THE BROOKLINE BRIEF

Healthcare Equity Capital Markets Update November 3, 2020 Healthcare Equity Capital Markets Update November 3, 2020

Equity Market / New Issue Market Tailwinds Equity Market / New Issue Market Headwinds › Largely overshadowed by US Election uncertainties as well as continued sluggishness › Though the aggregate dollar volume of capital flowing into the life sciences follow-on within the broader NASDAQ biotech index over the last 4 weeks, the life sciences market over the last 4 weeks remained in-line with recent trends, last month’s 34 total subsegment of the IPO market quietly delivered the single most active month of IPO new follow-on offerings ranked as the second-to-worst month of follow-on new issuance by issuance in the last 3-plus years (as measured by the total number of monthly IPO debuts volume (cumulative monthly deal count) during all of 2020 YTD. In addition, October’s – i.e., monthly IPO volume), surpassing the existing record of 16 IPOs in a single calendar modest follow-on activity marked the third consecutive month with fewer than 40 month first set in June 2018 (and subsequently matched in June 2020). Furthermore, offerings completed on a monthly basis, the worst such stretch of continued October’s IPO flurry yielded the third-strongest month of new issue activity (in terms of underperformance (in terms of new issue volume) dating back to October 2019. aggregate gross proceeds raised) in all of 2020 year-to-date, adding $2.2bn to the IPO Interestingly, however, Q4 2020’s first 34 follow-ons appeared to enjoy considerably Class of 2020’s record-setting $14.85bn IPO deluge. In just the first 10 months of the more favorable pricing terms (-8.6% on a median file-to-offer basis) than their Q3 2020 year, 2020’s 78 new entrants have collectively raised more than the total amount raised peers (-14.2% median file-to-offer discount across 128 Q3 2020 deals) – potentially by the IPO Classes of 2018, 2017, and 2016, combined – highlighting the profoundly suggesting that a supply and demand imbalance has taken hold in recent weeks and that robust conditions within the IPO market entering the final 2 months of the year. the market overall is now poised for an uptick in activity in response to more › Mirroring the continued strength of the life sciences IPO market, the follow-on market competitive pricing trends. delivered its seventh consecutive month of $2.4bn+ in aggregate monthly new issue › Some have warned that in the event that the US Presidential Election fails to yield a activity (as measured by aggregate gross proceeds raised) during October 2020, bringing clearcut winner on November 3rd (or fails to do so very shortly thereafter), aggregate year-to-date proceeds raised to $42.75bn – nearly 1.6x the average full-year opportunities may emerge for state and non-state actors around the world to undertake amount raised during CY 2019, CY 2018, and CY 2017 ($27.05bn). Though some have geopolitical gambles that would otherwise seem inadvisable during a more typical political cautioned that any number of developments might threaten to derail the momentum of or predictable US political cycle. Should any number of these geopolitical “unknown the life sciences follow-on market over the near-term, others continue to point to the unknowns” materialize, the US equity outlook could sharply deteriorate over the near- steady influx of investor capital into publicly listed life sciences companies – even during to-medium term, adding to domestic political and public health challenges already facing periods of relative sector weakness, broader equity market volatility, and unprecedented investors in US markets. domestic political uncertainty and challenges – as a sign that fundamental and generalist › The reimposition of widespread coronavirus lockdown protocols – triggered primarily by investor appetites are likely more resilient than some currently fear. a resurgence in positive test rates across the UK and EU over the past 4 weeks – › While a spate of recent negative regulatory decisions from the FDA have led some to injected further uncertainty into the near-term macro outlooks for economies on both perceive that the Agency may be growing less predictable (or seemingly less industry- sides of the Atlantic over this past weekend, fueling concerns that recent economic friendly), others remain hopeful that several key, upcoming regulatory catalysts – recoveries may soon give way to another series of economic setbacks. Should these including Friday’s highly anticipated BIIB Aducanumab AdComm – could serve to quell containment measures ultimately prove successful in the UK and on the Continent, investors’ fears that the regulatory risk outlook for the sector may be in danger of however, political leaders in the US may be forced to reconsider and/or retract promises deterioration over the near-to-medium-term. made earlier during the course of the pandemic, further complicating the domestic US political and economic outlooks.

