THE BROOKLINE BRIEF

Healthcare Equity Capital Markets Update February 2, 2021 Healthcare Equity Capital Markets Update February 2, 2021

Equity Market / New Issue Market Tailwinds Equity Market / New Issue Market Headwinds › Fueled by a broad-based improvement to investor sentiment across the healthcare › Although the new issue market for companies within the life sciences, med. tech, and equities landscape, new issue activity from life sciences, med. tech, and diagnostics issuers diagnostics subsectors recently witnessed the strongest-ever start to a new year on continued to remain robust over the last 4 weeks, with 4 IPOs and 72 follow-on offerings record, the benefits of Jan. 2021’s robust offering conditions accrued disproportionately raising over $8.4bn in combined aggregate gross proceeds during the first calendar to larger issuers pursuing larger deals, with sub-$100mm market cap issuers accounting month 2021. On a relative basis, Jan. 2021 was the 2nd most active month since the for just $336mm of last month’s $8.4bn in aggregate gross proceeds raised (prior to beginning of 2017 (based on the total monthly number of IPOs and follow-on offerings, in overallotment), the lowest such “micro-cap share” of overall monthly new issue absolute terms), surpassing the prior #2 record (75), set by both May 2020 and Dec. 2020. proceeds since Oct. 2020 and nearly 50% below the typical monthly “micro-cap share” of In addition, the $8,478mm in aggregate gross proceeds raised during the past month the overall new issue market dating back to the start of 2018 ($0.07 of each $1 raised per represents the 4th greatest single-month of overall deal volume (in terms of aggregate gross month). proceeds raised, prior to overallotment) of any of the preceding 48 months dating back to Jan. 2017. › While many remain confident that the “contagion effects” stemming from painful short › In the wake of one of the most closely followed short-squeezes in recent memory – selling losses over the past 2 weeks will not threaten the prevailing fundamental US manifesting most visibly in the +1,625% surge in the price of video game retailing chain, equity outlook, others have warned that certain key market indicators – including, most rd GameStop (GME) – selling pressures previously weighing down dozens of biotechnology notably, the VIX, which recorded its 3 highest-ever single-day spike of +62% on Jan. 27, equities dramatically abated during the middle part of the past month, with 61% of the 2021 and the largest such 1-day move (in absolute terms) since Feb. 27, 2007 – may IBB’s 198 individual constituents witnessing a decrease in short interest as a percentage portend a more widespread correction to US equity prices and could lead to a of float as of Jan. 15, 2021 (compared to their respective Dec. 15, 2020 short interest readings, potentially less constructive equity financing backdrop over the near- to medium-term. according to FactSet). Consequently, some market observers remain optimistic that biotech’s strong opening performance to 2021 – easily outpacing the broader NASDAQ › Logistical challenges bedeviling the roll-outs of several FDA- and EMA-approved SARS- by a margin of +5.1% over the past month – may continue apace over the coming weeks nCoV-2 vaccines appeared to intensify during the last 4 weeks, with political leaders in as traders frantically unwind short positions and bid up shares of previously out-of-favor the US, EU, and UK (among others) struggling to balance competing priorities of efficiency companies en masse. and equity vis-à-vis the designs and implementation strategies of their respective vaccine distribution protocols. Furthermore, some geopolitical observers have warned that › On Jan. 25, Janet Yellen was confirmed to the position of Secretary of the US Treasury growing disparities of vaccine availability between nation-states could further delay (or by an 84-15 Senate vote, becoming the first former Fed Chair to serve as Treasury chief even derail) critical global cooperation among even wealthy, developed nations – th since G. William Miller in 1980 and only the 4 to do so since the creation of the challenging the already weakened geopolitical outlook and potentially widening the position in 1789. Some have speculated that Ms. Yellen’s 2014-2018 Fed tenure window of opportunity for new nCoV variants to emerge, further weighing on the US – combined with her enduring connections with members of the Fed’s current and ex-US equity outlook into 2021 or possibly beyond. leadership – could foster a uniquely synergistic relationship between the two bodies principally responsible for crafting and implementing US fiscal and monetary policies, adding further support to the US equities outlook over the near- to medium-term.

