Here are 1-2 brief analogies to describe OS Therapies (OSTX):

1. An **Alexion Pharmaceuticals** (a company known for developing drugs for rare diseases), but with a primary mission to tackle rare pediatric bone cancers like Osteosarcoma that haven't seen new treatments in over 40 years.

2. A younger **Seagen or ImmunoGen** (leaders in targeted cancer therapies using Antibody-Drug Conjugates), but with a 'next-generation' platform for difficult and recurrent solid tumors.

Major products of OS Therapies (OSTX):

• OST-HER2 (also known as OST31-164): A lead product candidate for treating Osteosarcoma and other solid tumors with a similar recurrence mechanism of action.
• OST-Tunable Drug Conjugate (OST-tADC) platform: A next-generation antibody-drug conjugate (ADC) technology targeting ovarian, lung, and pancreatic cancers, with future investigation for Osteosarcoma.

OS Therapies (OSTX) is a clinical-stage biopharmaceutical company focused on the identification, development, and eventual commercialization of treatments for Osteosarcoma and other solid tumors. As described in the background, the company is currently developing product candidates like OST-HER2 and its OST-Tunable Drug Conjugate (OST-tADC) platform.

At its current stage, OS Therapies does not have commercialized products and therefore does not have major customers in the traditional sense of selling products to other companies or directly to individuals. Its primary activities revolve around research, development, and clinical trials for its drug candidates.

Paul Romness, Chief Executive Officer, President, and Chairman

Mr. Paul Romness is the Founder, President, Chief Executive Officer, and a Director of OS Therapies Inc. since April 2018, and has served as Chairman since October 2024. With over 25 years of experience in the biopharmaceutical industry, he has led product launches for major companies such as Johnson & Johnson and Amgen. Mr. Romness has been directly involved in the launch of nine major products, spanning indications including oncology, surgery, HIV, and cardiovascular diseases. His career has consistently focused on addressing unmet medical needs. He holds a B.S. in Finance from American University and a Master of Health Policy from George Washington University Medical Center. Mr. Romness founded OS Therapies after his daughter's best friend was diagnosed with osteosarcoma.

Christopher P. Acevedo, Chief Financial Officer

Mr. Christopher P. Acevedo has served as the Chief Financial Officer of OS Therapies Inc. since July 2023, having previously served as lead accountant and interim CFO since June 2020. He is a seasoned financial expert with extensive experience in accounting, mergers and acquisitions (M&A), and business strategy. Mr. Acevedo founded his first business at the age of 17 and has successfully operated his own CPA firm since 2010, which also manages OS Therapies' accounting. His prior experience includes holding CFO roles at five other companies with revenues ranging from $10 million to $50 million. He possesses expertise in finance, information technology, human resources, and taxation, and is a CPA with certifications in Delaware, Maryland, and Pennsylvania. Mr. Acevedo is a University of Delaware graduate.

Robert Petit, Chief Medical & Scientific Officer, Founding Scientist (OST-HER2)

Dr. Robert Petit is a seasoned biopharma executive and medical scientist who has held C-Suite roles across various fields, including biotech, oncology, immunology, and infectious disease. He is recognized for his expertise in corporate strategy, clinical and scientific development, and regulatory affairs. Dr. Petit is also a Founding Scientist for OST-HER2, OS Therapies' lead core product candidate, and has been involved with this program for over 12 years.

Gerald Commisiong, Chief Business Officer

Mr. Gerald Commisiong is a healthcare executive with over 15 years of experience in C-suite roles within emerging growth companies. He has a strong track record of leading growth in therapeutics, diagnostics, and natural products, and has raised over $70 million in equity and debt capital. His prior leadership roles include serving as President & CEO of Amarantus Bioscience Holdings, Inc. and Todos Medical, Ltd. Mr. Commisiong's experience spans neurology, regenerative medicine, oncology, and infectious disease. He holds a B.S. in Management Science & Engineering from Stanford University and previously played professional football in the Canadian Football League.

Jack Doll, Chief of Staff

Mr. Jack Doll brings over half a decade of experience in the planning, implementation, and regulatory development of clinical trials, particularly in rare pediatric diseases. His background also includes capital raising in both public and private markets, grant writing, and go-public strategy.

The key risks for OS Therapies (OSTX) are:

1. Clinical Trial Failure and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, OS Therapies' success is entirely dependent on the successful development, clinical validation, and regulatory approval of its product candidates, primarily OST-HER2 and its OST-Tunable Drug Conjugate (OST-tADC) platform. There is no guarantee that their product candidates will prove safe and effective in clinical trials, meet regulatory endpoints, or receive necessary approvals from bodies like the U.S. Food and Drug Administration (FDA). The company explicitly states, "We believe that there have not been any new treatments approved by the U.S. Food and Drug Administration (FDA) for Osteosarcoma for more than 40 years," underscoring the significant challenge in developing successful treatments for this disease.
2. Limited Market Size due to Rare Disease Focus: OS Therapies' primary focus is on Osteosarcoma (OS), which the company describes as "an extremely rare cancer that primarily affects children, teenagers and young adults." While this addresses a significant unmet medical need, the small patient population for rare diseases like Osteosarcoma inherently limits the potential market size and commercial opportunities, even if a product successfully gains approval.
3. Reliance on a Limited Pipeline and Lead Product Candidate: The company's immediate future heavily relies on the success of its lead core product candidate, OST-HER2 (also known as OST31-164), for Osteosarcoma. Although OS Therapies also has the OST-tADC platform and intends to expand into other solid tumors, the description indicates that OST-HER2 is currently the most advanced candidate, particularly noting, "We are not aware of any competing adjuvant therapy for Osteosarcoma to be tested in children that is further along in the development process than OST-HER2." A setback or failure with OST-HER2 would significantly impact the company's prospects given its current stage and pipeline breadth.

