Neurology and CNS Therapeutics Sector Outlook — September 2026

Read the report

SlidesScroll

1 of 21

←→Full screen

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

Neurology and CNS: Value Splits by Business Model

This report shows where public valuations and precedent transactions distinguish clinical assets, marketed brands and diversified franchises.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E)

Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

1

← Previous

1 / 21 · HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › NEUROLOGY AND CNS THERAPEUTICS

Next →

What each page shows

The analyst’s walkthrough of the deck, page by page.

1. 01

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

   Cover slide introducing the Neurology and CNS Therapeutics sector outlook dated September 2026.

   We're opening today's discussion on Neurology and CNS Therapeutics with the picture as of September 28, 2026, built on EV / Revenue for CY2027E as the primary valuation lens. This framing sets up the tiered pricing story we'll walk through in the sections that follow, so you can see where value concentrates before we get into any single name.

   Everything on this page

   HEALTH CARE › PHARMACEUTICALS, BIOTECHNOLOGY AND LIFE SCIENCES › NEUROLOGY AND CNS THERAPEUTICS Neurology and CNS: Value Splits by Business Model This report shows where public valuations and precedent transactions distinguish clinical assets, marketed brands and diversified franchises. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / Revenue (CY2027E) Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   Contents slide listing the report's five sections plus the appendix.

   This report runs five sections plus an appendix — starting with the bottom line, then the landscape, valuation and situations, precedent transactions and finally strategic implications. We've put the bottom line first by design, so even a quick read leaves you with the full story before we build out the supporting detail.

   Everything on this page

   CONTENTS What This Report Covers 01 The Bottom Line Clinical Assets Command the Range, While Commercial Fit Anchors Transactions 02 The Landscape Clinical-Stage Biotech Dominates the Field, but Commercial Models Price Differently 03 Valuation & Situations The Premium End Reflects Pipeline Optionality Beyond the Forecast 04 Precedent Transactions Buyers Agreed to Pay for Marketed Brands and Strategic CNS Assets 05 Strategic Implications Strengthen the Evidence Behind Growth Before Expanding the Cost Base 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Neurology and CNS Therapeutics Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation

   Summary slide stating that Neurology and CNS Therapeutics prices in valuation tiers rather than as one uniform sector.

   The headline here is simple: this sector prices in tiers, and which tier a company sits in — not the sector label — is what drives the conversation. We've built this view on EV / Revenue for CY2027E, the basis that best fits a market where most names are still pre-revenue or early commercial. That distinction matters because it tells you where to focus diligence: on tier membership and its drivers, not on sector-wide averages.

   Everything on this page

   01 · THE BOTTOM LINE Neurology and CNS Therapeutics Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (14 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (14 of 26 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Clinical-Stage Biotech Defines the Sector’s Breadth Clinical-stage CNS biotech accounts for 23 of 26 companies. Only 11 of those companies carry a CY2027E revenue estimate, leaving pivotal readouts, probability of technical and regulatory success and cash runway central to value. 2 The Premium End Carries Far More Pipeline Expectation The premium end sits at 25.6x versus 1.5x at the discount end on CY2027E revenue. With only 7 of 26 names carrying meaningful EBITDA, revenue is the cleaner lens for comparing launch trajectories and pipeline optionality. 3 Forecast Growth Alone Does Not Separate Value Among ten companies with growth estimates, the five above the growth bar sit at 3.0x while the five below it sit at 3.4x. Payer access, label breadth, persistence and pipeline durability remain important parts of the valuation discussion. 4 Strategic Fit Supports Transactions Across Development Stages The selected precedent transactions range from $795M for Sage Therapeutics, Inc. to $13.8B for Karuna Therapeutics, Inc. The buyer mix points to demand for both marketed CNS franchises and assets that can replenish neuroscience portfolios. 3.5x Sector median EV/Revenue CY2027E consensus · EV/Revenue is the lens because practitioners price this growth set on revenue 25.6x Premium end EV/Revenue vs 1.5x at the discount end top quartile (n=4) against bottom quartile (n=4) on EV/Revenue — the spread the report explains 11 Transactions with disclosed terms 32 recorded in this tier · 3 told as case studies, the full list in the appendix

4. 04
   SECTION 02

   02

   Section divider introducing the market map of clinical-stage biotech, specialty neurology and diversified franchises.

   This next section maps the sector by business model — clinical-stage CNS biotech, specialty neurology and diversified neuroscience franchises — and shows how each prices differently. That grouping is what lets us move from a single sector view to something a client can actually act on.

