Greenwich LifeSciences Extends Lock-up of Directors and Officers to January 31, 2027

Rhea-AI Summary

Greenwich LifeSciences (Nasdaq: GLSI) announced that its Board of Directors has extended the lock-up on shares held by directors, officers and existing pre-IPO investors until January 31, 2027, approximately 76 months after its IPO. During this period, these holders generally cannot sell common stock unless the Board modifies the lock-up.

After that date, sales of these shares are expected to be limited by a leak-out plan, also subject to Board changes. The Board may at any time end all or part of the 100% lock-up, or implement a pre-determined leak-out and/or 10b5-1 selling program, and such decisions may or may not be disclosed. According to Greenwich LifeSciences, its Phase III FLAMINGO-01 trial of GLSI-100 has more than doubled enrollment and event rate, screened over 1,500 patients, and is attracting interest from leading clinicians and hospitals in up to 200 sites in the US and Europe.

Positive

• Insider and pre-IPO lock-up extended to January 31, 2027 (~76 months post-IPO)
• Board flexibility to modify lock-up, leak-out restrictions and 10b5-1 programs at any time
• Phase III FLAMINGO-01 trial enrollment and event rate reported as more than doubled
• Over 1,500 patients screened and interest from up to 200 US/EU sites reported

Negative

• None.

Market Context

Recent Form 4 activity recorded Net Buying, adding insider-transaction context to the lock-up extens...

Analysis

Recent Form 4 activity recorded Net Buying, adding insider-transaction context to the lock-up extension. The structure limits stated selling access, but Board discretion and future leak-out arrangements remained important factors.

Key Figures

Lock-up extension date: January 31, 2027 IPO lock-up duration: approximately 76 months Shares under lock-up: 100% +4 more

7 metrics

Lock-up extension date January 31, 2027 Directors, officers, and existing pre-IPO investors

IPO lock-up duration approximately 76 months From the date of the Company's IPO

Shares under lock-up 100% Lock-up that the Board could modify

Potential trial sites up to 200 sites United States and Europe

Patients screened over 1,500 patients FLAMINGO-01 clinical trial

Enrollment and event rate more than doubling FLAMINGO-01 enrollment and event rate

GP2 peptide length 9 amino acid Transmembrane peptide of the HER2 protein

Historical Context

5 past events · Latest: Jul 22 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 22	UK trial expansion	Positive	-9.4%	UK approval expanded FLAMINGO-01 and added collaboration with The Royal Marsden.
Jul 20	Clinical trial update	Positive	-13.8%	Trial redesign expanded enrollment and preliminary analysis indicated reduced recurrence rates.
Jul 16	European protocol approval	Positive	-2.7%	EMA approved combining HLA populations in randomized FLAMINGO-01 arms.
Jul 09	Manufacturing approval	Positive	+3.7%	EMA approved commercially manufactured GP2 for use in the clinical trial.
Jun 01	Phase III clinical data	Positive	+8.9%	Open-label immune response data were presented from the non-HLA-A*02 arm.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

GLSI historically declined after four of five recent positive clinical or regulatory announcements, with one positive reaction.

Key Terms

phase iii clinical trial, fast track, 10b5-1 selling program, transmembrane peptide

4 terms

phase iii clinical trial medical

"focused on its Phase III clinical trial, FLAMINGO-01"

A phase iii clinical trial is the late-stage study where a new drug or medical treatment is tested in large groups of patients to confirm effectiveness, monitor side effects, and compare it to current standard care. For investors, successful results are a major milestone because they greatly increase the chance of regulatory approval and market access, similar to a final test flight that clears a new airplane for commercial service.

fast track regulatory

"evaluating Fast Track designated GLSI-100"

A fast track designation is a regulatory label that speeds up the review and communication between a drug developer and regulators for treatments addressing serious illnesses or unmet medical needs. For investors, it matters because it can shorten development time and reduce regulatory delays—like getting a VIP lane at the airport—raising the chance of earlier market access and potential revenue, though it does not guarantee approval.

10b5-1 selling program financial

"and/or a 10b5-1 selling program at any time"

A 10b5-1 selling program is a prearranged plan that lets company insiders sell stock on a set schedule or according to preset rules, established under SEC Rule 10b5-1 to provide an affirmative defense against insider trading claims. It matters to investors because these plans create predictable share sales that can affect supply, liquidity, and perceived insider intent, much like a pre-scheduled drip of shares into the market rather than unpredictable, ad hoc selling.

transmembrane peptide medical

"GP2 is a 9 amino acid transmembrane peptide"

A transmembrane peptide is a short chain of amino acids that embeds itself across a cell's lipid membrane, acting like a bridge or anchor between the cell interior and exterior. In drug development and diagnostics, these peptides are used to target or mimic membrane proteins and to modify cell signaling or delivery, so their stability, specificity, and how they interact with membranes can affect the feasibility, safety profile, and regulatory scrutiny of related biotech products.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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STAFFORD, Texas, Aug. 10, 2026 (GLOBE NEWSWIRE) -- Greenwich LifeSciences, Inc. (Nasdaq: GLSI) (the "Company"), a clinical-stage biopharmaceutical company focused on its Phase III clinical trial, FLAMINGO-01, which is evaluating Fast Track designated GLSI-100, an immunotherapy to prevent breast cancer recurrences, today announced that its Board of Directors has extended the lock-up of the shares owned by the Company's directors, officers, and existing pre-IPO investors to January 31, 2027 which is approximately 76 months from the date of the Company's IPO. During this period, current officers, directors and certain shareholders will not be able to sell their shares of the Company's common stock unless otherwise modified by the Board of Directors. After January 31, 2027, the quantity of these locked-up shares that can be sold daily and over various periods of time will be restricted under a leak-out plan unless otherwise modified by the Board of Directors.

