Brookline Brief

THE BROOKLINE BRIEF

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

Equity Market / New Issue Market Tailwinds Equity Market / New Issue Market Headwinds › February 2021 delivered one of the strongest months of IPO activity (as measured by › Although the follow-on segment of the broader new issue market enjoyed sustained aggregate monthly deal count) on record, welcoming 17 new entrants to the now-21 momentum over the past 4 weeks, competition for capital within the life sciences, med. member IPO Class of 2021. Currently, February 2021’s 17 life sciences, med. tech, and tech, and diagnostics subsectors continued to intensify, with the median file-to-offer diagnostics IPOs ranks as the #1 most active February on record – more than doubling discount paradoxically ticking down to -14.1% amidst a record-setting first 8 weeks of the prior all-time monthly IPO volume record for the month of February the year – the 3rd-worst median file-to-offer discount on a quarterly basis since Q1 2019 (2019; 8 IPOs) and recording the #2 most active month of IPO volume for any single and the worst quarterly median discount (on a file-to-offer basis) since Q1 2020. month dating back to January 2016 (surpassed only by October 2020’s 18 IPO all-time Although buy-side appetite for follow-on offerings appears resilient, some observers have monthly record). In addition, February 2021’s 17 IPOs raised more in cumulative cautioned that sustained levels of elevated new issue activity may continue to shift pricing aggregate gross proceeds ($2.63bn) than the total amounts raised in February 2019, power toward investors as a growing number of companies seeking equity capital 2018, 2017, and 2016 combined ($1.54bn). Given the tendency for market observers to compete for a finite pool of dedicated investment funding. view the IPO market as a “leading indicator” for the broader life sciences, med. tech, and diagnostics subsectors, many remain optimistic that the continued strength and resilience › While post-IPO performances continued to reward IPO investors – as evidenced by the of the IPO market in 2021 YTD may portend continued outperformance for the sector +36.1% median offer-to-1-day return for the overall IPO Class of 2021 YTD – IPO over the near- to mid-term. pricing dynamics during 2021 YTD have marginally deteriorated, with 3 of 2021’s 21 IPOs (14%) pricing below the lower bound of the initial pricing range (compared to 0% › Follow-on offering activity for life sciences, med. tech, and diagnostics-focused companies and 14% in 2020 and 2019, respectively). Even as the life sciences, med. tech, and also remained robust during the prior month, building upon January’s strong start to the diagnostics IPO market remains on pace to dramatically surpass the current all-time IPO new year and bringing year-to-date total follow-on volume to 152 completed offerings. records set during 2020, some have warned that the uptick in below-range IPO pricings Following a record-breaking first 2 months of the year, 2021 remains on pace to witness could indicate an increased willingness on the part of IPO investors to push back on over 900 deals and over $105bn in aggregate gross proceeds raised (assuming straight- consistently growing preliminary IPO valuations and private-to-public valuation step-ups. line continuations of January and February 2021 volume trends) – setting the stage for a potentially transformative year for pre-revenue and development-stage companies › Following the departure of Commissioner Stephen Hahn on Jan. 20, the incoming Biden seeking to raise growth capital throughout the broader healthcare industry vertical. Administration failed to nominate a permanent FDA Commissioner during its first full month in office, leaving the Agency under the leadership of Acting Commissioner and › Following a unanimous 22-0 Advisory Committee panel vote this past Friday, the FDA FDA veteran, Janet Woodcock – a noted advocate of “collaborative” development granted Emergency Use Authorization for Johnson & Johnson’s lead nCoV-SARS-2 protocols generally viewed as favorable to the development-stage biopharma community. vaccine candidate, JNJ-78436735, this past weekend. Barring any unforeseen clinical While some expect a permanent appointment to be made in the coming weeks, others complications, many expect the addition of JNJ’s vaccine – the first EUA-granted vaccine worry that a lack of visibility into the longer-term leadership at the FDA could introduce to leverage the more “tried and true” viral vector approach – to dramatically accelerate new headwinds throughout the biopharma subsector as investors hedge against the already steadily improving US vaccination campaign, potentially leading to better-than- possibility of longer-term uncertainty the top of the FDA’s leadership. expected clinical outcomes and ahead-of-schedule economic “re-openings” across the country.