   Everything on this page

   SECTION 02 02 THE LANDSCAPE Clinical-Stage Biotech Dominates the Field, but Commercial Models Price Differently The sector spans clinical-stage CNS biotech, specialty neurology and diversified neuroscience franchises. 02 of 06 Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

5. 05
   02 · MARKET MAP

   Clinical-Stage Biotech Supplies the Breadth; Commercial Models Supply the Revenue Base

   Chart grouping companies by business segment and showing median EV / Revenue (CY2027E) per group.

   We've grouped the approved universe by business segment and plotted the median EV / Revenue for each group as of September 28, 2026. Clinical-stage biotech supplies most of the names in this sector, while commercial models carry the steadier revenue base. Seeing the two side by side is what tells us where breadth ends and revenue visibility begins.

   Everything on this page

   02 · MARKET MAP Clinical-Stage Biotech Supplies the Breadth; Commercial Models Supply the Revenue Base 26 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 CLINICAL-STAGE CNS BIOTECH 23 cos median 5.0x Jazz (JAZZ) Neurocrine (NBIX) Axsome (AXSM) Praxis Precision (PRAX) Amylyx (AMLX) ACADIA (ACAD) Xenon (XENE) Biohaven (BHVN) Stoke Therapeutics (STOK) GH Research (GHRS) Rapport (RAPP) COMPASS Pathways (CMPS) Alto Neuroscience (ANRO) Bright Minds (DRUG) +9 more This group carries the sector’s readout exposure, pipeline optionality and widest range of implied outcomes. SPECIALTY AND BRANDED-GENERIC NEUROLOGY 2 cos median 1.5x Supernus (SUPN) Collegium (COLL) Marketed brands bring visible scripts, payer dynamics and reusable specialist commercial infrastructure. DIVERSIFIED NEUROSCIENCE FRANCHISES 1 cos 3.4x · 1 rated Biogen (BIIB) Portfolio breadth reduces reliance on a single asset and creates more routes for label expansion and capital allocation.

6. 06
   02 · LANDSCAPE

   Three Business Models Put Different Evidence Behind the Revenue Line

   Segment view comparing the evidence each business model puts behind its revenue line.

   Each of the three business models here backs its revenue line with a different kind of evidence — clinical data, commercial execution or diversified franchise depth. We walk through what each group does and why it matters commercially, using EV / Revenue medians on rated names only. That contrast is the foundation for the valuation discussion that follows.

   Everything on this page

   02 · LANDSCAPE Three Business Models Put Different Evidence Behind the Revenue Line Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Clinical-stage CNS biotech 23 88% 5.0x Jazz Pharmaceuticals plc (JAZZ) · Neurocrine Biosciences, Inc. (NBIX) · +21 more Readouts carry the value. Lead-program evidence, probability of technical and regulatory success and cash runway shape how investors assess these companies before revenue matures. Specialty and branded-generic neurology 2 8% 1.5x Supernus Pharmaceuticals, Inc. (SUPN) · Collegium Pharmaceutical, Inc. (COLL) Execution carries the value. Script trends, payer coverage, persistence and loss-of-exclusivity timing shape the durability of marketed-brand revenue. Diversified neuroscience franchises 1 4% 3.4x n=1 Biogen Inc. (BIIB) Portfolio breadth carries the value. Multiple products and indications spread clinical and commercial exposure while supporting selective reinvestment across the franchise.

7. 07
   SECTION 03

   03

   Section divider introducing the public market valuation analysis.

   From here we move into public market valuation, where forward revenue multiples separate sharply even after expected growth is credited. This is where we start testing what's actually being paid for versus what's priced into growth expectations.

   Everything on this page

   SECTION 03 03 VALUATION & SITUATIONS The Premium End Reflects Pipeline Optionality Beyond the Forecast Forward revenue valuations separate sharply even after anticipated growth is credited. 03 of 06 Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

8. 08
   03 · PUBLIC MARKET VALUATION

   Pipeline Optionality Separates the Premium End from the Discount End

   Chart ranking all 14 rated companies by EV / Revenue (CY2027E) against the 3.5x sector median.

   Sorting all 14 rated companies by EV / Revenue for CY2027E shows a sector median of 3.5x, but the range around that median is wide. We use EV / Revenue here because that's the basis validated coverage supports for this growth-oriented set. The spread between tiers is the starting point for asking what pipeline optionality is really worth.

