Brookline Brief

THE BROOKLINE BRIEF

Healthcare Equity Capital Markets Update September 8, 2020 Healthcare Equity Capital Markets Update September 8, 2020

Equity Market / New Issue Market Tailwinds Equity Market / New Issue Market Headwinds › Notwithstanding last week’s volatile final 2 sessions of trading, US equities continued to › Competition for investor capital continued to intensify during the second month of Q3 enjoy upward momentum over the past 4-plus weeks, with the S&P and NASDAQ both 2020, leading to relatively greater price concessions in the context of equity offerings, as notching new all-time highs as of the close on Wednesday, Sept. 2nd. While the Dow and evidenced by the increase in the median effective “file-to-offer discount” to -13.9% for Russell 2000 continue to remain below their respective all-time high closes (recorded on Q3 2020 QTD. Though many remain optimistic that investor appetite for follow-on Feb. 12, 2020 and Aug. 31, 2018, respectively), these US equity benchmarks still find offerings will continue to remain robust through the end of September, others have themselves up +52.7% and +55.6% from their respective 2020 YTD nadirs (recorded on warned that the uptick in the median file-to-offer discount recorded during the past Mar. 18, 2020 and Mar. 23, 2020, respectively). month (-15.7%) may portend greater difficulties for issuers hoping to minimize offering › Though performance for the BlackRock iShares NASDAQ Biotech Index (IBB) discounts and avoid “structured” offerings. underwhelmed during recent weeks – as evidenced by the index’s -1.7% pullback during › While significant progress on the nCoV SARS-2 / “COVID-19” vaccine front continues to July 2020 and modest +0.9% advance during August 2020 – investors have increasingly buoy hopes for a return to economic and day-to-day normalcy in the near future, some enjoyed comparatively stronger returns within other subsegments of the broader have warned that investors are not fully appreciating both the clinical and logistical healthcare vertical. A case in point, the US Medical Devices (IHI) index (once the challenges that typically accompany late-stage vaccine development, approval, and roll- standout underperformer within the healthcare vertical during Q1 2020) advanced out, potentially setting the stage for a broad-based reset in equity valuations in the event +14.8% over just the last 2 months, leading to an aggregate return of +64.3% as of Aug. of a perceived vaccine hiccup – ranging anywhere from minor unforeseen issues such as 31, 2020, as benchmarked against the index’s lowest 2020 YTD close on Mar. 23, 2020. delays in Phase 3 trial enrollments to worst-case setbacks like unanticipated safety issues › New issue activity from US life sciences issuers continued to remain robust over the last with any of the perceived “leading” vaccine candidates. 4 weeks, with 8 IPOs and 38 individual follow-on offerings raising $3.9bn in combined › Significant turbulence within the tech-heavy NASDAQ at the conclusion of last week’s aggregate gross proceeds during the past month; for the IPO market, August 2020 now trading spilled over into the broader US equity market, dragging the 4 major US represents the strongest performance for the month of August in at least the last 5 benchmark indices (NASDAQ, S&P, Dow, and Russell 2000) down -6.2%, -4.3%, -3.3%, years, both in terms of deal count and proceeds raised. Notably, August 2020’s 8 IPOs and -3.6%, respectively, from their respective Sept. 2nd closes during the final 2 sessions matched the total number of August IPOs priced during 2016, 2017, 2018, and 2019 of trading to begin the month of September. While some have argued that last week’s combined (8) and raised $1.32bn in aggregate (prior to overallotment), 137% more than widespread pullback in equities may have been anything from an idiosyncratic “blip” to a the cumulative total raised by the 8 IPOs priced during the preceding 4 August cycles. “healthy correction”, the FT and WSJ reported over the weekend that the catalyst While August 2020’s total follow-on count (38) fell well shy of the 2016-2019 cumulative behind the NASDAQ-centric turbulence may trace its origins to an enormous, total (104), last month’s total follow-on activity by deal count still marked a new high on aggressive, and highly irregular (both in terms of its size and ultimate impact) call spread a monthly basis, dethroning August 2019 (32 follow-ons) as the top August performance derivatives bet by SoftBank, totaling $50bn+ of aggregate exposure across several of the (by deal count) over the 2016-2020 timeframe; August 2020’s 38 offerings raised $2.65bn largest tech names within the NASDAQ. If true, some observers have warned that the in aggregate, good for the second-most raised during the month of August in the last 4 disruption caused by SoftBank’s bet may lead to increasing skepticism regarding equity years, just shy of August 2017’s impressive $3.48bn total raised (via 23 individual valuations and may force investors to reexamine underappreciated correlation risks offerings). across US equity holdings. (1) (2)