Sources: FactSet, Bloomberg, The Wall Street Journal, Financial Times. Market data as of 4:30 PM on Jan. 29, 2021. Healthcare Equity Capital Markets Update February 2, 2021 Major US Indices ETF Performance – Monthly Performance Montage (2020 to 2021)

Yr Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Full Yr / YTD

2021 -2.0% ------2.0% Dow Jones iShares Dow Jones ETF (DIA) 2020 -0.9% -9.9% -13.9% 10.9% 4.6% 1.4% 2.5% 7.5% -2.4% -4.5% 11.9% 3.1% 43.5%

2021 -1.0% ------1.0% S&P 500 SPDR S&P 500 ETF (SPY) 2020 0.0% -7.9% -13.0% 12.7% 4.8% 1.3% 5.9% 7.0% -4.1% -2.5% 10.9% 3.3% 16.2%

2021 0.9% ------0.9% NASDAQ Fidelity NASDAQ Comp (ONEQ) 2020 1.8% -6.1% -10.6% 15.9% 6.8% 5.9% 6.6% 10.2% -5.6% -2.3% 11.8% 5.8% 43.5%

2021 4.8% ------4.8% Russell 2000 iShares Russell 2000 ETF (IWM) 2020 -3.1% -8.8% -21.8% 13.8% 6.6% 3.1% 2.9% 5.5% -3.6% 2.2% 18.2% 8.3% 43.5%

Major US Index ETFs – Performance Since January 1, 2021 (1) DOW S&P 500 NASDAQ RUSSELL

(1.96%) (1.02%) +0.87% +4.85% Major US Index ETF Constituents – Largest Movers Since January 1, 2021 (1) D Company Ticker % Chg. S Company Ticker % Chg. O Walgreens WBA-US 26.0% & Discovery DISCA-US 37.7% Intel INTC-US 11.4% ViacomCBS VIAC-US 30.2% W P Amgen AMGN-US 5.0% Lumen Technologies, Inc. LUMN-US 27.0% Microsoft MSFT-US 4.3% Walgreens WBA-US 26.0% Johnson & Johnson JNJ-US 3.7% CarMax KMX-US 24.7%

Coca-Cola KO-US (12.2%) Las Vegas Sands LVS-US (19.3%) Visa V-US (11.6%) Global Payments GPN-US (18.1%) Boeing BA-US (9.3%) Paycom Software PAYC-US (16.0%) Honeywell International HON-US (8.1%) Howmet Aerospace HWM-US (13.9%) Procter & Gamble PG-US (7.9%) Carnival CCL-US (13.8%)

N Company Ticker % Chg. R Company Ticker % Chg. A Koss KOSS-US 1,760.5% U GameStop GME-US 1,625.1% Naked Brand Group NAKD-US 759.4% Express EXPR-US 559.3% S S Gritstone Oncology GRTS-US 359.4% AMC Entertainment Holdings AMC-US 525.5% D The9 Ltd. NCTY-US 334.5% S Gritstone Oncology GRTS-US 359.4% A Polar Power POLA-US 309.6% E 3D Systems DDD-US 239.1%

Q Lumos Pharma LUMO-US (51.8%) L Calithera Biosciences CALA-US (41.5%) Sarepta Therapeutics SRPT-US (47.6%) L IMARA IMRA-US (41.0%) Ucommune International Ltd. UK-US (47.0%) Nkarta, Inc. NKTX-US (35.5%) PMV Pharmaceuticals, Inc. PMVP-US (44.5%) Repro Med Systems KRMD-US (32.9%) Calithera Biosciences CALA-US (41.5%) eHealth EHTH-US (32.2%)

Source: FactSet, Bloomberg. Market data as of 4:00 PM on Jan. 29, 2021. (1): Note: Index and individual stock performance (% chg.) indexed to each security’s respective closing price on Dec. 31, 2020. Healthcare Equity Capital Markets Update February 2, 2021 Healthcare ETF Performance – Monthly Performance Montage (2020 to 2021)

