TCGX Acquisition Corp. · NASDAQ:TCGX
TCGX Acquisition — SPAC Merger (October 2026)
31 slides from TCGX Acquisition's SPAC merger presentation, Oct 19, 2026
Slide 1: A Novel Approach to Migraine
A Novel Approach to Migraine October 2026 Exhibit 99.2
Slide 2: Disclaimers
Disclaimers This presentation (this “Presentation”) has been prepared solely for the purpose of furnishing information on a confidential basis to interested parties to assist them in making their own evaluation with respect to a potential private placement of securities of TCGX Acquisition Corp. (“T
Slide 3: Risk Factors
Risk Factors Risks Related to TriGemX’s Limited Operating History, Financial Condition and Need for Additional Capital TriGemX is a clinical-stage biopharmaceutical company with no history of commercializing products and has never generated any product revenues, which may make it difficult to evalua
Slide 4: Risk Factors (Cont.)
Risk Factors (Cont.) Risks Related to This Private Placement and the Combined Company’s Common Shares There has been no public market for the Combined Company's common shares prior to this offering, and an active market in the shares may not develop or be liquid enough for investors to resell those
Slide 5: Company Overview
COMPANY OVERVIEW
Slide 6: Elismetrep: potential first-in-class oral TRPM8 channel blocker in Phase 3
Elismetrep is a potential first-in-class, investigational oral TRPM8 channel blocker in Phase 3 trials for acute treatment of migraine, which we believe is the only novel mechanism in late-stage development, with expansion potential into migraine prevention Migraine affects ~1B people globally1, wit
Slide 7: Validating Investors Support the Path to Success
Validating Investors Support the Path to Success Management Team and Board Brings Significant Clinical and Operational Experience Experienced Management Team with a Strong Track Record of Delivering Value to Investors Jeff Goater Chief Executive Officer Aninda Katragadda Chief Financial Officer Bret
Slide 8: Disease Overview and Treatment Landscape
DISEASE OVERVIEW AND TREATMENT LANDSCAPE
Slide 9: A life-disrupting disease with broad negative impact on quality of life
A life-disrupting disease with broad negative impact on quality of life: productivity at work, relationships, parenting Sources: Ashina M, Katsarava Z, Do TP, et al. Migraine: epidemiology and systems of care. Lancet. 2021; 397:1485-95; Global Data forecast for US, France, Germany, Italy, Spain, UK,
Slide 10: A Large, Defined Population Inadequately Served by Approved Acute Treatments
A Large, Defined Population Inadequately Served by Currently Approved Acute Treatment Options ~40M Total U.S. Migraine Patients ~23M Diagnosed ~13M Migraine Patients Treated with Rx ~0.1M Preventive Tx only Cardiovascular limitations of existing migraine therapies, including triptan-associated vasoc
Slide 11: Migraine: Overview of the Disease & Treatment
Migraine: Overview of the Disease & Treatment Sources: https://www.ichd-3.org/1-migraine/; Ailani J, et al., Headache. 2021 Jul;61(7):1021-1039; Blumenfeld AM et al. Cephalalgia. 2011;31(3):301-315; Ha H, Gonzalez A. et al., Am Fam Physician. 2019 Jan 1;99(1):17-24; "Despite Migraine's Widespread Pr
Slide 12: Migraine is a Significant Commercial Opportunity
Migraine is a Significant Commercial Opportunity Anti-CGRP Therapies Alone Projected to Peak at ~$11 Billion in Sales In Dec 2019, AbbVie’s Ubrelvy (ubrogepant) became the first FDA-approved gepant for acute treatment of migraine, achieving over $1.2 billion in sales in 2025 and projected to reach p
Slide 13: Launch Impact of CGRP & Gepants
Launch Impact of CGRP & Gepants Novel Mechanisms Increased Number of Treated Patients Launched with clinical efficacy comparable to legacy triptans Originally projected to serve only triptan-contraindicated patient populations Grew total annual prescription volume from 15M to >22.5M TRx and captured
Slide 14: Nonclinical Support for TRPM8 Targeting
NONCLINICAL SUPPORT FOR TRPM8 TARGETING
Slide 15: TRPM8 Channel Blockade With Elismetrep
TRPM8 Channel Blockade With Elismetrep A Mechanistically Distinct and Novel Approach to Migraine TRPM8 encodes an ion channel. Among the most consistently and strongly associated loci in genetic studies1,2 Trigeminal TRPM8 expression is distinct from targets of other migraine therapeutics (genes enc
Slide 16: Elismetrep Has Shown Broader Activity in Rodents
Elismetrep has Shown Broader Activity in Rodents, as Measured by Change Periorbital Threshold Tested Against Known Pain Inducers vs. Sumatriptan, Olcegepant ✔️ X NO Donor CGRP PACAP Levcromakalim Elismetrep Olcegepant Sumatriptan ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ X Pain Inducer Note: Inducers known to trigger
