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Novel Drugs for Targeted Treatment of December 2025 CNS & Neuropsychiatric Disorders
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Disclaimer and Cautionary Note regarding Forward Looking Statements 2 This corporate presentation (this “Presentation”) of Bright Minds Biosciences Inc. (the “Company”) is current as of December 2025, except as otherwise provided herein. It is information in a summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. An investment in the Company is speculative and involves substantial risk and is only suitable for investors that are able to bear the risk of losing their entire investment. No representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its affiliates, directors, officers or employees as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no responsibility or liability is accepted by any person for such information or opinions. The Company does not undertake or agree to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation that may become apparent. No person has been authorized to give any information or make any representations other than those contained in this Presentation and, if given and/or made, such information or representations must not be relied upon as having been so authorized. The contents of this Presentation are not to be construed as legal, financial or tax advice. Certain statements in this Presentation may constitute forward-looking information within the meaning of applicable securities laws, including the Private Securities Litigation Reform Act of 1995. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “expects,” “believes,” “anticipates,” “budget,” “scheduled,” “estimates,” “forecasts,” “intends,” “plans,” and variations of such words and phrases, or by statements that certain actions, events or results “may,” “will,” “could,” “would,” or “might,” “be taken,” “occur,” or “be achieved.” Certain statements, beliefs and opinions in this Presentation (including those contained in graphs, tables and charts), which reflect the Company’s or, as appropriate, the Company’s management’s current expectations and projections about future events, constitute forward-looking information. Forward-looking information contained in this Presentation is based on certain assumptions regarding, among other things, expected growth, results of operations, performance, industry trends, existing legislative and regulatory landscape, general business and economic conditions, market competition, and growth opportunities. While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. By its nature, forward-looking information involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward- looking information. These risks, uncertainties and other factors include, but are not limited to: (i) the ultimate efficacy and safety of both first generation and second generation drug therapies discussed in the Presentation; (ii) the ability to obtain necessary regulatory approvals; (iii) the status and development of the Company’s intellectual property and licenses thereto; (iv) the ability to attract and retain skilled staff; (v) the ability to maintain current good relationships with suppliers, service providers and other third parties, including the support of the National Institutes of Health; (vi) changes to patent laws or the interpretation thereof; (vii) obtaining patent protection for second generation drug therapies; (viii) the ability to protect intellectual property rights throughout the world; (ix) market viability for second generation drug therapies; (x) the impact of novel psychedelic drugs on specific disorders; (xi) the ability to implement and successfully execute the Company’s plans, strategies and intentions; (xii) the expected growth and results of operations; (xiii) the ability to achieve the expected drug pipeline; (xiv) the continued operation of the Company as a going concern; (xv) the ability to obtain partnerships; (xvi) commercial prices of drugs, including the price differentials