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CytoDyn announced additional changes in its Board of Directors. Mr. Stephen Simes, a career public company biotech CEO, was appointed to the Board effective October 13, 2022. Mr. Ryan Dunlap, a current CFO with public company biotech experience, was appointed to the Board effective August 25, 2022. Mr. Simes and Mr. Dunlap join the Board as independent directors of the Company. Also, concurrently with the appointment of Mr. Simes, Dr. Scott Kelly resigned as a director. Dr. Kelly will continue to serve as the Company's Chief Medical Officer and Head of Business Development. The Board now has five directors, all of whom are independent directors.

CytoDyn announced the appointment of Dr. Cyrus Arman as President effective July 9, 2022. Dr. Arman will be responsible for determining and leading the Company's operating strategy for the future. It is anticipated that he will advance to Chief Executive Officer and be appointed to the Board of Directors within six months. Antonio Migliarese, who had been serving as interim President since late January, in addition to CFO, will resume his previous role as CFO. Dr. Arman brings over 15 years of industry experience. Most recently, Dr. Arman served as Chief Business Officer for Nimble Therapeutics.

CytoDyn announced a new, preclinical study in nonhuman primates that will evaluate the potential use in HIV of a gene therapy based on the experimental monoclonal antibody leronlimab. The research will be led by Oregon Health & Science University researcher Jonah Sacha, Ph.D., who also serves as a CytoDyn scientific advisor. The study is funded by a five-year grant of up to $5 million to OHSU from the National Institute of Allergy and Infectious Diseases of the National Institutes of Health. The grant will fund the development and preclinical research of a single-injection gene therapy that codes for the leronlimab protein sequence and which will be delivered via an adeno-associated virus vector. The study will examine if this gene-therapy approach could provide the potential for "functional cure," i.e., sustained viral suppression to people with HIV without requiring them to take medications for the rest of their lives.

CytoDyn announced that it has reached a non-cash settlement with its former Chief Medical Officer Richard Pestell, concerning an ongoing legal dispute related to his former employment with the Company. Under the terms of the agreement, the parties will release each other of all claims, and the Company will release to Dr. Pestell 8.3M shares of the Company's common stock held in escrow, transfer to Dr. Pestell the assets acquired from ProstaGene LLC and subsequently written-off by the Company and issue a warrant at an exercise price of $0.37 per share to Dr. Pestell for seven million shares of the Company's common stock. Dr. Pestell and the Company are also exploring ways in which Dr. Pestell can reengage with the Company to help realize leronlimab's full potential in oncology. CytoDyn regrets Dr. Pestell's departure from the Company and the subsequent public statements made by its former CEO about Dr. Pestell.