The Board could choose to end all or a small percentage of the 100% lock-up at any time for any reason, including prior to any data announcements, interim analyses, strategic transactions, such as an acquisition or partnership, or financial transactions, such as royalty or strategic investor transactions that provide a potential bridge to commercialization. The Board could also choose to implement a pre-determined leak-out plan and/or a 10b5-1 selling program at any time for any reason that allows for the organized independent selling of some of the locked-up shares by a third party over a specified period of time. Such decisions may or may not be announced at the time of the board's decision.

CEO Snehal Patel commented, "We attended and presented at the BIO conference in June 2026 and plan to attend the BIO-Europe conference later this year, where strategic and financing transactions can be originated or concluded. With the further derisking of the Phase III clinical trial, more than doubling of enrollment and event rate, interest from leading clinicians and hospitals in up to 200 sites in the US and Europe, screening of over 1,500 patients, and the transformation of the interim analysis into a big pharma like study similar in design to recent large breast cancer studies, we are expecting a continued up-tick in the quantity and seriousness of such discussions."

About Greenwich LifeSciences, Inc.

Greenwich LifeSciences is a clinical-stage biopharmaceutical company focused on the development of GP2, an immunotherapy to prevent breast cancer recurrences in patients who have previously undergone surgery. GP2 is a 9 amino acid transmembrane peptide of the HER2 protein, a cell surface receptor protein that is expressed in a variety of common cancers, including expression in 75% of breast cancers at low (1+), intermediate (2+), and high (3+ or over-expressor) levels. Greenwich LifeSciences has commenced a Phase III clinical trial, FLAMINGO-01. For more information on Greenwich LifeSciences, please visit the Company's website at www.greenwichlifesciences.com and follow the Company's Twitter at https://twitter.com/GreenwichLS.

Forward-Looking Statement Disclaimer

Statements in this press release contain "forward-looking statements" that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as "anticipate," "believe," "contemplate," "could," "estimate," "expect," "intend," "seek," "may," "might," "plan," "potential," "predict," "project," "target," "aim," "should," "will," "would," or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Greenwich LifeSciences Inc.'s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including statements regarding the intended use of net proceeds from the public offering; consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section entitled "Risk Factors" in Greenwich LifeSciences' Annual Report on the most recent Form 10-K for the year ended December 31, 2025, and other periodic reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and Greenwich LifeSciences, Inc. undertakes no duty to update such information except as required under applicable law.

Company Contact
Snehal Patel
Investor Relations
Office: (832) 819-3232
Email: info@greenwichlifesciences.com

Investor & Public Relations Contact for Greenwich LifeSciences
Dave Gentry
RedChip Companies Inc.
Office: 1-800-RED CHIP (733 2447)
Email: dave@redchip.com

FAQ

What lock-up extension did Greenwich LifeSciences (GLSI) announce on August 10, 2026?

Greenwich LifeSciences extended the lock-up on shares held by directors, officers and pre-IPO investors to January 31, 2027. According to Greenwich LifeSciences, these holders generally cannot sell their common stock during this period unless the Board decides to modify the lock-up terms.

Which Greenwich LifeSciences (GLSI) shareholders are affected by the new lock-up date of January 31, 2027?

The extended lock-up covers shares owned by directors, officers and existing pre-IPO investors of Greenwich LifeSciences. According to Greenwich LifeSciences, these holders are restricted from selling their common stock until January 31, 2027, unless the Board changes the restrictions.

How will the Greenwich LifeSciences (GLSI) leak-out plan work after January 31, 2027?

After January 31, 2027, sales of previously locked-up GLSI shares will be limited by a leak-out plan. According to Greenwich LifeSciences, this plan will restrict the quantity that can be sold daily and over time, and remains subject to Board modification.

Can the Greenwich LifeSciences (GLSI) Board change the lock-up or selling plans before trial data releases?

Yes. The Board may end all or part of the 100% lock-up or implement leak-out or 10b5-1 programs at any time. According to Greenwich LifeSciences, this can include changes made before data announcements or strategic and financing transactions.

What clinical progress did Greenwich LifeSciences (GLSI) report for the FLAMINGO-01 Phase III trial?

Greenwich LifeSciences reported further derisking of its Phase III FLAMINGO-01 trial, with more than doubled enrollment and event rate. According to Greenwich LifeSciences, over 1,500 patients have been screened and the interim analysis has been transformed into a big pharma-like study design.

How many patients have been screened in Greenwich LifeSciences (GLSI) FLAMINGO-01 study?

More than 1,500 patients have been screened in the FLAMINGO-01 Phase III trial. According to Greenwich LifeSciences, this screening and interest from leading clinicians and hospitals in up to 200 US and European sites support ongoing strategic and financing discussions.

What strategic activities is Greenwich LifeSciences (GLSI) pursuing alongside the lock-up extension?

Greenwich LifeSciences is engaging in strategic and financing discussions at events like the June 2026 BIO conference and planned BIO-Europe attendance. According to Greenwich LifeSciences, the FLAMINGO-01 trial’s progress is contributing to an uptick in the quantity and seriousness of these discussions.