LSDelivering the Goods: DT120 Trips Passed Expectations in P3 EMERGE

Research evidence excerpt

LSDelivering the Goods: DT120 Trips Passed Expectations in P3 EMERGE

June 22, 2026

●Durability: Antidepressant efficacy remained durable through 12-wks

(7.3-point pbo-adj).

●Durability out to 12-wks increases the value proposition of

DT120.

●Response rates (≥50% MADRS improvement) & remission rates

(MADRS ≤12): The magnitude of efficacy is further supported by robust

responder (35% vs. 7% pbo) and remission (24% vs. 3%) rates at 6-wks.

●These results are impressive given the severity of patients

enrolled, with ~53% being TRD, a highly challenging population

and higher bar for efficacy.

●Rapid efficacy: A 14.2-point pbo-adj MADRS improvement was

observed by 1-wk, with improvement on CGI-S as early as 2-days →

substantially faster than conventional antidepressants.

●Subgroups: DT120's antidepressant effect was consistent across

prespecified subgroups →suggests broad utility.

●Part B open-label re-treatment patterns: Early findings suggest many

patients have a deepened response with re-treatment.

●Part B is a 40-wk extension with up to 4 open-label doses.

●Most participants received only 1-2 doses over the first 6-

mths of the study – suggests that many experience a durable

response with a single dose.

●We believe these preliminary re-treatment data support a

flexible dosing paradigm with durable responses that could

limit treatment frequency, increasing the value proposition of

●Treatment session duration: Participants required ~5.8-hrs to meet

End of Session Checklist (EoSC) discharge criteria, and 100%

successfully cleared for discharge by 8-hrs.

●We view this as commercially and operationally manageable,

especially given the magnitude and durability of clinical benefit

observed following a single administration.

●Mgmt emphasized that the EoSC offers a structured,