   Everything on this page

   03 · PUBLIC MARKET VALUATION Pipeline Optionality Separates the Premium End from the Discount End EV / Revenue (CY2027E) · all 14 rated companies, sorted descending · sector median 3.5x · EV/Revenue is the lens because practitioners price this growth set on revenue · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (14 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (14 of 26 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 25.6x CORE · median 3.5x DISCOUNT · median 1.5x Sector median 3.5x WHAT SEPARATES THE TWO ENDS The top sells optionality. Four companies at the premium end carry a 25.6x CY2027E revenue multiple. Their forward valuations already credit forecast revenue, placing greater weight on durable clinical evidence and follow-on indications. The lower end needs proof. Four companies at the discount end carry a 1.5x CY2027E revenue multiple. The group spans clinical-stage and specialty models, so the operating proof point differs by company. Forecasts are already credited. A forward multiple incorporates anticipated revenue. A premium that remains therefore sits alongside expectations for durability, label expansion or additional pipeline value.

9. 09
   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 31% Margin Line Carry 3.2x Against 1.9x Below It

   Comparison of median EV / Revenue by revenue-growth cohort and by EBITDA-margin cohort.

   When we split rated names by growth and by margin at their respective covered medians, margin does more work: names above the 31% margin line carry 3.2x against 1.9x below it. Growth alone doesn't separate the field as cleanly. That's an association we observe in the data, not a claim that margin causes the premium — but it's a useful starting point for a client's own diligence.

   Everything on this page

   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 31% Margin Line Carry 3.2x Against 1.9x Below It Median EV / Revenue (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=5; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/Revenue, median per cohort · growth split at 14% · EBITDA-margin split at 31% Above the Growth Bar: The Lower Valuation Among five companies above the growth bar, the valuation sits at 3.0x. High forecast growth still needs support from payer access, prescriber depth or de-risked pipeline evidence. Below the Growth Bar: The Higher Valuation Among five companies below the growth bar, the valuation sits at 3.4x. The narrow contrast indicates that forecast growth alone does not sort the sample cleanly. Durability Remains the Commercial Test For launched assets, persistence, gross-to-net performance and label breadth shape revenue quality. For clinical assets, pivotal evidence and probability of technical and regulatory success remain central.

10. 10
    03 · SITUATION MAP

    Value Today Sits with Marketed Products, and the Next Proof Point Sits in the Clinic

    Map placing rated companies by EV / Revenue versus the sector median and by revenue growth versus the covered median.

    This map cuts the rated set on EV / Revenue against the 3.5x sector median and on revenue growth against the 14% covered median. It shows that today's value sits with marketed products, while the next proof point for many others sits in the clinic. These are observations about where companies stand, not recommendations about any transaction.

    Everything on this page

    03 · SITUATION MAP Value Today Sits with Marketed Products, and the Next Proof Point Sits in the Clinic Cut on EV / Revenue vs the sector median (3.5x) (rows) and revenue growth vs the covered median (14%) (columns) · 4 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Growth Above-median multiple · above-median revenue growth 2 names Axsome Therapeutics, Inc. (AXSM) · Stoke Therapeutics, Inc. (STOK) These companies combine above-benchmark valuation with above-benchmark forecast growth. The priority is to sustain expectations through execution, payer access and the next clinical or commercial milestone. Premium Before Growth Above-median multiple · below-median revenue growth 2 names Jazz Pharmaceuticals plc (JAZZ) · Biohaven Ltd. (BHVN) These companies carry above-benchmark valuation despite below-benchmark forecast growth. Defending that position requires durable revenue quality, credible pipeline optionality or a clear path to renewed growth. Growth Awaiting Repricing Below-median multiple · above-median revenue growth 3 names Neurocrine Biosciences, Inc. (NBIX) · Supernus Pharmaceuticals, Inc. (SUPN) · Alpha Cognition Inc (ACOG) These companies show above-benchmark forecast growth while trading below the valuation benchmark. Closing the gap depends on proving revenue durability, retention and the economics of commercial expansion. Proof Still Required Below-median multiple · below-median revenue growth 3 names Biogen Inc. (BIIB) · ACADIA Pharmaceuticals Inc. (ACAD) · Collegium Pharmaceutical, Inc. (COLL) These companies sit below both benchmarks. Management has to identify the most credible operating milestone before adding cost or broadening investment.

11. 11
    03 · THE AGENDA

    The Milestone a Company Takes on Next Sits at the Centre of the Value Debate

    Framework of the next milestone each company faces, framed as questions for an owner or acquirer.