Slide 17: Elismetrep Showed Additivity in Combination with Olcegepant
Combination Sumatriptan + Ocegepant Does Not Show Additivity Elismetrep but not Sumatriptan Showed Additivity in Combination with Olcegepant in a Rodent Migraine Model 1. Ernsten, C. et al, Cephalalgia 2020. Sub-efficacious doses tested alone or in combination in ISDN-induced rodent allodynia model
Slide 18: Elismetrep Phase 2b Results
ELISMETREP PHASE 2B RESULTS
Slide 19: Elismetrep Phase 2b Study Design
Elismetrep Phase 2b Study Design Key Inclusion Criteria Baseline Characteristics Total number of randomized 4311 % Female 87% Age (mean) 45.8 years Stable preventive therapy 35% Triptan resistant 31% Placebo (N=99) 2 mg (N=51) 5 mg (N=101) 10 mg (N=96) 20 mg (N=51) Visit 2 Randomization Visit 1 Scre
Slide 20: Phase 2b Efficacy: Pain Freedom
Phase 2b Efficacy Results Dose-Responsive and Clinically Meaningful Effects on Pain Freedom Observed at up to 8 Hours 9.1% *nominal 1-sided p <0.05 vs pbo Proportion of Subjects with Pain Freedom (All Data/LOCF Analysis) Includes studies in U.S. labels for FDA approved drugs shown Each point represe
Slide 21: Phase 2b Efficacy: Freedom from Most Bothersome Symptom
Phase 2b Efficacy Results Clinically Meaningful Effects on Freedom from Most Bothersome Symptom Observed at up to 8 hours 2-Hour Freedom from MBS Dose 10 mg 20 mg Placebo-adjusted response rate 7.9% 14.0% 1-Sided P-value vs. Placebo 0.1199 0.0425* *nominal 1-sided p <0.05 vs pbo 24.2% Proportion of
Slide 22: Phase 2b Efficacy: Pain Relief
42.4% *nominal 1-sided p <0.05 vs pbo Proportion of Subjects with Pain Relief (Secondary) Phase 2b Efficacy Results Clinically Meaningful Effects on Pain Relief Observed at up to 8 hours * Nominal P-value 2-Hour PR for Other Drugs for Acute Treatment of Migraine 2-Hour Pain Relief Dose 10 mg 20 mg P
Slide 23: Phase 2b Results: Generally Well Tolerated
Phase 2b Results: Generally Well Tolerated, Favorable Safety Profile for Elismetrep Treatment-Emergent Adverse Events >5% in any Group1 MedDRA Preferred Term Placebo (n=104) n (%) 2 mg (n=51) n (%) 5 mg (n=101) n (%) 10 mg (n=97) n (%) 20 mg (n=51) n (%) Paresthesia, oral 0 0 0 2 (2.1) 5 (9.8) Feeli
Slide 24: Elismetrep Safety Data Across Clinical Studies
Elismetrep Safety Data Evaluated Across 13 Clinical Studies with ~1,000 Subjects Single and multiple dosing paradigms evaluated previously 45-90x1 vs. current Phase 3 doses, without dose limiting adverse events, toxicities to date Clinical DDI, QTc studies completed Well tolerated in 12-week Phase 2
Slide 25: Elismetrep Phase 3 Program
ELISMETREP PHASE 3 PROGRAM
Slide 26: Elismetrep Phase 3 Program
Study # of Patients Treatment Arms Primary Endpoints Select Secondary Endpoints Start AnticipatedTopline Results P003 Pivotal 1 NCT07645924 1,950 Placebo 10 mg 20 mg 2-h Pain Freedom 2-h Freedom from Most Bothersome Symptom 2-h Pain Relief 2-48h Sustained Pain Freedom 2-h Functional Disability Jul 2
Slide 27: Phase 3 Studies Using Liquid-Filled Capsule Formulation
Phase 3 Studies Using Liquid-Filled Capsule (LFC) Formulation Intended to Accelerate Onset of Action / Efficacy Concentration Over Time Legend DFC 20 mg LFC 10 mg LFC 20 mg Mean Elismetrep Concentration (ng/mL) Time (hr) Formulation / Dose Relative increase in drug exposure over 0-2h (AUC0-2h) DFC /
Slide 28: Trial in Migraine Prevention: Potential Development
Pain Freedom in Acute Treatment of Migraine Phase 2b Trial Proportion of Responders 0.6 0.5 0.4 0.3 0.2 0.1 0.0 Pre-dose 1 2 3 4 6 8 24 48 Time (Hours) Placebo (N=99) 5 mg (N=101) Plan to develop a lower, distinct dose (vs acute treatment) for prevention of episodic migraine using a solid dosage for
Slide 29: Transaction Overview
TRANSACTION OVERVIEW
Slide 30: Pro Forma Valuation, Sources and Uses, Ownership
Shares and $ in millions (other than share price) Pro Forma Valuation PIPE Price Implied Share Price $10.00(1) Pro Forma Shares Outstanding 59.9 PF Equity Value $599.0 Less: PF Cash (196.2) Plus: PF Total Debt - Implied PF Enterprise Value $402.8 Sources of Funds(2) Cash Held in Trust(2) $86.7 TCGX
Slide 31: Key Upcoming Milestones and Timeline
Key Upcoming Milestones and Timeline 2026 1H 2027 2H 2027 1H 2028 2H 2028 Current Cash: ~$111M as of October 1, 2026 1st Phase 3 Efficacy/Safety Trial: Expected Mid 2027 2nd Phase 3 Efficacy/Safety Trial: Expected Early 2028 12-Month Safety Study: Expected Early 2028 NDA Submission: Expected Mid 202