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 March 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% 3.2% ------1.2% 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% 2.8% ------S&P 500 1.7% 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%

NASDAQ 2021 0.9% 1.2% ------2.1% 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%

Russell 2000 2021 4.8% 6.2% ------11.3% 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

+1.20% +1.73% +2.08% +11.35% Major US Index ETF Constituents – Largest Movers Since January 1, 2021 (1) D Company Ticker % Chg. S Company Ticker % Chg. O Intel INTC-US 22.0% & Discovery DISCA-US 76.2% Goldman Sachs Group GS-US 21.1% ViacomCBS VIAC-US 73.1% W P Walgreens WBA-US 20.2% Marathon Oil MRO-US 66.4% Caterpillar CAT-US 18.6% Occidental Petroleum OXY-US 53.7% Chevron CVX-US 18.4% L Brands LB-US 47.0%

Merck US MRK-US (11.2%) Verisk Analytics VRSK-US (21.1%) Procter & Gamble PG-US (11.2%) Viatris VTRS-US (20.8%) Coca-Cola KO-US (10.7%) Paycom Software PAYC-US (17.2%) Walmart WMT-US (9.9%) Equifax EFX-US (16.1%) Apple AAPL-US (8.6%) Leidos LDOS-US (15.9%)

N Company Ticker % Chg. R Company Ticker % Chg. A The9 NCTY-US 823.4% U Cassava Sciences SAVA-US 612.3% Cassava Sciences SAVA-US 612.3% GameStop GME-US 440.0% S S CPS Technologies CPSH-US 611.9% Pandion Therapeutics PAND-US 305.4% D Ocugen OCGN-US 498.4% S AMC Entertainment AMC-US 277.8% A Naked Brand Group NAKD-US 441.7% E Evolus EOLS-US 260.4%

Q Immunovant IMVT-US (65.8%) L Immunovant IMVT-US (65.8%) Lumos Pharma LUMO-US (61.9%) L GTT Communications GTT-US (47.3%) Otonomy OTIC-US (54.9%) Concert Pharmaceuticals CNCE-US (47.1%) Oncorus, Inc. ONCR-US (51.1%) Amicus Therapeutics FOLD-US (46.8%) Codiak BioSciences, Inc. CDAK-US (49.8%) IMARA IMRA-US (42.9%)

Source: FactSet, Bloomberg. Market data as of 4:00 PM on Feb. 26, 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 March 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% -2.1% ------0.7% 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% -2.3% ------3.6% 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% 2.8% ------9.2% 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% -1.2% ------0.6% 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

(0.73%) +3.59% +9.21% +0.64% 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 21.4% B Evolus EOLS-US 260.4% Illumina ILMN-US 18.8% Gritstone Oncology GRTS-US 244.4% V B LabCorp LH-US 17.9% Amyris AMRS-US 123.5% Biogen BIIB-US 11.4% Lexicon Pharmaceuticals LXRX-US 110.2% Waters WAT-US 10.7% Prothena PRTA-US 85.8%

Viatris VTRS-US (20.8%) Sarepta Therapeutics SRPT-US (48.9%) DaVita DVA-US (13.0%) Amicus Therapeutics FOLD-US (46.8%) PerkinElmer PKI-US (12.1%) Editas Medicine EDIT-US (37.4%) Cerner CERN-US (11.9%) Y-mAbs Therapeutics YMAB-US (29.0%) Merck US MRK-US (11.2%) bluebird bio BLUE-US (28.1%)

P Company Ticker % Chg. I Company Ticker % Chg. S Fulgent Genetics FLGT-US 94.4% H Penumbra PEN-US 62.5% Myriad Genetics MYGN-US 54.2% AngioDynamics ANGO-US 36.7% C I Cutera CUTR-US 46.5% CryoPort CYRX-US 35.5% H Vanda Pharmaceuticals VNDA-US 41.9% GenMark Diagnostics GNMK-US 33.9% Luminex LMNX-US 40.7% STAAR Surgical STAA-US 31.3%

Anika Therapeutics ANIK-US (18.9%) iRhythm Technologies IRTC-US (32.2%) Amphastar Pharmaceuticals AMPH-US (12.8%) Novocure NVCR-US (13.8%) Cytokinetics CYTK-US (9.9%) Intuitive Surgical ISRG-US (9.9%) REGENXBIO RGNX-US (9.8%) Vapotherm VAPO-US (9.5%) Pennant Group PNTG-US (9.1%) ResMed RMD-US (9.3%)

