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A clinical-stage Vertex Pharmaceuticals, but focused on inflammatory bowel diseases.

A smaller, specialized biotech like an early Gilead Sciences, but targeting gut conditions.

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• LB1148: An investigational oral drug candidate designed to restore the gut barrier and reduce inflammation in patients with inflammatory bowel disease (IBD) and other gastrointestinal conditions.

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Palisade Bio (symbol: PALI) is a clinical-stage biotechnology company focused on developing therapies for patients with gastrointestinal and inflammatory diseases. As a clinical-stage company, Palisade Bio is primarily engaged in research and development, including conducting clinical trials for its product candidates (such as PALI-2109 for ulcerative colitis).

At this stage of its business operations, Palisade Bio does not have major customers that purchase commercial products or services from them. Their business model is centered on advancing drug candidates through clinical development with the aim of eventual commercialization, either independently or through partnerships and licensing agreements with larger pharmaceutical companies. Should they successfully develop and commercialize a product, their ultimate customers would be patients, reached through healthcare providers and distribution channels, or a licensing partner company.

Therefore, Palisade Bio does not currently sell primarily to other companies or individuals, and thus does not have a list of major customers or customer categories in the traditional sense.

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JD Finley, Chief Executive Officer, Chief Financial Officer & Director

Mr. Finley was appointed Chief Executive Officer in June 2023, after serving as interim CEO since October 2022. He has also been the Chief Financial Officer since 2017. Mr. Finley played a key role in the company's 2021 merger with Seneca Biopharma, Inc., which resulted in Palisade Bio's public listing on Nasdaq. Prior to joining Palisade Bio, he was the Chief Executive Officer, President, and CFO for PointAcross, Inc., a software company. He co-founded Proteus Capital Partners, Inc., a firm specializing in providing financing for various businesses, and served as CFO at Phillips Capital, a broker/dealer firm. Additionally, he was the Executive Vice President and CFO of MetroGolf, Inc., where he successfully completed its initial public offering. Mr. Finley has been instrumental in raising nearly $1 billion in capital for companies as both an internal CFO and an independent investment banker.

Mitchell Jones, MD, PhD, Chief Operating Officer & Chief Medical Officer

Dr. Jones serves as the Chief Operating Officer and Chief Medical Officer for Palisade Bio.

Ryker Willie, SVP, Finance and Corporate Controller

Mr. Willie holds the position of Senior Vice President, Finance and Corporate Controller at Palisade Bio.

Joerg Heyer, Ph.D., Head of Translational Science & Medicine

Dr. Heyer is the Head of Translational Science and Medicine at Palisade Bio.

Sharon Skare, PhD(c), Vice President & Global Head of Clinical Operations

Dr. Skare was appointed Vice President, Global Head of Clinical Operations in October 2025.

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The key risks to Palisade Bio's business (PALI) are primarily centered around its financial viability and the success of its drug development pipeline.

1. Financial Instability and Need for Additional Capital: Palisade Bio faces significant financial challenges, including substantial capital requirements to fund its operations and advance its product candidates. The company has consistently reported net losses and accumulated deficits, with explicit warnings of "substantial doubt" about its ability to continue as a going concern without securing additional financing. While the company has undertaken financing efforts, its cash reserves are often projected to sustain operations for limited periods, necessitating ongoing capital raises.
2. Clinical Trial Risks and Reliance on PALI-2108: As a clinical-stage biopharmaceutical company, Palisade Bio's future is highly dependent on the successful outcomes of its clinical trials. The company's lead drug candidate, PALI-2108, is in early stages of clinical development, and there is inherent uncertainty regarding its future progress, regulatory approval, and potential market success. Unfavorable results, delays in trials, or the inability to enroll patients could significantly impair the company's prospects. This risk is further highlighted by the termination of development for a previous lead drug, LB1148, after it failed to meet its primary endpoint in a Phase 2 trial.
3. Dilution Risk: To address its ongoing capital needs, Palisade Bio frequently resorts to equity or debt financing. This practice carries a significant risk of diluting the ownership stake of existing shareholders, as the issuance of new shares or the exercise of warrants can lead to a reduction in their proportionate ownership. Reports indicate that existing shareholders could face substantial ownership dilution if new warrants are exercised.

