ESLA · Estrella Immunopharma, Inc. · Insider Trading

Represents the exercise price per share paid by the Reporting Person upon the exercise of the stock options reported in Table II.

Reflects the 297,437 shares of Common Stock directly beneficially owned as reported on the Reporting Person's most recent Form 4, plus the 100,000 shares acquired upon the reported exercise.

Represents incentive share options granted to the Reporting Person on October 30, 2024 under the Issuer's 2023 Omnibus Incentive Plan, of which twenty-five percent (25%) was immediately exercisable on the date of grant, with the remainder vesting in equal monthly installments of 1/48th of the total award on each monthly anniversary of October 30, 2024. The options were vested as to the shares exercised.

Not applicable. The reported transaction is the exercise of the stock option for the exercise price set forth in Column 2. No separate consideration was paid or received for the derivative security.

Represents the exercise price per share paid by the Reporting Person upon the exercise of the stock options reported in Table II.

Reflects the 265,488 shares of Common Stock directly beneficially owned as reported on the Reporting Person's most recent Form 4, plus the 100,000 shares acquired upon the reported exercise.

Represents incentive share options granted to the Reporting Person on October 30, 2024 under the Issuer's 2023 Omnibus Incentive Plan, of which twenty-five percent (25%) was immediately exercisable on the date of grant, with the remainder vesting in equal monthly installments of 1/48th of the total award on each monthly anniversary of October 30, 2024. The options were vested as to the shares exercised.

Not applicable - the reported transaction is the exercise of the stock option for the exercise price set forth in Column 2; no separate consideration was paid or received for the derivative security.

Held by the Reporting Person's spouse. The Reporting Person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

The incentive share options will vest on a schedule, with twenty-five percent (25%) of the award being immediately exercisable on the date of the grant, with the remaining seventy-five percent (75%) vesting in equal monthly installments over the subsequent thirty-six (36) months, with 1/48th of the total number of shares subject to the option vesting on each monthly anniversary of October 30, 2024.

The nonstatutory share options will vest on a schedule, with twenty-five percent (25%) of the award being immediately exercisable on the date of the grant, with the remaining seventy-five percent (75%) vesting in equal monthly installments over the subsequent thirty-six (36) months, with 1/48th of the total number of shares subject to the option vesting on each monthly anniversary of October 30, 2024.

On October 30, 2024, the Board of Directors (the "Board") of Estrella Immunopharma, Inc. (the "Company"), awarded Mr. Cheng Liu an incentive share option grant of 490,796 shares.

On October 30, 2024, the Board of the Company awarded Mr. Liu a nonstatutory shares option grant of 509,204 shares.

On October 30, 2024, the Board of Directors (the "Board") of Estrella Immunopharma, Inc. (the "Company"), awarded Mr. Jiangdong "Peter" Xu an incentive share option grant of 490,796 shares.

On October 31, 2024, the Board of the Company awarded Mr. Xu a nonstatutory shares option grant of 509,204 shares.

The incentive share options will vest on a schedule, with twenty-five percent (25%) of the award being immediately exercisable on the date of the grant, with the remaining seventy-five percent (75%) vesting in equal monthly installments over the subsequent thirty-six (36) months. Each subsequent monthly vesting will represent a total of 1/48 of the total award, with 1/48th of the total number of shares subject to the option vesting on each monthly anniversary of October 30, 2024.

The nonstatutory share options will vest on a schedule, with twenty-five percent (25%) of the award being immediately exercisable on the date of the grant, with the remaining seventy-five percent (75%) vesting in equal monthly installments over the subsequent thirty-six (36) months, with 1/48th of the total number of shares subject to the option vesting on each monthly anniversary of October 30, 2024.

In connection with the closing of the Issuer's business combination, the shares held by OCCOMF (as defined below) were redeemed.

The securities to which this filing relates are held directly by Owl Creek Credit Opportunities Master Fund, L.P., a Cayman Islands exempted limited partnership ("OCCOMF"), to which Owl Creek Asset Management, L.P., a Delaware limited partnership (the "Investment Manager"), serves as investment manager. Jeffrey A. Altman ("Mr. Altman") is the managing member of the general partner of the Investment Manager. Each of the Investment Manager and Mr. Altman disclaims beneficial ownership of the securities to which this filing relates for purposes of Section 16 of the Securities and Exchange Act of 1934, as amended, except to the extent of his or its pecuniary interest therein, if any.

Mr. Jianwei Li beneficially owns 141,970 shares of Common Stock directly and may be deemed to beneficially own 1,111,760 shares of Common Stock held by TradeUP Acquisition Sponsor LLC (the "Sponsor"). As a result, Mr. Jianwei Li in aggregate beneficially owns 1,253,730 shares of Common Stock.

Mr. Jianwei Li is the manager of the Sponsor. As such Mr. Li may be deemed to have beneficial ownership of the shares of Common Stock held directly by the Sponsor. Mr. Li disclaims beneficial ownership over any securities owned by the Sponsor in which he does not have any pecuniary interest.