Neurology and CNS Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › NEUROLOGY AND CNS THERAPEUTICS

Readouts Repriced the Sector While One Buyer Closed Its Epilepsy Deal

This update covers Neurology and CNS Therapeutics for the two-week period September 14–28, 2026: the movers, the news flow behind them, and the period's one completed transaction.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Neurology and CNS Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › NEUROLOGY AND CNS THERAPEUTICS

   Cover slide introducing the bi-weekly Neurology and CNS Therapeutics update for September 14–28, 2026.

   This bi-weekly update covers Neurology and CNS Therapeutics for September 14–28, 2026. We walk through what changed, who moved and most likely why, what transacted, and what it means for your next decision.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › NEUROLOGY AND CNS THERAPEUTICS Readouts Repriced the Sector While One Buyer Closed Its Epilepsy Deal This update covers Neurology and CNS Therapeutics for the two-week period September 14–28, 2026: the movers, the news flow behind them, and the period's one completed transaction. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Neurology and CNS Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Company Announcements, Not the Broad Market, Set Prices Across the Sector

   Summarizes the two-week period's price action and its drivers across the 25 covered names.

   Across the 25 names we track, 21 fell and the median move was -10.7%, while the S&P 500 returned +0.8% over the same period — this was a sector-level repricing, not a market-wide one. Xenon Pharmaceuticals Inc. (XENE) ended the period at -36.9% and ACADIA Pharmaceuticals Inc. (ACAD) at -25.4%, with each name's steepest move landing on or right after its own announcement. Jazz Pharmaceuticals plc (JAZZ) closed its epilepsy acquisition on Sep 15 even as public prices fell, and the sector's standing valuation frame — 3.5x EV/Revenue median, 25.6x Premium tier, 1.5x Discount tier — still sets the context for reading these moves. So what: price action this period was driven by company-specific news, and that's where the diligence should focus.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Company Announcements, Not the Broad Market, Set Prices Across the Sector The two-week period in one page · 25 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Neurology and CNS Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 21 of 25 Covered Names Fell; The Median Move Was -10.7% The S&P 500 returned +0.8% over the same two-week period, so the decline sat inside the sector rather than in the market around it. 2 The Largest Declines Landed on the Days Companies Published Xenon Pharmaceuticals Inc. (XENE) ended the two-week period at -36.9% and ACADIA Pharmaceuticals Inc. (ACAD) at -25.4%, with each name's worst session falling on or immediately after its own announcement. 3 One Acquisition Closed While Public Prices Were Falling Jazz Pharmaceuticals plc (JAZZ) completed an acquisition on Sep 15 that adds a clinical-stage precision therapy for KCNT1-related epilepsy. It is the only transaction in this period's record. 4 Tier Membership, Not the Sector Label, Still Frames the Valuation Talk NeuraCap's standing view prices the sector on EV / Revenue, with a sector median of 3.5x, a Premium-tier median of 25.6x and a Discount-tier median of 1.5x. The period's moves were company-specific and sit inside that frame rather than replacing it. +12.3% Best mover — MediciNova, Inc. (MNOV) worst: XENE -36.9% · 4 up / 21 down of 25 covered -10.7% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Where the Losses Landed — and What Each Company Had Just Said

   Ranks the two-week public market movers and the disclosures around their steepest declines.

   The sector median move was -10.7% against a +0.8% S&P 500 return, with our materiality bar set at ±16.9% on a sector-relative basis. Xenon Pharmaceuticals Inc. (XENE) closed the period at -36.9% and ACADIA Pharmaceuticals Inc. (ACAD) at -25.4%, with Rapport Therapeutics, Inc. (RAPP) at -24.0% also breaching that bar. Each move is linked here only to the filings and headlines recorded in the window; where no driver is on record, the page says so plainly. So what: the names that crossed the materiality bar are the ones whose recent disclosures deserve a closer read before any comparison is drawn.

