FY2Q EPS: Pivotal Epilepsy Studies Starting in 3Q26, Phase II PWS Data in 1H27

Research evidence excerpt

FY2Q EPS: Pivotal Epilepsy Studies Starting in 3Q26, Phase II PWS Data in 1H27

USA | Biotechnology

Bright Minds EquityMayResearch19, 2026

ESTIMATE CHANGEFY2Q EPS: Pivotal Epilepsy Studies Starting in

RATING BUY3Q26, Phase II PWS Data in 1H27

PRICE $74.54^

Oral BMB-101 is a pot’l best-in-class 5-HT2C agonist that will start two

pivotal Phase II/III programs in Q3:26 for absence seizures and broad DEEs PRICE TARGET | % TO PT $145.00 | +95%

(rare epilepsies), with pivotal data in 2028-29 (our est) to open up a $1-2B 52W HIGH-LOW $123.75 - $23.18

+ oppty apiece. Prior Phase II open-label data enrolled two highly-refractory FLOAT (%) | ADV MM (USD) 77.3% | 14.39

patient populations, making the -63-73% seizure reduction quite impressive. MARKET CAP $730.5M

Meanwhile, '101 will share Phase II PWS data in H1:27 ($1B+ call option). TICKER DRUG ^Prior trading day's closing price unless otherwise

noted.

Big Picture: BMB-101 (oral 5-HT2C) has generated (+) Phase II data in absence seizures (petit mal)

and broad DEEs - which have limited treatment options. In our view, '101's Phase II data suggests

FY (Sep) CHANGE TO JEFe JEF vs CONS

best-in-class pot'l (particularly in absence), given its convenient dosing (BID twice-daily with the pot'l

2026 2027 2026 2027

for QD), competitive efficacy, and cleaner safety (no drug-related SAEs) relative to peers. $1B peak

sales x 2-3x multiple = $2-3B of value per program, implying significant upside (vs $700M+ cap). In REV NA NA NA NA

broad DEEs, LUN's $2.5B+ acquisition of LBPH's bexicaserin (oral 5-HT2C; TID) post-Phase II pbo- EPS -2% -4% NA NA

controlled data is validating.

2026 (C$) Q1A Q2A Q3 Q4 FY

In Q3:26, BMB-101 will start global Phase II/IIIs in DEE and absence (two trials per indication), EPS (0.97) (1.09) (2.15) (3.29) (7.72)