Yr Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Full Yr / YTD

Health Care Select Sector 2021 1.4% ------1.4% SPDR Fund (XLV) 2020 -2.7% -6.6% -4.4% 12.6% 3.3% -2.9% 5.5% 2.6% -2.6% -3.6% 7.9% 3.4% 11.4%

iShares NASDAQ 2021 6.0% ------6.0% Biotechnology ETF (IBB) 2020 -5.6% 0.1% -5.4% 15.1% 8.7% 1.4% -1.7% 0.9% -0.1% -3.5% 11.0% 4.5% 25.7%

Invesco S&P SmallCap 2021 6.2% ------6.2% Health Care ETF (PSCH) 2020 0.1% -7.0% -14.0% 12.4% 3.6% 0.6% 5.2% 4.6% -0.9% 1.2% 15.3% 10.2% 31.5%

iShares U.S. Medical 2021 1.9% ------1.9% Devices ETF (IHI) 2020 0.1% -8.7% -6.7% 14.2% 4.3% -1.4% 10.7% 3.7% -1.4% -0.5% 5.0% 4.5% 23.8%

Major US Healthcare Index ETFs – Performance Since January 1, 2021 (1) XLV IBB PSCH IHI

+1.40% +6.04% +6.22% +1.87% Major US Healthcare Index ETF Constituents – Largest Movers Since January 1, 2021 (1) X Company Ticker % Chg. I Company Ticker % Chg. L Eli Lilly & Co LLY-US 23.2% B Gritstone Oncology GRTS-US 359.4% Biogen BIIB-US 15.4% Lexicon Pharmaceuticals LXRX-US 131.3% V B Illumina ILMN-US 15.3% Evolus EOLS-US 101.2% Abbott Laboratories ABT-US 12.9% Ligand Pharmaceuticals LGND-US 86.4% Gilead Sciences GILD-US 12.6% EyePoint Pharmaceuticals EYPT-US 70.2%

Stryker Corp SYK-US (9.8%) Sarepta Therapeutics SRPT-US (47.6%) Edwards Lifesciences EW-US (9.5%) Apellis Pharmaceuticals APLS-US (22.6%) Viatris, Inc. VTRS-US (9.3%) Deciphera Pharmaceuticals DCPH-US (22.6%) Universal Health Services UHS-US (9.3%) Eiger BioPharmaceuticals EIGR-US (21.8%) Intuitive Surgical ISRG-US (8.6%) BridgeBio Pharma BBIO-US (20.2%)

P Company Ticker % Chg. I Company Ticker % Chg. S Fulgent Genetics FLGT-US 112.1% H CryoPort CYRX-US 55.4% OraSure Technologies OSUR-US 43.9% Penumbra PEN-US 49.2% C I Myriad Genetics MYGN-US 39.3% STAAR Surgical STAA-US 29.5% H Zynex ZYXI-US 34.2% Vapotherm VAPO-US 28.6% Tabula Rasa Healthcare TRHC-US 32.6% AngioDynamics ANGO-US 22.2%

Anika Therapeutics ANIK-US (18.2%) iRhythm Technologies IRTC-US (29.0%) Amphastar Pharmaceuticals AMPH-US (9.6%) Stryker Corp SYK-US (9.8%) Integer Holdings ITGR-US (9.1%) Edwards Lifesciences EW-US (9.5%) REGENXBIO RGNX-US (8.9%) Integer Holdings ITGR-US (9.1%) RadNet RDNT-US (8.5%) Intuitive Surgical ISRG-US (8.6%)

Source: FactSet, Bloomberg. Market data as of 4:00 PM on Jan. 29, 2021. (1): Note: Index and individual stock performance (% chg.) indexed to each security’s respective closing price on Dec. 31, 2020. Healthcare Equity Capital Markets Update February 2, 2021 US Healthcare (1) Equity Capital Markets Activity – 2013 to 2020 Aggregate Gross Proceeds Raised (Millions, USD) $90,000 $17,952