Sources: FactSet, Bloomberg, The Wall Street Journal, Financial Times. Market data as of 4:30 PM on Oct. 30, 2020. Healthcare Equity Capital Markets Update November 3, 2020 Major US Indices ETF Performance – Monthly Performance Montage (2019 to 2020 YTD)

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

2020 -0.9% -9.9% -13.9% 10.9% 4.6% 1.4% 2.5% 7.5% -2.4% -4.5% -- -- -7.0% Dow Jones iShares Dow Jones ETF (DIA) 2019 7.3% 3.7% -0.1% 2.6% -6.6% 7.1% 1.0% -1.6% 1.9% 0.5% 3.9% 1.5% 34.5%

S&P 500 2020 0.0% -7.9% -13.0% 12.7% 4.8% 1.3% 5.9% 7.0% -4.1% -2.5% -- -- 1.5% SPDR S&P 500 ETF (SPY) 2019 8.0% 3.2% 1.4% 4.1% -6.4% 6.4% 1.5% -1.7% 1.5% 2.2% 3.6% 2.4% 28.8%

NASDAQ 2020 1.8% -6.1% -10.6% 15.9% 6.8% 5.9% 6.6% 10.2% -5.6% -2.3% -- -- 21.3% Fidelity NASDAQ Comp (ONEQ) 2019 9.8% 3.5% 2.5% 5.1% -7.9% 7.4% 2.2% -2.6% 0.2% 3.8% 4.6% 2.5% 34.5%

Russell 2000 2020 -3.1% -8.8% -21.8% 13.8% 6.6% 3.1% 2.9% 5.5% -3.6% 2.2% -- -- -7.6% iShares Russell 2000 ETF (IWM) 2019 11.3% 5.2% -2.4% 3.4% -7.9% 6.6% 0.7% -4.9% 1.7% 2.7% 4.1% 2.4% 34.5%

Major US Index ETFs – Performance Since October 1, 2020 (1) DOW S&P 500 NASDAQ RUSSELL

(4.48%) (2.49%) (2.28%) +2.20% Major US Index ETF Constituents – Largest Movers Since October 1, 2020 (1) D Company Ticker % Chg. S Company Ticker % Chg. O Travelers TRV-US 11.6% & Tapestry TPR-US 42.2% Caterpillar CAT-US 5.3% Align Technology ALGN-US 30.2% W P JPMorgan Chase JPM-US 1.8% Under Armour UAA-US 23.2% 3M MMM-US (0.1%) SVB Financial Group SIVB-US 20.8% Walmart WMT-US (0.8%) General Electric GE-US 19.1%

Intel INTC-US (14.5%) Vertex Pharmaceuticals VRTX-US (23.4%) Boeing BA-US (12.6%) DexCom DXCM-US (22.5%) Merck US MRK-US (9.3%) Citrix Systems CTXS-US (17.7%) Visa V-US (9.1%) International Flavors IFF-US (16.2%) American Express AXP-US (9.0%) Fidelity Natl Info Svcs FIS-US (15.4%)

N Company Ticker % Chg. R Company Ticker % Chg. A Replimune Group REPL-US 81.6% U Scholar Rock SRRK-US 119.9% MyoKardia MYOK-US 64.0% AnaptysBio ANAB-US 99.7% S S Westwater Resources WWR-US 63.3% MoneyGram MGI-US 82.3% D Solid Biosciences SLDB-US 61.1% S Replimune Group REPL-US 81.6% A ImmunoGen IMGN-US 56.7% E BioSpecifics Technologies BSTC-US 66.8%

Q Cyclerion Therapeutics CYCN-US (61.5%) L Mallinckrodt MNK-US (85.6%) Loop Industries LOOP-US (55.8%) L Catabasis Pharmaceuticals CATB-US (78.4%) Axovant Gene Therapies AXGT-US (53.9%) Avenue Therapeutics ATXI-US (71.0%) Bellicum Pharmaceuticals BLCM-US (43.5%) Cyclerion Therapeutics CYCN-US (61.5%) DraftKings DKNG-US (39.8%) Baudax Bio BXRX-US (60.6%)

Source: FactSet, Bloomberg. Market data as of 4:00 PM on Oct. 30, 2020. (1): Note: Index and individual stock performance (% chg.) indexed to each security’s respective closing price on Sept. 30, 2020. Healthcare Equity Capital Markets Update November 3, 2020 Healthcare ETF Performance – Monthly Performance Montage (2019 to 2020 YTD)

