NASDAQ: SILO

Psilocybin
is considered a serotonergic hallucinogen and is an active ingredient in some species of mushrooms. Recent industry studies using psychedelics,
such as psilocybin, have been promising, and we believe there is a large unmet need with many people suffering from depression, mental
health issues and neurological disorders. While classified as a Schedule I substance under the Controlled Substances Act (“CSA”),
there is an accumulating body of evidence that psilocybin may have beneficial effects on depression and other mental health conditions.
Therefore, the U.S. Food and Drug Administration (“FDA”) and U.S. Drug Enforcement Agency (“DEA”) have permitted
the use of psilocybin in clinical studies for the treatment of a range of psychiatric conditions.

The
potential of psilocybin therapy in mental health conditions has been demonstrated in a number of academic-sponsored studies over the
last decade. In these early studies, it was observed that psilocybin therapy provided rapid reductions in depression symptoms after a
single high dose, with antidepressant effects lasting for up to at least six months for a number of patients. These studies assessed
symptoms related to depression and anxiety through a number of widely used and validated scales. The data generated by these studies
suggest that psilocybin is generally well-tolerated and may have the potential to treat depression when administered with psychological
support.

We
have engaged in discussions with a number of world-renowned educational institutions and advisors regarding potential opportunities and
have formed a scientific advisory board that is intended to help advise management regarding potential acquisition and development of
products.

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In
addition, as more fully described below, we have entered into a license agreement with the University of Maryland, Baltimore, and developing
a Ketamine polymer implant. In addition, we into a sponsored research agreement Columbia University for the study of ketamine in combination
with other drugs for treatment of Alzheimer’s and depression disorders and we have also entered into an exclusive license agreement
with Columbia under which we have rights to certain patents and inventions relating to the treatment of Alzheimer’s disease and
stress-induced affective disorders using Ketamine in combination with certain other compounds.

We
plan to actively pursue the acquisition and/or development of intellectual property or technology rights to treat rare diseases, and
to ultimately expand our business to focus on this new line of business.

Product
Candidates

We
are currently focusing on four product candidates:

1.SPC-15
for stress-indued psychiatric disorders, including PTSD and anxiety.

2.SP-26
for treatments of fibromyalgia and chronic pain.

3.SPC-14
for treatment of Alzheimer’s disease.

4.SPU-16
for CNS disorders, initially targeting multiple sclerosis.

SPC-15:
Intranasal Treatment for PTSD and Anxiety Disorders

Our
lead product candidate, SPC-15, is designed as a novel serotonin 4 (5-HT4) receptor agonist that utilizes biomarkers for treatment of
stress-induced psychiatric disorders such as PTSD and anxiety disorders. This innovative treatment is administered via an intranasal
formulation, potentially qualifying for the FDA's streamlined 505(b)(2) regulatory pathway, which could expedite its approval process.
We are actively collaborating with Columbia University, holding exclusive global rights to develop and commercialize SPC-15, pursuant
to and that certain exclusive license agreement entered into with Columbia on July 1, 2024. See “----License Agreements between
the Company and Vendor—Exclusive License Agreement with Columbia University.”

On
November 15, 2023, we entered into an exclusive license agreement with Medspray Pharma BV for its proprietary patented soft mist nasal
spray technology, as the delivery mechanism for SPC-15, which agreement has an effective date of October 31, 2023. Preclinical and formulation
studies were completed in the first half of 2024 and on June 4, 2024 the Company submitted a pre-Investigational New Drug (pre-IND) briefing
package and meeting request to the U.S. Food and Drug Administration (FDA) for SPC-15, Silo’s intranasal prophylactic treatment
for post-traumatic stress disorder (PTSD) and stress-induced anxiety disorder. In September 2024, we had a pre-IND meeting with the FDA
to align on the 505(b)(2) regulatory pathway for approval of SPC-15 and review our proposed plan to support opening an IND.

Currently,
we are conducting GLP-compliant pharmacokinetic and pharmacodynamic studies and in early March 2025 we completed first dosing in an IND-enabling
GLP-compliant toxicology and toxicokinetics, and we are aiming for an IND submission in 2026. The preclinical data suggests additional
applications for eating disorders and anorexia, as well as enhanced efficacy when combined with an NMDA receptor antagonist for major
depressive disorder and other severe stress-related conditions.

We
believe our patented intranasal nose-to-brain drug dispersion technology provides a competitive advantage by increasing brain drug concentration,
ensuring a faster onset of therapeutic effects with optimized safety.

SP-26:
Ketamine Implant for Fibromyalgia

SP-26
represents a novel approach to treating chronic pain and fibromyalgia through a ketamine-based injectable dissolvable polymer implant.
Designed for subcutaneous insertion, SP-26 focuses on regulating dosage and time release to provide sustained relief from chronic pain,
offering a potentially safer alternative to opioids. Presently, our SP-26 product is in preclinical research. Initial animal studies,
which began in early 2025, are evaluating the implant’s dosage, time release, and absorption.

