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Piper Sandler Bioinsights Tackling Psychiatric and Mood Disorders.

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Christopher J. Raymond SR. RESEARCH ANALYST | Piper Sandler does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decisions. This report should be read in conjunction with important disclosure information, including an attestation under Regulation Analyst Certification, found on pages 125 - 128 of this report or at the following site: Piper Sandler Investment Research At Piper Sandler, our biopharma investment research team delivers to clients market-driven and actionable insights across the biotech and pharmaceutical sectors. We build strong partnerships with clients, and they trust our unique perspective to guide their investment strategies. David Amsellem Sr. Research Analyst Joseph Catanzaro, Ph.D. Sr. Research Analyst Christopher Raymond Sr. Research Analyst Edward Tenthoff Sr. Research Analyst Tyler Van Buren Sr. Research Analyst Eleanor Maughan, Ph.D. Sr. Research Strategist 2 | BioInsights: Beyond Blue: Tackling Psychiatric and Mood Disorders Piper Sandler Investment Research Contents 01. Executive Summary 02. The Current Psychiatric and Mood Disorders Landscape • Depression • Attention Deficit Hyperactivity Disorder • Post Traumatic Stress Disorder • Schizophrenia and Related Psychoses • Agitation 03. Key Considerations for Clinical Development 04. Emerging Clinical Development Landscape Piper Sandler Investment Research BioInsights: Beyond Blue: Tackling Psychiatric and Mood Disorders | 3 Executive Summary 4 | BioInsights: Beyond Blue: Tackling Psychiatric and Mood Disorders Piper Sandler Investment Research The Evolving Clinical Landscape for Psychiatric and Mood Disorders: A Unique Market Opportunity Psychiatric and mood disorders represent a unique market opportunity given the prevalence and impact of these conditions, and the reality of suboptimal outcomes for a sizable portion of patients despite a wealth of pharmacologic options. We believe there is considerable potential for innovation in this space particularly in the context of decades of a relatively narrow clinical development focus (eg, agents targeting monoamine deficiency). Notably, there is a strong need for faster-acting, well-tolerated, effective antidepressants and other medicatio

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JUNE 2020




Piper Sandler_Bioinsights - Tackling Psychiatric and Mood Disorders.



David Amsellem Eleanor M. Maughan, Ph.D. Zachary Sachar
SR. RESEARCH ANALYST SR. RESEARCH STRATEGIST RESEARCH ANALYST
+1 212 284-9455 | +1 212 284-9402 | +1 212 284-9321 |




Christopher J. Raymond
SR. RESEARCH ANALYST
+1 312 267-5086 |




Piper Sandler does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest
that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decisions. This report should be read in
conjunction with important disclosure information, including an attestation under Regulation Analyst Certification, found on pages 125 - 128 of this report or at the following site:
http://www.pipersandler.com/researchdisclosures.

,Piper Sandler Investment Research
At Piper Sandler, our biopharma investment research team delivers to clients market-driven and actionable insights
across the biotech and pharmaceutical sectors. We build strong partnerships with clients, and they trust our unique
perspective to guide their investment strategies.




David Amsellem Joseph Catanzaro, Ph.D. Christopher Raymond
Sr. Research Analyst Sr. Research Analyst Sr. Research Analyst




Edward Tenthoff Tyler Van Buren Eleanor Maughan, Ph.D.
Sr. Research Analyst Sr. Research Analyst Sr. Research Strategist




2 | BioInsights: Beyond Blue: Tackling Psychiatric and Mood Disorders Piper Sandler Investment Research

, Contents
01. Executive Summary
02. The Current Psychiatric and Mood Disorders Landscape
• Depression
• Attention Deficit Hyperactivity Disorder
• Post Traumatic Stress Disorder
• Schizophrenia and Related Psychoses
• Agitation

03. Key Considerations for Clinical Development
04. Emerging Clinical Development Landscape




Piper Sandler Investment Research BioInsights: Beyond Blue: Tackling Psychiatric and Mood Disorders | 3

, 01.
Executive Summary



4 | BioInsights: Beyond Blue: Tackling Psychiatric and Mood Disorders Piper Sandler Investment Research

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