Seizing the Moment; More De-Risking Ahead of Clinical Study (2H26)

Research evidence excerpt

Seizing the Moment; More De-Risking Ahead of Clinical Study (2H26)

Biotechnology

CAMP4 Therapeutics

Corporation (CAMP)

EQUITY RESEARCH Company Update

May 14, 2026

Seizing the Moment; More De-Risking Ahead of Price: $4.50

Price Target: $7.00 Clinical Study (2H26)

Rating: Overweight

Typically we wouldn't react to preclinical data (especially during a busy

Key Statistics: earnings week) but CAMP's update today is actually very important and de-

Symbol NASDAQ: CAMP risking. 52-Week Range 1.31 - 7.75

Market Cap 233.7 CAMP recently announced/filed Phase 1/2 first-in-human clinical trial of

ADV (3 mo) 184,625 CMP-002 is initiating 2H26 in Australia once the filing is cleared. No doubt, Shares Out (M) 51.9

seizures will be an important endpoint.

Research Analysts: CAMP demonstrated bona fide seizure reduction in SYNGAP

Steve Seedhouse haploinsufficient mice. Seizures are the most common (aside from delayed

212-915-1240 development / intellectual disability) and likely the most easily quantitated Steve.Seedhouse@cantor.com

phenotype/symptom of SYNGAP disorder. CAMP previously demonstrated Timur Ivannikov

312-469-7406 motor and behavioral improvements in SYNGAP haploinsufficient mice,

Timur.Ivannikov@cantor.com but these mice don't get spontaneous seizures, so CAMP hadn't yet

Nick Econom preclinically de-risked this eventual clinical endpoint (see pages 28-32 in 312-469-7407

Nick.Econom@cantor.com our initiation for preclinical data summary and here for a recap of SYNGAP

landscape from this December's CURE SYNGAP1 conference).

REV ($M)

Exhibit 1 - CMP-002 reduces seizures in SYNGAP +/- Mice FYE Dec 2025A 2026E 2027E

1Q $0.9 $1.3A -

2Q $1.5 $2.8E -

3Q $0.8 $2.8E -

4Q $0.3 $2.8E -

Year $3.5 $9.6E $8.0

EPS

FYE Dec 2025A 2026E 2027E

1Q $(0.62) $(0.32)A -

2Q $(0.62) $(0.13)E -