$80,000

$70,000 $5,889 $60,000 $281 $1,802 $9,303 $50,000 $2,323 $138 $1,217 $1,768 $40,000 $696 $725 $2,413 $44,462 $1,573 $1,739 $30,000 $386 $87 $29,045 $20,000 $33,412 $26,383 $17,461 $12,771 $24,621 $10,000 $10,470 $17,019 $9,036 $8,060 $8,933 $5,657 $3,046 $3,547 $8,158 Deal Count 2013 2014 2015 2016 2017 2018 2019 2020

Deal Proceeds ($) Deal Volume (#) 2013 2014 2015 2016 2017 2018 2019 2020 $8,060 $8,933 $5,657 $3,046 $3,547 $9,036 $8,158 $17,019 IPOs 58 107 64 38 43 78 66 89

Follow-Ons $17,461 $12,771 $33,412 $10,470 $24,621 $29,045 $26,383 $44,462 (S-1, S-3 “CMPO”) 209 157 247 176 269 300 308 424 $696 $725 $281 $1,739 $1,217 $1,802 $2,323 $5,889 PIPEs/RDs 46 41 26 99 100 82 155 189 $1,573 $386 $9,303 $87 $2,413 $138 $1,768 $17,952 Convertibles 17 6 11 9 17 8 13 60 US Healthcare (1) Equity Capital Markets Activity – 1990 to 2020 (2)

Sources: FactSet, Bloomberg, Dealogic, The National Bureau of Economic Research (NBER)(3). Market data as of 4:30 PM on Dec. 31, 2020. (1): US Healthcare ECM activity includes all offerings completed by healthcare issuers categorized by Dealogic as: Biomed/Genetics, Drugs/Pharmaceuticals, Health Management Organizations, Hospitals/Clinics, Instruments, Medical/Analytical Systems, Misc., Outpatient/Home Care, Practice Management, and Products. (2): Follow-ons defined as fully marketed S-1 offerings and confidentially marketed S-3 “CMPO” offerings. Note: PIPEs, RDs, and Convertibles excluded from “FO Count.” (3) NBER: “NBER Determination of the February 2020 Peak in Economic Activity” – June 8, 2020 (https://www.nber.org/cycles/june2020.pdf) Healthcare Equity Capital Markets Update February 2, 2021 IPO Market Update – Life Sciences, Med. Tech, and Diagnostics

Gross Proceeds ($MM) IPO Count IPO Pricing Relative to Initial Filing Range (%) $7,000 30 Below In Range Above 6,500 IPO Gross Proceeds Quarterly Median # of IPOs 100% 6,000 IPO Count 26 10% 11% 25 90% 18% 5,500 29% 80% 38% 5,000 45% 43% 48% 50% 4,500 20 70% 4,000 73% 60% 3,500 15 50% 80% 3,000 68% 89% 2,500 12 40% 10 71% 56% 2,000 30% 57% 52% 55% 1,500 50% 20% 5 1,000 27% 10% 500 10% 14% 6% 0 0 0% Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 2-Yr Total Selected Recent IPOs – Life Sciences, Med. Tech, and Diagnostics