between patented drugs and generic drugs; (xvii) the willingness and ability of third parties to honor their contractual obligations; (xvii) the decision of third parties over which the Company has no control; (xix) the availability of financing on reasonable terms; (xx) judicial proceedings, including those related to product liability; (xxi) force majeure events, including pandemics such as COVID-19; (xxii) general business and economic conditions; (xxiii) adverse industry events, including the reputation associated with the Company and its research, as well as any eventual products; (xxiv) the eventual ability to market, sell and distribute products, as well as the associated costs thereto; (xxv) loss of markets; (xxvi) future legislative and regulatory changes or developments; (xxvii) inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; (xxviii) income tax and regulatory matters; and (xxix) market competition, including the prices, products, services and technology offered by competitors. The foregoing factors are not intended to be exhaustive. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. For further information regarding the risks, uncertainties and other factors that may cause differences between our expectations and actual results, you should review the “Risk Factors” section of our Annual Report on Form 40-F for the year ended September 30, 2025 filed with the Securities and Exchange Commission (“SEC”) and our other filings with the SEC as well as on SEDAR+. Forward-looking statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. By your acceptance of this Presentation, if delivered, you and any person reviewing this Presentation agrees not to distribute, copy, reproduce, transmit, make available, or condone any of the foregoing, without the prior written consent of the Company. Any unauthorized use of this Presentation is strictly prohibited. This Presentation does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Information concerning the assets and operations of the Company included in this Presentation has been prepared in accordance with Canadian standards and is not comparable in all respects to similar information for United States companies. No securities regulatory authority has expressed an opinion about the securities of the Company and it is an offence to claim otherwise
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Creating New Chemical Entities That Target Serotonin Signalling 3 Serotonin (5-HT) is the most prominent neurotransmitter in the brain and modulates many functions Key 5-HT2 Receptors Targets 5-HT2A Agonists Depression, PTSD 5-HT2A/2C Agonists Depression, Anxiety, Pain, Migraine 5-HT2C Agonists Epilepsy, Impulsivity control, Hyperphagia • Based on a proprietary chemistry platform Bright Minds have developed highly selective 5-HT2A and 5-HT2C agonists without 5 -HT2B activity • 5-HT2B activation is associated with undesirable cardiac valvulopathy
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Pipeline 4 Rich and diverse portfolio in neurology and psychiatry with multiple programs Lead Indications Research Phase 1 Phase 2 Clinical Studies – Phase 2BMB-101 DEE Absence seizures Clinical Studies – Phase 2a - PoPhBMB-101 Prader-Willi Syndrome 5-HT2C agonists PreclinicalBMB-201 Depression, Pain, Headache 5-HT2A/2C agonists PreclinicalBMB-202 Depression (Fast-onset) 5-HT2A agonists Clinical developmentBMB-105 Prader-Willi Syndrome
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Novel 5-HT2C Selective Agonist BMB-101 Epilepsy Program
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM 6 ~30% of Epilepsy patients develop drug resistance Drug-resistant epilepsy is still a significant issue Woldman W, Cook MJ, Terry JR. Evolving dynamic networks: An underlying mechanism of drug resistance in epilepsy? Epilepsy Behav. 2019 Despite the availability of over 20 ASMs, achieving seizure control in DRE patients remains difficult. Definition: Drug-resistant epilepsy is characterized by the persistence of seizures despite the use of at least two appropriate antiseizure medications (ASMs) at effective doses
