis methods employed and the limited scientific literature available on the DNA profiles of cacti in the Echninopsis genus (1), Neural has determined that further analysis is necessary to provide a reliable characterization of the collected cacti specimens.

One of Serfor's mandates is the enforcement of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (Cites), which is a multilateral treaty aimed at protecting endangered plants and animals from the threats of international trade. The San Pedro cactus is covered under Cites. As the genetic material that was previously collected by Neural's partners remains the property of the Peruvian government, it was determined that additional time would be required to complete the necessary analysis. As a result, an extension of the Serfor authorization was needed, as the previous authorization has expired.

Neural is pleased to announce that, with the full support of its partners, including Cayetano University, it has submitted a renewal application to Serfor. This application seeks authorization to conduct further analysis on the previously collected samples until Dec. 31, 2025.

The content of the renewal application is similar to the original Serfor authorization, with one key distinction: Neural is not requesting approval for the collection of additional cactus specimens from the wild, as Cayetano University already has sufficient material for the required analysis.

Given that the scope of the application remains largely the same and there have been no material changes to the parties and sponsors involved in the work, Neural does not anticipate any issues in securing the necessary approvals to continue the project. The analysis will focus on moisture determination, mescaline quantification using liquid chromatography/mass spectrometry, assessment of genomic regions for molecular identification and DNA molecular identification of the cactus samples.

Ian Campbell, chief executive officer of Neural, commented: "DNA analysis and chemistry are often exploratory and iterative processes, particularly in the discovery stages of projects like ours. As we've progressed with this work, we've identified the need for additional analysis to better align with our long-term goals. After reviewing the literature, we replicated the methods and determined the next steps in the process. We've been working closely with Cayetano University and Serfor throughout this process, and we're pleased to have been able to submit this renewal application swiftly. We anticipate the approval will be granted in due course, allowing us to continue making meaningful advancements in our research."

Extension of letter of intent with Hanf.com

By mutual agreement, Neural and Hanf.com have extended the term of the letter of intent and the deadline to enter into a definitive agreement to May 31, 2025. All other terms and conditions of the letter of intent (as further described in Neural's press release dated Oct. 3, 2024) remain unchanged. The parties continue to work toward the definitive agreement with their respective legal counsel and advisers, and, given the extensive negotiations to date, expect to enter into the definitive agreement to be finalized and executed by the end of May, 2025.

About Neural Therapeutics Inc.

Neural Therapeutics is a leader in ethnobotanical drug discovery, focusing on the development of therapeutic drugs for mental illnesses related to substance use disorders, including alcohol and opioid dependence. The company's innovative approach to drug development involves the strategic use of subhallucinogenic doses of mescaline extract, enhancing safety and scalability while maintaining therapeutic efficacy.

(1) The Latin term genus refers to a principal taxonomic category that ranks above species. The cacti species that are of interest to Neural, being pachanoi (also known as San Pedro), peruviana (also known as Peruvian torch) and lageniformis (also known as Bolivian torch), which are known to contain mescaline, all belong to the Echniopsis genus.

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