1Q26 Update. Regulatory Front Continues to Improve. COMP360 Looks Like an Attractive Option for Centers. CNPV Helps With Plans for YE26 Launch

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1Q26 Update. Regulatory Front Continues to Improve. COMP360 Looks Like an Attractive Option for Centers. CNPV Helps With Plans for YE26 Launch

ters eager. Much of the recent PTSD event focused around the commercial readiness of the treatment

landscape for a well validated drug like COMP360. Much like our similar event a year ago (HERE), the event communicated

the idea that interest is high and centers would love something to offer patients beyond SPRAVATO. Work by CMPS and othersRESEARCH

to define reimbursement pathways has probably helped treatment networks get excited. Based on our KOL interactions, we

continue to believe that drugs like COMP360 are more operationally alike to SPRAVATO than truly novel, and much of the

hard work on the reimbursement landscape has been done.

■ Recent networking activity. CMPS has been very active lining up partners to deliver COMP360 in a controlled, high

quality environment. Three examples spoke at the recent KOL event and the company recently announced its seventh

strategic collaboration with Radial Health (Private). Radial Health is one of growing number of national networks of

interventional psychiatry practices hoping to optimize treatment effects around the current (SPRAVATO and ketamine) and

future (psychodelic) drugs. In the case, much of the interest is in combining treatments to look for synergies - for example the

recently defined synergies between D-cycloserine and TMS. Another key goal of these high-quality networks seems likely to

be the optimization of conventional talk therapy around the psychedelics. As indicated in our recent preview of 2026 (HERE),

we see the pure drug effects of therapeutics like COMP360 as likely to be only scratching the surface of the potential utility