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM 5-HT2C agonism provides superior efficacy in DEE epilepsies 7 DEE - Developmental and Epileptic Encephalopathy DS – Dravet Syndrome LGS – Lennox Gastaut Syndrome TSC - Tuberous sclerosis CDD - CDKL5 deficiency disorder OLE – Open-Label Extension Fenfluramine 5-HT2C agonists
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Medically Controllable 70% Acute Seizure Therapy / Prodromes High unmet need beyond Dravet Addressable targets for BMB-101 range across multiple epilepsies 8 Drug Resistant 30% E P I L E P S Y Today Suppression of seizures in Broad Epilepsy Population (~65 Million) Focus on epilepsies without treatments Mixed Other DEE Dravet TSC Infantile Spasms Lennox – Gastaul Syndrome Syndromes Autoimmune epilepsy Cerebrovascular disease / post-stroke Focal cortical Dyplasia Post-traumatic Tumoral Vascular malformations Hippocampal Sclerosis Unknown etiology (Normal MRI) Focal Absence JME Combined focal and generalized Generalized/ Combined Targeted by fenfluramine and bexicaserin Future Semah F, et al. Is the underlying cause of epilepsy a major prognostic factor for recurrence? Neurology. 1998;(51):1256 -1262 Brenner T et al. Prevalence of neurologic autoantibodies in cohorts of patients with new and established epilepsy. Epilepsia. 2013;54(6):1028 –1035 Image credits: UCB Many patients remain untreated with both typical and atypical absence seizures Can be addressed by BMB-101
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Best-in-class 5-HT2C Selective Agonist First-in-class G-protein biased agonist BMB-101
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM BMB-101 is uniquely positioned to address major unmet needs in epilepsy 10 The only G protein- biased 5-HT2C agonist Safety and PK/PD properties validated in Phase 1 Proof of mechanism demonstrated in Ph.1 Increased gamma- power on qEEG Highly selective 5-HT2C agonist Validated mechanism of action in DEEs Improved safety profile Sustained chronic effect via reduced tolerance Potential for a more convenient once daily formulation Additional behavioral/cognitive benefits Compound 5-HT2A 5-HT2B 5-HT2C BMB-101 2280 >10000 16.2 Nor- Fenfluramin e 82.8 11.6 2.5 Lorcaserin 50.1 67.4 2.4 Bexicaserin >10000 >10000 120 BMB-101 150 mg/70 kg (BID) (N=6)BMB-101 120 mg/70 kg (BID) (N=6) BMB-101 80 mg/70 kg (BID) (N=6)BMB-101 40 mg/70 kg (BID) (N=6)Treatment Group: 0 4 8 12 Schedule Timepoint (Hours) 0.1 1 10 Mean (±SD) Concentration (ng/mL) - Log-Linear Scale 0 4 8 12 Schedule Timepoint (Hours) 0 100 200 300 400 500 600 700 800 900 1000 1100 1200 1300 Mean (±SD) Concentration (ng/mL) - Linear Scale
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM 11 Novel 5-HT2C mechanism to avoid tolerance pathways 1He Y, et al. Barbadin Potentiates Long-Term Effects of Lorcaserin on POMC Neurons and Weight Loss. J Neurosci. 2021 Jun 30;41(26):5734-5746. doi: 10.1523/JNEUROSCI.3210-20.2021. Beta-arrestin activation is associated with receptor desensitization and the development of tolerance. BMB-101 is designed to avoid b-arrestin activation and produce sustained effect. Deactivation of -arrestin produced a superior and sustained effect in long-term Lorcaserin use (in vivo DIO study) Potential for improved efficacy with a G-protein biased agonist
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM BMB-101 – Novel scaffold 5-HT2C agonist 12 BMB-101 Fenfluramine/ Norfenfluramine LP352/ Bexicaserin Lack of 5-HT2B liability (related to cardiac toxicity) ✓ x ✓ 5-HT2C Biased Agonism (Sustained efficacy) ✓ x x Can be Dose -optimized ✓ x x Increased Frontal Gamma power on qEEG ✓ Not reported Not reported Dosing Once/Twice daily Twice daily Three times daily Development Stage Phase 2 Approved Phase 3 Indications Broad DEE Absence Epilepsy Dravet Syndrome LGS Dravet Syndrome/LGS → Broad DEE