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

2020 -2.7% -6.6% -4.4% 12.6% 3.3% -2.9% 5.5% 2.6% -2.6% -3.6% -- -- Health Care Select Sector -0.2% SPDR Fund (XLV) 2019 4.8% 1.1% 0.1% -2.7% -2.2% 6.1% -1.6% -0.6% -0.5% 5.1% 5.0% 2.4% 17.7%

iShares NASDAQ 2020 -5.6% 0.1% -5.4% 15.1% 8.7% 1.4% -1.7% 0.9% -0.1% -3.5% -- -- 8.4% Biotechnology ETF (IBB) 2019 13.8% 2.8% -0.8% -4.8% -6.1% 9.1% -3.2% -2.6% -3.3% 7.9% 11.5% 0.7% 25.0%

Invesco S&P SmallCap 2020 0.1% -7.0% -14.0% 12.4% 3.6% 0.6% 5.2% 4.6% -0.9% 1.2% -- -- 3.4% Health Care ETF (PSCH) 2019 9.3% 3.2% -4.7% -0.9% -6.0% 9.6% -0.2% -2.4% -1.2% 3.4% 10.4% -0.2% 20.2%

iShares U.S. Medical 2020 0.1% -8.7% -6.7% 14.2% 4.3% -1.4% 10.7% 3.7% -1.4% -0.5% -- -- 12.8% Devices ETF (IHI) 2019 7.8% 5.0% 2.4% -2.9% -1.9% 9.1% 2.3% 1.2% -0.8% 0.8% 4.3% 1.7% 32.3%

Major US Index ETFs – Performance Since October 1, 2020 (1) XLV IBB PSCH IHI

(3.62%) (3.54%) +1.18% (0.49%) Major US Index ETF Constituents – Largest Movers Since October 1, 2020 (1) X Company Ticker % Chg. I Company Ticker % Chg. L Align Technology ALGN-US 30.2% B Scholar Rock SRRK-US 119.9% Waters WAT-US 13.9% AnaptysBio ANAB-US 99.7% V B Bio-Rad Laboratories BIO-US 13.8% MyoKardia MYOK-US 64.0% ResMed RMD-US 12.0% Solid Biosciences SLDB-US 61.1% Henry Schein HSIC-US 8.2% ImmunoGen IMGN-US 56.7%

Vertex Pharmaceuticals VRTX-US (23.4%) Corbus Pharmaceuticals CRBP-US (47.8%) DexCom DXCM-US (22.5%) Tricida TCDA-US (37.9%) Amgen AMGN-US (14.6%) Gossamer Bio GOSS-US (33.1%) Eli Lilly & Co LLY-US (11.9%) Intercept Pharmaceuticals ICPT-US (33.0%) Biogen BIIB-US (11.1%) Cytokinetics CYTK-US (29.0%)

P Company Ticker % Chg. I Company Ticker % Chg. S Community Health Systems CYH-US 47.9% H Penumbra PEN-US 34.3% AMAG Pharmaceuticals AMAG-US 46.0% STAAR Surgical STAA-US 28.2% C I Endo ENDP-US 38.5% Heska HSKA-US 18.8% H Providence Service PRSC-US 26.5% Waters WAT-US 13.9% Allscripts Healthcare Sol MDRX-US 23.8% Bio-Rad Laboratories BIO-US 13.8%

Cytokinetics CYTK-US (29.0%) DexCom DXCM-US (22.5%) Zynex ZYXI-US (26.6%) NanoString Technologies NSTG-US (18.0%) Luminex LMNX-US (16.0%) CryoPort CYRX-US (15.3%) Spectrum Pharmaceuticals SPPI-US (15.9%) AngioDynamics ANGO-US (14.3%) Tabula Rasa Healthcare TRHC-US (15.3%) GenMark Diagnostics GNMK-US (13.9%)

Source: FactSet, Bloomberg. Market data as of 4:00 PM on Oct. 30, 2020. (1): Note: Index and individual stock performance (% chg.) indexed to each security’s respective closing price on Sept. 30, 2020. Healthcare Equity Capital Markets Update November 3, 2020 US Healthcare (1) Equity Capital Markets Activity – 2013 to 2020 YTD Aggregate Gross Proceeds Raised (Millions, USD) $5,598 $90,000 $15,426 $80,000