   Everything on this page

   PUBLIC MARKET MOVERS Where the Losses Landed — and What Each Company Had Just Said Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -10.7% · S&P 500 +0.8% · materiality bar ±16.9% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Neurology and CNS Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -10.7% Xenon Pharmaceuticals Inc. (XENE) -36.9% Shares moved following the September 17 announcement that Xenon submitted its azetukalner NDA to the FDA for focal seizures and gave an update on its psychiatry clinical programme. The largest single-day fall was -30.7% on Sep 18. Filing the lead indication shifts the debate to the label-expansion programmes standing behind it. COMPANY-SPECIFIC Neumora Therapeutics, Inc. Common Stock (NMRA) -30.8% No notable in-window news was identified that clearly explains the move. At -30.8%, the decline was well beyond the sector median of -10.7%. Clinical-stage names carry the widest moves when no company record anchors the price. UNEXPLAINED ACADIA Pharmaceuticals Inc. (ACAD) -25.4% Shares moved following the Sep 24 Phase 3 enabling topline results from the Phase 2 RADIANT study of remlifanserin in Alzheimer's disease psychosis. That session was the worst of the period at -12.8%. Exclusivity news lands quietly; a Discount-tier name is still priced on its next clinical readout. COMPANY-SPECIFIC MediciNova, Inc. (MNOV) +12.3% MediciNova, Inc. announced last patient, last visit in the double-blind portion of the Phase 2b/3 COMBAT-ALS trial on Sep 24, then MN-001 topline data on Sep 28. The largest single day, +36.9% on Sep 17, preceded both releases. In clinical-stage CNS, completing a registrational programme can be paid for before the data is seen. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Approvals, a Pipeline Purchase and a Board Fight Carried the News Flow

   Reviews the two-week period's highest-impact events, including approvals, a pipeline purchase and a board dispute.

   This two-week period's news flow centered on regulatory approvals, a pipeline acquisition and a board-level dispute, each linked back to its underlying filing or article. Every 'why it matters' line here is a NeuraCap read tied to a specific, sourced event, drawn from filings, press releases and established outlets in that reliability order. So what: these are the catalysts behind the price moves on the prior page, and they're the ones worth tracking into the next reporting window.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Approvals, a Pipeline Purchase and a Board Fight Carried the News Flow The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Neurology and CNS Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 16 · NEWS · GlobeNewsWire Biogen's subcutaneous LEQEMBI pen approved in Japan for early Alzheimer's, allowing at-home dosing An at-home administration route shortens the path between diagnosis and first fill for an anti-amyloid therapy. Our read: delivery format now sits alongside the label in the commercial case. Administration burden is a commercial variable in Alzheimer's, not only a clinical one. Sep 15 · NEWS · Business Wire COMPASS Pathways launched a U.S. clinician education programme on treatment-resistant depression Building prescriber understanding ahead of commercialisation targets the depth of the psychiatrist call point, which is where uptake in treatment-resistant depression is decided. Clinical-stage neuropsychiatry names are building prescriber reach before they need it. Sep 15 · NEWS · PRNewsWire Jazz Pharmaceuticals completed an acquisition adding a precision therapy for KCNT1-related epilepsy A Core-tier commercial neurology buyer added a clinical-stage, genotype-defined epilepsy asset while public prices in the space were falling. Our read: appetite is being set by fit with an existing franchise. Defined-genotype epilepsy programmes remain buyable by a field force that already calls on neurologists. Sep 18 · NEWS · GlobeNewsWire An activist shareholder set out a 100-day plan and called for new leadership at Anavex Governance pressure at a clinical-stage Alzheimer's developer is a statement about capital allocation and the credibility of the development plan. Board and spending discipline are part of the value discussion in clinical-stage CNS. Sep 17 · NEWS · GlobeNewsWire Axsome presented ten posters across depression and neurology at Psych Congress 2026 A Core-tier commercial name used a psychiatry congress to show portfolio breadth across marketed and pipeline programmes. Our read: this is how label-expansion optionality is made visible to prescribers. Congress data defends prescriber breadth in the stretch between launches. Sep 17 · NEWS · GlobeNewsWire A proxy adviser backed two dissident nominees for the Anavex board Third-party support raises the odds that strategy and spending at a single-asset clinical-stage name are reset from the top. It follows the shareholder plan published the day before. Contested boards can change the financing posture of a company faster than a readout does.