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM BMB-101 Phase 1 study 13 Single Ascending Dose 4 cohorts (6 drug and 2 placebo) Food Effects 12 subjects Multiple Ascending Dose 4 cohorts (6 drug and 2 placebo) Quantitative electroencephalogram (qEEG) recording in Cohort 4 Favorable Safety & Tolerability Results Observed Safety and tolerability • No SAEs observed, all AEs were transient • Most common adverse effect - oral paresthesias (related to the sweet taste of the drug product) • Most common on target AE – Headache, Nausea and photophobia • Common AEs for serotonergic drugs • Only seen at the top dose (2-3x of predicted therapeutic dose) • Lower incidence of somnolence and GI side effects than with other 5-HT2C agonists
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Placebo (n=9) 20 mg (n=6) 60 mg (n=6) 120 mg (n=7) 180 mg (n=6) Oral paresthesias 1 (11.1%) 1 (16.7%) - 2 (28.6%) 5 (83.3%) Nausea - - 2 (33.3%) - 3 (50%) Sedation - - - - 3 (50%) Headache 1 (11.1%) - - - 2 (33.3%) Balance Disorder - - - - 2 (33.3%) Photophobia - - - - 2 (33.3%) Dizziness - - - - 1 (16.7%) Decreased Appetite - - - 1 (14.3%) - Euphoria - - - 1 (14.3%) - Single Ascending Dose Placebo (n=8) 40 mg BID (n=6) 80 mg BID (n=6) 120 mg BID (n=6) 150 mg BID (n=6) Headache 2 (25%) - 1 (16.7%) 1 (16.7%) 3 (50%) Balance Disorder - - - - 3 (50%) Photophobia - - - - 3 (50%) Visual Impairment - - - 1 (16.7%) - Oscillopsia - - - - 1 (16.7%) Oral Paresthesias - 1 (16.7%) 1 (16.7%) 1 (16.7%) - Nausea - - - 1 (16.7%) 1 (16.7%) Somnolence - - - 1 (16.7%) 1 (16.7%) Cognitive Disorder - - - - 1 (16.7%) Dizziness - - - - 1 (16.7%) Decreased Appetite - - - - 1 (16.7%) Dysphoria - - - 1 (16.7%) - Multiple Ascending Dose • Drug slightly better tolerated in fed state at 120 mg • No SAEs observed, all AEs were transientExpected Therapeutic dose 40-80 mg BID BMB-101 Phase 1 study Favorable Safety & Tolerability Results Observed
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM BMB-101 Robust target engagement established 15 T arget engagement: ✓ Transient dose-dependent prolactin release ✓ Central target engagement by qEEG and Potential for improved cognitive performance (increase in gamma power)* Favorable PK: ✓ Dose proportionality observed in SAD and MAD study . No significant food effects observed Delta Alpha Beta Gamma Broad spectrum ASMs Valproate ⇩ ⇩ ⇩ ⇩ Leviracetam ⇩ ⇩ ⇩ NA Carbamazepine ⇧ ⇩ ⇩ NA Lacosamide ⇧ ⇩ ⇩ NA 5-HT2C agonists Bexicaserin ⇧ ⇩ ⇩ Not reported BMB-101 ⇧ ⇩ ⇩ ⇧ *Increases in gamma power can be related to increased cognitive demands, higher attention, better processing of attended stimuli, and response inhibition Changes in absolute power pre/post-dose
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM • DEEs: • Seizure frequency based on seizure diary • Number of electrographic seizures seen on EEG • Quality of Life (QOLIE-31) BMB-101 Phase 2 BREAKTHROUGH Study 16 An Open-Label Phase 2 Study To Evaluate the Efficacy, Safety and T olerability of BMB-101 in Adults with: • Absence Seizures • Developmental and Epileptic Encephalopathy (DEE) KEY ENDPOINTS: Safety and tolerability of BMB-101 Efficacy • Absence Epilepsy: • Number of generalized spike-wave discharges seen on EEG • Seizure frequency based on seizure diary • Quality of Life (QOLIE-31)
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM DEE Arm 17 -4 0 4 8 12 12-month Extension Baseline EEG 0.67 mg/kg BID 1 mg/kg BID 1.33 mg/kg BID 1.67 mg/kg BID 2 mg/kg BID Titration EEG Baseline Seizure diary – primary efficacy endpoint in DEE patients Dose increase if drug is well tolerated Weight-based dosing Seizure diary Wearable EEG device Weeks
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Absence Seizures Arm 18 -4 0 4 8 12 12-month Extension Baseline EEG 0.67 mg/kg BID 1 mg/kg BID 1.33 mg/kg BID 1.67 mg/kg BID 2 mg/kg BID Titration EEG Baseline Improved approach to measure absence seizures uses 24h ambulatory EEG Dose increase if drug is well tolerated Weight-based dosing Seizure diary Wearable EEG device Weeks