Gross Pre-Money Within Disclosed % Change Offer Offer Company Ticker Indication Proceeds Equity Initial Insider Offer / Date Price Raised (1) Valuation (2) Range? Part. (%) Current NLS Pharmaceutics NLSP CNS (Narcolepsy) 1/29/2021 $4.15 $20.0mm $29.2mm Below -- (30.4%) Ortho Clinical Diagnostics OCDX Med. Tech (in vitro diagnostics) 1/27/2021 $17.00 $1,292.0mm $2,613.2mm Below -- (2.9%) Gracell Biotechnologies GRCL Oncology (next-gen CAR-T) 1/8/2021 $19.00 $209.0mm $1,061.8mm Above -- +9.1% Cullinan Oncology CGEM Oncology (EGFR inhibitor) 1/7/2021 $21.00 $249.9mm $696.5mm Above 5% +81.0% Inhibikase Therapeutics IKT CNS (Parkinson's) 12/22/2020 $10.00 $18.0mm $113.8mm In Range -- (33.4%) 908 Devices MASS Lab Instruments (Mass Spec) 12/17/2020 $20.00 $130.0mm $455.5mm Above 5% +175.6% Virios Therapeutics VIRI Idiopathic Pain (Fibromyalgia) 12/16/2020 $10.00 $30.0mm $48.3mm In Range -- (32.1%) BioAtla BCAB Oncology (CABs) 12/15/2020 $18.00 $189.0mm $388.6mm Above 5% +144.3% 4D Molecular Therapeutics FDMT Ophthalmology Gene Therapy (XLRP) 12/10/2020 $23.00 $193.2mm $431.6mm Above 23% +84.2% AbCellera ABCL Antibody Discovery / Development Svc. 12/10/2020 $20.00 $483.0mm $5,888.9mm Above 25% +164.2% Vivos Therapeutics VVOS Med. Tech (mild-to-moderate OSA) 12/10/2020 $6.00 $21.0mm $88.0mm In Range -- +9.0%

Seer SEER Next-Gen Sequencing (Proteomic Analysis) 12/3/2020 $19.00 $310.0mm $926.6mm Above 44% +228.4% Silverback Therapeutics SBTX Oncology (TLR8 agonist/HER2 mAb) 12/3/2020 $21.00 $241.5mm $516.7mm Above 5% +109.1% Sigilon Therapeutics SGTX Hemophilia A 12/3/2020 $18.00 $126.0mm $472.2mm In Range -- +70.1% Kinnate Biopharma KNTE Oncology (RAF Inhibitor) 12/2/2020 $20.00 $240.0mm $693.3mm Above 3% +64.0% Olema Pharmaceuticals OLMA Oncology (ER+, HER2- MBC) 11/18/2020 $19.00 $209.0mm $522.9mm Above 5% +123.4%

Atea Pharma AVIR Infectious Diseases (nCoV-2 Antiviral) 10/29/2020 $24.00 $300.0mm $1,780.3mm In Range -- +204.2%

SQZ Biotechnologies SQZ Immuno-Oncology (CD8+ Cell Therapy) 10/29/2020 $16.00 $70.6mm $351.7mm In Range -- +50.4% Biodesix BDSX Med. Tech (Liquid Biopsy) 10/28/2020 $18.00 $72.0mm $444.8mm In Range 26% +34.3% Galecto GLTO Hepatology (NASH) 10/28/2020 $15.00 $85.0mm $310.1mm In Range -- (17.4%)

Foghorn Therapeutics FHTX Gene Therapy (Oncology ATPase Inhibitor) 10/22/2020 $16.00 $120.0mm $508.1mm In Range 5% +3.1% Aligos Therapeutics ALGS Infectious Diseases (HCB) 10/15/2020 $15.00 $150.0mm $430.0mm In Range -- +87.8% Eargo EAR Med. Tech (Hearing Aids) 10/15/2020 $18.00 $141.3mm $623.0mm Above -- +192.1% Kiromic Biopharma KRBP Oncology (Allogenic CAR-T) 10/15/2020 $12.00 $15.0mm $86.4mm In Range -- (25.5%) Praxis Precision Med. PRAX CNS (Depression) 10/15/2020 $19.00 $190.0mm $582.7mm Above 5% +167.8%

Source: Dealogic (1) Excludes Shoe; (2) based on fully diluted shares outstanding immediately prior to offering. Note: All offerings <$10mm have been excluded. Includes life sciences, medical technology, and diagnostics companies. Market data as of 4:00 PM on Jan. 29, 2021. Healthcare Equity Capital Markets Update February 2, 2021 Follow-On Market Update – Life Sciences, Med. Tech, and Diagnostics

Gross Proceeds ($MM) Follow-On Count Median Discount from Filing to Offer (% Change) 2-Yr Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Median $18,000 Follow On Gross Proceeds 250 Quarterly Median # of Follow-Ons Follow-On Count 16,000