$70,000

$60,000 $281 $1,802 $9,303 $50,000 $2,323 $138 $1,217 $1,768 $725 $40,000 $696 $2,413 $43,502 $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 $16,421 $8,060 $8,933 $9,036 $5,657 $3,046 $3,547 $8,158 Deal Count 2013 2014 2015 2016 2017 2018 2019 2020 (YTD)

Deal Proceeds ($) Deal Volume (#) 2013 2014 2015 2016 2017 2018 2019 2020 (YTD) $8,060 $8,933 $5,657 $3,046 $3,547 $9,036 $8,158 $16,421 IPOs 58 107 64 38 43 78 66 81

Follow-Ons $17,461 $12,771 $33,412 $10,470 $24,621 $29,045 $26,383 $43,502 (S-1, S-3 “CMPO”) 209 157 247 176 269 300 308 356 $696 $725 $281 $1,739 $1,217 $1,802 $2,323 $5,598 PIPEs/RDs 46 41 26 99 100 82 155 178 $1,573 $386 $9,303 $87 $2,413 $138 $1,768 $15,426 Convertibles 17 6 11 9 17 8 13 47 US Healthcare (1) Equity Capital Markets Activity – 1990 to 2020 YTD (2)

Sources: FactSet, Bloomberg, Dealogic, The National Bureau of Economic Research (NBER)(3). Market data as of 4:30 PM on Oct. 30, 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 November 3, 2020 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 IPO Gross Proceeds 6,500 100% IPO Count 6% 6,000 10% 11% Quarterly Median # of IPOs 25 90% 18% 5,500 29% 28% 25% 80% 43% 5,000 21 48% 20 4,500 70% 73% 4,000 17 60% 63% 3,500 15 50% 80% 68% 3,000 89% 12 66% 2,500 40% 10 71% 72% 2,000 30% 57% 52% 1,500 20% 5 31% 1,000 27% 10% 500 14% 10% 9% 0 0 0% Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 2-Yr Total Selected Recent IPOs – Life Sciences, Med. Tech, and Diagnostics

Gross Pre-Money Disclosed % Change Offer Offer Within Company Ticker Indication Proceeds Valuation Insider Offer / Date Price Range? (mm) (1) (mm) (2) Participation (%) Current Atea Pharmaceuticals AVIR Infectious Diseases (nCoV-2 Antiviral) 10/29/2020 $24.00 $300 $1,780 In Range -- 26.4% SQZ Biotechnologies SQZ Immuno-Oncology (CD8+ Cell Therapy) 10/29/2020 $16.00 $71 $352 In Range -- (17.2%) Biodesix BDSX Med. Tech (Liquid Biopsy) 10/28/2020 $18.00 $72 $445 In Range 26% (30.9%) Galecto GLTO Hepatology (NASH) 10/28/2020 $15.00 $85 $310 In Range -- 0.0% Foghorn Therapeutics FHTX Gene Therapy (Oncology ATPase Inhibitor) 10/22/2020 $16.00 $120 $508 In Range 5% (0.1%) Aligos Therapeutics ALGS Infectious Diseases (HCB) 10/15/2020 $15.00 $150 $430 In Range -- (0.4%) Eargo EAR Med. Tech (Hearing Aids) 10/15/2020 $18.00 $141 $623 Above -- 92.5% Kiromic Biopharma KRBP Oncology (Allogenic CAR-T) 10/15/2020 $12.00 $15 $86 In Range -- (19.1%)

Praxis Precision Medicines PRAX CNS (Depression) 10/15/2020 $19.00 $190 $583 Above 5% 84.2%

Tarsus Pharmaceuticals TARS Ophthalmology (Demodex blepharitis) 10/15/2020 $16.00 $88 $248 In Range -- 27.8% Codiak BioSciences CDAK Oncology (Exsome-based Therapeutics) 10/13/2020 $15.00 $83 $227 In Range -- (42.5%) Kronos Bio KRON Oncology (SYK Inhibitor) 10/8/2020 $19.00 $250 $836 Above 5% 47.8% Spruce Biosciences SPRB Congenital Adrenal Hyperplasia (CAH) 10/8/2020 $15.00 $90 $276 In Range -- 45.9% Shattuck Labs STTK Oncology (Novel Fusion Proteins) 10/8/2020 $17.00 $202 $511 Above 2% 52.1%