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In
March 2023, we filed a provisional patent application with the USPTO to use SP-26 for treatment of chronic pain, including fibromyalgia
We intend to develop SP-26 following the Section 505(b)(2) regulatory pathway of the FDA rules. Section 505(b)(2) of the FDCA was enacted
to enable sponsors to seek NDA approval for novel repurposed drugs without the need for such sponsors to undertake time consuming and
expensive pre-clinical safety studies and Phase 1 safety studies. Proceeding under this regulatory pathway, we will be able to rely upon
publicly available data with respect to our active ingredient in our NDA submission to the FDA for marketing approval.

Fibromyalgia
affects approximately 4 million U.S. adults (2% of the population). We believe SP-26’s implant design provides a compelling non-opioid
alternative to traditional pain management, improving dosage control compared to intravenous delivery.

SPC-14:
Treatment for Alzheimer’s Disease

SPC-14
targets glutamate receptor NDMAR and serotonin 5-HT4 to address cognitive and neuropsychiatric symptoms in Alzheimer’s disease.
Given the global Alzheimer’s therapeutics market is projected to exceed $30.8 billion by 2033, SPC-14 presents a promising opportunity.
SPC-14 was developed under a sponsored research agreement with Columbia University See “Investigator-Sponsored Study Agreements
between the Company and Vendors---Sponsored Research Agreement with Columbia University for the Study of Ketamine in Combination with
Other Drugs for Treatment of Alzheimer’s and Depression Disorders.” We have exclusive global rights to develop and commercialize
SPC-14, pursuant to and that certain exclusive license agreement entered into with Columbia on July 1, 2024. See “----License Agreements
between the Company and Vendor—Exclusive License Agreement with Columbia University.”. On October 13, 2022, we extended the
term of the sponsored research agreement with Columbia to conduct further research studies into the mechanism of action of SPC-14 in
the treatment of Alzheimer’s disease. In addition, we have been granted an option to license certain assets currently under development,
including SPC-14 for the treatment of Alzheimer’s disease.

We
believe our SPC-14 product has shown efficacy against luteinizing hormone (LH) in attenuating learned helplessness, preservative behavior
and hyponeophagia (a measure of anxiety).

SPU-16:
Treatment for CNS Disorders, Initial Indication for Multiple Sclerosis

SPU-16
is a promising candidate targeting central nervous system (CNS) disorders, with an initial indication for multiple sclerosis. On February
12, 2021, we entered into a Master License Agreement (the “UMB License Agreement”) with the University of Maryland, Baltimore
(“UMB”) pursuant to which UMB granted us an exclusive, worldwide, sublicensable, royalty-bearing license to certain intellectual
property (i) to make, have made, use, sell, offer to sell, and import certain licensed products and (ii) to use the invention titled
“Central nervous system-homing peptides in vivo and their use for the investigation and treatment of multiple sclerosis and other
neuroinflammatory pathology,” or SPU-16. See “License Agreements between the Company and Vendors--Vendor License Agreement
with the University of Maryland, Baltimore for CNS Homing Peptide” for additional details.

On
April 11, 2023 certain intellectual property under the UMB License Agreement described above were issued a patent from the U.S. Patent
& Trademark Office (USPTO) for “Peptide-Targeted Liposomal Delivery For Treatment, Diagnosis, and Imaging of Diseases and Disorders”
(US 11,766,403, B2).

On July 8, 2025, we entered into a Termination,
Commercial Evaluation License, and Option Agreement (the “July 2025 Termination and Option Agreement”) with UMB which terminates
the UMB License Agreement, previously in effect between us and UMB, and provides us with an exclusive, non-transferable evaluation license,
as well as an exclusive option to negotiate a new exclusive commercial license, with respect to certain intellectual property related
to central nervous system-homing peptides (the “Invention” and related “Patent Rights”) that were previously licensed
under the UMB License Agreement.

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Pursuant to the July 2025 Termination and Option
Agreement, we were granted an exclusive option (the “Option”), exercisable during the term of the July 2025 Agreement, to
negotiate and obtain an exclusive, sublicensable, royalty-bearing license to the Invention and Patent Rights for the therapeutic treatment
of neuroinflammatory disease worldwide. The Option may be exercised by (i) providing written notice and submitting an acceptable commercialization
plan to UMB, and (ii) paying a $1,000 option fee, which is creditable against certain future expenses if a commercial license is executed.
The Termination and Option Agreement was effective as of July 8, 2025, and will expire on March 31, 2026, unless earlier terminated or
superseded by a new definitive license agreement upon exercise of the Option.

We
believe SPU-16 provides a competitive advantage by using homing peptides to reduce toxicity while enhancing therapeutic payload delivery.

Product
Development Pipeline

The
following table summarizes our product development pipeline.

Cryptocurrency
Treasury Strategy

Our strategy changed to include cryptocurrency
treasury strategy in August 2025 to focus on the acquisition of leading digital assets. Management focused a portion of its resources
in this cryptocurrency strategy. The Company’s crypto assets primarily include Bitcoin (BTC), Ethereum (ETH) and Solana (SOL),
and liquid staked tokens consisting of Liquid Staked ETH (LsETH) and Marinade Solana (mSOL), tokens received when ETH and SOL was staked
through a third-party protocol. The Company has ownership of and control over its crypto assets which are held through custodial
arrangements with qualified third-party custodians. These custodians provide secure storage and safeguarding of the Company’s crypto
assets. We participated in both native and liquid staking of its digital assets to generate yield. The Company’s role is that of
a Delegator (a staker who does not run a validation node).

