IPI-940

NEWPORT BEACH, Calif., March 11, 2026 NorthStrive Fund II LP (“NorthStrive Fund”), a subsidiary of NorthStrive Companies Inc., today issued an open letter to the Board of Directors and shareholders of Bluejay Diagnostics, Inc. (“Bluejay” or the “Company”) recommending the Board evaluate a strategic opportunity that NorthStrive believes could significantly enhance long-term shareholder value. NorthStrive Fund is a significant shareholder of Bluejay and previously disclosed its ownership in a Schedule 13G filed with the U.S. Securities and Exchange Commission on February 5, 2026. In the letter, NorthStrive Fund expressed support for the Board and management team’s continued progress advancing the Company’s current core program, SYMON™ II, while encouraging the Company to strengthen its strategic positioning through pipeline expansion capable of introducing additional clinical milestones and value-inflection points. The letter recommends that the Board review the potential acquisition of a Phase-1-ready therapeutic asset targeting refractory chronic cough, a condition affecting millions of patients globally and representing a market opportunity estimated to exceed $10 billion annually. According to NorthStrive Fund, adding a differentiated clinical-stage program could diversify development risk, increase investor visibility, and introduce multiple clinical catalysts that support stronger long-term market valuation. The proposal also notes that financing has been arranged for the potential acquisition through a public-company financing structure, which could support advancement of the program while strengthening the Company’s capital position. NorthStrive Fund believes the addition of a differentiated, capital-efficient clinical program capable of delivering near-term milestones could materially strengthen the Company’s pipeline and create meaningful upside for shareholders. The full text of the letter follows. Bluejay Diagnostics, Inc. 360 Massachusetts Avenue, Suite 203 Acton, MA 01720 March 11, 2026 Dear Members of the Board of Directors and Fellow Shareholders, NorthStrive Fund II LP (“NorthStrive Fund”, “we”, “our” or “us”), a subsidiary of NorthStrive Companies Inc., headquartered in Newport Beach, California, is a significant shareholder of Bluejay Diagnostics, Inc. (the “Company” or “Bluejay”), as disclosed in our Schedule 13G filed with the U.S. Securities and Exchange Commission on February 5, 2026. Based on the Company’s current market capitalization and clinical trajectory, we believe Bluejay is in a unique position to capitalize on an appealing biotechnology acquisition we have identified. We recommend that the Company’s Board of Directors (“Board”) review this turnkey acquisition and financing opportunity, which we believe could strengthen the Company’s clinical pipeline and accelerate shareholder value creation. While we support the Company’s continued progress advancing SYMON™ II, we believe Bluejay has an immediate opportunity to enhance its pipeline by acquiring a Phase 1 ready asset potentially capable of introducing near-term clinical catalysts. Specifically, we recommend that the Company evaluate the Phase-1-ready therapeutic opportunity outlined below, which we believe represents a compelling and ready-to-execute transaction capable of introducing new value-inflection points for shareholders. Key Considerations. Pipeline Expansion • Evaluate opportunities to add a Phase-1-ready or clinical-stage program with a differentiated mechanism of action, clear competitive advantage, and compelling risk-adjusted upside. • Prioritize assets targeting well-defined patient populations that support efficient clinical trial enrollment and meaningful commercial opportunity. • Expanding the pipeline would reduce single-asset risk and introduce additional clinical catalysts capable of enhancing long-term shareholder value. Near-Term Clinical Catalysts • Prioritize programs capable of generating meaningful clinical milestones within the next 12–24 months, with modest capital requirements and efficient clinical development. • Focus on assets with streamlined trial designs and accessible patient populations that enable efficient enrollment and timely data readouts. • Regular clinical catalysts can significantly enhance investor visibility and valuation for emerging biotechnology companies. Shareholder Value Creation & Investor Awareness • Expanding the clinical pipeline may increase investor visibility and attract new institutional shareholders. • A broader pipeline with multiple development programs can strengthen market awareness and support long-term market valuation. • Companies with diversified clinical programs and regular catalysts often experience greater investor engagement and improved shareholder value. The Potential Strategic Opportunity in Refractory Chronic Cough (“RCC”) We believe the Board may benefit from reviewing and ultimately acquiring a Phase-1-ready therapeutic asset targeting refractory chronic cough (“RCC”), a debilitating condition affecting millions of patients globally and representing a significant unmet medical need. According to our research, the global treatment market for RCC is estimated to exceed $10 billion annually and is expected to grow as new therapies are developed. [ Source 1, Source 2 ] The program centers on a proprietary small-molecule inhibitor of fatty acid amide hydrolase (FAAH) designed to increase levels of the endogenous signaling molecule anandamide, which may help desensitize hyperactive sensory neurons responsible for triggering the cough reflex. Key attributes of the program include: • Phase-1-ready asset with IND-enabling studies completed • Differentiated mechanism through peripheral FAAH inhibition designed to avoid central nervous system exposure • Strong biological rationale linking neuronal hypersensitivity to chronic cough • Preclinical proof of concept