Preliminary cash, including short-term deposits, of approximately $11.0 million as of September 30, 2026, and total liabilities of approximately $2.5 million Interim CEO Efraim Cohen-Arazi details LayerBio’s plans to enroll patients in the U.S . multi- center Phase 2 trial of OcuRing™-K before year-end and GridFeed’s strategic growth initiatives TEL AVIV, Israel , Oct. 23, 2026 (GLOBE NEWSWIRE) -- PRF Technologies Ltd. (Nasdaq: PRFX) (“PRF”, “PRF Technologies” or the “Company”) today issued a Letter to Shareholders from Efraim Cohen-Arazi , Interim Chief Executive Officer. Nine Months 2026 and Recent Highlights Consolidated cash, including short-term deposits, of approximately $11.0 million as of September 30, 2026 , with total liabilities of approximately $2.5 million (preliminary and unaudited) Raised approximately $10.5 million in gross proceeds through the Company’s equity line facility during the nine months ended September 30, 2026 , including approximately $0.5 million in the third quarter Consolidated operating loss of approximately $3.7 million for the nine months ended September 30, 2026 (preliminary and unaudited) LayerBio under the IND for OcuRing™-K expects to begin enrolling patients in its U.S . multi-center Phase 2 clinical trial before year-end, following completion of trial preparatory activities Announced plans to establish GridFeed™, together with the Company’s DeepSolar operations, as a standalone, wholly owned subsidiary to pursue various strategic transactions. Began evaluating AI and hyperscale data center power optimization as a new market for GridFeed, where the International Energy Agency (IEA) projects global data center electricity consumption to roughly double to 950 TWh by 2030 Dear Fellow Shareholders, When we wrote to you in July, we shared that PRF had substantially strengthened its financial position and was building momentum across both of our businesses. We are pleased to report that we have continued to make progress since then. With a strengthened balance sheet, LayerBio is preparing to initiate its U.S . multi-center Phase 2 trial of OcuRing™-K, and we have taken important steps to build GridFeed™ into a standalone AI energy business with a new opportunity in data center power. Our focus over the coming months is on advancing LayerBio’s clinical program, developing GridFeed and maintaining financial discipline. Strengthening Our Financial Foundation During the nine months ended September 30, 2026 , PRF raised approximately $10.5 million in gross proceeds through its equity line facility, including approximately $0.5 million in the third quarter. This financing strengthened our balance sheet and supports the development of our existing businesses and the evaluation of strategic growth opportunities. Based on preliminary, unaudited consolidated management estimates: Consolidated cash, including short-term deposits, as of September 30, 2026 : approximately $11.0 million . Total consolidated liabilities as of September 30, 2026 : approximately $2.5 million . Consolidated operating loss for the nine months ended September 30, 2026 : approximately $3.7 million . The consolidated financial results presented in this letter consists of cash, including short-term deposits, as of September 30, 2026 ; total liabilities as of September 30, 2026 ; and operating loss for the nine months ended September 30, 2026 . It is preliminary and unaudited and is based on management's preliminary estimates, using information available as of the date of this letter. The Company's financial closing procedures for this period are not complete. This information does not constitute a complete set of financial statements, and is not necessarily indicative of results for the full year ending December 31, 2026 or any future period. The Company's independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to this information and accordingly does not express an opinion or any other form of assurance on it. Final amounts may differ materially from these estimates as a result of the completion of financial closing procedures, final adjustments and other developments arising before the Company's audited financial statements for the year ending December 31, 2026 are issued, which are expected to be included in the Company's Annual Report on Form 20-F. The Company does not prepare or publish separate third-quarter financial statements. Except as required by law, the Company undertakes no obligation to update these preliminary estimates. We believe this financial position allows us to focus on continued disciplined execution while keeping the flexibility to act on attractive opportunities as they arise. Advancing OcuRing™-K Toward Phase 2 Our majority-owned subsidiary, LayerBio, Inc. , under an Investigational New Drug (IND) approved for a Phase 2 trial of OcuRing™-K. LayerBio expects to start patient enrollment in the planned U.S . multi-center tr