Sources: FactSet, Bloomberg, The Wall Street Journal, Financial Times. Market data as of 4:30 PM on Sept. 4, 2020. (1): Financial Times (Sept. 4, 2020): https://www.ft.com/content/53aa19bb-fc9a-46fd-aafd-4bc3669ab161 (2) The Wall Street Journal (Sept. 4, 2020): https://www.wsj.com/articles/softbanks-bet-on-tech-giants-fueled-powerful-market-rally-11599232205 Healthcare Equity Capital Markets Update September 8, 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% -0.9% ------1.2% 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% -1.9% ------6.4% 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% -4.0% ------26.2% 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% -1.7% ------7.8% 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 July 1, 2020 (1) DOW S&P 500 NASDAQ RUSSELL

+9.27% +11.09% +12.80% +6.72% Major US Index ETF Constituents – Largest Movers Since July 1, 2020 (1) D Company Ticker % Chg. S Company Ticker % Chg. O Apple AAPL-US 32.6% & L Brands LB-US 101.3% Walmart WMT-US 19.2% FedEx FDX-US 61.3% W P Dow DOW-US 19.2% AMD AMD-US 55.9% Walt Disney DIS-US 18.4% Mosaic MOS-US 48.1% Caterpillar CAT-US 17.1% United Parcel Service UPS-US 44.6%

Intel INTC-US (16.3%) Occidental Petroleum OXY-US (33.1%) Walgreens WBA-US (13.0%) FirstEnergy Corp FE-US (24.2%) Exxon Mobil XOM-US (12.6%) HollyFrontier HFC-US (21.8%) Cisco Systems CSCO-US (12.5%) ONEOK OKE-US (19.4%) Chevron CVX-US (8.2%) Marathon Oil MRO-US (19.4%)

N Company Ticker % Chg. R Company Ticker % Chg. A Pacific Ethanol PEIX-US 494.4% U Seres Therapeutics MCRB-US 402.5% Seres Therapeutics MCRB-US 402.5% Tupperware Brands TUP-US 341.7% S S SunRun RUN-US 149.6% Gogo GOGO-US 217.7% D SunPower Corp SPWR-US 121.1% S Eastman Kodak KODK-US 173.5% A Aimmune Therapeutics AIMT-US 104.8% E Catasys CATS-US 171.6%

Q Rosehill Resources ROSE-US (95.2%) L California Res CRC-US (92.5%) SAExploration Holdings SAEX-US (82.3%) L Akebia Therapeutics AKBA-US (80.0%) Akebia Therapeutics AKBA-US (80.0%) Unity Biotech UBX-US (65.1%) Unity Biotech UBX-US (65.1%) Odonate Therapeutics ODT-US (64.8%) NextCure NXTC-US (61.2%) Inovio Pharmaceuticals INO-US (64.5%)

Source: FactSet, Bloomberg. Market data as of 4:00 PM on Sept. 4, 2020. (1): Note: Index and individual stock performance (% chg.) indexed to each security’s respective closing price on June 30, 2020. Healthcare Equity Capital Markets Update September 8, 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% -2.4% ------Health Care Select Sector 3.8% 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% -4.7% ------7.3% 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% -2.3% ------0.7% 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% -3.5% ------11.0% 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 July 1, 2020 (1) XLV IBB PSCH IHI

+5.63% (5.42%) +7.46% +10.80% Major US Index ETF Constituents – Largest Movers Since July 1, 2020 (1) X Company Ticker % Chg. I Company Ticker % Chg. L Varian Medical Systems VAR-US 41.9% B Seres Therapeutics MCRB-US 402.5% HCA Healthcare HCA-US 41.2% Aimmune Therapeutics AIMT-US 104.8% V B Intuitive Surgical ISRG-US 29.0% Pacific Biosciences PACB-US 87.5% Universal Health Services UHS-US 22.3% Xeris Pharma XERS-US 68.4% Edwards Lifesciences EW-US 21.1% Principia Biopharma PRNB-US 67.4%