Source: FactSet, Bloomberg. Market data as of 4:00 PM on Feb. 26, 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 March 2, 2021 US Healthcare (1) Equity Capital Markets Activity – 2014 to 2021 YTD Aggregate Gross Proceeds Raised (Millions, USD) $90,000

$80,000 $17,952 $70,000 $5,889 $60,000 $281 $1,802 $2,323 $50,000 $138 $9,303 $1,223 $1,768 $40,000 $2,413 $44,462 $725 $1,739 $2,500 $30,000 $386 $87 $29,045 $1,381 $20,000 $33,412 $26,383 $12,771 $24,621 $10,000 $10,470 $17,019 $11,822 $8,933 $9,036 $5,657 $3,046 $3,547 $8,158 $4,407 Deal Count 2014 2015 2016 2017 2018 2019 2020 2021 YTD

Deal Proceeds ($) Deal Volume (#) 2014 2015 2016 2017 2018 2019 2020 2021 YTD $8,933 $5,657 $3,046 $3,547 $9,036 $8,158 $17,019 $4,407 IPOs 107 64 38 43 78 66 89 21

Follow-Ons $12,771 $33,412 $10,470 $24,621 $29,045 $26,383 $44,462 $11,822 (S-1, S-3 “CMPO”) 157 247 176 269 300 308 424 118 $725 $281 $1,739 $1,223 $1,802 $2,323 $5,889 $1,381 PIPEs/RDs 41 26 99 101 82 155 189 33 $386 $9,303 $87 $2,413 $138 $1,768 $17,952 $2,500 Convertibles 6 11 9 17 8 13 60 5 US Healthcare (1) Equity Capital Markets Activity – 1990 to 2021 YTD (2)

Sources: FactSet, Bloomberg, Dealogic, The National Bureau of Economic Research (NBER)(3). Market data as of 4:30 PM on Feb. 26, 2021. (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 March 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 IPO Gross Proceeds 6,500 100% Quarterly Median # of IPOs 6,000 10% 11% IPO Count 26 90% 18% 25 5,500 29% 33% 37% 80% 43% 5,000 48% 45% 4,500 20 70% 73% 4,000 60% 3,500 15 50% 80% 68% 3,000 89% 2,500 12 40% 52% 10 71% 58% 2,000 30% 57% 52% 55% 1,500 20% 5 1,000 27% 10% 500 10% 14% 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 Virpax Pharmaceuticals VRPX Spec. Pharma (non-opioid acute pain) 2/16/2021 $10.00 $18.0mm $31.5mm In Range -- (46.1%) Decibel Therapeutics DBTX CNS (AAV gene therapies) 2/11/2021 $18.00 $127.1mm $346.4mm In Range -- +4.3% Longeveron LGVN CNS (Alzheimer's Disease) 2/11/2021 $10.00 $26.6mm $160.5mm In Range 4% (20.0%) NexImmune NEXI Oncology (synthetic T-cell therapy) 2/11/2021 $17.00 $110.0mm $284.3mm In Range 20% +52.4% Talis Biomedical TLIS Med. Tech (POC molecular testing) 2/11/2021 $16.00 $220.8mm $727.0mm In Range 5% +7.9% Bioventus BVS Med. Tech (orthopedics/OA joint pain) 2/10/2021 $13.00 $104.0mm $619.1mm Below 5% (6.3%) Vallon Pharmaceuticals VLON CNS (ADHD) 2/9/2021 $8.00 $18.0mm $32.7mm In Range -- (23.6%) Angion Biomedica ANGN ARDS (HGF mimetic) 2/5/2021 $16.00 $80.0mm $395.0mm In Range 24% +8.4% Vor Biopharma VOR Oncology (CD33 eHSC) 2/5/2021 $18.00 $176.9mm $534.0mm In Range -- +149.8% Bolt Biotherapeutics BOLT Oncology (HER2+TLR7/8 ISAC) 2/4/2021 $20.00 $230.0mm $527.0mm Above 5% +33.5% Immunocore Holdings IMCR Oncology (TCR bispecific antibodies) 2/4/2021 $26.00 $258.3mm $826.0mm Above 5% +86.0%