Aziyo Biologics AZYO Regenerative Medicine (Implants & Tissue Repair) 10/7/2020 $17.00 $50 $127 In Range 40% (35.4%) C4 Therapeutics CCCC Oncology (Novel Protein Degeneration) 10/1/2020 $19.00 $182 $645 Above 5% 30.3% Immunome IMNM Oncology (IL-38 mAb) 10/1/2020 $12.00 $39 $96 In Range 51% (5.4%) Oncorus ONCR Oncology (Viral Immunotherapies) 10/1/2020 $15.00 $87 $265 In Range -- 10.7% Pulmonx LUNG Med. Tech (COPD) 9/30/2020 $19.00 $190 $529 Above -- 121.4% Graybug Vision GRAY Ophthalmology (Wet AMD) 9/24/2020 $16.00 $90 $263 In Range -- (17.8%) PMV Pharmaceuticals PMVP Oncology (p53 mutations) 9/24/2020 $18.00 $212 $624 In Range -- 94.7% Prelude Therapeutics PRLD Oncology (PRMT5 inhibitor) 9/24/2020 $19.00 $158 $728 In Range 5% 85.4% Taysha Gene Therapies TSHA Rare Diseases (GM2 gangliosidosis) 9/23/2020 $20.00 $157 $559 In Range -- 4.0% Athira Pharma ATHA CNS (Alzheimer's Disease) 9/17/2020 $17.00 $204 $340 In Range 5% 6.2% COMPASS Pathways CMPS CNS (Treatment Resistant Depression) 9/17/2020 $17.00 $128 $531 Above 5% 88.2%

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 Oct. 30, 2020. Healthcare Equity Capital Markets Update November 3, 2020 Follow-On Market Update – Life Sciences, Med. Tech, and Diagnostics

Gross Proceeds ($MM) Follow-On Count Median Discount from Filing to Offer (% Change) 3-Yr Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Median $18,000 Follow On Gross Proceeds 250 Follow-On Count Quarterly Median # of Follow-Ons 16,000

200 14,000

12,000 159 150 10,000

8,000 100 -8.6% 6,000 87 69 -10.7% 4,000 50 -11.7% -11.4% -11.4% -12.4% -12.4% 2,000 -14.3% -14.2% 0 0 -14.5% Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 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 Cap File / Offer / Date Price (mm) (1) (mm) (2) Offer Current Evogene EVGN Microbiome Metabolic Therapies 10/30/2020 $2.50 $12 $94 (15.8%) 8.8% Bellicum Pharmaceuticals †† BLCM Blood Diseases 10/29/2020 $6.03 $25 $63 2.1% (38.4%) Forte Biosciences FBRX Dermatology 10/29/2020 $28.50 $40 $389 (0.6%) 33.9% Allakos ALLK GI Diseases 10/28/2020 $82.00 $250 $5,136 (12.3%) 16.0% Cancer Genetics CGIX Oncology 10/28/2020 $2.20 $3 $9 (35.3%) 2.3% Scholar Rock SRRK Rare Diseases 10/28/2020 $39.00 $200 $1,327 29.9% (0.3%) Titan Pharmaceuticals †† TTNP CNS (Substance Abuse) 10/28/2020 $0.10 $8 $24 (27.5%) 40.3% Ultragenyx Pharmaceutical RARE Rare Diseases 10/28/2020 $90.00 $400 $6,154 (7.6%) 11.7% EXACT Sciences EXAS Diagnostics 10/27/2020 $101.00 $869 $16,948 (5.2%) 22.6% Mirati Therapeutics MRTX Oncology 10/27/2020 $202.00 $800 $11,953 2.7% 7.5% Turning Point Therapeutics TPTX Oncology (NSCLC) 10/26/2020 $87.00 $400 $4,391 (15.2%) 6.0% Iterum Therapeutics † ITRM Infectious Diseases 10/23/2020 $0.65 $13 $10 (36.9%) (27.1%) Milestone Pharmaceuticals MIST Cardiovascular Diseases 10/22/2020 $5.25 $45 $219 (25.0%) 9.7% Aptinyx APTX Diabetic Peripheral Neuropathy 10/21/2020 $3.00 $42 $201 (30.2%) (2.3%)

