Cautionary Notes

Cautionary Note: April 2023 Company Update

The information contained in this communication has been prepared by Small Pharma Inc. and its affiliates (the “Company”) and contains confidential information pertaining to the business and operations of the Company. The information contained in this communication: (a) is provided as at the date hereof, is subject to change without notice, and is based on publicly available information, internally developed data as well as third party information from other sources; (b) does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate an investment in the Company; (c) is not to be considered as a recommendation by the Company that any person make an investment in the Company; and (d) is for information purposes only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Where any opinion or belief is expressed in this communication, it is based on certain assumptions and limitations and is an expression of present opinion or belief only. The third-party information has not been independently verified. While the Company may not have verified the third-party information, it believes that it obtained the information from reliable sources and has no reason to believe it is not accurate in all material respects. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information in this communication. The Company disclaims and excludes all liability (to the extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this communication, its accuracy, completeness or by reason of reliance by any person on any of it. This communication should not be construed as legal, financial or tax advice to any individual, as each individual’s circumstances are different.

This communication contains forward-looking statements related to the Company including but not limited to statements relating to the Company’s ability to develop transformative therapies, including the potential of short-duration psychedelic therapy treatments; the expectation that the psychiatry community will welcome short-term psychedelic treatments; future considerations into bringing such treatment to markets for patients; and the Company’s ability to progress short-duration psychedelic assisted therapies for the treatment of mental health conditions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions concerning future events that are difficult to predict. These forward-looking statements are made as of the date of this communication and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by applicable law. Additional factors may cause actual results, performance or achievements to differ materially. Consequently, there can be no assurance that the actual results or developments contemplated by such forward-looking statements will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company.

There are a number of risk factors that could cause future results to differ materially from those described herein. A discussion of the principal risk factors relating to the Company’s operations and business appear in the annual information form of the Company dated August 9, 2022, and the Company’s management discussion and analysis dated January 25, 2023, which are publicly available on the Company’s profile on SEDAR at Additional risks and uncertainties, including those that the Company is not aware of currently, or that it currently deems immaterial, may also adversely affect the Company’s business or investment therein.

The Company makes no medical, treatment or health benefit claims about the Company’s proposed products. The U.K. Department of Health and Social Care, the U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding N,N, dimethyltryptamineor (“DMT”) other psychedelic compounds. The efficacy of such products has not been confirmed by approved research. There is no assurance that the use of DMT or other psychedelic compounds can diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. The Company has not completed clinical trials for the use of its proposed products. Any references to quality, consistency, efficacy and safety of potential products do not imply that the Company verified such in clinical trials or that the Company will complete such trials. If the Company cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the Company’s performance and operations.

Drug development involves long lead times, is very expensive and involves many variables of uncertainty. Anticipated timelines regarding drug development are based on reasonable assumptions informed by current knowledge and information available to the Company. Every patient treated on future studies can change those assumptions either positively (to indicate a faster timeline to new drug applications and other approvals) or negatively (to indicate a slower timeline to new drug applications and other approvals). This document contains certain forward-looking statements regarding anticipated or possible drug development timelines. Such statements are informed by, among other things, regulatory guidelines for developing a drug with safety studies, proof of concept studies, and pivotal studies for new drug application submission and approval, and assumes the success of implementation and results of such studies on timelines indicated as possible by such guidelines, other industry examples, and the Company’s development efforts to date.

This communication also contains or references certain industry data that is based upon information from independent industry publications, market research, and surveys and other publicly available sources. Although the Company believes these sources to be generally reliable, such information is subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of data, the voluntary nature of the data gathering process and other inherent limitations and uncertainties. The Company has not independently verified any of the data from third party sources referred to in this communication and accordingly, the accuracy and completeness of such data is not guaranteed.

About Small Pharma

We’re a biotechnology company researching and developing short-acting psychedelics with supportive therapy for mental health conditions.

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