Yes* Lucira Health LHDX Med. Tech (Infectious Disease Test Kits) 2/4/2021 $17.00 $153.0mm $550.0mm In Range (Not Disclosed) +13.6% Pharvaris PHVS Rare Diseases (HAE) 2/4/2021 $20.00 $165.4mm $499.0mm Above 5% +90.0% Terns Pharmaceuticals TERN NASH (FXR agonist) 2/4/2021 $17.00 $127.5mm $303.0mm In Range -- +33.2% Landos Biopharma LABP IBD (LANCL2 - UC / Chron's) 2/3/2021 $16.00 $100.0mm $550.0mm In Range -- (15.8%) Sensei Biotherapeutics SNSE Oncology (bacteriophage I/O + PD-1) 2/3/2021 $19.00 $133.0mm $458.0mm Above 6% (13.2%)

Sana Biotechnology SANA Oncology (CD8/CD19 cell therapy) 2/3/2021 $25.00 $587.5mm $4,332.0mm Above 2% +23.0% NLS Pharmaceutics NLSP CNS (Narcolepsy) 1/28/2021 $4.15 $20.0mm $28.9mm Below -- (31.1%) Ortho Clinical Diagnostics OCDX Med. Tech (in vitro diagnostics) 1/27/2021 $17.00 $1,292.0mm $2,613.2mm Below -- +1.8% Gracell Biotechnologies GRCL Oncology (next-gen CAR-T) 1/8/2021 $19.00 $209.0mm $1,061.8mm Above -- +19.6% Cullinan Oncology CGEM Oncology (EGFR inhibitor) 1/7/2021 $21.00 $249.9mm $696.5mm Above 5% +92.5% Inhibikase Therapeutics IKT CNS (Parkinson's) 12/22/2020 $10.00 $18.0mm $113.8mm In Range -- (33.0%) 908 Devices MASS Lab Instruments (Mass Spec) 12/17/2020 $20.00 $130.0mm $455.5mm Above 5% +166.0% Virios Therapeutics VIRI Idiopathic Pain (Fibromyalgia) 12/16/2020 $10.00 $30.0mm $48.3mm In Range -- (38.1%) BioAtla BCAB Oncology (CABs) 12/15/2020 $18.00 $189.0mm $388.6mm Above 5% +195.0%

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 Feb. 26, 2021. Healthcare Equity Capital Markets Update March 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) 3-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 16,000 Follow-On Count

200 14,000

12,000 159 150 10,000

8,000 100 6,000 87 -10.7% 4,000 -11.4% 50 -11.7% -11.7% -11.9% -12.4% 2,000 -13.8% -14.3% -14.4% -14.1% 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 AVITA Medical RCEL Regenerative Medicine 2/25/2021 $21.50 $60.1mm $556.3mm (14.3%) +1.1% Adamas Pharmaceuticals ADMS CNS (Parkinson's Disease Dyskinesia) 2/24/2021 $4.40 $55.0mm $136.5mm (7.0%) +8.0% Celcuity CELC Molecular Diagnostics 2/24/2021 $14.00 $24.0mm $193.6mm (21.3%) +1.4% BriaCell Therapeutics †† BCTX Oncology (allo CAR-T) 2/23/2021 $4.25 $25.0mm $4.6mm (59.5%) (20.0%) Brainsway BWAY Med Tech (CNS) 2/23/2021 $8.50 $39.3mm $276.1mm (15.3%) +0.6% PAVmed PAVM Med Tech (Infusion Pumps) 2/23/2021 $4.25 $41.6mm $503.2mm (23.4%) (1.2%) ClearPoint Neuro CLPT Med. Tech (Gene Therapy Delivery) 2/18/2021 $23.50 $43.5mm $591.0mm (8.9%) (0.3%) Citius Pharmaceuticals † CTXR Diversified 505(b)2 2/17/2021 $1.51 $76.5mm $141.3mm (10.9%) +34.9% ESSA Pharma EPIX Oncology 2/17/2021 $27.00 $130.4mm $1,275.0mm +8.4% +0.3% Molecular Templates MTEM Other 2/17/2021 $12.65 $75.9mm $715.2mm (7.1%) (13.8%) VERU VERU Oncology (mCRPC/TNBC) 2/17/2021 $15.50 $100.0mm $1,396.8mm (9.9%) (10.8%) Y-mAbs Therapeutics YMAB Immuno-Oncology 2/17/2021 $41.00 $100.0mm $2,015.5mm (11.1%) (14.2%) Alkido Pharma (Spherix) AIKI Oncology 2/16/2021 $1.60 $75.0mm $75.6mm (24.9%) (25.6%) AEterna Zentaris AEZS Growth Hormone Deficiency 2/16/2021 $1.45 $29.7mm $150.1mm (19.9%) (19.3%) Aravive ARAV Oncology (Solid Tumors) 2/16/2021 $7.29 $21.0mm $120.3mm at market (6.6%) Bio-Path BPTH Oncology 2/16/2021 $7.60 $13.0mm $46.8mm (14.9%) (14.7%) Galmed Pharmaceuticals GLMD GI Diseases 2/16/2021 $4.33 $10.0mm $115.4mm (14.0%) (8.2%) Hepion Pharmaceuticals HEPA Hepatology (NASH) 2/16/2021 $2.00 $88.4mm $95.3mm (32.7%) (6.0%) Corvus Pharmaceuticals CRVS Oncology (CD73) 2/12/2021 $3.50 $30.0mm $116.3mm (11.2%) (0.6%) Caladrius Bio † CLBS Cell/Gene Therapy 2/12/2021 $2.45 $65.0mm $156.5mm (11.0%) (27.3%) Conformis CFMS Med. Tech (joint replacement implants) 2/12/2021 $1.05 $85.0mm $136.1mm (21.6%) (3.8%) Infinity Pharmaceuticals INFI Oncology (PI3K-gamma inhibitor) 2/12/2021 $3.80 $79.8mm $298.1mm (15.0%) (20.0%) Phio Pharmaceuticals PHIO Immuno-Oncology 2/12/2021 $3.42 $7.9mm $39.4mm (5.3%) (16.4%) Sanara MedTech SMTI Med Tech 2/12/2021 $25.00 $27.5mm $260.3mm (39.0%) +27.2% Applied Therapeutics APLT Diabetic Cardiomyopathy 2/11/2021 $23.00 $69.0mm $612.7mm (15.6%) (5.6%)

