Seaport Therapeutics Inc (SPTX.O): Dominant Catalyst Still Expected in 1H27 with the Ph2b BUOY-1 Readout in MDD. TP Remains $35 on 2Q26 Update

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Seaport Therapeutics Inc (SPTX.O): Dominant Catalyst Still Expected in 1H27 with the Ph2b BUOY-1 Readout in MDD. TP Remains $35 on 2Q26 Update

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03 Aug 2026 12:48:02 ET │ 13 pages

Seaport Therapeutics Inc (SPTX.O)

Dominant Catalyst Still Expected in 1H27 with the Ph2b BUOY-1

Readout in MDD. TP Remains $35 on 2Q26 Update

CITI'S TAKE

Timelines remain on track, most notably with potentially registration- Buy / High Risk

enabling Ph2b BUOY-1 topline data for GlyphAllo in MDD expected in 1H27.

Before then, we will also have Ph1 driving simulation data in 2H26. Healthy Price (31 Jul 26 16:00) US$20.46

volunteers will be dosed GlyphAllo in the evening and their simulated driving Target price US$35.00

performance will be assessed the following morning, ~9 hours later as is Expected share price return 71.1%typical in these studies. GlyphAgo continues to advance towards a Ph2a

proof-of-pharmacology trial in patients with GAD and sleep disturbance, Expected dividend yield 0.0%

initiating in 2H26 with data expected early 2028, and a Ph2b in GAD, Expected total return 71.1%

initiating in 1H27 with potentially registrational data expected by YE28, Market Cap US$1,095Msupported by positive Ph1 SAD/MAD data discussed in our recent initiation

here and here. Seaport’s third program, a non-hallucinogenic

neuroplastogen called Glyph2BLSD, is still expected to complete first-in-

human-enabling studies by YE27— see Recent Deal In the Space Adds

Validation to Psychedelics Class. Positive for SPTX’s Non-Hallucinogenic Price Performance

Glyph2BLSD. TP remains $35. (RIC: SPTX.O, BB: SPTX US)

Model update. We have updated our model to reflect 2Q26 financials. We note G&A

expenses increased by $36.1M YoY, of which $34.8M was attributable to one-time,