demonstrated in validated cough models • Multiple upcoming clinical milestones, including first-in-human dosing and Phase 1 safety and pharmacokinetic readouts Potential expansion opportunities include neuropathic pain, hyperactive bladder, and migraines. We believe a program with this pro introduce multiple near-term value inflection points while complementing the Company’s existing strategic direction. Recent M&A Interest from larger pharmaceutical companies in the RCC space has increased as the biology has become better understood and the commercial opportunity more visible. The most notable recent transaction was GSK’s approximately $2.0 billion acquisition of BELLUS Health in 2023, driven by BELLUS’s late-stage P2X3 antagonist program in RCC. [Source 1, Source 2]. These developments underscore both the scale of the opportunity and the willingness of larger players to acquire differentiated assets as clinical proof-of-concept emerges. Differentiation Most advanced chronic cough programs have focused on the P2X3 receptor, a pathway associated with antitussive efficacy but commonly linked to taste disturbance as a tolerability limitation. [Source 3] By contrast, the opportunity we are presenting is mechanistically distinct: a peripherally selective FAAH inhibitor designed to increase anandamide levels and reduce hypersensitivity in airway sensory neurons while remaining outside the central nervous system. We believe this approach may reduce the risk of centrally mediated side effects and avoid the taste-related tolerability issues seen with P2X3 antagonists, while also enabling potential for expansion into additional neuronal hypersensitivity indications. Parallel Financing Opportunity The Company has advised us that approximately $5,000,000 in financing may be available through a public company financing structure, contingent upon the successful combination of the asset within a public company platform. This structure may allow the Company to advance the proposed program while strengthening its balance sheet and reducing near-term financing risk for shareholders. Conclusion We have completed preliminary due diligence on this opportunity and believe it represents a novel and differentiated program with the potential to introduce meaningful clinical catalysts and create substantial shareholder value. The asset is currently available for acquisition, and financing is available. We would welcome the opportunity to provide the Company with our due diligence materials and facilitate direct engagement with the program’s representatives upon receipt of this letter. Request for Board Review We respectfully encourage the Board to promptly engage with us to review this opportunity, which we believe could meaningfully strengthen the Company’s development pipeline and accelerate shareholder value creation. Please contact us at [***]. I will also make direct attempts to contact Mr. Dey and other members of the Board. Northstrive Fund and Braeden Lichti hold no interest in, or arrangement with, the acquisition target. Respectfully, /s/ Braeden Lichti Braeden Lichti, Manager of NorthStrive Fund II LP About NorthStrive Fund II LP NorthStrive Fund II LP is an investment vehicle and subsidiary of NorthStrive Companies Inc., headquartered in Newport Beach, California. NorthStrive Fund focuses on public and private investments. Disclaimer The information in this letter (“Letter”) is for informational purposes only and does not constitute an offer to purchase or sell any security, nor does it constitute investment, legal, or financial advice. The information contained herein is based on publicly available information relating to Bluejay Diagnostics, Inc. Except where otherwise indicated, the information in this Letter speaks only as of the date hereof, and NorthStrive Fund II LP undertakes no obligation to update or revise any statements contained herein. The Letter may include forward-looking statements that reflect current views regarding future events, strategic alternatives, or potential outcomes. Forward-looking statements are typically identified by words such as “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “will,” “may,” “would,” or similar expressions. These statements involve risks and uncertainties, many of which are beyond NorthStrive Fund’s control. Actual results may differ materially from those expressed or implied in such statements. Any financial estimates or projections included herein, including those contained in the financial model referenced in this Letter, are based on assumptions believed to be reasonable but are inherently subject to uncertainty and may not reflect actual outcomes. Shareholders should conduct their own independent analysis and reach their own conclusions regarding the matters discussed herein. NorthStrive Fund II LP currently beneficially owns securities of the Company. NorthStrive Fund reserves the right to increase or decrease its ownership of Company securities at any time, including through purchases, sales, derivatives, or other transactions, subject to applicable law. NorthStrive Fund also reserves the right to engage in discussions with the Board of Directors, management, shareholders, or other parties regarding strategic alternatives or other matters relating to its investment in the Company. Although NorthStrive Fund believes the information contained herein to be reliable, it makes no representation or warranty, express or implied, as to the accuracy or completeness of the information and expressly disclaims any liability arising from reliance on such information. Sources Source 1: GSK — “GSK completes acquisition of BELLUS Health” (June 28, 2023). Source 2: BioPharma Dive — “GSK to buy Bellus Health and its chronic cough drug for $2B” (April 18, 2023). Source 3: CHEST journal — “Benefit-Risk Pro P2X3 Receptor Antagonists…” (notes taste disturbance as common adverse effect) (June 8, 2024).