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Palisade Bio (PALI) is a clinical-stage biopharmaceutical company primarily focused on developing PALI-2108, an orally administered, gut-restricted prodrug. This therapeutic candidate targets inflammatory bowel diseases (IBD), specifically Ulcerative Colitis (UC) and Fibrostenotic Crohn's Disease (FSCD).

The addressable markets for their main products or services are as follows:

• Ulcerative Colitis (UC): The global market for ulcerative colitis treatment was valued at approximately USD 8 billion in 2024 and is projected to reach USD 14.9 billion by 2035. Palisade Bio itself references a $7.7 billion market for Ulcerative Colitis.
• Crohn's Disease (CD) / Fibrostenotic Crohn's Disease (FSCD): The global Crohn's Disease market was valued at approximately USD 11.93 billion in 2024 and is projected to grow to USD 17.83 billion by 2035. Another estimate indicates a market size of USD 13.3 billion in 2023, growing to USD 18.7 billion by 2032. Palisade Bio itself references an $8 billion market for Crohn's Disease. Fibrostenotic Crohn's Disease is a complication of Crohn's Disease, and PALI-2108 targets this specific area within the broader Crohn's Disease market.

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Palisade Bio (PALI), a clinical-stage biopharmaceutical company, currently does not generate revenue from product sales. Its future revenue growth over the next 2-3 years is primarily expected to be driven by the advancement and potential commercialization of its lead drug candidate, PALI-2108, alongside strategic partnerships.

Here are the key expected drivers of future revenue growth:

1. Advancement and Commercialization of PALI-2108 for Ulcerative Colitis (UC): Palisade Bio has reported positive Phase 1b clinical data for PALI-2108 in ulcerative colitis, demonstrating safety, rapid clinical activity, and broad biomarker engagement. The company is currently preparing for Phase 2 clinical development for this indication, having recently secured funding through a public offering to support these efforts. Successful progression through clinical trials and eventual regulatory approval would open a pathway to product sales in the UC market.
2. Advancement and Commercialization of PALI-2108 for Fibrostenotic Crohn's Disease (FSCD): PALI-2108 is also being developed to address fibrostenotic Crohn's disease, an area identified as having high unmet medical needs with no currently approved therapies. Phase 1b studies for FSCD have commenced, with topline data on safety, pharmacokinetics, and pharmacodynamics anticipated in the first quarter of 2026. The company believes PALI-2108 has the potential to be a pioneering anti-fibrotic therapy for Crohn's strictures. A recent patent allowance in China for PALI-2108, valid until 2045, also indicates potential for future market presence.
3. Strategic Partnerships and Licensing Agreements: As a clinical-stage company, Palisade Bio's future revenue potential is significantly tied to potential partnership agreements with larger pharmaceutical companies. Such collaborations could yield substantial revenue through upfront payments, milestone payments tied to development and regulatory achievements, and royalties on future product sales if PALI-2108 is successfully commercialized.

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Share Issuance

• Palisade Bio closed an upsized public offering in October 2025, raising approximately $138 million in gross proceeds through the issuance of 197,154,844 shares at $0.70 per share, including the full exercise of the over-allotment option.
• In October 2025, prior to closing, the company priced an underwritten public offering of 171,440,559 shares at $0.70 per share, aiming to raise approximately $120 million.
• In July 2025, Palisade Bio generated approximately $3.9 million in gross cash proceeds from a warrant inducement agreement that resulted in the exercise of existing warrants.

Inbound Investments

• The $138 million public offering in October 2025 was led by B Group Capital and Columbia Threadneedle Investments.
• Significant participation in the October 2025 offering came from institutional investors including Adage Capital Partners LP, ADAR1 Capital Management, Boxer Capital Management, Coastlands Capital, Deep Track Capital, Janus Henderson Investors, Octagon Capital, Perceptive Advisors, RA Capital Management, and Squadron Capital Management.
• A private placement in May 2024, which generated approximately $4 million, involved an institutional investor.

Capital Expenditures

• Proceeds from the $138 million public offering in October 2025 are designated to support the upcoming Phase 2 clinical development program for PALI-2108 in ulcerative colitis.
• The $5 million public offering in December 2024 was primarily intended to fund the Phase 1 clinical trial of PALI-2108 and other research and development initiatives.
• Palisade Bio's operational focus has shifted towards clinical trials and commercialization activities for PALI-2108, with the company assuming all related costs and responsibilities.