    For each situation on the map, we frame the milestone that matters next as a question an owner or acquirer should be resolving. This is a directional view, our own reading of the cohort data shown earlier, meant to sharpen the conversation about what to prioritize — not to tell anyone what to do with a specific holding.

    Everything on this page

    03 · THE AGENDA The Milestone a Company Takes on Next Sits at the Centre of the Value Debate NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Fund the Next De-Risking Event Prioritise the pivotal readout, regulatory interaction or patient-enrichment work that can materially change probability of technical and regulatory success. What changes the answer: The answer changes when timing, enrolment or endpoint risk makes the next readout less decisive. Deepen Commercial Productivity Concentrate investment on payer access, specialist prescriber depth and persistence before expanding reach. Reusable infrastructure matters most when another indication or product can fill it. What changes the answer: The answer changes when access is broad and incremental demand supports wider coverage. Build Portfolio Breadth Selectively Use label expansion, licensing or build-versus-buy choices to reduce reliance on a single asset without diluting capital across low-conviction programs. What changes the answer: The answer changes when a follow-on program offers clear strategic fit and a credible path to differentiated evidence. Protect Revenue Durability Address loss-of-exclusivity exposure, gross-to-net erosion and prior-authorisation friction through product mix, lifecycle planning and disciplined cost structure. What changes the answer: The answer changes when the revenue base has sufficient duration to support reinvestment in growth.

12. 12
    SECTION 04

    04

    Section divider introducing the precedent transaction case studies.

    Next we turn to the deal record, where buyers have paid for both marketed CNS brands and strategic pipeline assets. The case studies that follow show what franchise fit looks like in practice.

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Agreed to Pay for Marketed Brands and Strategic CNS Assets Large pharmaceutical and specialty buyers have pursued assets that extend or reinforce neuroscience franchises. 04 of 06 Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

13. 13
    04 · DEAL CASE STUDIES

    Franchise Fit Runs Through the Transaction Record, Across Marketed and Clinical Assets

    Case studies on three precedent transactions with disclosed terms, from a field of eleven disclosed deals.

    We've selected three of the eleven disclosed-term transactions as case studies, with multiples on LTM financials at announcement where disclosed. The complete list sits in the appendix for reference. Across these cases, franchise fit — not development stage alone — is the thread that connects why the deal happened, and that's our own read of the evidence.

    Everything on this page

    04 · DEAL CASE STUDIES Franchise Fit Runs Through the Transaction Record, Across Marketed and Clinical Assets 3 of 11 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 32 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 21 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Aug-2026 $2.8B Indivior Pharmaceuticals Inc. Indivior Pharmaceuticals Inc. completed the acquisition of Supernus Pharmaceuticals, Inc. EV / LTM revenue 3.4x EV / LTM EBITDA 18.6x WHY THE DEAL HAPPENED The transaction suggests value in combining marketed portfolios and specialist commercial capabilities. The fit may support broader use of established prescriber relationships and operating infrastructure. HOW THE TARGET WAS VALUED Supernus Pharmaceuticals, Inc. (SUPN) was valued at $2.8B, equal to 3.4x revenue and 18.6x EBITDA. The revenue multiple provides the cleaner comparison with the public-company lens. Jun-2025 $795M Supernus Pharmaceuticals, Inc. Supernus Pharmaceuticals, Inc. (SUPN) agreed to acquire Sage Therapeutics, Inc., extending its CNS… EV / LTM revenue 3.4x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a specialty buyer using an existing commercial platform to add CNS assets. It also points to the strategic value of portfolio expansion within a focused prescriber base. HOW THE TARGET WAS VALUED Sage Therapeutics, Inc. was valued at $795M and 3.4x revenue. That multiple benchmarks the transaction against commercial-stage revenue rather than near-term profit. Dec-2023 $13.8B Bristol Myers Squibb Company Bristol Myers Squibb Company agreed to acquire Karuna Therapeutics, Inc. in a large neuroscience… EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests large-pharma appetite for a later-stage CNS asset that can add a new growth platform. The buyer’s scale also offers commercial and development capacity around the target’s programs. HOW THE TARGET WAS VALUED Karuna Therapeutics, Inc. was valued at $13.8B. The disclosed value benchmarks the scale of strategic commitment to a later-stage neuroscience asset.

14. 14
    SECTION 05

    05

    Section divider introducing strategic implications for capital allocation.

    The final section turns the data into a capital-allocation question: where the next dollar should go before the cost base expands. We frame this around the value-defining readout, commercial milestone or franchise opportunity that matters most for each situation.