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Estimates indicate a total absence prevalence of at least 280K in the USA only 19 US Prevalence of Absence Across Common Epilepsy Syndromes 74,000 53,500 51,000 30,000 29,500 7,200 33,500 Juvenile Absence Epilepsy (JAE) Childhood Absence Epilepsy (CAE) Jeavons Syndrome Juvenile Myoclonic Epilepsy (JME) Lennox-Gastaut Syndrome (LGS) Dravet Syndrome (DS) Other DEEs* Genetic Generalized Epilepsies Developmental and Epileptic Encephalopathies PAT IENT S WIT H A BS ENCE Patients with DEEs have high absence seizure burden * Other DEEs included in this estimate are Dup15q, EMAS, Angelman Syndrome, SNYGAP1, DEE -SWAS, and SCN8A; ASM: Anti -seizure medi cation; EEM: Epilepsy with Eyelid Myoclonia Indication Prevalent Patients % with Absence Seizures Prevalent with Absence Juvenile Absence Epilepsy (JAE) 74,000 100% 74,000 Childhood Absence Epilepsy (CAE) 53,500 100% 53,500 Juvenile Myoclonic Epilepsy (JME) 150,000 20% 30,000 Jeavons Syndrome (EEM) 64,000 80% 51,000 Lennox-Gastaut Syndrome (LGS) 49,000 60% 29,500 Dravet Syndrome (DS) 13,000 55% 7,200 Other DEEs* -- -- 33,500 Total -- -- 278,700 * Prevalence estimates are presented as median values, source: research from Trinity Life Sciences
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Opportunity for BMB-101 20 ABBREVIATIONS: CAE: Childhood Absence Epilepsy; DEE: Developmental and Epileptic Encephalopathy; JAE: Juvenile Absence Epilepsy; JME: Juvenile Myoclonic Epilepsy; LGS: Lennox -Gastaut Syndrome; TSC: Tuberous Sclerosis Complex Typical Absence seizures JAE CAE Jeavons JME KCNT1 SCN2A STXBP1 West SCN8A Dup15q SYNGAP1 Angelman DEE-SWAS PCDH19 EMAS LKS Dravet LGS Atypical Absence seizures DEEs Efficacy of branded DEE drugs in Absence seizures is limited or unknown GABA modulation may worsen absence seizures Epidiolex was reported to worsen seizures in Jeavons syndrome* *Sources: Perucca E, et al.. CNS Drugs. 2023, Zawar I, et al . Epileptic Disord. 2021
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM TOTAL REFRACTORY MARKET Absence Epilepsy Refractory Market ~$5.1B All DEE Refractory Market ~$16B Potential for best-in-class drug in DEE and absence seizures 21 ABBREVIATIONS: CAE: Childhood Absence Epilepsy; DEE: Developmental and Epileptic Encephalopathy; JAE: Juvenile Absence Epilepsy; JME: Juvenile Myoclonic Epilepsy; LGS: Lennox -Gastaut Syndrome; TSC: Tuberous Sclerosis Complex All DEEs – Opportunity in All DEEs – Opportunity with Absence ~$21B Total Refractory Market CAE Jeavons JME JAE LGS Dravet TSC Other DEEs Typical Absence Epilepsy Additional research needed to assign a product-specific peak sales estimate
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Undervalued relative to rare epilepsy peers 22 Transaction V alue $7.2Bn $1.9Bn $0.96Bn $2.6Bn $640M M CAP % Premium (30-day volume) 50% 72% N/A (Private) 77% N/A Indication Epidiolex (Dravet, LGS, TSC) Fintepla (Dravet syndrome) Cenobamate (Focal seizures) - EU Rights Bexicaserin Dravet Syndrome and DEE basket BMB-101 Absence/DEE basket Date of Transaction May, 2021 March, 2022 January, 2021 October 2024 Public - NASDAQ:DRUG Stage of Development Marketed Marketed Marketed Phase 3 Phase 2 Acquirer Name JAZZ Pharmaceuticals UCB Angelini Pharma Lundbeck $7.2Bn 1440X DRUG’s Valuation $7.2Bn $2.6Bn $1.9Bn $0.96Bn 1.5X DRUG’s Valuation 3X DRUG’s Valuation 11.3X DRUG’s Valuation 4X DRUG’s Valuation *as of December 26, 2025
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM BMB-101 – Opportunity for Best-In-Class 5-HT2C agonist 23 Well-T olerated Safety & Flexible Dosing • BID dosing; potential for QD • Well-tolerated in Ph1 SAD/MAD (most AE only seen at the high dose) • No daily dose limitations allowing for flexible dosing in both adult and pediatric patients Favorable PK Profile • Reduced on-target adverse events attributed to lower Cmax compared to bexicaserin • No significant food effects observed in Ph1 SAD/MAD • PK linear and dose- proportional over the therapeutic range Optimal 5-HT2C Pharmacology • Biased G-protein agonism of 5-HT2c with sustained receptor activation • Lack of β-arrestin pathway recruitment ensuring lack of receptor desensitization • Decades-long safety profile of parent molecule Ideal Properties for Commercial Supply • API stable at room temperature and 40℃; no cold chain is required for commercial supply • API stability: no degradation for at least 3 years in the ongoing studies • Liquid formulation: at least 2 years