200 14,000

12,000 159 150 10,000

8,000 100 6,000 87 -10.7% 4,000 -11.1% 50 -11.7% -11.4% -11.7% -11.6% -12.4% 2,000 -13.8% -14.3% -14.4% 0 0 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Selected Recent Follow-Ons / CMPOs / Registered Directs / PIPEs – Life Sciences, Med. Tech, and Diagnostics

Gross Pre-Offer % Change % Change Offer Offer Company Ticker Indication Proceeds Market File / Offer / Date Price Raised (1) Cap (2) Offer Current Applied Genetic Technologies † AGTC Rare Diseases (Ophthalmology) 1/28/2021 $4.45 $74.5mm $115.1mm at market (11.5%) Evelo Biosciences EVLO Autoimmune Diseases (Oral Biologics) 1/28/2021 $15.00 $75.0mm $971.9mm (19.4%) +17.0% Helius Medical Technologies † HSDT Med Tech (CNS) 1/28/2021 $14.82 $9.6mm $23.2mm +3.6% (9.6%) Neuronetics [FF] STIM CNS (Depression) 1/28/2021 $15.50 $75.0mm $357.6mm (9.6%) +13.7% Outlook Therapeutics OTLK Ophthalmology (wet AMD) 1/28/2021 $1.00 $38.0mm $155.2mm (18.0%) (6.5%) CureVac [FF] CVAC mRNA Therapeutics 1/27/2021 $90.00 $450.0mm $17,184.5mm (13.9%) (0.8%) Catalyst Biosciences CBIO Blood Diseases 1/27/2021 $5.75 $50.0mm $139.8mm (9.2%) (1.7%) Surgalign Holdings SRGA Med. Tech (Spinal Surgery) 1/27/2021 $1.50 $37.5mm $158.5mm (33.0%) +12.0%

Seer [FF] SEER Next-Gen Sequencing (Proteomic Analysis) 1/27/2021 $67.00 $103.9mm $4,638.4mm (17.6%) (6.9%) Lipocine LPCN Endocrinology 1/26/2021 $1.75 $25.0mm $161.7mm (20.5%) +1.1% Personalis PSNL Genomic Sequencing Platform 1/26/2021 $38.00 $150.1mm $1,842.1mm (10.5%) +1.2% Seelos Therapeutics SEEL CNS (Depression) 1/26/2021 $2.05 $31.3mm $179.9mm (22.9%) +5.4% TransEnterix TRXC Med Tech (Surgical) 1/26/2021 $3.00 $69.2mm $739.5mm (16.9%) (1.3%) VYNE Therapeutics VYNE Dermatology (Spec. Pharma) 1/26/2021 $2.37 $50.0mm $487.8mm (10.2%) (16.5%) Celsion CLSN Oncology 1/22/2021 $1.35 $35.0mm $65.7mm (22.4%) +1.5% Predictive Oncology † POAI Diagnostics (Oncology) 1/22/2021 $1.20 $4.1mm $37.0mm (12.4%) (13.3%) Precigen PGEN Endocrinology (T1D) 1/22/2021 $7.50 $112.5mm $1,695.1mm (17.9%) +13.3% Genetic Technologies GENE Diagnostics (Genetic Testing) 1/21/2021 $5.25 $6.6mm $72.3mm +22.1% (14.7%) Invitae NVTA Med Tech (Genetic Testing) 1/21/2021 $51.50 $400.0mm $7,081.0mm (7.8%) (3.8%) Merus MRUS Immuno-Oncology 1/21/2021 $24.75 $120.0mm $835.5mm +0.2% +11.2% OncoSec Medical ONCS Oncology 1/21/2021 $5.45 $42.0mm $176.6mm (5.4%) +41.5% Passage Bio [FF] PASG CNS (Gene Therapy) 1/21/2021 $22.00 $154.0mm $1,120.3mm (24.3%) (15.2%) Senseonics SENS Med Tech (Diabetes) 1/21/2021 $1.93 $100.0mm $701.6mm (20.5%) +22.8% AcelRx Pharmaceuticals ACRX CNS (Pain) 1/20/2021 $1.76 $25.6mm $233.4mm (25.0%) +24.8% Athira Pharma [FF] ATHA CNS (Alzheimer's Disease) 1/20/2021 $22.50 $90.0mm $837.7mm (15.3%) (5.2%)

