Mind Cure Health (MCURF) Maxim Report

DISCLOSURES Mind Cure Health Inc. Rating History as of 11/03/2021 powered by: BlueMatrix $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 Jan 19 Apr 19 Jul 19 Oct 19 Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Jul 21 Oct 21 I:Buy:$1.00 06/28/21 Closing Price Target Price Maxim Group LLC Ratings Distribution As of: 11/04/21 % of Coverage Universe with Rating % of Rating for which Firm Provided Banking Services in the Last 12 months Buy Fundamental metrics and/or identifiable catalysts exist such that we expect the stock to outperform its relevant index over the next 12 months. 89% 53% Hold Fundamental metrics are currently at, or approaching, industry averages. Therefore, we expect this stock to neither outperform nor underperform its relevant index over the next 12 months. 11% 48% Sell Fundamental metrics and/or identifiable catalysts exist such that we expect the stock to underperform its relevant index over the next 12 months. *See valuation section for company specific relevant indices 0% 0% I, Jason McCarthy, Ph.D., attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report. I, Michael Okunewitch, attest that the views expressed in this research report accurately reflect my personal views about the subject security and issuer. Furthermore, no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report. The research analyst(s) primarily responsible for the preparation of this research report have received compensation based upon various factors, including the firm’s total revenues, a portion of which is generated by investment banking activities. Maxim Group makes a market in Mind Cure Health Inc. Maxim Group expects to receive or intends to seek compensation for investment banking services from Mind Cure Health Inc. in the next 3 months. MCURF: For Mind Cure Health Inc., we use the BTK (ARCA Biotechnology Index) as the relevant index. Valuation Methods MCURF: Valuation. We model commercialization of ibogaine for TBI in FY28 in the US and EU5 with an 80% risk adjustment based on stage of development, clinical trial risk, commercial risk and other factors and iSTRYM in FY22 with a 50% risk adjustment. A 30% discount is then applied to the free cash flow, discounted EPS, and sum-of-the-parts models, which are equally weighted to derive a 12-month price target. 3 Maxim Group LLC Mind Cure Health Inc. (MCURF) INSTITUTIONAL USE ONLY