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Novel 5-HT2C Selective Agonist BMB-105 Prader-Willi Syndrome
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Initiation of Prader-Willi Clinical Program 25 • Bright Minds has initiated clinical development of BMB-105, 5-HT2C agonist specifically for Prader-Willi patients • BMB will initiate Phase 2a – Proof-of-Pharmacology program in Prader Willi Syndrome with BMB-101 to pave the way forward for a pivotal study with BMB-105
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM BMB-105 development plan in PWS 26 Clinical Studies – Phase 2a – PoPh in PWS patientsBMB-101 Phase 1BMB-105 Pivotal Phase 2/3 A 3-part randomized placebo -controlled study to evaluate the safety, tolerability, pharmacokinetics and food effect of BMB -105 in Healthy Volunteers • Singe Ascending dose ( 4 cohorts: 6 drug and 2 placebo) • Food Effects (12 subjects, 6 drug and 6 placebo) • Multiple Ascending Dose (4 cohorts: 6 drug and 2 placebo) NOVA (Neuro-Obesity Validated Advancement) A Randomized, Double -Blind, Placebo-Controlled Phase 2 Study to Assess Efficacy , Safety and T olerability of BMB-101 Oral Solution for the Treatment of Patients with Prader -Willi Syndrome
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM PWS is a complex neurodevelopmental and neurobehavioral disorder 27 Feeding problems Hyperphagia Obesity Sleep Disturbances Aggression Compulsion Cognitive impairment Self-injury Anxiety Psychosis and other psychiatric disorders Epilepsy Higher Risks of death Serotonin pathway Reward system: hyperphagia Satiety centre: obesity Executive functions: cognitive and behavioural issues
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM 5-HT2C agonism directly targets underlying pathophysiology of PWS 28 Arcuate Nucleus • PWS patients suffer from loss of part of the paternal chromosome 15 – leading to 5HT2cR loss of function • 5-HT2C receptors are Apex regulators of the neuroendocrine axis. • PWS patients express lower levels of mature, functional, 5-HT2C receptors resulting in unabated appetite and compulsive behaviors. • A 5-HT2C agonist may compensate for loss of 5-HT tonus through the 5-HT2C receptor thereby treating both hyperphagia and neurobehavioral symptoms associated with PWS
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Current treatments do not address the majority of PWS complex symptoms 29 Neuropsychiatric symptomsEnergy balance Feeding problems Hyperphagia Obesity Growth hormone deficiency Glutides hGrh Vykat Aggression Sleep Disturbances Compulsion Higher Risks of death Anxiety Self-injury Cognitive impairment Psychosis and other psychiatric disorders Epilepsy AAs SSRIs Dai YL, Qin YF, Chao YQ, Hu CX, Xia FL, Zou CC. The genotype and phenotype correlation of Prader -Willi syndrome. Rare Dis Orphan Drugs J. 2024;3:33. AEDs
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM BMB 5-HT2C agonists demonstrate preclinical efficacy across all key PWS symptom domains 30 Reduces aggressive behaviors in resident intruder mice model Reduces hyperactivity in mice in open field Reduces fentanyl seeking behavior and reduces total doses of fentanyl in an opioid use rat model Protects mice from cognitive impairment in the radial arm water maze Reduces binge eating and weight loss in rat model Aggression Agitation and hyperactivity Uncontrolled cravings Compulsive behaviors Cognitive improvements Hyperphagia
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Potential for best-in-class 5-HT2C agonist directly targeting pathophysiology in PWS 31 Clinical 5-HT2C agonists Clinical BMB-101 Preclinical BMB-101 • Previously approved as weight loss drugs ( lorcaserin and fenfluramine) • Fenfluramine reduced hyperphagia and improved behaviors in a pilot clinical trial in PWS Efficacy in multiple animal models of: • Hyperphagia • Weight loss • Aggression control • Impulsivity control • Cognitive decline • Severely overweight (>100kg) patients in epilepsy trial lost >10% weight • Reported improved relationship with food and overall quality of life • 24h EEG demonstrate REM sleep improvements
