Important Disclosures

This research report has been prepared by Chardan Capital Markets, LLC ("Chardan") and is provided for informational purposes only. It is intended solely for institutional investors and does not constitute an offer or solicitation to buy or sell any securities.

Analyst Certification

I, [Analyst Name], hereby certify that all of the views expressed in this research report accurately reflect my personal views about the subject company, XYZ Therapeutics, Inc. (NASDAQ: XYZT), and its securities. I further certify that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed herein.

Investment Banking Relationship

Chardan Capital Markets, LLC has received compensation for investment banking services from XYZ Therapeutics, Inc. within the past twelve (12) months.

Material Conflicts of Interest

- Chardan Capital Markets expects to receive or intends to seek compensation for investment banking services from XYZ Therapeutics in the next three months.

- An employee of Chardan Capital Markets serves on the Board of Directors of XYZ Therapeutics.

- Chardan Capital Markets makes a market in the securities of XYZ Therapeutics.

Rating Definitions

- Buy — Expected total return of 15% or more over the next 12 months

- Neutral — Expected total return between -10% and 15% over the next 12 months

- Sell — Expected total decline of 10% or more over the next 12 months

Risk Factors

Investing in the securities of XYZ Therapeutics involves a high degree of risk, including but not limited to: clinical trial failures, regulatory approval uncertainty, dilution from future capital raises, dependence on key personnel, and competition from larger pharmaceutical companies.

General Disclaimer

Past performance is not indicative of future results. The price and value of investments and the income derived from them may go down as well as up, and investors may not get back the amount originally invested. This report may not be reproduced, distributed, or published without the prior written consent of Chardan Capital Markets, LLC.

For additional information, please contact Chardan Capital Markets, LLC Compliance Department at compliance@chardan.com.

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