Tryp Therapeuatics (TRYPF) Coverage Report

<$10M to gain insights into the psychotherapy-assisted role psilocybin can play. From there, we look for Tryp to introduce TRP-8803 into clinical trials where it has evidence from the Phase 2a’s to guide the designs, including dosing. Not to be overlooked, TRP- 8803 is being designed to outperform the clinical utility found in the Phase 2a’s. So far, management has not described the additional benefits of TRP-8803, for competitive reasons, but we believe it is an improvement formulation, which we speculate may improve the variability of psilocybin, as well as include diagnostics to maximize and tailor the dosing to each patient. We believe investor’s value for Tryp will significantly increase following the three Phase 2a readouts, as it will provide the first evidence of psilocybin’s activity in a controlled clinical setting in mostly rare indications where this is a high unmet need. As it stands today, we cannot define the additional value from TRP-8803 over TRP-8802, as we look forward to 2H’22, when we can review in greater detail the improved formulation and benefits from Tryp’s novel TRP-8803 asset. As Tryp has shown in Exhibit 3, and we can confirm via our research into other psychedelic companies, there are relatively minimal competitive threats among psychedelic companies in eating disorders and chronic pain. We also look for branded pricing in the mid-$20,000 range that can compare favorably to pricing for currently unaddressed medical conditions, including fibromyalgia, which includes ~four million patients in the U.S. At that pricing, every one percent of the total FM market is potentially worth $1 billion annually. Exhibit 3: Competitive landscape in psychedelics Source: Tryp Therapeutics’ July 29, 2021, corporate presentation Michael Higgins 212.409.2074 Tryp Therapeutics, Inc. (TRYPF) Page 5