Gilead Sciences GILD-US (14.2%) Akebia Therapeutics AKBA-US (80.0%) Incyte INCY-US (13.0%) Unity Biotech UBX-US (65.1%) ResMed RMD-US (9.6%) Inovio Pharmaceuticals INO-US (64.5%) Vertex Pharmaceuticals VRTX-US (8.2%) Tricida TCDA-US (59.9%) Eli Lilly & Co LLY-US (8.1%) Gritstone Oncology GRTS-US (56.8%)

P Company Ticker % Chg. I Company Ticker % Chg. S Owens & Minor OMI-US 118.2% H iRhythm Technologies IRTC-US 83.3% Community Health Systems CYH-US 70.8% CryoPort CYRX-US 76.1% C I Momenta Pharmaceuticals MNTA-US 56.8% Varian Medical Systems VAR-US 41.9% H Pennant Group PNTG-US 55.7% Intuitive Surgical ISRG-US 29.0% Tivity Health TVTY-US 40.0% NanoString Technologies NSTG-US 28.7%

Zynex ZYXI-US (41.7%) Varex Imaging VREX-US (28.4%) Meridian Bioscience VIVO-US (41.2%) GenMark Diagnostics GNMK-US (21.9%) Varex Imaging VREX-US (28.4%) Inogen INGN-US (21.8%) Phibro Animal Health PAHC-US (27.3%) STAAR Surgical STAA-US (18.8%) Luminex LMNX-US (26.1%) Hill-Rom HRC-US (17.1%)

Healthcare IPO Market Update

Gross Proceeds ($MM) IPO Count IPO Pricing Relative to Initial Filing Range (%) $7,000 30 Below In Range Above 6,500 IPO Gross Proceeds 100% 6% 6,000 IPO Count 10% 11% 25 90% 18% Quarterly Median # of IPOs 24% 24% 5,500 29% 80% 5,000 48% 45% 20 20 4,500 70% 73% 4,000 17 60% 63% 3,500 15 50% 80% 3,000 68% 12 62% 89% 65% 2,500 40% 10 71% 2,000 30% 52% 55% 1,500 20% 5 31% 1,000 27% 10% 500 14% 10% 14% 11% 0 0 0% Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 2-Yr Selected Recent Healthcare IPOs Total

Gross Pre-Money Disclosed % Change Offer Offer Within Company Ticker Indication Proceeds Valuation Insider Offer / Date Price Range? (mm) (1) (mm) (2) Participation (%) Current PainReform Ltd PRFX Post-Op Pain 505(b)(2) 9/1/2020 $8.00 $20 $56 In Range -- (15.9%)

Nano-X Imaging NNOX Med. Tech (Digital X-Ray Imaging) 8/21/2020 $18.00 $165 $737 In Range 48% 102.2%

Kymera Therapeutics KYMR Atopic Dermatitis 8/20/2020 $20.00 $185 $754 Above 6% 47.8%

Inhibrx INBX Chrondrosarcoma / Mesothelioma (Oncology) 8/18/2020 $17.00 $119 $518 In Range -- 5.2%

Harmony Biosciences HRMY CNS (Narcolepsy) 8/18/2020 $24.00 $128 $1,442 Above -- 72.5%

CureVac CVAC mRNA Therapeutics 8/13/2020 $16.00 $331 $2,514 In Range 38% 296.6%

Freeline Therapeutics FRLN Hemophelia B (AAV Gene Therapy) 8/7/2020 $18.00 $159 $478 In Range 5% (10.2%)

Checkmate Pharma CMPI Melanoma (TLR9 Agonist) 8/6/2020 $15.00 $75 $260 In Range -- (17.9%)

Acutus Medical AFIB Med. Tech (Cardiac Arrhythmias) 8/5/2020 $18.00 $159 $340 In Range 32% 86.4%

Allovir ALVR Cell Therapy (Autologous T-Cell Therapies) 7/30/2020 $17.00 $276 $791 In Range 5% 45.7%

iTeos Therapeutics ITOS Immuno-Oncology (Solid Tumors) 7/23/2020 $19.00 $201 $480 Above -- 35.8%

Nurix Therapeutics NRIX Oncology (B-Cell Malignancies) 7/23/2020 $19.00 $209 $545 Above -- 33.1%