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. [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 Feb. 26, 2021. Healthcare Equity Capital Markets Update March 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 $440,000,000 $100,000,000 $20,000,000 Capital Markets Advisor [email protected] Capital Markets Advisor IPO Follow-On Offering ATM Offering Completed Engagement Matt Jachera Ongoing Engagement Co-Manager Co-Manager Joint Sales Agent February 2021 646.807.4124 February 2021 February 2021 February 2021 [email protected] Scotty Katzmann 646.248.5091 [email protected] George Kogan 646.248.5087 $10,000,000 [email protected] $46,000,000 $51,750,000 $35,000,000 $23,000,000 Series B IPO Follow-On Offering Follow-On Offering IPO Henry Moore Convertible Preferred Stock Joint Bookrunner Co-Manager Financial Advisor Co-Manager 646.603.6716 Sole Placement Agent [email protected] February 2021 February 2021 January 2021 January 2021 February 2021 Michael D. Rhea 646.807.4125 [email protected] Zak Ross-Nash 646.462.4681 [email protected] $2,000,000,000 $18,000,000 Joseph Rudick, M.D. Capital Markets Advisor Capital Markets Advisor Capital Markets Advisor IPO Convertible Note 646.603.6716 Completed Engagement Completed Engagement Completed Engagement Co-Manager Sole Placement Agent [email protected] January 2021 January 2021 January 2021 January 2021 January 2021 J. Reilly Simmons 646.893.7801 [email protected] Patrick Sturgeon 646.681.4651 [email protected] Abi Subramanian $35,000,000 $75,600,000 $115,000,000 $85,000,000 $10,500,000 646.603.6719 Registered Direct Follow-On Offering IPO Follow-On Offering Registered Direct [email protected] Co-Placement Agent Co-Manager Co-Manager Co-Manager Financial Advisor Jake Ward January 2021 January 2021 January 2021 December 2020 December 2020 646.248.5184 [email protected] Samuel Wertheimer, Ph.D. 646.462.4718 [email protected] Equity Research Leah Rush Cann $8,500,000 $34,500,000 $1,000,000,000 $8,000,000 $1,250,000,000 646.934.6976 Registered Direct Follow-On Offering IPO Follow-On Offering IPO [email protected] Financial Advisor Co-Manager Co-Manager Co-Manager Co-Manager Kumar Raja, Ph.D. December 2020 December 2020 November 2020 November 2020 October 2020 646.462.6471 [email protected]

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