Bright Minds Biosciences Inc. · CSE:DRUG
Bright Minds Biosciences — Investor Presentation (June 2025)
30 slides from Bright Minds Biosciences's investor presentation, June 2025
Slide 1: Novel Drugs for Targeted Treatment of CNS & Neuropsychiatric Disorders
Novel Drugs for Targeted Treatment of CNS & Neuropsychiatric Disorders June 2025
Slide 2: Disclaimer and Cautionary Note regarding Forward Looking Statements
Disclaimer and Cautionary Note regarding Forward Looking Statements This corporate presentation (this “Presentation”) of Bright Minds Biosciences Inc. (the “Company”) is (viii) the ability to protect intellectual property rights throughout the world; (ix) market viability for current as of May 2025,
Slide 3: Bright Minds Biosciences (NASDAQ: DRUG)
Bright Minds Biosciences (NASDAQ: DRUG) 2041 $2Bn $2Bn 2027 BMB-101 DEE Absence epilepsies Cash Runway IP Protection Market opportunity Market opportunity Relevant M&A deals $ 7.2 Bn (2021) 5-HT2C Best-in-class $ 1.9 Bn (2022) mechanism in DEE epilepsies $ 2.6 Bn (2024) NASDAQ: DRUG | BRIGHTMINDSBIO
Slide 4: Pipeline
Pipeline Rich and diverse portfolio in neurology and psychiatry with multiple programs Lead Indications 5-HT2C agonists for CNS disorders BMB-101 DEE Absence epilepsy Clinical Studies – Phase 2 Obesity and feeding BMB-10x ADME/PK profiling behaviour Non-hallucinogenic psychoplastogens Treatment-resi
Slide 5: Drug-resistant epilepsy is still a significant issue
Drug-resistant epilepsy is still a significant issue Definition: ~30% Drug-resistant epilepsy is characterized by the of Epilepsy patients persistence of seizures despite the use of at develop drug resistance least two appropriate antiseizure medications (ASMs) at effective doses Despite the availab
Slide 6: 5-HT2C agonism provides superior efficacy in DEE epilepsies
5-HT2C agonism provides superior efficacy in DEE epilepsies 5-HT2C agonists Fenfluramine DEE - Developmental and Epileptic Encephalopathy DS – Dravet Syndrome LGS – Lennox Gastaut Syndrome TSC - Tuberous sclerosis CDD - CDKL5 deficiency disorder OLE – Open-Label Extension NASDAQ: DRUG | BRIGHTMINDSB
Slide 7: High unmet need beyond Dravet
High unmet need beyond Dravet Addressable targets for BMB-101 range across multiple epilepsies Mixed Acute Seizure Therapy / Prodromes Medically Controllable Other DEE Syndromes Targeted by 70% Dravet fenfluramine TSC Infantile Spasms and bexicaserin Lennox – Gastaul Syndrome Can be EPILEPSY Autoimm
Slide 8: Best-in-class BMB-101 First-in-class
Best-in-class 5-HT2C Selective Agonist BMB-101 First-in-class G-protein biased agonist
Slide 9: BMB-101 is uniquely positioned to address major unmet needs in epilepsy
BMB-101 is uniquely positioned to address major unmet needs in epilepsy Proof of mechanism The only G protein- Safety and PK/PD Highly selective demonstrated in Ph.1 biased properties validated 5-HT2C agonist Increased gamma- 5-HT2C agonist in Phase 1 power on qEEG Compound 5-HT2A 5-HT2B 5-HT2C $kBB
Slide 10: Novel 5-HT2C mechanism to avoid tolerance pathways
Novel 5-HT2C mechanism to avoid tolerance pathways 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. Potential for improved efficacy with a G-protein biased agonist D
Slide 11: BMB-101 – Novel scaffold 5-HT2C agonist
BMB-101 – Novel scaffold 5-HT2C agonist Fenfluramine/ LP352/ BMB-101 Norfenfluramine Bexicaserin Lack of 5-HT2B liability ✓ x ✓ (related to cardiac toxicity) 5-HT2C Biased Agonism ✓ x x (Sustained efficacy) Can be Dose-optimized ✓ x x Increased Frontal Gamma ✓ Not reported Not reported power on qEEG
Slide 12: BMB-101 Phase 1 study
BMB-101 Phase 1 study Favorable Safety & Tolerability Results Observed Safety and tolerability Single Ascending Dose 4 cohorts (6 drug and 2 placebo) • No SAEs observed, all AEs were transient • Most common adverse effect - oral paresthesias (related to the Food Effects sweet taste of the drug produ
Slide 13: BMB-101 Phase 1 study
BMB-101 Phase 1 study Favorable Safety & Tolerability Results Observed 40-80 mg BID • Drug slightly better tolerated in fed state at 120 mg Expected Therapeutic dose • No SAEs observed, all AEs were transient Placebo 20 mg 60 mg 120 mg 180 mg Placebo 40 mg BID 80 mg BID 120 mg BID 150 mg BID (n=9) (
Slide 14: BMB-101 – Clinical Data from Phase 1
BMB-101 – Clinical Data from Phase 1 Changes in absolute power pre/post-dose Delta Alpha Beta Gamma Target engagement: Broad spectrum ASMs ü Transient dose-dependent prolactin release Valproate ⇩ ⇩ ⇩ ⇩ ü Central target engagement by qEEG and Leviracetam ⇩ ⇩ ⇩ NA Potential for improved cognitive perf
Slide 15: BMB-101 Phase 2 BREAKTHROUGH Study
BMB-101 Phase 2 BREAKTHROUGH Study An Open-Label Phase 2 Study To Evaluate the Efficacy, Safety and Tolerability of BMB-101 in Adults with: • Absence Epilepsy • Developmental and Epileptic Encephalopathy (DEE) Screening Open Label period Treatment (N = 20) Follow up Extension 3 months (titration and