Annexon ANNX Guillain-Barre Syndrome (CNS) 7/23/2020 $17.00 $251 $389 Above 1% 47.6%

Inozyme Pharma INZY Rare Diseases (ENPP1 Deficiency) 7/23/2020 $16.00 $112 $274 In Range -- 72.7%

Berkeley Lights BLI Digital Cell Biology (Pharma Dev. Svc.) 7/16/2020 $22.00 $178 $1,356 Above 0% 183.6%

Pandion Therapeutics PAND GI Diseases (Moderate-to-Severe UC) 7/16/2020 $18.00 $135 $379 In Range 5% 5.3%

ALX Oncology ALXO High-Risk MDS (Combination Therapy) 7/16/2020 $19.00 $162 $569 Above 3% 126.3%

Relay Therapeutics RLAY Oncology (Solid Tumors) 7/15/2020 $20.00 $400 $1,449 Above 2% 76.7%

Nkarta NKTX AML/MDS (NK Cell Therapy) 7/10/2020 $18.00 $252 $333 Above Yes - Not Specified 53.6%

Poseida Therapeutics PSTX Multiple Myeloma (CAR-T) 7/9/2020 $16.00 $224 $792 In Range -- (41.9%)

PolyPid PYPD Spec. Pharma (Surgical Site Drug Delivery) 6/26/2020 $16.00 $60 $259 In Range 45% (30.1%)

Fusion Pharma FUSN Oncology (Targeted Radiotherapeutics) 6/25/2020 $17.00 $213 $562 Above 5% (27.8%)

Akouos AKUS Gene Therapy (Hearing Disorders) 6/25/2020 $17.00 $213 $340 Above -- 33.9%

Progenity PROG Med. Tech (Innatal Screening) 6/19/2020 $15.00 $100 $605 In Range 50% (40.7%)

Genetron GTH Med. Tech (Oncology Diagnostics) 6/18/2020 $16.00 $256 $1,158 Above 8% (26.3%)

Source: Dealogic (1) Excludes Shoe; (2) based on fully diluted shares outstanding immediately prior to offering. Note: All offerings <$5mm have been excluded. Includes life sciences, medical technology, and diagnostics companies. Market data as of 4:00 PM on Sept. 4, 2020. Healthcare Equity Capital Markets Update September 8, 2020

Healthcare Follow-On Market Update

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

200 14,000 175 12,000

150 10,000

8,000 100 6,000 87 -9.4% 69 4,000 -10.7% 50 -11.7% -11.4% -12.4% -12.4% -12.4% 2,000 -13.9% 0 0 -14.3% -14.5% Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Selected Recent Healthcare Follow-Ons / CMPOs / Registered Directs / PIPEs

Gross Pre-Offer % Change % Change Offer Offer Company Ticker Indication Proceeds Market Cap File / Offer / Date Price (mm) (1) (mm) (2) Offer Current ObsEva †† OBSV Women's Health 9/3/2020 $2.87 $19 $133 2.8% (2.4%)

Immunovant IMVT Autoimmune Diseases 9/2/2020 $33.00 $174 $2,836 (5.7%) 9.1%

ADiTx Therapeutics †† ADTX Immunology (Organ Transplant) 9/2/2020 $4.00 $10 $23 3.1% (41.0%)

Zosano Pharma ZSAN CNS (Migraine) 9/1/2020 $1.31 $21 $107 (19.6%) 3.8%

Motus GI †† MOTS GI Diseases 8/28/2020 $1.15 $10 $33 12.3% (10.9%)

Odonate Therapeutics ODT Oncology 8/27/2020 $14.25 $80 $560 (18.3%) 4.7%

Oncternal Therapeutics ONCT Oncology 8/27/2020 $2.10 $5 $49 (14.3%) 0.5%

Sun Biopharma †† SNBP Pancreatitis 8/27/2020 $4.13 $11 $88 (35.7%) (37.7%)

CohBar † CWBR Mitochondria-based Therapeutics 8/26/2020 $1.22 $15 $66 (15.3%) (13.1%)

Cocrystal Pharma COCP Infectious Diseases 8/26/2020 $1.05 $15 $71 (22.8%) (13.4%)

