On January 23, 2024, Hoyoung Huh, MD, PhD loaned Peak Bio, Inc. the principal amount of $750,000 and the Company issued Dr. Huh a Senior Secured Promissory Note. In accordance with the terms of the Secured Note, the Company, together with its subsidiaries, Peak Bio Co. Ltd., a corporation organized in the Republic of Korea, and Peak Bio CA, Inc., a California corporation (?Peak Bio California?

and collectively with the Company, Peak Bio Korea and Peak Bio California, the ?Company Entities?), also entered into a Security Agreement with Dr. Huh. The Secured Note (i) provides that the Company will seek additional Bridge Loans of up to an additional $4,250,000, (ii) has a maturity date on January 23, 2025, and (iii) carries an interest rate of 15% per annum. As security for payment of the Secured Note, the Security Agreement grants and assigns to Dr. Huh a security interest in all of the assets of the Company Entities.