KOL Thinks Psychedelics Are Disruptive If Done Carefully - CMPS DFTX HELP ATAI

Research evidence excerpt

KOL Thinks Psychedelics Are Disruptive If Done Carefully - CMPS DFTX HELP ATAI

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USA | Biotechnology EquityJulyResearch21, 2026

Exhibit 3 - KOL Lunch on PsychedelicsKOL Thinks Psychedelics Are Disruptive If Done

Carefully - CMPS DFTX HELP ATAI

We hosted an interventional psychiatrist at InnerMost (NYC): (1) Psychedelics

are shaping up to be more efficacious and convenient than JNJ's Spravato

($2.3B+ runrate), with BPL-003 (5-MeO-DMT) best suited to leverage Spravato's .Source: Jefferies

infrastructure. (2) Adoption will depend on REMS safety requirements and

payor reimbursement (on staff monitoring), as well as ensuring there are no

bad actors. (3) To maximize efficacy, he plans to implement psychotherapy (by

choice).

** See 15+ pages inside for full discussion **

Since opening in Oct 2025, Dr. Casey Paleos' interventional psychiatry clinic (InnerMost) has

reached 40% of its full capacity, which is rising quickly. (1) He oversees 200 depression patients/

month, with Spravato (2-hour intranasal esketamine) representing 70% of all treatment sessions at

his clinic (vs 30% ketamine). (2) His center operates 8 rooms staffed by 3-4 psychiatric NPs, 4-5

senior therapists, and 14-15 therapists in training. He is the only psychiatrist (MD). (3) For Spravato,

a prescriber (MD or NP) must be on site, but they do not need to be inside the room. A central

room can monitor all 8 rooms, satisfying the supervision requirement. A monitoring professional

can oversee up to 4 patients simultaneously. (4) To enhance efficacy outcomes, InnerMost has

a self-imposed rule of requiring psychotherapy (or talk therapy) when possible, which occurs in

33% of Spravato sessions. To be clear, he chooses to implement psychotherapy by choice (not

mandated by FDA/payors).