The Company has staked $98,584 of crypto assets, at cost as of December
31, 2025. The Company’s ability to sell or transfer staked digital assets is subject to restrictions related to unbonding periods,
which are based on network traffic on the respective blockchains. As of December 31, 2025, all staked crypto assets could be unbonded
within 2 to 3 days. As of December 31, 2025, the Company’s staked assets have near immediate terms. In exchange for staking the
crypto assets on blockchain networks, the Company is entitled to a fractional share of the fixed digital asset award a third-party validator
node receives for successfully validating or adding a block to the blockchain. As of December 31, 2025, the Company held $221,817 of crypto
assets comprised of BTC, ETH, SOL, RSC and XRP, at fair value. The Company reflects these assets held at fair value on the consolidated
balance sheets within the “crypto assets” line item. In determining the fair value of the crypto assets in accordance with
ASC 820, the Company utilizes coinmarketcap.com or Coinbase as the principal market.

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License
Agreements between the Company and Vendor

Vendor
License Agreement with the University of Maryland, Baltimore for CNS Homing Peptide

On
February 12, 2021, we entered into a Master License Agreement (the “UMB License Agreement”) with the University of Maryland,
Baltimore (“UMB”) pursuant to which UMB granted us an exclusive, worldwide, sublicensable, royalty-bearing license to certain
intellectual property (i) to make, have made, use, sell, offer to sell, and import certain licensed products and (ii) to use the invention
titled, “Central nervous system-homing peptides in vivo and their use for the investigation and treatment of multiple sclerosis
and other neuroinflammatory pathology” (the “Invention”) and UMB’s confidential information to develop and perform
certain licensed processes for the therapeutic treatment of neuroinflammatory disease. The term of the License Agreement shall commence
on the UMB Effective Date and shall continue until the latest of (i) ten years from the date of First Commercial Sale (as defined in
the Sublicense Agreement) of the Licensed Product in such country and (ii) the date of expiration of the last to expire claim of the
Patent Rights (as defined in the UMB License Agreement) covering such Licensed Product in such country, or (iii) the expiration of data
protection, new chemical entity, orphan drug exclusivity, regulatory exclusivity, or other legally enforceable market exclusivity, if
applicable, unless terminated earlier pursuant to the terms of the agreement. Pursuant to the UMB License Agreement, we agreed to pay
UMB (i) a license fee of $75,000, (ii) certain event-based milestone payments, (iii) royalty payments, depending on net revenues, (iv)
minimum royalty payments, and (v) a tiered percentage of sublicense income. The UMB License Agreement will remain in effect until the
later of: (a) the last patent covered under the UMB License Agreement expires, (b) the expiration of data protection, new chemical entity,
orphan drug exclusivity, regulatory exclusivity, or other legally enforceable market exclusivity, if applicable, or (c) ten years after
the first commercial sale of a licensed product in that country, unless earlier terminated in accordance with the provisions of the UMB
License Agreement. The term of the UMB License Agreement shall expire 15 years after the effective date in which (a) there were never
any patent rights, (b) there was never any data protection, new chemical entity, orphan drug exclusivity, regulatory exclusivity, or
other legally enforceable market exclusivity or (c) there was never a first commercial sale of a licensed product.

On
July 8, 2025, we entered into July 2025 Termination and Option Agreement with UMB which terminates the UMB License Agreement, previously
in effect between the us and UMB, and provides us with an exclusive, non-transferable evaluation license, as well as an exclusive option
to negotiate a new exclusive commercial license, with respect to certain intellectual property related to central nervous system-homing
peptides (the “Invention” and related “Patent Rights”) that were previously licensed under the UMB License Agreement.

Pursuant
to the July 2025 Termination and Option Agreement, we were granted Option, exercisable during the term of the July 2025 Termination
and Option Agreement, to negotiate and obtain an exclusive, sublicensable, royalty-bearing license to the Invention and Patent
Rights for the therapeutic treatment of neuroinflammatory disease worldwide. The Option may be exercised by (i) providing written
notice and submitting an acceptable commercialization plan to UMB, and (ii) paying a $1,000 option fee, which is creditable against
certain future expenses if a commercial license is executed. The July 2025 Termination and Option Agreement was effective as of July
8, 2025, and will expire on March 31, 2026, unless earlier terminated or superseded by a new definitive license agreement upon
exercise of the Option. We do not intent to extend the Option Agreement.

As
described below, we have entered into an investigator sponsored research agreement with UMB related to a clinical study to examine a
novel peptide-guided drug delivery approach for the treatment of Multiple Sclerosis.