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Evidence Behind Growth Before Expanding the Cost Base Capital allocation should follow the next value-defining readout, commercial milestone or franchise opportunity. 05 of 06 Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

15. 15
    05 · STRATEGIC IMPLICATIONS

    Buyers Pay up Where Clinical Proof Is Paired with Durable Commercial Performance

    Framework showing that buyers pay up when clinical proof is paired with durable commercial performance.

    The pattern across this analysis is that buyers pay up where clinical proof and durable commercial performance show up together, not one without the other. We frame this as the questions this data puts on the table for the next twelve months — for owners, management teams and boards alike. These are directional views grounded in the analysis in this report, not recommendations.

    Everything on this page

    05 · STRATEGIC IMPLICATIONS Buyers Pay up Where Clinical Proof Is Paired with Durable Commercial Performance NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Choose the Proof Point That Matters Align capital allocation with the milestone most likely to change how the business is assessed: pivotal evidence, payer access, persistence, label expansion or portfolio breadth. FOR MANAGEMENT TEAMS Match Cost to Revenue Quality Scale commercial and development spending only where the expected revenue has durable access, identifiable prescribers and sufficient exclusivity. FOR BOARDS Test Build Versus Buy Compare internal development with licensing or acquisition where a new asset can use existing clinical, regulatory or commercial infrastructure.

16. 16
    SECTION 06

    06

    Section divider introducing the full comparables universe, methodology and sources.

    The final section carries the full comparables universe, the valuation basis and the underlying sources behind every figure in the body of this report. It's the reference section for anyone who wants to go deeper on a specific name or deal.

    Everything on this page

    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

17. 17
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier

    Full table of public comparables on EV / Revenue (CY2027E), shaded by valuation tier against the 3.5x median.

    This table carries all 14 rated companies on EV / Revenue for CY2027E, shaded against the 3.5x sector median, alongside the 12 names that aren't currently rated. It's the complete rated set behind every chart in this report. It shows where any single name sits relative to the tiers we've described.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (3.5x); amber marks below · 14 rated companies; 12 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 14 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.6x · median 25.6x · 4 companies Biohaven Ltd. BHVN Clinical-stage CNS biotech $1.9B 42.4x -43% n/a n/a Stoke Therapeutics, Inc. STOK Clinical-stage CNS biotech $1.2B 27.8x 40% n/a n/a GH Research PLC GHRS Clinical-stage CNS biotech $1.2B 23.4x n/a n/a n/a Bright Minds Biosciences Inc. DRUG Clinical-stage CNS biotech $273M 12.1x n/a n/a n/a CORE — 2.1x–10.6x · median 3.5x · 6 companies Axsome Therapeutics, Inc. AXSM Clinical-stage CNS biotech $9.9B 6.3x 62% 7% 69 Relmada Therapeutics, Inc. RLMD Clinical-stage CNS biotech $164M 5.0x n/a n/a n/a Jazz Pharmaceuticals plc JAZZ Clinical-stage CNS biotech $18.5B 3.7x 6% 43% 49 Biogen Inc. BIIB Diversified neuroscience franchises $36.0B 3.4x 2% 34% 37 Neurocrine Biosciences, Inc. NBIX Clinical-stage CNS biotech $13.3B 3.0x 15% 31% 47 Alpha Cognition Inc ACOG Clinical-stage CNS biotech $133M 2.7x 92% n/a n/a DISCOUNT — <2.1x · median 1.5x · 4 companies ACADIA Pharmaceuticals Inc. ACAD Clinical-stage CNS biotech $2.7B 1.9x 13% 16% 28 Supernus Pharmaceuticals, Inc. SUPN Specialty and branded-generic neurology $2.2B 1.6x 56% 20% 76 Collegium Pharmaceutical, Inc. COLL Specialty and branded-generic neurology $1.1B 1.3x 1% 35% 35 Cognition Therapeutics, Inc. CGTX Clinical-stage CNS biotech $34M 0.8x n/a n/a n/a

18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Full list of precedent transactions with disclosed terms, newest first, page one of two.

