Seaport Therapeutics, Inc.: Key Takeaways from Our CEO Fireside Series

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Seaport Therapeutics, Inc.: Key Takeaways from Our CEO Fireside Series

J P M O R G A N North America Equity Research

30 July 2026

Seaport Therapeutics, Inc. Overweight

SPTX, SPTX US

Key Takeaways from Our CEO Fireside Series Price (29 Jul 26):$19.74

SMid Biotechnology

We recently hosted Seaport’s mgmt (Founder/CEO/Board Member Daphne Zohar; Tessa T Romero AC

CFO Lauren White; and Co-Founder/CSO Michael Chen) for an investor call (1-212) 622-4484

wherein mgmt outlined the Glyph platform and detailed the progress it has made tessa.t.romero@jpmchase.com

advancing its lead programs, GlyphAllo and GlyphAgo, “Glyphed” formulations of Caroline Pocher

allopregnanolone and agomelatine for the treatment of major depressive disorder (1-212) 622-8204

(MDD) and generalized anxiety disorder (GAD), respectively. Seaport also reiterated caroline.pocher@jpmchase.com

its overall strategy to evaluate mechanisms that already have proven human efficacy Mariam Waggeh

but were held back by poor drug properties and side effects, by leveraging its Glyph (1-212) 622-1711

mariam.waggeh@jpmchase.com

platform and conducting well-designed and executed clinical trials (e.g., managing J.P. Morgan Securities LLC

placebo response, enrolling qualified patients, picking the right clinical trial sites)

with their highly experienced team. Seaport also provided incremental detail on: i) the

phase 1 driving performance study in healthy volunteers for GlyphAllo (results

expected 2H26) as well as the phase 2b BUOY-1 trial in MDD (topline expected

1H27); and ii) GlyphAgo’s phase 2a/2b plans (the phase 2a trial to initiate 2H26 and

the phase 2b trial to initiate 1H27). Taking a step back, we believe both GlyphAllo and

GlyphAgo could be significant value-drivers with blockbuster sales potential, if