Theralase Technologies Inc. · TSXV:TLT
Theralase Technologies — Investor Presentation (February 2026)
21 slides from Theralase Technologies's investor presentation, Feb 17, 2026
Slide 1: Corporate Presentation
Corporate Presentation TSXV:TLT | OTCQB:TLTFF February 17th, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements 2 Forward-Looking Statements (“FLS”) contained in this presentation deal with the future revenue potential, business opportunities and/or strategic initiatives of Theralase® Technologies Inc. (“Theralase®” or the “Company”); including, information, analyses and/or projecti
Slide 3: Company
Company 3 Scientific and Pipeline Non-Muscle Invasive Management Team Intellectual Property Preclinical Research Primary Indication Bladder Cancer Extensive experience in:1 29 issued patents and 17 Energy-activated small molecules patents pending for small Non-Muscle Invasive Bladder Cancer Phase II
Slide 4: Strategic Objectives
Strategic Objectives 4 2026 • Complete patient follow-up for Study II • Submit clinical data to Health Canada and FDA under rolling review • Complete GLP toxicology for IV Rutherrin® and topical Ruvidar® • Commence Phase I/II adaptive clinical studies for GBM, NSCLC, MIBC, pancreatic and colorectal
Slide 5: Ruvidar®
Ruvidar® 5 • Ruthenium-based, synthetic energy-activated small molecule • Designed to “hunt and destroy” solid core tumours (bladder, brain, lung, pancreatic and colorectal)1 • Commercially manufactured with high yield and high purity (> 98%) • < 0.5 grams used for bladder cancer treatment 1) Kasple
Slide 6: Cancer
Cancer 6 Cancer cells become immortal through DNA damage (environmental, genetic or lifestyle factors), where they ignore the immune system signals to die, choosing to multiply into cancerous tumours that will kill the host, if not destroyed The trilogy of cancer treatment is surgery, chemotherapy a
Slide 7: Mechanism of Action
Mechanism of Action Visible or Near Infra Red Light, 7 Transferrin Radiation, Sound and/or Drug-Activated Receptor (“TfR”)2 Rutherrin + TfR 1O 2 Ruvidar® ROS Cancer cell destruction via Immunogenic Rutherrin®1 Cancer Cell Cell Death (“ICD”) activating the innate Ruvidar® Retained and adaptive immune
Slide 8: Bladder Cancer
Bladder Cancer 8 9th Most Common Cancer Worldwide Non-Muscle Invasive Bladder Cancer (“NMIBC”) 4th leading cancer in men 1 84,870 in US 1 Muscle Invasive Bladder 12,300 in Canada 2 Cancer (“MIBC”) 200,000 in Europe 3 614,298 in World 4 Patient Population: Bacillus Calmette-Guerin (“BCG”)-Unresponsiv
Slide 9: Large Bladder Cancer Market Opportunity
Bladder Cn Large Ocer Market Opportunity 9 1) Bladder Cancer Market: Global Industry Analysis and Forecast (2024 -2034). Precedence Research
Slide 10: Study Design (Cohort 1)
Study Design (Cohort 1) 10 • Phase II clinical study complete with 90 patients enrolled and treated with light-activated Ruvidar® • 12 clinical study sites enrolled patients in Canada and the United States • “One and Done” procedure, where the patient is provided the primary Study Procedure (1 hour
Slide 11: Study Design (Cohort 2)
Study Design (Cohort 2) 11 • Phase II clinical study commencing with patients to be enrolled and treated with light-activated Ruvidar® and Adstiladrin® • Complementary mechanisms of action (Ruvidar® target bladder cancer cells directly, Adstiladrin® targets health bladder cells to produce Interferon
Slide 12: Study Procedure
Study Procedure 12 Bladder cancer cells Ruvidar® instilled Ruvidar® localizes Green laser light destroyed by the in bladder via catheter preferentially inside activates Ruvidar® production of singlet demonstrating bladder cancer cells2,3 through fiber optics oxygen and / or Reactive absorption into
Slide 13: Clinical Target
Clinical Target 13 Clinically meaningful initial Complete Response rate for Carcinoma In-Situ of: • 50% at 6 months • 30% at 12 months is recommended1 Theralase has exceeded these international guidelines. 1) Rose KM et al., Systematic Review and Meta-Analysis of Response Rates in BCG- unresponsive
Slide 14: Patient Demographics
Patient Demographics1 14 AGE SEX RACE STAGE PREVIOUS BCG THERAPY TREATMENTS Non-White CIS + Ta <7 Female < 65 16% CIS + T1 6% 3% 17% 18% 12% >= 65 Male White CIS ≥7 82% 83% 84% 82% 97% Ruvidar® has demonstrated complete responses in patients, previously treated with and who failed therapy with: BCG,
Slide 15: Clinical Data (Interim)
Clinical Data (Interim)1 15 Primary Endpoint Performance (CR at any Point in Time) # % Confidence Interval (95%) Primary Endpoint Complete Response 56/87 64.4% [48.6, 80.2] ("CR") Total Response (CR 64/87 73.6% [56.7, 90.5] and IR) Secondary Endpoint Performance (Duration of CR) (450 Days) Secondary
Slide 16: FDA Approved Drugs
FDA Approved Drugs Initial 16 Company/ FDA Number of Complete Duration of Market Approved Drug Patients Response Response Annual Patient Cost Capitalization (Date of Approval) Completed (“CR”) (12 months) (24 months) (36 months) Pros Cons ($USD 000s) ($USD Billion) IBCG Guidelines 50.0% 30.0% 20.0%
Slide 17: Non-FDA Approved Drugs
Non-FDA Approved Drugs 17 Initial Number of Complete Duration of Market Competitive Drug Patients Response Response Annual Patient Cost Capitalization (Non-FDA Approved) Completed (“CR”) (12 months) (24 months) (36 months) Pros Cons ($USD 000s) ($USD Billion) IBCG Guidelines 50.0% 30.0% 20.0% 15.0%
Slide 18: NMIBC Development Timeline
NMIBC Development Timeline 18 Milestone 2019 2020 2021 2022 2023 2024 2025 2026 2027 90 Patients Enrolled and Provided Primary Study Treatment (Projected) FDA Fast Track Designation (Actual) Patient Follow Up (Projected) Premarket Approval (Study Device) (Projected) Data Lock / Clinical Study Report
Slide 19: Investment Highlights
Investment Highlights 19 Large Addressable Market 9th most common cancer in the world (4th in men) with international bladder cancer markets estimated at $USD 10 B annually in 2034. Unique Value Proposition for Patients, Practitioners and Insurance Companies Patented light-activated small molecule t
Slide 20: Capital Structure
Capital Structure 20 TSXV:TLT 02/16/2026 Common share price $CAN 0.30 Warrants 59,574,308 Market Capital $CAN 79.5 M Options 19,620,000 Shares Outstanding 265,004,437 Finder Units 18,864 Insider Fully Diluted 344,217,609 12.7% Fully Diluted Ownership
Slide 21: Contact Information
Contact Information Roger DuMoulin-White, B.Sc., P.Eng., Pro.Dir. President and Chief Executive Officer rwhite@theralase.com, 416.699.5273 x 225 Arkady Mandel, M.D., Ph.D., D.Sc. Chief Scientific Officer Toll Free: 1.866.THE.LASE (843.5273) amandel@theralase.com, 416.699.5273 x 260 Work: 416.699.LAS
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