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Exclusive
License Agreement between Medspray Pharma BV and the Company

On
November 15, 2023, we entered into an Exclusive License Agreement (the “Medspray License Agreement”) with Medspray Pharma
BV (“Medspray”) pursuant to which Medspray granted us an exclusive, non-revocable, worldwide royalty bearing license for
Medspray’s proprietary patented soft mist nasal spray technology for marketing, promotion, sale and distribution of the products
licensed by Medspray to us under the Medspray License Agreement. The Medspray License Agreement has an effective date of October 31,
2023 and expires on the earlier of (i) termination of the Medspray License Agreement or expiry of all Medspray license rights in the
United States, Germany, United Kingdom, Spain, Italy and France. In consideration of the exclusive rights granted by Medspray to us,
we agreed to pay Medspray a royalty on a quarterly basis equal to 5% of net sales. The term of the agreement commences on the effective
date and continues until the earlier of (i) expiration of the last to expire of Medspray’s patent rights or (ii) December 31, 2023
(the “Initial Term”) at which time, the Medspray License Agreement will automatically renew for a successive period of three
(3) years, unless terminated by either party upon one year prior written notice prior to the end of any term; provided, however, the
Medspray may terminate the Medspray License Agreement immediately if fail to have any licensed product under the Medspray License Agreement
registered with the FDA or EMA by July 1, 2028 or has filed to reach the point of first sale of any licensed product under the Medspray
License Agreement by July 1, 2028.

The Medspray intranasal technology is currently
the delivery devise used in our PTSD therapeutic for nose to brain delivery. See SPC-15: Intranasal Treatment for PTSD and Anxiety Disorders
above.

Exclusive
License Agreement with Columbia University

On
July 1, 2024, we entered into an exclusive license agreement (the “Columbia License Agreement”) with Columbia University
(“Columbia”) effective as of June 28, 2024 (the “Effective Date”) and pursuant to which we have been granted
exclusive rights to certain patents and technical information to develop, manufacture and commercialize Products related to our SPC-15
(as defined in the Columbia License Agreement), including therapies for stress-induced affective disorders and other conditions.

The
term of the Columbia License Agreement shall commence on the Effective Date and shall continue on a country-by-country and product-by-product
basis until the latest of: (a) the date of expiration of the last to expire of the issued Patents (as defined in the Columbia License
Agreement), (b) twenty (20) years after the first bona fide commercial sale of the Product in the country in question, or (c) expiration
of any market exclusivity period granted by a regulatory agency for a Product in the country in question. Pursuant to the Columbia License
Agreement, we agreed to pay Columbia (i) initial and annual license fees ranging from the low five figures to mid five figures that are
creditable to earned royalties and milestone payments due to Columbia in the same calendar year, (ii) certain development-based and other
milestone payments, (iii) royalty payments, depending on net revenues, (iv) minimum royalty payments, and (v) certain non-royalty sublicense
income. Royalties on each particular Product are payable on a country-by-country and product-by-product basis until the later of (i)
twenty (20) years after the first bona fide commercial sale of such particular Technology Product in each country and (ii) expiration
of any market exclusivity period granted by a regulatory agency of such particular Product in such country.

We continue to advance our development toward human clinical trials.
We have completed various studies required to submit an IND application to advance our lead drug into the clinic. See SPC-15: Intranasal
Treatment for PTSD and Anxiety Disorders above.

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Investigator-Sponsored
Study Agreements between the Company and Vendors

Sponsored
Research Agreement with Columbia University for the Study of Ketamine in Combination with Other Drugs for Treatment of Alzheimer’s
and Depression Disorders

On
October 1, 2021, we entered into a sponsored research agreement with Columbia University (“Columbia”) pursuant to which Columbia
shall conduct two different studies related to all uses of Ketamine or its metabolites in combination with Prucalopride, one of which
is related to Alzheimer’s and the other of which is related to Depression, PTSD and Stress Projects. In addition, Company has been
granted an option to license certain assets currently under development, including Alzheimer’s disease. The term of the option
will commence on the effective date of this agreement and will expire upon the earlier of (i) 90 days after the date of the Company’s
receipt of a final research report for each specific research proposal as defined in the agreement or (ii) termination of the research.
If we elect to exercise the option, both parties will commence negotiation of a license agreement and will execute a license agreement
no later than 3 months after the dated of the exercise of the option. We exercised our option for an exclusive license agreement for
SPC-15, a prophylactic treatment for stress-induced affective disorders including anxiety and PTSD pursuant to which we were granted
an exclusive license to further develop, manufacture, and commercialize SPC-15 worldwide. See “---License Agreements between the
Company and Vendor – Exclusive License Agreement with Columbia University.” Columbia University and the Company will work
towards developing a therapeutic treatment for patients suffering from Alzheimer’s disease to posttraumatic stress disorder. During
a one-year period from the date of this agreement, we shall pay a total of $1,436,082 to Columbia University for the support of the research
according to the payment schedule as follows: (i) 30% at signing, (ii) 30% at four and half months after the start of the project, (iii)
30% at nine months after the start of the project and, (iv)10% at completion of the project. On October 13, 2022, we entered into an
amendment of the sponsored research agreement pursuant to which the parties agreed to extend the payment schedule until March 31, 2024.
We paid the first payment of $430,825 in November 2021 and the second payment of $430,825 in July 2022.

See SPC-14: Treatment for Alzheimer’s Disease above.

