Dear Reader,
We enter 2026 with a sense of measured optimism and renewed momentum across Shortwave Life Sciences. The past year was about building the foundations. This year is about execution.
Recent weeks have reinforced our conviction in the direction of travel. At PSYCH Symposium in London, Dr Nadya Lisovoder represented Shortwave alongside some of the leading clinical and research voices in the field. Her discussion with The Times correspondent Kate Spicer brought overdue attention to eating disorders as a critical but underdeveloped area of psychiatric medicine, and to the need for credible, evidence-led innovation in this space. The response from clinicians, researchers and partners underlined the importance of ensuring anorexia nervosa remains part of the broader conversation as psychedelic medicine continues to mature.
At the same time, external conditions are beginning to align more clearly with our longer-term commercial ambitions. The rescheduling of cannabis in the United States marks a meaningful shift for pharmaceutical research and development, creating clearer pathways for FDA-approvable cannabinoid based medicines.
This change has particular relevance for Shortwave. Our buccal film delivery technology is well suited to the next generation of CNS and cannabinoid therapies, offering advantages in dosing control, bioavailability and patient accessibility. As regulatory barriers continue to fall, this asset is increasingly positioned for licensing and commercial collaboration.
We have also seen important progress in the broader capital environment. Regulatory clarity and infrastructure development in digital assets has changed the risk profile of this area materially. Under the leadership of Stephen Molloy, we have begun to execute a carefully governed digital asset strategy that complements our clinical work and strengthens the company’s long-term financial architecture. This is not a shift in focus, but an evolution in how we think about resilience, optionality and capital efficiency.
Taken together, these developments mark the transition from planning to delivery. Shortwave enters 2026 with a clearer clinical pathway, growing visibility within the scientific community, and a capital strategy aligned with how markets are changing.
For Shortwave, this convergence supports a measured and carefully governed approach to digital assets at the treasury level. Under the leadership of Stephen Molloy, we have begun integrating this strategy with a clear focus on discipline, transparency and long-term resilience. The objective is not speculation, but to build optionality and alignment with how global capital markets are evolving, while remaining fully consistent with our responsibilities as a life sciences company.
We see this as a complementary pillar to our clinical and commercial strategy. As markets continue to modernise, companies that understand and adapt to these structural changes early are likely to benefit from greater flexibility and improved access to capital over time. For Shortwave, the foundations laid in 2025 provide a credible basis for cautious optimism as we move through 2026.
Looking forward
As we move through the year, we remain committed to open and constructive engagement with our shareholders. For investors who would like a deeper discussion on our clinical plans, commercial opportunities or broader strategy, we welcome the opportunity to connect.
If you would like to schedule a meeting with Rolf Gerritsen and the wider Shortwave team, please let us know and we will be happy to arrange a suitable time.
Thank you for your continued support as we move into this next phase of execution.
Best wishes,
Rolf Gerritsen
Executive Chairman
Shortwave Life Sciences