Abcam plc ABCM Pharma Dev. Services (mAb Research) 10/21/2020 $17.50 $157 $3,860 11.1% 8.6% Replimune Group REPL Oncology 10/21/2020 $40.00 $250 $2,099 (5.7%) 4.5% BELLUS Health BLU Respiratory Diseases 10/20/2020 $2.25 $35 $140 (3.0%) 2.7% IsoRay † ISR Oncology 10/20/2020 $0.52 $10 $39 (8.4%) (22.6%) FSD Pharma † HUGE Inflammatory Diseases 10/16/2020 $2.20 $10 $38 (14.1%) (35.5%) Nephros NEPH Other (Med. Tech) 10/16/2020 $6.00 $5 $62 (8.7%) 8.0% Opthea OPT Ophthalmology (Wet AMD) 10/16/2020 $13.50 $116 $558 (16.8%) (5.9%) Alphatec ATEC Musculoskeletal Diseases 10/14/2020 $8.75 $100 $872 (14.6%) (2.4%) Aridis Pharmaceuticals † ARDS Infectious Diseases 10/14/2020 $7.49 $9 $66 0.7% (17.4%) Eton Pharmaceuticals ETON Spec. Pharma 10/14/2020 $7.00 $20 $161 1.0% 4.1% Ocular Therapeutix OCUL Ophthalmology 10/14/2020 $9.75 $70 $885 (19.5%) (2.6%)

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. [U] denotes transactions concurrent with OTC-to-NASDAQ uplisting events (“NASDAQ IPOs”). 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 Oct. 30, 2020. Healthcare Equity Capital Markets Update November 3, 2020 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 Specialty 646.248.5091 Biopharmaceuticals Biopharmaceuticals Biopharmaceuticals Pharmaceuticals [email protected] Company Company Company Company Matt Hoban 646.603.6720 [email protected] $40,000,000 Capital Markets Advisor Capital Markets Advisor Capital Markets Advisor Capital Markets Advisor Follow-On Offering Matt Jachera Ongoing Engagement Ongoing Engagement Ongoing Engagement Ongoing Engagement 646.807.4124 Co-Manager [email protected] October 2020 Scotty Katzmann 646.248.5091 [email protected] George Kogan BlackRockHealth Sciences Capital 646.248.5087 AllocationTrust I ITrust [email protected] Henry Moore $1,250,000,000 $2,000,000,000 $7,762,500 $780,000,000 $15,000,000 646.603.6716 IPO IPO Follow-On Offering IPO Follow-On Offering [email protected] Co-Manager Co-Manager Co-Manager Co-Manager Co-Manager Michael D. Rhea October 2020 September 2020 September 2020 August 2020 August 2020 646.807.4125 [email protected] Zak Ross-Nash 646.462.4681 [email protected]

Aberdeen Global Joseph Rudick, M.D. Infrastructure Fund 646.603.6716 [email protected] CAD$6,450,000 $10,000,000 $173,000,000 $177,000,000 $40,000,000 J. Reilly Simmons PIPE Registered Direct Follow-On Offering IPO IPO 646.893.7801 Lead US Placement Agent Financial Advisor Financial Advisor Co-Manager Co-Manager [email protected] August 2020 July 2020 July 2020 July 2020 July 2020 Patrick Sturgeon 646.681.4651 [email protected] Abi Subramanian 646.603.6719 [email protected] Jake Ward $80,000,000 $38,000,000 $125,000,000 $70,000,000 646.248.5184 Capital Markets Advisor PIPE Follow-On Offering Follow-On Offering Follow-On Offering [email protected] Completed Engagement Financial Advisor Co-Manager Co-Manager Co-Manager Samuel Wertheimer, Ph.D. June 2020 July 2020 July 2020 July 2020 July 2020 646.462.4718 [email protected] Equity Research Leah Rush Cann 646.934.6976 High Yield Opportunities Financial Strategies 2027 Term Fund Income Term Trust [email protected] Kumar Raja, Ph.D. $665,000,000 $100,000,000 $10,000,000 Capital Markets Advisor Capital Markets Advisor 646.462.6471 IPO IPO Follow-On Offering [email protected] Completed Engagement Completed Engagement Co-Manager Co-Manager Co-Manager June 2020 June 2020 Sally Yanchus June 2020 June 2020 June 2020 646.603.6718 [email protected]

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