Tryp Therapeuatics (TRYPF) Coverage Report

Exhibit 2: TRP-8802/03 development overview Source: Tryp Therapeutics’ July 29, 2021, corporate presentation VALUATION METHODOLOGY We initiate coverage of Tryp Therapeutics, Inc. with a Buy rating and $2.00 price target. We reach our price target via our risk-adjusted net present value estimates for Tryp’s operating expenses per share, -$0.70, and TRP-8803 in chronic pain disorders, $1.75 and eating disorders, $0.90 and cash/share of $0.08. Factors that could negatively affect our estimates include negative clinical or regulatory outcomes, greater than expected equity dilution and unexpected competition from other drugs in development. Interim Full Binge eating Univ. of Florida 3Q'21 4Q'21 1H'22 2H'23 3 2H'22 2H'24 TBD Hypothalmic obesity Univ. of Florida 3Q'21 4Q'21 1H'22 2H'23 3 2H'22 1H'24 TBD PWS Univ. of Florida 3Q'21 4Q'21 1H'22 2H'23 3 2H'22 2H'24 TBD PLP 1 2 CA univ's 3Q'21 4Q'21 2H'22 1H'24 50 1H'23 2H'24 >100 Fibromyalgia Univ. of Michigan 3Q'21 1Q'22 2H'22 2H'23 20 1H'23 2H'24 >100 CRPS TBA in Q4 1Q'22 1Q'22 2H'22 1H'24 10 2H'23 1H'25 TBD CRPS = Complex regional pain syndrome; PLP = Phantom limb pain; PWS = Prader Willi syndrome; TBA = To be announced; 1 All other trials are single-arm; 2 Single site, proof-of-concept trials; 3 Multiple site trials; 4 Primarilly driven by Phase 2a data Data Chronic pain Phase 2a 2 Phase 2b 3 Start Indication Partner IND Data n= Start n= 4 Eating disorders Michael Higgins 212.409.2074 Tryp Therapeutics, Inc. (TRYPF) Page 3