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM NOVA: BMB-101 Phase 2a for Prader-Willi Syndrome 32 Eating behaviours (Hyperphagia) Set of behavioural symptoms (aggression, anxiety, compulsiveness ) PWS HQ-CT PWS Profile As measured by instruments well accepted in the the PWS research community and regulatory bodies Proof-of-pharmacology study to demonstrate that 5-HT2c agonism will address symptom complex in PWS patients
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM NOVA (Neuro-Obesity Validated Advancement) PWS study design 33 Dose increase if drug is well tolerated Weight-based dosing * Visit 10 Follow-Up visit for taper participants only who are not continuing to open label extension Endpoints: • Hyperphagia scores (HQ-CT, CGI-S, CaGI-S) • Behaviors (PWS Profile) • Change in body weight • Safety endpoints Placebo-controlled 1:1 N=16 Multi-center study
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Novel mechanism for Prader Willi Syndrome 34 BMB-10x Vykat (Soleno) Carbetocin (Acadia) ARD-101 (Aardvark) Setmelanotide (Rhythm) GLP-1 agonists Targeting hyperphagia ✓ ✓ ✓ ✓ ✓ ? Targeting behavioural issues ✓ x ✓ x ? x Targeting cognitive issues ✓ x x x ? x Dosing Twice/once daily (projected) Once daily Intranasal 3 times daily Twice daily s.q. Once Daily Twice daily- once a week (oral or injected) Development Stage Clinical Approved Phase 3 discontinued Phase 3 Phase 2 Pilot studies in PWS Components of PWS Hyperphagia Weight loss Impulsivity Agression Congition Hyperphagia Hyperphagia Hyperphagia Hyperphagia Obesity
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Attractive biologic rationale Directly targeting PWS pathophysiology 35 • Genetic link, preclinical and clinical evidence supports potential for tageting the PWS symptom complex with 5-HT2C agonism • Demonstrated tolerability and safety in Phase 1 clinical trial • Hyperpahgia and Behavioral endpoints supported by research community and regulators
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM With only two drugs approved there is significant market opportunity 36 10,000 – 20,000 PWS patients in U.S.2 ~400,000 cases worldwide ~$4.6bn U.S. market size 1/15 000 births1 Based on the annual price of approved therapy3 Additional research needed to assign a product-specific peak sales estimate Reference 1. Foundation for Prader -Willi research: https://www.fpwr.org/what -is-prader-willi-syndrome#definition 2. Bohonowych 2020 PMC6770999 3. Managed Healthcare Executive, March 2025 ( Vykat XR)
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Opportunities for other BMB 5-HT2 agonists
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM BMB-201 and 202 – potential for best-in-class 5-HT2A agonists 38 ✓ Designed to have short psychoactive effects time ✓ Durable effects in rodent models of depression and anxiety ✓ Proprietary NCE ✓ ADMEPK profiling completed BMB-202 The most selective 5 -HT2A agonist in development* *Based on publicly available information as of December 2024 ✓ Designed to have minimal or absent psychoactive effects ✓ Efficacy in rodent models of depression, anxiety, pain, substance use disorder ✓ Proprietary NCE ✓ ADMEPK profiling completed BMB-201 Potent inducer of neuroplasticity Designed for chronic use and use at home Designed for fast relief of depression and Infrequent use Description Treatment paradigm
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NASDAQ: DRUG | BRIGHTMINDSBIO.COM Bright Minds Biosciences (NASDAQ: DRUG) 39 NASDAQ: DRUG | BRIGHTMINDSBIO.COM $2Bn Absence epilepsies Market opportunity $2Bn DEE Market opportunity Relevant M&A deals 2027 Cash Runway Best-in-class mechanism in DEE epilepsies 5-HT2C 2041 BMB-101 IP Protection $ 7.2 Bn (2021) $ 1.9 Bn (2022) $ 2.6 Bn (2024) *as of August 2 025