Sponsored
Research Agreement with University of Maryland, Baltimore for the Study of Targeted liposomal drug delivery for rheumatoid arthritis

On
July 6, 2021, we entered into a sponsored research agreement (the “July 2021 Sponsored Research Agreement”) with UMB pursuant
to which UMB shall evaluate the pharmacokinetics of dexamethasone delivered to arthritic rats via liposome. The research pursuant
to the July 2021 Sponsored Research Agreement commenced on September 1, 2021 and will continue until the substantial completion thereof,
subject to renewal upon written consent of the parties with a project timeline of twelve months. The July 2021 Sponsored Research Agreement
may be terminated by either party upon 30 days’ prior written notice to the other party. In addition, if either party commits any
material breach of or defaults with respect to any terms or conditions of the July 2021 Sponsored Research Agreement and fails to remedy
such default or breach within 10 business days after written notice from the other party, the party giving notice may terminate the July
2021 Sponsored Research Agreement as of the date of receipt of such notice by the other party. If we terminate the July 2021 Sponsored
Research Agreement for any reason other than an uncured material breach by UMB, we shall relinquish any and all rights it may have in
the Results (as defined in the July 2021 Sponsored Research Agreement) to UMB. In addition, if the July 2021 Sponsored Research Agreement
is terminated early, we, among other things, will pay all costs incurred and accrued by UMB as of the date of termination. Pursuant to
the terms of the July 2021 Sponsored Research Agreement, UMB granted us an option (the “Option”) to negotiate and obtain
an exclusive license to any UMB Arising IP (as defined in the July 2021 Sponsored Research Agreement) and UMB’s rights in any Joint
Arising IP (as defined in the July 2021 Sponsored Research Agreement) (collectively, the “UMB IP”). We may exercise the Option
by giving UMB written notice within 60 days after it receives notice from UMB of the UMB IP. We shall pay total fees of $276,285 as set
forth in the July 2021 Sponsored Research Agreement. We paid the first payment of $92,095 on September 1, 2021 and on August 31, 2022,
we paid the second payment of $92,095.

The studies have been completed and we are currently
evaluating the viability of the data.

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COVID-19

The prior outbreak of the novel Coronavirus (COVID-19)
evolved into a global pandemic. COVID-19 spread to many regions of the world. The extent to which COVID-19 or any other pandemic impacts
the Company’s business and operating results will depend on future developments that are highly uncertain and cannot be accurately
predicted, including new information that may emerge concerning the COVID-19 or any other pandemic and the actions to contain the pandemic
or treat its impact, among others.

As a result of the outbreak of a pandemic, certain
aspects of the Company’s business operations may be delayed or subject to interruptions. Specifically, as a result of the shelter-in-place
orders and other mandated local travel restrictions, among other things, the research and development activities of certain of the Company’s
partners may be affected, which may result in delays to the Company’s clinical trials, and the Company can provide no assurance
as to when such trials, if delayed, will resume at this time or the revised timeline to complete trials once resumed.

Furthermore, site initiation, participant recruitment
and enrollment, participant dosing, distribution of clinical trial materials, study monitoring and data analysis may be delayed due to
changes in hospital or university policies, federal, state or local regulations, prioritization of hospital resources toward pandemic
efforts, or other reasons related to the pandemic. If COVID-19 reemerges or another pandemic were to occur, some participants and clinical
investigators may not be able to comply with clinical trial protocols. For example, quarantines or other travel limitations (whether voluntary
or required) may impede participant movement, affect sponsor access to study sites, or interrupt healthcare services, and the Company
may be unable to conduct its clinical trials.

Infections and deaths related to the pandemic
may disrupt the United States’ healthcare and healthcare regulatory systems. Such disruptions could divert healthcare resources
away from, or materially delay U.S. Food and Drug Administration review and/or approval with respect to the Company’s clinical
trials. It is unknown how long these disruptions could continue, were they to occur. Any elongation or de-prioritization of the Company’s
clinical trials or delay in regulatory review resulting from such disruptions could materially affect the development and study of the
Company’s product candidates.

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The spread of COVID-19 or any pandemic, which
may cause a broad impact globally, including restrictions on travel and quarantine policies put into place by businesses and governments,
may have a material economic effect on the Company’s business. While the potential economic impact brought by and the duration of
the pandemic may be difficult to assess or predict, it has already caused, and is likely to result in further, significant disruption
of global financial markets, which may negatively impact the Company’s ability to access capital on favorable terms, if at all.
In addition, a recession, depression or other sustained adverse market event resulting from the spread of COVID-19 could materially and
adversely affect the Company’s business and the value of its common stock.

The
ultimate impact of the current pandemic, or any other health epidemic, is highly uncertain and subject to change. The Company does not
yet know the full extent of potential delays or impacts on its business, its clinical trials, its research programs, healthcare systems
or the global economy as a whole. However, these effects could have a material impact on the Company’s operations, and the Company
will continue to monitor the situation closely.

Intellectual
Property

Our
goal is to obtain, maintain and enforce patent protection relating to our products (including formulations, processes, and methods) and
other proprietary technologies, preserve our trade secrets, and operate without infringing on the proprietary rights of other parties.
Our policy is to actively seek the broadest intellectual property protection possible for our products, proprietary information and proprietary
technology through a combination of contractual arrangements and patents. Specifically, we try to ensure that we own intellectual property
created for us by signing agreements with employees, independent contractors, consultants, companies, and any other third party that
create intellectual property for us or that assign any intellectual property rights to us. In addition, we have established business
procedures designed to maintain the confidentiality of our proprietary information, including the use of confidentiality agreements with
employees, independent contractors, consultants and entities with which we conduct business.