OS Therapies (OSTX) targets several addressable markets for its main products and services:

• For Human Osteosarcoma, the global total addressable market (TAM) is estimated at $1.2 billion. Additionally, the expected U.S. topline revenue for their product candidate OST-HER2 in osteosarcoma is over $500 million.
• The global total addressable market (TAM) for Canine Osteosarcoma is estimated at over $150 million.
• For HER2-expressing solid tumors, which include breast, gastric, and colorectal cancers and are targeted by OST-HER2, the global market is estimated at $55 billion.
• Specifically for Breast Cancer, as a follow-on application for OST-HER2, the global total addressable market (TAM) is estimated at $35 billion.
• The global market for Antibody Drug Conjugates (ADCs), relevant to OS Therapies' OST-Tunable Drug Conjugate (OST-tADC) platform, is anticipated to reach $19.8 billion by 2028.
• The broader global Cancer Immunotherapy market, relevant to both of OS Therapies' platforms, has a total addressable market (TAM) of $126 billion.
• The overall global total addressable market (TAM) for all of OS Therapies' assets and follow-on applications is $258 billion.
• For Esophageal Cancer treatment, a target for OST-HER2, the global market size was valued at USD 3.16 billion in 2025 and is projected to reach USD 7.39 billion by 2034.
• The global Lung Cancer therapeutics market, targeted by both OST-HER2 and OST-tADC, was estimated at USD 35.1 billion in 2024 and is projected to grow to USD 95.1 billion by 2034.
• The global Ovarian Cancer drugs market, targeted by OST-tADC, was exhibited at USD 4.09 billion in 2025 and is projected to reach approximately USD 7.78 billion by 2035.
• For Pancreatic Cancer treatment, also targeted by OST-tADC, the global market size was valued at USD 3.82 billion in 2025 and is projected to grow to USD 14.43 billion by 2034.

• Commercialization of OST-HER2 for Human Osteosarcoma: The primary driver is the potential regulatory approval and subsequent commercial launch of OST-HER2, OS Therapies' lead immunotherapy candidate for osteosarcoma. The company has reported positive Phase 2b clinical trial data, demonstrating statistically significant benefits in event-free survival and overall survival. OST-HER2 has received Fast-Track, Orphan Drug, and Rare Pediatric Disease Designations from the FDA, supporting an accelerated regulatory pathway. OS Therapies is targeting Biologics License Application (BLA) submission to the FDA in January 2026 and Marketing Authorization Application (MAA) filings in the UK and EU around the same time, with potential Accelerated Approval in the U.S. by Q3 2026, UK by Q2 2026, and EU by Q4 2026. A U.S. commercial partnership with Eversana has been secured, positioning the company for a potential U.S. launch in the first half of 2026. Analysts forecast significant revenue for OSTX in 2026, 2027, and 2028, with the company projecting over $500 million in topline revenue from OST-HER2 in human osteosarcoma if approved.
• Monetization of the Priority Review Voucher (PRV): Upon receiving Accelerated Approval for OST-HER2, OS Therapies will be eligible for a Priority Review Voucher, which it intends to sell. This PRV could be a significant source of non-product revenue, with recent comparable sales reported at values between approximately $155 million and $205 million. The company anticipates 2026 revenue to primarily result from the sale of this PRV.
• Growth from OS Animal Health Subsidiary: OS Therapies has formed an OS Animal Health subsidiary, which is pursuing a "go-public" transaction, to leverage the conditional approval of OST-HER2 for canine osteosarcoma. This market is estimated to be over $150 million.
• Advancement and Potential Monetization of Pipeline Assets: OS Therapies continues to advance its OST-Tunable Drug Conjugate (OST-tADC) platform, which is in preclinical development and targets ovarian, lung, and pancreatic cancers, as well as potentially osteosarcoma. Additionally, OST-HER2 is being developed for expanded indications, including breast cancer and other solid tumors. The company has also acquired Ayala's listeria immunotherapy platform, adding more clinical and preclinical programs to its pipeline. An emerging prostate cancer program, with a Phase 1b study of OST-504 in castration-resistant prostate cancer, is expected to generate data in the first half of 2026. While direct product sales from these assets may extend beyond the 2-3 year timeframe, positive clinical data and pipeline progression increase asset value and could lead to future partnership agreements, licensing deals, or milestone payments.

Share Issuance

• OS Therapies completed its Initial Public Offering (IPO) on August 1, 2024, issuing 1,600,000 shares of common stock at $4.00 per share, yielding $6 million in gross proceeds.
• The company priced a $6 million private placement on December 24, 2024, by selling 1.5 million units at $4.00 per unit, with each unit consisting of one share of Series A Senior Convertible Preferred Stock and one warrant.
• On January 10, 2026, OS Therapies entered into warrant inducement agreements that generated approximately $7.53 million in gross proceeds from the exercise or pre-funding of existing warrants.

Inbound Investments

• OS Therapies completed a $7.1 million financing round in January 2025.
• The company received $6 million from a private placement in December 2024, with 95% of the investment from pre-IPO and/or IPO investors.
• On March 4, 2026, OS Therapies raised $2 million in gross proceeds through a private placement of 10.0% original issue discount unsecured convertible promissory notes and accompanying warrants from accredited investors.

Outbound Investments

• OS Therapies announced the strategic acquisition of clinical and intellectual property assets from Ayala, including two Listeria-based immunotherapy candidates for lung and prostate cancer.

Capital Expenditures

• OS Therapies invested $0 in capital expenditures in Q3 2025.