    This is the first page of the complete list of eleven transactions with disclosed terms, out of 32 recorded, ordered newest first. Multiples shown are LTM at announcement and sit on a different basis than the CY2027E public multiples used elsewhere, so we don't draw a direct spread between the two. This is the record behind the case studies we walked through earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (32 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 32 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 21 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 Indivior Pharmaceuticals Inc. → Supernus Pharmaceuticals, Inc. $2.8B 3.4x 18.6x Indivior Pharmaceuticals Inc. completed its acquisition of Supernus Pharmaceuticals, Inc. (SUPN), combining businesses with established CNS commercial exposure. Jun-2025 Supernus Pharmaceuticals, Inc. → Sage Therapeutics, Inc. $795M 3.4x n/a Supernus Pharmaceuticals, Inc. (SUPN) announced its acquisition of Sage Therapeutics, Inc., pointing to the value of adding CNS assets to an existing specialty platform. May-2025 Sanofi → Vigil Neuroscience, Inc. $431M n/a n/a Sanofi announced its acquisition of Vigil Neuroscience, Inc., indicating continued strategic interest in clinical neuroscience assets. Jan-2025 Johnson & Johnson → Intra-Cellular Therapies, Inc. n/a 5.4x n/a Johnson & Johnson announced its acquisition of Intra-Cellular Therapies, Inc., adding a commercial-stage CNS business to a broader pharmaceutical portfolio. Dec-2023 Bristol Myers Squibb Company → Karuna Therapeutics, Inc. $13.8B n/a n/a Bristol Myers Squibb Company announced its acquisition of Karuna Therapeutics, Inc., highlighting large-pharma appetite for later-stage neuroscience programs. Dec-2023 AbbVie Inc. → Cerevel Therapeutics Holdings, Inc. $8.9B n/a n/a AbbVie Inc. announced its acquisition of Cerevel Therapeutics Holdings, Inc., adding a portfolio of neuroscience programs across development stages. Oct-2021 Supernus Pharmaceuticals, Inc. → Adamas Pharmaceuticals, Inc. n/a 3.3x n/a Supernus Pharmaceuticals, Inc. (SUPN) announced its acquisition of Adamas Pharmaceuticals, Inc., extending its presence in marketed neurology products. Oct-2021 Pacira Biosciences, Inc. → Supernus Pharmaceuticals, Inc. n/a 0.7x n/a Pacira Biosciences, Inc. completed its acquisition of Supernus Pharmaceuticals, Inc. (SUPN), linking established specialty pharmaceutical operations. Apr-2020 Supernus → U.S. Worldmeds CNS Portfolio n/a 2.0x n/a Supernus announced its acquisition of the U.S. Worldmeds CNS Portfolio, consistent with adding marketed products to an existing commercial infrastructure.

19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Full list of precedent transactions with disclosed terms, newest first, page two of two.

    This second page continues the same list of disclosed-term transactions, newest first. As on the prior page, the multiples are LTM at announcement and are not directly comparable to the CY2027E public basis used elsewhere. Together, both pages give the complete disclosed-term deal record supporting the transaction discussion.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (32 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 32 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 21 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2018 InvaGen Pharmaceuticals Inc. → Avenue Therapeutics, Inc. $641M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Jan-2017 Piramal Critical Care → Mallinckrodt (Intrathecal Spasticity and Pain Drugs) n/a 4.6x n/a

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 20

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (14 of 26 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / Revenue rather than EV / EBITDA; validated coverage supports the industry standard (14 of 26 companies), so this report follows it. EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Neurology and CNS Therapeutics and it clears the coverage gate with 14 of 26 companies (54%). P / E is carried as a cross-check. A revenue lens is used rather than a profit multiple because the set is not consistently profitable on a forward basis (7 of 26 names with a meaningful EBITDA). DATA QUALITY & EXCLUSIONS 118 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 679 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (678) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    Value Sits with Credible Clinical Proof, Durable Revenue and Clear Franchise Fit.

    Closing slide stating that value sits with credible clinical proof, durable revenue and clear franchise fit.

    We'll leave you with this: value in Neurology and CNS Therapeutics sits with credible clinical proof, durable revenue and clear franchise fit — together, not separately. The companion tables carry the full universe and source index alongside this deck for further reference.

    Everything on this page

    Value Sits with Credible Clinical Proof, Durable Revenue and Clear Franchise Fit. NeuraCap AI — Neurology and CNS Therapeutics Coverage September 2026 · Prepared by NeuraCap AI · Confidential Neurology and CNS Therapeutics Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

More coverage in Health Care

• Bi-Weekly Update · Sep 28, 2026Neurology and CNS Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Sector Report · Sep 28, 2026Medical Imaging Equipment Sector Outlook — September 2026
• Bi-Weekly Update · Sep 28, 2026Oncology Therapeutics Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Bi-Weekly Update · Sep 28, 2026Medical Imaging Equipment Bi-Weekly Industry Events & M&A Update — September 14–28, 2026