To
date, the intellectual property owned and licensed by us includes 5 issued patents and 20 pending patent applications in 14 patent families
in the U.S. and abroad. Our own intellectual property includes five pending U.S. patent applications related to the use of the central
nervous system-homing peptides covered by the License Agreement with the University Maryland, Baltimore (“UMB”) to deliver
certain compounds, including a nonsteroidal anti-inflammatory drug and/or psilocybin, for the treatment of diseases such as arthritis,
central nervous system diseases, neurological diseases as well as cancer. Among the intellectual property that we license from UMB, there
is one issued U.S. patent covering certain central nervous system homing peptides and uses thereof, and one issued U.S. patent covering
certain peptides capable of selectively targeting inflamed synovial tissue and uses thereof. Among the intellectual property that we
license from Columbia University, there are three issued U.S. patents related to the treatment or prevention of stress-induced affective
disorders or stress-induced psychopathology.

Concentrations

Customer
Concentration

For the years ended December 31, 2025 and 2024,
one licensee accounted for 100% of our total revenues from customer license fees.

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Vendor
Concentrations

For
the years ended December 31, 2025 and 2024, two licensors, UMB and Columbia, accounted for 100% of the Company’s vendor license
agreements.

Competition

The rare disease therapeutics industry is characterized
by many newly emerging and innovative technologies, intense competition and a strong emphasis on proprietary product rights. We face
potential competition from many different sources, including major pharmaceutical, specialty pharmaceutical and biotechnology companies,
academic institutions, governmental agencies and medical research organizations. Any product candidates that we may successfully develop
and commercialize will compete with the standard of care and new therapies that may become available in the future.

Many
of the pharmaceutical, biopharmaceutical and biotechnology companies with whom we may compete have established markets for their therapies
and have substantially greater financial, technical, human and other resources than we do and may be better equipped to develop, manufacture
and market superior products or therapies. In addition, many of these potential competitors have significantly greater experience than
we have in undertaking non-clinical studies and human clinical trials of new therapeutic substances and in obtaining regulatory approvals
of human therapeutic products. Accordingly, our competitors may succeed in obtaining regulatory approvals for alternative or superior
products. In addition, many competitors have greater name recognition and more extensive collaborative relationships. Smaller and earlier-stage
companies may also prove to be significant competitors, particularly through collaborative arrangements with large, established companies.
An increasing number of companies are increasing their efforts in discovery of new psychedelic compounds.

Government
Regulation

The
FDA and other regulatory authorities at federal, state and local levels, as well as in foreign countries, extensively regulate, among
other things, the research, development, testing, manufacture, quality control, import, export, safety, effectiveness, labeling, packaging,
storage, distribution, recordkeeping, approval, advertising, promotion, marketing, post-approval monitoring and post-approval reporting
of drugs. We, along with any potential vendors, contract research organizations and contract manufacturers, will be required to navigate
the various preclinical, clinical, manufacturing and commercial approval requirements of the governing regulatory agencies of the countries
in which we wish to conduct studies or seek approval of our product candidates. The process of obtaining regulatory approvals of drugs
and ensuring subsequent compliance with appropriate federal, state, local and foreign statutes and regulations requires the expenditure
of substantial time and financial resources.

In
the United States, the U.S. Food and Drug Administration (FDA) regulates drug products under the Federal Food, Drug, and Cosmetic Act
(FDCA), its implementing regulations and other laws. If we fail to comply with applicable FDA or other requirements at any time with
respect to product development, clinical testing, approval or any other legal requirements relating to product manufacture, processing,
handling, storage, quality control, safety, marketing, advertising, promotion, packaging, labeling, export, import, distribution, or
sale, we may become subject to administrative or judicial sanctions or other legal consequences. These sanctions or consequences could
include, among other things, the FDA’s refusal to approve pending applications, issuance of clinical holds for ongoing studies,
suspension or revocation of approved applications, warning or untitled letters, product withdrawals or recalls, product seizures, relabeling
or repackaging, total or partial suspensions of manufacturing or distribution, injunctions, fines, civil penalties or criminal prosecution.

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The
process required by the FDA before any product candidates are approved as drugs for therapeutic indications and may be marketed in the
United States generally involves the following:

●
Completion
of extensive preclinical studies in accordance with applicable regulations, including studies conducted in accordance with good laboratory
practice requirements;

●
Completion
of the manufacture, under current good manufacturing practice (cGMP) requirements, of the drug substance and drug product that the
sponsor intends to use in human clinical trials along with required analytical and stability testing;

●
Submission
to the FDA of an investigational new drug (IND) application which must become effective before clinical trials may begin;

●
Approval
by an institutional review board or independent ethics committee at each clinical trial site before each trial may be initiated;

●
Performance
of adequate and well-controlled clinical trials in accordance with applicable IND regulations, good clinical practice (GCP)
requirements and other clinical trial-related regulations to establish the safety and efficacy of the investigational product for
each proposed indication;

●
Submission
to the FDA of a New Drug Application (NDA);

●
Payment
of user fees for FDA review of the NDA;

●
A
determination by the FDA within 60 days of its receipt of an NDA, to accept the filing for review;

●
Satisfactory
completion of one or more FDA pre-approval inspections of the manufacturing facility or facilities where the drug will be produced
to assess compliance with cGMP requirements to assure that the facilities, methods and controls are adequate to preserve the drug’s
identity, strength, quality and purity;

●
Potentially,
satisfactory completion of FDA audit of the clinical trial sites that generated the data in support of the NDA; and

●
FDA
review and approval of the NDA, including consideration of the views of any FDA advisory committee, prior to any commercial marketing
or sale of the drug in the United States.

