[sheet: Cover]
| Field | Value |
| Document Title | Cap Table Analysis — Pre- and Post-Financing |
| Company | Meridian Diagnostics, Inc. |
| Transaction | Series Seed Preferred Stock Financing |
| Prepared By | Leila Nazari, Associate, Calderwood & Harkness LLP |
| Reviewed By | Garrett Simmons, Associate, Calderwood & Harkness LLP |
| Date | February 9, 2026 |
| Matter Number | 1004-00001 |
| Client | Cobalt Ventures LP / Cobalt Ventures Fund III, LP |
| Company Counsel | Whitfield & Ames LLP |
| Company Auditors | Graystone & Pallister CPAs, LLP |
| Governing Law | State of Delaware |
| Pre-Money Valuation | $30,000,000 |
| Round Size | $12,000,000 |
| Post-Money Valuation | $42,000,000 |
| Price Per Share (Series Seed Preferred) | $2.6786 |
| Closing Date | February 9, 2026 (simultaneous sign-and-close) |
| Securities Exemption | Regulation D, Rule 506(b) |
CONFIDENTIAL — ATTORNEY WORK PRODUCT
[sheet: Pre-Financing Cap Table]
| Stockholder / Category | Security Type | Shares Outstanding | Vesting Status / Notes | % of Outstanding Common | % of Pre-Financing Fully-Diluted |
| Dr. Priya Ramaswamy | Common Stock | 5,500,000 | 4-yr reverse vesting, 1-yr cliff, vesting from 6/15/2023; Co-Founder, CEO & President | 55.00% | 49.11% |
| Dr. Julian Ochoa | Common Stock | 3,500,000 | 4-yr reverse vesting, 1-yr cliff, vesting from 6/15/2023; Co-Founder, CTO | 35.00% | 31.25% |
| Nadia Chen | Common Stock | 600,000 | 4-yr vesting, 1-yr cliff, monthly thereafter; 18 months vested; VP of Operations | 6.00% | 5.36% |
| Subtotal — Common Stock Outstanding | 9,600,000 | 96.00% | 85.71% | ||
| 2024 Equity Incentive Plan — Granted Options | Common Stock Options | 175,000 | Subject to outstanding option grants to employees | 1.75% | 1.56% |
| 2024 Equity Incentive Plan — Unallocated | Reserved Common Stock | 225,000 | Unallocated shares in pool (400,000 total pool - 175,000 granted) | 2.25% | 2.01% |
| Subtotal — Option Pool (2024 Plan) | 400,000 | Plan adopted March 1, 2024; 400,000 shares authorized | 4.00% | 3.57% | |
| Total Common Stock Outstanding | 10,000,000 | 100.00% | 89.29% | ||
| Convertible Notes (unconverted) | Convertible Promissory Notes | — | $2,100,000 principal; 5% simple interest; issued 9/12/2023; not counted in share totals until conversion | — | — |
| Dr. Margaret Liu | Convertible Note | — | $1,200,000 principal | — | — |
| Clearwater Bridge Associates, LLC | Convertible Note | — | $900,000 principal | — | — |
| Option Pool Increase (pre-closing) | Reserved Common Stock | 1,200,000 | Increase to 2024 Plan; brings total pool to 1,600,000 shares | — | 10.71% |
| Total Pre-Money Fully-Diluted Shares | 11,200,000 | Denominator for pricing: 10,000,000 common + 1,200,000 new pool shares | — | 100.00% |
[sheet: Option Pool Detail]
| Item | Pre-Increase | Increase | Post-Increase | Notes |
| Total Authorized under 2024 Plan | 400,000 | 1,200,000 | 1,600,000 | Plan adopted March 1, 2024; increase authorized by Board and Stockholder Consent |
| Shares Subject to Outstanding Grants | 175,000 | 0 | 175,000 | Granted to employees other than named founders |
| Shares Unallocated / Available for Grant | 225,000 | 1,200,000 | 1,425,000 | Available for future grants |
| Target Pool as % of Pre-Money Fully-Diluted | 3.57% | 14.29% | Target: ~15% of 11,200,000 pre-money fully-diluted = 1,680,000; actual post-increase total = 1,600,000 | |
| Pool as % of Post-Money Fully-Diluted | 9.54% | 1,600,000 / 16,778,343 |
[sheet: Pricing & Round Economics]
| Item | Value | Calculation / Source |
| Pre-Money Valuation | $30,000,000 | Per executed term sheet (December 18, 2025) |
| Round Size (New Money) | $12,000,000 | Aggregate investor commitments |
| Post-Money Valuation | $42,000,000 | $30,000,000 + $12,000,000 |