Source: Dealogic (1) Excludes Shoe; (2) based on basic shares outstanding immediately prior to offering. † and †† denote transactions with <100% warrant coverage and ≥100% warrant coverage, respectively. [FF] denotes transactions representing an issuer’s first follow-on offering post-IPO (or reverse merger). Dataset excludes transactions classified as convertible offerings and secondary offerings (block trades with no proceeds to issuers). Includes life sciences, medical technology, and diagnostics companies. Market data as of 4:00 PM on Jan. 29, 2021. Healthcare Equity Capital Markets Update February 2, 2021 Firm Overview Our Team Brookline Capital Markets, a division of Arcadia Securities, provides a wide range of capital William Buchanan, Jr. 646.248.5085 markets and advisory services to emerging growth companies with an emphasis on the [email protected] Life Sciences, Medical Technology and Diagnostics industries. Scott Katzmann Services Provided Healthcare Subsectors Served 646.681.4668 [email protected] Harris Lydon Equity Sales Pre-IPO 646.248.5185 and Trading Financings Medical [email protected] IPOs/ Life Sciences Equity Technology Graham A. Powis Follow-Ons/ Research PIPEs 646.762.0826 [email protected] Trade Capital Facilitation for Max Breckenridge Markets Private Advisory 646.681.4624 Equities M&A Diagnostics Advisory [email protected] Robert Donohue 646.681.4650 Select Recent Transactions [email protected] Michael Fontaine Biopharmaceuticals Biopharmaceuticals 646.248.5091 Company Company [email protected] Matt Hoban 646.603.6720 $35,000,000 $20,000,000 $2,000,000,000 Capital Markets Advisor [email protected] Capital Markets Advisor Follow-On Offering IPO IPO Completed Engagement Ongoing Engagement Financial Advisor Co-Manager Co-Manager Matt Jachera January 2021 646.807.4124 January 2021 January 2021 January 2021 [email protected] Scotty Katzmann 646.248.5091 [email protected] George Kogan 646.248.5087 [email protected] $18,000,000 $35,000,000 $75,600,000 Capital Markets Advisor Capital Markets Advisor Convertible Note Registered Direct Follow-On Offering Henry Moore Completed Engagement Completed Engagement Sole Placement Agent Co-Placement Agent Co-Manager 646.603.6716 January 2021 January 2021 January 2021 January 2021 January 2021 [email protected] Michael D. Rhea 646.807.4125 [email protected] Zak Ross-Nash 646.462.4681 [email protected] $100,000,000 $85,000,000 $10,500,000 $8,500,000 $34,500,000 Joseph Rudick, M.D. IPO Follow-On Offering Registered Direct Registered Direct Follow-On Offering 646.603.6716 Co-Manager Co-Manager Financial Advisor Financial Advisor Co-Manager [email protected] January 2021 December 2020 December 2020 December 2020 December 2020 J. Reilly Simmons 646.893.7801 [email protected] Patrick Sturgeon 646.681.4651 [email protected] Abi Subramanian $1,000,000,000 $8,000,000 $1,250,000,000 $46,000,000 $2,400,000,000 646.603.6719 IPO Follow-On Offering IPO Follow-On Offering IPO [email protected] Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Jake Ward November 2020 November 2020 December 31, 2020 December 31, 2020 September 2020 646.248.5184 [email protected] Samuel Wertheimer, Ph.D. 646.462.4718 [email protected] Equity Research Leah Rush Cann $7,800,000 $780,000,000 $15,000,000 $6,500,000 CAD $198,900,000 646.934.6976 Follow-On Offering IPO Follow-On Offering PIPE Follow-On Offering [email protected] Co-Manager Co-Manager Co-Manager Lead US Placement Agent Financial Advisor Kumar Raja, Ph.D. September 2020 August 2020 August 2020 August 2020 July 2020 646.462.6471 [email protected]

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