Controlled
Substances

The
federal Controlled Substances Act (CSA) and its implementing regulations establish a “closed system” of regulations for controlled
substances. The CSA imposes registration, security, recordkeeping and reporting, storage, manufacturing, distribution, importation and
other requirements under the oversight of the DEA. The DEA is the federal agency responsible for regulating controlled substances, and
requires those individuals or entities that manufacture, import, export, distribute, research, or dispense controlled substances to comply
with the regulatory requirements in order to prevent the diversion of controlled substances to illicit channels of commerce.

The
DEA categorizes controlled substances into one of five schedules — Schedule I, II, III, IV or V — with
varying qualifications for listing in each schedule. Schedule I substances by definition have a high potential for abuse, have no currently
accepted medical use in treatment in the United States and lack accepted safety for use under medical supervision. Pharmaceutical products
having a currently accepted medical use that are otherwise approved for marketing may be listed as Schedule II, III, IV or V substances,
with Schedule II substances presenting the highest potential for abuse and physical or psychological dependence, and Schedule V substances
presenting the lowest relative potential for abuse and dependence.

Facilities
that manufacture, distribute, import or export any controlled substance must register annually with the DEA. The DEA registration is
specific to the particular location, activity(ies) and controlled substance schedule(s).

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The
DEA inspects all manufacturing facilities to review security, recordkeeping, reporting and handling prior to issuing a controlled substance
registration. The specific security requirements vary by the type of business activity and the schedule and quantity of controlled substances
handled. The most stringent requirements apply to manufacturers of Schedule I and Schedule II substances. Required security measures
commonly include background checks on employees and physical control of controlled substances through storage in approved vaults, safes
and cages, and through use of alarm systems and surveillance cameras. Once registered, manufacturing facilities must maintain records
documenting the manufacture, receipt and distribution of all controlled substances. Manufacturers must submit periodic reports to the
DEA of the distribution of Schedule I and II controlled substances, Schedule III narcotic substances, and other designated substances.
Registrants must also report any controlled substance thefts or significant losses, and must obtain authorization to destroy or dispose
of controlled substances. Imports of Schedule I and II controlled substances for commercial purposes are generally restricted to substances
not already available from a domestic supplier or where there is not adequate competition among domestic suppliers. In addition to an
importer or exporter registration, importers and exporters must obtain a permit for every import or export of a Schedule I and II substance
or Schedule III, IV and V narcotic, and submit import or export declarations for Schedule III, IV and V non-narcotics. In some cases,
Schedule III non-narcotic substances may be subject to the import/export permit requirement, if necessary, to ensure that the United
States complies with its obligations under international drug control treaties.

For
drugs manufactured in the United States, the DEA establishes annually an aggregate quota for the amount of substances within Schedules
I and II that may be manufactured or produced in the United States based on the DEA’s estimate of the quantity needed to meet legitimate
medical, scientific, research and industrial needs. The quotas apply equally to the manufacturing of the active pharmaceutical ingredient
and production of dosage forms. The DEA may adjust aggregate production quotas a few times per year, and individual manufacturing or
procurement quotas from time to time during the year, although the DEA has substantial discretion in whether or not to make such adjustments
for individual companies.

The
states also maintain separate controlled substance laws and regulations, including licensing, recordkeeping, security, distribution,
and dispensing requirements. State authorities, including boards of pharmacy, regulate use of controlled substances in each state. Failure
to maintain compliance with applicable requirements, particularly as manifested in the loss or diversion of controlled substances, can
result in enforcement action that could have a material adverse effect on our business, operations and financial condition. The DEA may
seek civil penalties, refuse to renew necessary registrations, or initiate proceedings to revoke those registrations. In certain circumstances,
violations could lead to criminal prosecution.

Recent
Developments

On February 20, 2026, the Company’s Board
of Directors approved a stock repurchase program authorizing the purchase of up to $1 million of the Company’s issued and outstanding
common stock, from time to time, with such plan to be in place until December 31, 2026. As of the date of this report, no shares have
been repurchased under this plan.

Employees

As of March 27, 2026, we employed a total of three full-time employees
and we utilize specialized consultants of which we have 3 consultants with yearly contracts and use others from time to time on an as-needed
basis. We are not a party to any collective bargaining agreements. We believe that we maintain good relations with our employees and consultants.

Corporate
History

We
were incorporated as Gold Swap, Inc. (“Gold Swap”) under the laws of the State of New York on July 13, 2010.

On
December 11, 2012, stockholders approved changing our state of incorporation from New York to Delaware via the merger of Gold Swap with
and into our wholly-owned subsidiary, Point Capital, Inc., and to change our name from “Gold Swap Inc.” to “Point Capital,
Inc”. The merger was effective on January 24, 2013.

