• BioStem Amniotic Tissue Allograft: Human amniotic tissue products processed for use in regenerative medicine applications, including wound care, surgical recovery, and pain management.
• BioStem Umbilical Cord Tissue Allograft: Human umbilical cord tissue products processed for regenerative medicine applications, often utilized for chronic wounds, soft tissue repair, and musculoskeletal conditions.

BioStem Technologies (BSEM) specializes in the development, manufacturing, and commercialization of allograft products derived from birth tissues, used in regenerative medicine across various medical fields such as wound care, orthopedics, and pain management. The company primarily sells its products to healthcare providers rather than directly to individual patients.

Therefore, BioStem Technologies' major customers are other companies and institutions within the healthcare sector. While specific publicly traded customer companies are not typically disclosed due to the fragmented nature of the healthcare provider market, the categories of customers they serve include:

• Hospitals and Hospital Systems: Institutions that utilize regenerative medicine products for surgical procedures, wound management, and various therapeutic applications.
• Specialty Clinics: This encompasses a wide range of clinics focusing on specific medical areas, such as orthopedic clinics, pain management clinics, wound care centers, and ophthalmology clinics.
• Physician Practices: Individual or group medical practices that incorporate BioStem's allograft products into their treatment protocols for patients.

Jason Matuszewski, Chief Executive Officer and Chairman of the Board

Jason Matuszewski co-founded BioStem Technologies in 2014. He began his career as a technical engineer at Adecco at SC Johnson in 2009 and later transitioned to manufacturing and quality engineering roles at organizations such as ATI Ladish Forging, Nemak, and HUSCO International. His philanthropic work with the Juvenile Diabetes Research Foundation inspired him to co-found BioStem. As CEO, he has been instrumental in optimizing tissue sourcing and establishing a 6,000 square foot tissue processing facility compliant with FDA and AATB standards. He holds a B.S. in Mechanical Engineering Technology and is Six Sigma Black Belt certified. Matuszewski was recognized as an Entrepreneur Of The Year® 2025 Florida Award winner.

Brandon Poe, Chief Financial Officer

Brandon Poe was appointed Chief Financial Officer of BioStem Technologies on August 14, 2025, bringing over 25 years of financial experience across the healthcare and life sciences sectors. Prior to joining BioStem, he served as CFO of Midi Health, Inc., a privately held digital women's healthcare company, and Jumpcode Genomics, Inc., also a privately held life sciences company. Earlier in his career, he spent eight years at Illumina, Inc. (NASDAQ: ILMN), a publicly traded life sciences company, holding various senior finance positions, including Vice President of Finance for Product Development, Research and Global Operations. Poe has also served on BioStem's Board of Directors since 2022. He earned an undergraduate degree from Bucknell University and an MBA from the University of Chicago's Booth School of Business.

Andrew Van Vurst, CTBS, Chief Operating Officer

Andrew Van Vurst co-founded BioStem Technologies in 2014. He played a key role in the company's development, focusing on establishing revenue streams and ensuring compliance with FDA, state pharmacy board, FINRA, and SEC guidelines. During the early years of BioStem Technologies, he also served as Director of Operations for Nesvik Pharmaceuticals and Qualified Pharma Ingredients, where he managed research and development activities for four 505(b)(2) products and built an API repackaging facility.

Michael Fortunato, CPA, Chief Accounting Officer

Michael Fortunato previously served as the Chief Financial Officer of BioStem Technologies before assuming the role of Chief Accounting Officer in August 2025, following Brandon Poe's appointment as CFO.

Barry Hassett, Chief Commercial Officer

Barry Hassett serves as the Chief Commercial Officer of BioStem Technologies.

The key risks to BioStem Technologies (BSEM) primarily revolve around the highly regulated healthcare industry, the complexities of integrating recent acquisitions, and the competitive and rapidly evolving nature of regenerative medicine.

1. Regulatory and Reimbursement Risks: BioStem Technologies' business heavily relies on healthcare adoption, reimbursement policies, and stringent quality and regulatory standards. Changes in reimbursement, particularly from the Centers for Medicare & Medicaid Services (CMS), pose a significant threat, with analysts having flagged potential higher operating expenses and the risk of losing Medicare coverage as key concerns that would directly impact sales.

2. Integration Risk from Acquisitions and Operational Complexity: The company recently completed a significant acquisition of BioTissue Holdings' surgical and wound care business, which includes expanding into hospital settings and integrating a national sales force. This expansion introduces substantial integration risks, including the challenge of timely and effective execution of bringing manufacturing in-house and potential cost pressures if hospital demand or pricing do not meet management's expectations. The integration of a larger sales force and new manufacturing plans is likely to increase operational complexity and costs.

