FOR IMMEDIATE RELEASE · November 14, 2026

The AI Drug That Overdosed Shareholders

Theriva stockholder names who he will subpoena: Wall Street funds, Dell's MSD, a Thiel-backed drug buyer and the vote counters

A Theriva Biologics (NYSE American: TOVX) stockholder suing the company and four of its directors says that once discovery opens he will seek the records and testimony of the firms on the other side of Theriva's deals.

Mark Nejmeh, who represents himself in Nejmeh v. Theriva Biologics, Inc., No. 3:26-cv-00705 (D. Nev.), plans to seek documents and testimony from: Broadridge, which counted the votes; placement agent A.G.P./Alliance Global Partners; the funds that received 16,184,560 new warrants in October 2025, including Anson, Armistice, CVI, Empery, Hudson Bay and Intracoastal; MSD, Michael Dell's investment firm, whose 2022 preferred stock carried about two billion votes; auditor BDO USA; and Biossil, the Toronto company backed by OpenAI's startup fund and by Founders Fund, the venture firm of Peter Thiel, the billionaire co-founder of PayPal and Palantir and the first outside investor in Facebook, which bought three Theriva drug programs on Oct. 30 for $350,000 up front.

Mr. Nejmeh says the new power of artificial intelligence is being used against the people who paid for the science. Biossil describes its business as using AI to "give failed drugs new life," in the words of a Globe and Mail headline, but it buys those drugs only after they have been taken from the stockholders who financed them. Theriva's stockholders funded about $201.5 million of research from 2010 to 2025, by the company's own figures, and the three programs went for $350,000 up front, of which $140,000 went straight to a royalty holder. "The AI does not discover the drug. The shareholders paid for it. The AI comes in after the drug is ripped from the people who financed it," he said. "Thiel turned $500,000 in Facebook into more than a billion dollars, built on data people gave away free. Now a company his fund backs gets the data Theriva's shareholders paid for, almost free," Mr. Nejmeh said.

Theriva's own filings show that its first failed quorum in 20 years of searchable records came on September 21, 2021, the day Mr. Nejmeh attended his first meeting. They also show the October 2025 warrant funds holding no common shares at all 17 days after buying 8.1 million at $0.54. Of six earlier companies that sold drugs to Biossil, two later merged into private companies going public and one was taken private for 8.8 cents a share.

"This is Poland on steroids, and the casualties are the dumb money," Mr. Nejmeh said, comparing it to Poland's 1989-91 privatizations, when insiders acquired companies cheaply. He points readers to three Polish thinkers who help explain it: Leon Petrażycki, the legal scholar who studied the emotions and psychology behind law; Michał Kalecki, the economist who wrote in 1943 about why business leaders resist anything that weakens their power; and Leszek Balcerowicz, architect of Poland's 1990 "shock therapy" move to a market economy.

The claims are allegations; no court has ruled on them. Theriva must answer the complaint by December 1.

About Mark Nejmeh: Mark Nejmeh is a business owner, the named inventor on a 2008 patent application for generating electricity from road traffic (MagKinetics), and the creator of the AuctionQuest online auction in 1990. He founded the Foundation for Job Creation in 2009, ran for mayor of Bradley Beach, N.J., in 2012, and built warrantwire.com, 8k10q.com and triggeredshort.com to help other investors. He holds 90,191 Theriva shares and has not sold any.

Media may use the graphic above free of charge with credit: "Illustration: Mark Nejmeh." Download the graphic.

Contact: Mark Nejmeh · 732-995-3914 · [email protected]

These are allegations in a pending lawsuit; no court has ruled on them. Broadridge, A.G.P., the funds named, MSD, Mr. Dell, BDO, Biossil, Founders Fund, Mr. Thiel and OpenAI are not parties to the case. Graphic: opinion and illustration by Mark Nejmeh.

Mr. Nejmeh owns Theriva shares. While the case is pending he will not buy or sell any Theriva shares, warrants or options (statement of October 27, 2026).