| Pre-Money Fully-Diluted Shares (Pricing Denominator) | 11,200,000 | 10,000,000 common + 1,200,000 option pool increase |
| Price Per Share — Series Seed Preferred | $2.6786 | $30,000,000 ÷ 11,200,000 (rounded to 4 decimals) |
| Series Seed Shares Issued (New Money) | 4,479,981 | $12,000,000 ÷ $2.6786 |
| Investor Ownership (New Money Only) | 28.57% | 4,479,981 / (11,200,000 + 4,479,981) = 4,479,981 / 15,679,981; cross-check: $12M / $42M = 28.57% |
| Convertible Note Conversion Shares | 1,098,362 | See Note Conversion Detail sheet |
| Total Series Seed Preferred Shares (All Sources) | 5,578,343 | 4,479,981 + 1,098,362 |
| Post-Money Fully-Diluted Shares (All Sources) | 16,778,343 | 11,200,000 + 4,479,981 + 1,098,362 |
| Liquidation Preference | 1× non-participating | Per SPA |
| Anti-Dilution Protection | Broad-based weighted average | Per A&R Certificate of Incorporation |
| Drag-Along Threshold | $84,000,000 | 2× post-money valuation ($42,000,000 × 2) |
| Major Investor Threshold | 1,000,000 shares of Series Seed Preferred | Per Investors' Rights Agreement |
[sheet: Investor Allocation]
| Investor | Entity Type | Jurisdiction | EIN | Address | Investment Amount ($) | % of Round | Series Seed Preferred Shares | % of Post-Money Fully-Diluted (excl. note conversion) | % of Post-Money Fully-Diluted (incl. note conversion) | Major Investor (≥ 1,000,000 shares) |
| Cobalt Ventures Fund III, LP | Limited Partnership | Delaware | 85-2093147 | c/o Cascade Systems, 1209 Orange Street, Wilmington, DE 19801 (registered agent); principal office: 2400 Sand Hill Road, Suite 310, Menlo Park, CA 94025 | 7,200,000 | 60.0% | 2,687,989 | 17.14% | 16.02% | Yes |
| Pinewood Health Ventures, LLC | LLC | Delaware | 88-3451209 | 450 Park Avenue, 18th Floor, New York, NY 10022 | 2,400,000 | 20.0% | 895,996 | 5.71% | 5.34% | No |
| Thornfield Capital Partners, LP | Limited Partnership | Delaware | 87-6294013 | 555 Montgomery Street, Suite 1200, San Francisco, CA 94111 | 1,800,000 | 15.0% | 671,997 | 4.29% | 4.01% | No |
| Atlas Point Angel Syndicate, LLC | LLC | Delaware | 92-1578430 | 1100 Congress Avenue, Suite 750, Austin, TX 78701 | 600,000 | 5.0% | 223,999 | 1.43% | 1.34% | No |
| TOTAL | 12,000,000 | 100.0% | 4,479,981 | 28.57% | 26.70% |
[sheet: Note Conversion Detail]
| Item | Dr. Margaret Liu | Clearwater Bridge Associates, LLC | Total | Notes |
| Noteholder Address | 14 Chestnut Hill Road, Wellesley, MA 02481 | 90 Broad Street, Suite 1400, New York, NY 10004 | ||
| EIN / SSN | Individual — N/A | 86-4319752 | ||
| Note Purchase Agreement Date | September 12, 2023 | September 12, 2023 | Convertible Note Purchase Agreement | |
| Principal Amount | $1,200,000 | $900,000 | $2,100,000 | |
| Interest Rate | 5.0% simple per annum | 5.0% simple per annum | Per note terms | |
| Accrual Period (months) | 29 | 29 | 29 | September 12, 2023 through February 9, 2026 |
| Accrued Interest | $145,000 | $108,750 | $253,750 | Principal × 5.0% × (29/12) |
| Total Conversion Amount | $1,345,000 | $1,008,750 | $2,353,750 | Principal + Accrued Interest |
| Series Seed Price Per Share | $2.6786 | $2.6786 | ||
| Conversion discount | 20% | 20% | Per note terms | |
| Effective discount Price | $2.1429 | $2.1429 | $2.6786 × (1 - 0.20) | |
| Conversion Cap (Pre-Money) | $25,000,000 | $25,000,000 | ||
| Cap Price Per Share | $2.2321 | $2.2321 | $25,000,000 ÷ 11,200,000 | |
| Applicable Conversion Price (lower of discount & cap) | $2.1429 | $2.1429 | Discount price < Cap price; discount applies | |
| Shares Issued on Conversion | 627,639 | 470,723 | 1,098,362 | Total Conversion Amount ÷ $2.1429 |
| Shares as % of Post-Money Fully-Diluted | 3.74% | 2.81% | 6.55% | Shares / 16,778,343 |