5. 05
   M&A & STRATEGIC ACTIVITY

   One Buyer Closed an Epilepsy Acquisition While the Sector Repriced

   Covers the period's one agreed acquisition and situates it against 32 recorded precedent transactions.

   Jazz Pharmaceuticals plc (JAZZ) completed an acquisition on Sep 15 that adds a clinical-stage precision therapy for KCNT1-related epilepsy, the only transaction agreed in this two-week window. We size it against a base of 32 recorded precedent deals, with multiples shown on an LTM-at-announcement basis where disclosed. So what: this closing sets a live data point for how epilepsy-focused, clinical-stage assets are being valued right now.

   Everything on this page

   M&A & STRATEGIC ACTIVITY One Buyer Closed an Epilepsy Acquisition While the Sector Repriced September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 32 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Neurology and CNS Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 15 · Jazz Pharmaceuticals plc (JAZZ) Jazz Pharmaceuticals plc (JAZZ) completed the purchase of a clinical-stage epilepsy developer The 8-K record shows a commercial neurology buyer paying an upfront cash sum for a clinical-stage asset that fits an epilepsy franchise it already sells into. Our read: strategic fit, not development stage, set the appetite here. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 32 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What a Data-Driven Two-Week Period and One Closed Deal Mean for You

   Translates the period's price action and closed deal into implications for operators, acquirers and advisors.

   For owners and operators, prices moved with company announcements this period, so the operating numbers between readouts carry more weight, not less. For acquirers, 21 of 25 covered names fell with a median move of -10.7%, meaning the public reference set has shifted within the window. For advisors, the throughline is company-level evidence setting price — Xenon Pharmaceuticals Inc. (XENE) at -36.9%, ACADIA Pharmaceuticals Inc. (ACAD) at -25.4% and Rapport Therapeutics, Inc. (RAPP) at -24.0%, each tied to its own disclosure. So what: company data set the prices this period, and the one closed deal was set by fit, not by the market's direction.

   Everything on this page

   WHAT IT MEANS What a Data-Driven Two-Week Period and One Closed Deal Mean for You The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Neurology and CNS Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2027E) median 3.5x 26 companies in the study 3 valuation tiers Standing thesis: Neurology and CNS Therapeutics is priced in tiers — and tier membership, not the sector label, sets the conversation FOR OWNERS & OPERATORS Between Readouts, the Commercial Numbers Carry the Story Prices across the space moved with company announcements this two-week period, so the operating base matters more, not less. FOR ACQUIRERS The Reference Set Moved, and One Closing Sets the Live Mark 21 of 25 covered names fell and the median move was -10.7%, so the public comparison points have shifted inside the two-week window. FOR ADVISORS Lead with What the Company Said, and When It Said It The period's theme is company-level evidence setting price: Xenon Pharmaceuticals Inc. (XENE) at -36.9%, ACADIA Pharmaceuticals Inc. (ACAD) at -25.4% and Rapport Therapeutics, Inc. (RAPP) at -24.0%, each alongside its own disclosure.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources, methodology and disclosures behind the update's figures and attributions.

   Every figure in this update links back to the filing or price record it was taken from, and driver attributions use calibrated language rather than asserted causation. Sources are admitted in a fixed reliability order — SEC filings, press releases, then established outlets — with video and social platforms excluded entirely. So what: you can trace every number and every read in this deck back to its source before you act on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Neurology and CNS Therapeutics Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T181134Z_556_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · businesswire.com · prnewswire.com

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