Slide 16: Estimates indicate a total absence prevalence of at least 280K in the USA only
Estimates indicate a total absence prevalence of at least 280K in the USA only US Prevalence of Absence Across Common Epilepsy Syndromes P AT I E NT S WI T H AB S E NCE 74,000 Patients with DEEs have high absence seizure burden 53,500 51,000 30,000 29,500 33,500 7,200 Juvenile Absence Childhood Abse
Slide 17: Opportunity for BMB-101
Opportunity for BMB-101 PCDH19 SYNGAP1 Typical DEEs EMAS Jeavons Absence West seizures Angelman LGS CAE KCNT1 LKS Dravet SCN2A Dup15q Atypical JME Efficacy of branded DEE drugs in Absence seizures is limited Absence or unknown STXBP1 SCN8A seizures JAE GABA modulation may worsen absence seizures DEE
Slide 18: Potential for best-in-class drug in DEE and absence seizures
Potential for best-in-class drug in DEE and absence seizures – Opportunity in All DEEs – Opportunity with Absence Typical Absence Epilepsy All DEE Refractory Market All DEEs ~$21B ~$16B Total JAE LGS Dravet CAE Refractory Other Market TSC DEEs Absence Epilepsy Refractory Market Additional research n
Slide 19: Undervalued relative to rare epilepsy peers
Undervalued relative to rare epilepsy peers 37X DRUG’s 10X 5X 13X 1440X Valuation DRUG’s DRUG’s DRUG’s Valuation Valuation Valuation DRUG’s Valuation $7.2Bn $2.6Bn $7.2Bn $1.9Bn $0.96Bn Transaction Value $7.2Bn $1.9Bn $0.96Bn $2.6Bn $195M M CAP % Premium (30-day 50% 72% N/A (Private) 77% N/A volume)
Slide 20: BMB-101 – Opportunity for Best-In-Class 5-HT2C agonist
BMB-101 – Opportunity for Best-In-Class 5-HT2C agonist Well-Tolerated Favorable PK Optimal 5-HT2C Ideal Properties Safety & Flexible for Commercial Dosing Profile Pharmacology Supply • BID dosing; potential • Reduced on-target • Biased G-protein • API stable at room for QD adverse events agonism of
Slide 21: Appendix: Absence Epilepsy & Seizures
Appendix Absence Epilepsy & Seizures
Slide 22: Absence seizures impact on patients' lives
Absence seizures impact on patients' lives • Absence seizures are defined as profound impairments of consciousness • Typical Absence Seizures last 10-30 seconds • Atypical Absence Seizures last up to 90 seconds • Consequences of the absence seizures (“Silent killers”) • Impaired attention - difficul
Slide 23: Idiopathic Generalized Epilepsies (IGE) overlap in age and presentation
Idiopathic Generalized Epilepsies (IGE) overlap in age and presentation Prevalence across age IGE syndromes transition from one to another Absence seizures remain common even in adulthood (~20-40% of JME) ABBREVIATIONS: CAE: Childhood Absence Epilepsy; DEE: Developmental and Epileptic Encephalopathy
Slide 24: What is an absence seizure?
What is an absence seizure? Absence seizure is defined as: • A distinct 3/s spike-and-wave discharge – an abnormal, and unique paroxysmal pattern of a high velocity spike followed by a slower dome shaped wave on the background of a normal EEG. • The 3/s spike-and-wave on EEG is the clinically accept
Slide 25: How are we documenting absence seizures?
How are we documenting absence seizures? Primary Method Exploratory Method 24h EEG Ambulatory Wearable EEG device ü Designed and validated for absence ü Quantitative seizure detection seizure detection ü Potential for sleep assessment ü Convenient absence seizure monitoring NASDAQ: DRUG | BRIGHTMIND
Slide 26: Why are we developing novel drugs for absence seizures?
Why are we developing novel drugs for absence seizures? Absence epilepsies have high unmet need • Current drugs don’t effectively treat all patients and have tolerability and potentially even severe safety issues • The unmet need is in both people with typical absence and those with mixed seizure di
Slide 27: Limited treatment options represent significant opportunity in absence treatment
Limited treatment options represent significant opportunity for new branded agent in the absence treatment paradigm Absence Seizure Management Ethosuximide Absence Seizures+ Absence Seizures only • Standard-of-care drug for CAE - only manages absence seizures (narrow-spectrum) • Associated with GI d
Slide 28: Opportunities for other BMB 5-HT2 agonists
Opportunities for other BMB 5-HT2 agonists
Slide 29: Opportunities for 5-HT2C agonists
Opportunities for 5-HT2C agonists In the treatment of feeding disorders and obesity BMB-10X BMB-10X Feeding behaviour and Obesity Genetic Obesity and Rare Metabolic Disorder Description ü To be used in conjunction with GLP1 agonists ü PWS is debilitating neuropsychiatric disorder ü Improved fat-mass
Slide 30: BMB-201 and 202 – potential for best-in-class 5-HT2A agonists
BMB-201 and 202 – potential for best-in-class 5-HT2A agonists BMB-201 BMB-202 Potent inducer of neuroplasticity The most selective 5-HT2A agonist in development* Description ü Designed to have minimal or absent psychoactive ü Designed to have short psychoactive effects time effects ü Durable effects
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