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On
May 21, 2019, we amended our Certificate of Incorporation to change our name to “Uppercut Brands, Inc,” and on September
24, 2020, we amended our Certificate of Incorporation to change our name to “Silo Pharma, Inc.”.

Through
September 28, 2018, we were a closed-end, non-diversified investment company that had elected to be regulated as a business development
company under the Investment Company Act of 1940 (the “Investment Company Act”). As a business development company,
we were required to comply with certain regulatory requirements. For instance, we generally had to invest at least 70% of our total
assets in “qualifying assets”, including securities of private U.S. companies, cash, cash equivalents, U.S. government securities
and high-quality debt investments that mature in one year or less.

On
September 29, 2018, we filed Form N-54C, Notification of Withdrawal of election to be Subject to Section 55 through 65 of the Investment
Company Act, because we changed the nature of our business so as to cease to be a business development company. Accordingly, as of December
31, 2018, our consolidated financial statements of have been prepared in accordance with accounting principles generally accepted in
the United States of America.

As
a result of this change in status, we discontinued applying the guidance in Financial Accounting Standards Board (“FASB”)
Accounting Standard Codification (“ASC”) Topic 946 - Financial Services – Investment Company and account for the change
in our status prospectively by accounting for our equity investments in accordance with ASC Topics 320 - Investments—Debt and Equity
Securities as of the date of the change in status. In addition, the presentation of the financial statements are that of a commercial
company rather than that of an investment company.

In
accordance with ASC 946, we made this change to our financial reporting prospectively and did not restate periods prior to our change
in status to a non-investment company effective September 29, 2018. Accordingly, we may refer to both accounting in accordance with U.S.
generally accepted accounting principles applicable to corporations (“Corporation Accounting”), which applied commencing
September 29, 2018 and to that applicable to investment companies under the Investment Company Act (“Investment Company Accounting”)
which applied to prior periods. We determined that there is no cumulative effect of the change from Investment Company Accounting to
Corporation Accounting on periods prior to those presented, and that there is no effect on our financial position or results of operations
as a result of this change.

In
order to maintain our status as a non-investment company, we will continue to operate so as to fall outside the definition of an “investment
company” or within an applicable exception. We expect to continue to operate outside the definition of an “investment company”
as a developmental stage company primarily engaged in merging traditional therapeutics with psychedelic research.

Through
March 31, 2017, we elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue
Code of 1986, as amended, and operated in a manner so as to qualify for the tax treatment applicable to RICs. At March 31, 2017, we failed
the diversification test since our investment in Ipsidy Inc. accounted for over 25% of our total assets. We did not cure our failure
to retain our status as a RIC and we will not seek to obtain RIC status again. Accordingly, beginning in 2017, we became subject to income
taxes at corporate tax rates. The loss of our status as a RIC did not have any impact on our financial position or results of operations.

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Currently,
we are not making any new equity investments.

On
September 29, 2018, we entered into an Asset Purchase Agreement with Blind Faith Concepts Holdings, Inc. pursuant to which we completed
the acquisition of 100% of the assets of NFID from the seller which consisted of three trademarks related to the NFID brand, the NFID
website, shoe designs and samples, and the assumption of a one-year Brand Ambassador Agreement in exchange for 2,000,000 shares of our
common stock. On September 30, 2021, we entered into and closed on an Asset Purchase Agreement (the “Asset Purchase Agreement)
with NFID, LLC, a Florida limited liability company (the “Buyer”), whereby the Buyer purchased from us certain assets, properties,
and rights in connection with the Company’s NFID trademark name, logos, domain, and apparel clothing and accessories for a purchase
price of $60,000 in the form of a promissory note amounting to $60,000 and no longer conducts any NFID business.

On
November 5, 2018, we entered into 14 separate Return to Treasury Agreements, whereby certain stockholders holding an aggregate of 28,734,901
shares of our common stock agreed to return a portion of their respective holdings to treasury in exchange for cash payments aggregating
$2,872. As a result, the total issued and outstanding number of our common stock was reduced by 28,734,901 shares.

On
April 8, 2020, we incorporated a wholly-owned subsidiary, Silo Pharma Inc., in the State of Florida.

On
December 19, 2023, we changed our state of incorporation from Delaware to Nevada.

Our
Corporate Information

We
were incorporated in the State of New York on July 13, 2010. On January 24, 2013, the Company changed its state of incorporation from
New York to Delaware. On December 19, 2023, the Company changed its state of incorporation from Delaware to Nevada. Our principal executive
offices are located at 677 N Washington Blvd Sarasota Fl 34236 and our telephone number is (718) 400-9031.

Available
Information

Our
website address is www.silopharma.com. The contents of, or information accessible through, our website is not part of this Annual
Report on Form 10-K, and our website address is included in this document as an inactive textual reference only. We make our filings
with the U.S. Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q, Current Reports on Form 8-K and all amendments to those reports, available free of charge on our website as soon as reasonably
practicable after we file such reports with, or furnish such reports to, the SEC. The public may read and copy the materials we file
with the SEC at the SEC’s Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public may obtain information on
the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Additionally, the SEC maintains an internet site that
contains reports, proxy and information statements and other information. The address of the SEC’s website is www.sec.gov.
The information contained in the SEC’s website is not intended to be a part of this filing.

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