3. Competition and Technological Obsolescence: BioStem Technologies operates in a competitive landscape, and intense competition could negatively impact its business, operational results, and financial stability. Furthermore, the field of regenerative medicine is subject to rapid technological advancements, meaning the company's products could become obsolete if it fails to continuously enhance its offerings through ongoing research and development efforts.

BioStem Technologies (BSEM) operates in the advanced wound care and regenerative medicine markets, primarily offering placental-derived allografts.

The company is targeting an addressable market of $23 billion for its advanced allograft solutions. This market size pertains to the combined chronic and acute wound care markets.

More specifically, the market for chronic wounds, including diabetic ulcers, is estimated to be between $9 billion and $13 billion. The acquisition of BioTissue Holdings' surgical and wound care business has expanded BioStem Technologies' reach into both chronic and acute wound care markets, including hospital inpatient, outpatient, and ambulatory surgery centers.

The market size figures primarily refer to the U.S. region.

Expected Drivers of Future Revenue Growth for BioStem Technologies (BSEM)

BioStem Technologies (BSEM) anticipates several key drivers for future revenue growth over the next 2-3 years, primarily stemming from a strategic repositioning towards the hospital market and expansion of its commercial capabilities.

1. Expansion into the Hospital Market and Deeper GPO Contract Utilization: In January 2026, BioStem Technologies completed a significant acquisition that transitioned its business focus from physician offices to hospitals. This acquisition introduced perinatal tissue allografts, an established sales organization, and crucial Group Purchasing Organization (GPO) contracts, along with a substantial hospital customer base. The company expects deeper utilization of these GPO contracts and the expanded hospital presence to be a significant driver of sequential quarterly revenue growth throughout 2026 and beyond.
2. Sales Force Expansion and Enhanced Productivity: To support its strategic shift and capitalize on the expanded market presence, BioStem Technologies has significantly grown its direct sales team. The company nearly doubled its direct sales force to 35 representatives since the January 2026 acquisition and aims to reach at least 40 direct representatives by the end of 2026. This expansion, coupled with anticipated productivity ramp-up from the sales team, is projected to drive sequential quarterly growth throughout the year.
3. Introduction of New Products: BioStem Technologies plans to introduce additional products through its expanded hospital sales channels. A notable example is the newly cleared Catalyze product, which received FDA 510(k) clearance. This product, with its 510(k) pathway as a Class U particulate matrix, is seen as a vital component for future growth, bypassing certain regulatory risks associated with other products.
4. Stabilization and Growth in the Physician Office Market: While the primary focus has shifted to the hospital segment, BioStem Technologies still anticipates sequential revenue growth from its physician office business in the second half of 2026, as the market for these products begins to stabilize.

Share Issuance

• In May 2026, BioStem Technologies completed a private placement, issuing 746,269 shares of common stock at $3.35 per share, resulting in gross proceeds of approximately $2.5 million. The company intends to use these proceeds for working capital and general corporate purposes.
• BioStem Technologies is registering for resale up to 3,571,429 shares of common stock held by a selling stockholder as of July 2026. This includes the 746,269 shares from the May 2026 private placement and up to 2,825,160 anti-dilution shares. BioStem is not selling these shares and will not receive any proceeds from this resale.
• In August 2026, BioStem Technologies announced its common stock was approved for listing on The Nasdaq Capital Market, a strategic move aimed at expanding access to capital, improving market visibility, and enhancing liquidity.

Inbound Investments

• BioStem Technologies secured approximately $2.5 million in a private placement financing in May 2026, marking its first institutional investor.

Outbound Investments

• In January 2026, BioStem Technologies acquired the Surgical and Wound Care Business of BioTissue Holdings Inc. for a total potential consideration of up to $40 million. This included a cash payment of $15 million, with up to an additional $10 million for regulatory milestone payments and up to $15 million in commercial royalty milestone payments.
• The acquisition of BioTissue's assets repositioned BioStem Technologies from a physician-office-focused business to a hospital-focused company.

Capital Expenditures

• A significant focus of capital allocation is the integration of the acquired BioTissue assets and a planned manufacturing technology transfer, expected to be completed in 2027. This transfer is anticipated to significantly improve gross margins.
• The BioTissue acquisition includes a conditional transfer of commercial rights for the Catalyze 510(k)-cleared product following BioTissue's June 2026 510(k) clearance, with a targeted incorporation and potential launch in the fourth quarter of 2026.