Tryp Therapeuatics (TRYPF) Coverage Report

HISTORICAL BACKGROUND Recently, there has significant media attention about the return of psychedelics in the treatment of medical conditions, primarily mental health disorders, as well as general well- being. These stories in the media, plus investor-targeted reports, often highlight the history of psychedelic use. Here, we take a targeted summary with sources for investors to discover further history on psychedelics. Before reviewing the colorful history of psychedelics, we take a moment to consider the broad outlook for this space and encourage investors to keep this outlook in mind as we summarize psychedelics’ past. We find that the future of psychedelics in prescription medicine rests largely on three drivers: 1.) KOL, company and investor outlook for the potential returns in this renewed industry. 2.) Regulators’ appreciation and willingness to decouple from its established development and approval benchmarks to allow category of medicines that for the first time necessitates a decoupling in the brain of emotions and memories, among other unprecedented neurological mechanisms. 3.) We find the breadth and depth of psychedelics as prescription medicines will rest primarily on social media and societies’ willingness to accept a class of medicines that was banned ~50 years ago and has a reputation that it is for “dropouts” or those that want to “drop out”. We find the pace and extent of adoption to have an inverse correlation with the prevalence of the condition, which leaves the future of psychedelics resting on the shoulders of those targeting broad categories like depression. Exhibit 4: Psychedelics’ PubMed publications; Share of all (left, 1950-2016); Psilocybin (right, 1959-2020) LSD and psilocybin became Schedule I drugs in 1968 under the Staggers-Dodd Bill, which followed a UN Convention on Drugs in 1967. Sources: Neuropharmacology. 2018 Nov;142:200-218 and PubMed. A renaissance in clinical research sparks drug developers’ enthusiasm. Research into psychedelics as therapeutics is undergoing a renaissance period due to the release of positive clinical data supporting therapeutic utility, a frustrating yet enduring unmet need across numerous neurological disorders, a corresponding interest from the biotech industry and a partnered enthusiasm from investors. As described below, this is being sparked by a depth in understanding neural brain networks and communication, along with the tools to understand how psychedelics are affecting feelings, memories, behaviors, and actions. Michael Higgins 212.409.2074 Tryp Therapeutics, Inc. (TRYPF) Page 10