Ovid Therapeutics OVID Rare Diseases 8/25/2020 $8.00 $50 $404 25.6% (31.5%)

NanoVibronix NAOV Med Tech (Diagnostics) 8/24/2020 $0.75 $3 $8 (13.7%) (20.0%)

Avinger AVGR Med Tech (Catheter Systems) 8/20/2020 $0.47 $5 $46 (23.0%) (10.6%)

iRhythm Technologies IRTC Ambulatory Cardiac Monitoring 8/19/2020 $175.00 $191 $4,806 (3.7%) 21.4%

Eyenovia EYEN Ophthalmology 8/19/2020 $3.60 $12 $102 (19.8%) (3.3%)

CHF Solutions †† CHFS Cardiovascular Diseases 8/19/2020 $0.45 $13 $22 (46.4%) (30.1%)

OncoSec Medical ONCS Oncology 8/17/2020 $3.25 $15 $90 (16.7%) 6.8%

OptiNose OPTN Ear/Nose Diseases 8/14/2020 $5.85 $35 $312 (13.8%) (26.3%)

Equillium EQ Autoimmune Diseases 8/13/2020 $7.00 $35 $316 (20.6%) (27.7%)

Trevena TRVN CNS (Pain / Synthetic Opioid) 8/12/2020 $2.30 $50 $361 (16.1%) (26.5%)

Adverum Biotechnologies ADVM Cell/Gene Therapy 8/12/2020 $13.00 $189 $1,236 (16.6%) (10.7%)

Seres Therapeutics MCRB GI Diseases 8/12/2020 $21.45 $246 $1,979 7.0% 11.5%

Omeros OMER Inflammatory Diseases 8/12/2020 $14.50 $100 $918 (32.0%) (31.0%)

Nymox Pharmaceutical NYMX Inflammatory Diseases (BPH) 8/12/2020 $2.50 $9 $227 (17.2%) 2.4%

Personalis PSNL Genomic Sequencing Platform 8/12/2020 $19.00 $125 $681 (10.4%) 10.4%

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. 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 Sept. 4, 2020. Healthcare Equity Capital Markets Update September 8, 2020 Firm Overview Our Team Brookline Capital Markets, a division of Arcadia Securities, provides a wide range of capital William Buchanan, Jr. markets and advisory services to emerging growth companies with an emphasis on the Managing Partner 646.248.5085 Life Sciences, Medical Technology and Diagnostics industries. [email protected] Services Provided Healthcare Subsectors Served Scott Katzmann Managing Partner Equity Sales Pre-IPO 646.681.4668 and Trading Financings [email protected] Medical IPOs/ Life Sciences Equity Technology Follow-Ons/ Research Harris Lydon PIPEs Managing Partner Trade 646.248.5185 Capital Facilitation for Markets [email protected] Private Advisory Equities M&A Diagnostics Advisory Graham A. Powis 646.762.0826 Select Recent Transactions [email protected]

Max Breckenridge Specialty Biopharmaceuticals Biopharmaceuticals Biopharmaceuticals 646.681.4624 Pharmaceuticals Company Company Company [email protected] Company Robert Donohue $15,000,000 646.681.4650 Capital Markets Advisor Capital Markets Advisor Capital Markets Advisor Capital Markets Advisor Follow-On Offering [email protected] Ongoing Engagement Ongoing Engagement Ongoing Engagement Ongoing Engagement Co-Manager Michael Fontaine August 2020 646.248.5091 [email protected]

Matt Hoban 646.603.6720 [email protected] Aberdeen Global Infrastructure Fund Scotty Katzmann CAD$6,450,000 $10,000,000 $173,000,000 $177,000,000 $40,000,000 646.248.5091 PIPE Registered Direct Follow-On Offering IPO IPO [email protected] Lead US Placement Agent Financial Advisor Financial Advisor Co-Manager Co-Manager George Kogan August 2020 July 2020 July 2020 July 2020 July 2020 646.248.5087 [email protected]

Henry Moore 646.603.6716 [email protected]

Michael D. Rhea $80,000,000 $38,000,000 $125,000,000 $70,000,000 646.807.4125 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 June 2020 Zak Ross-Nash July 2020 July 2020 July 2020 July 2020 646.462.4681 [email protected]

Joseph Rudick, M.D. 646.603.6716 High Yield Opportunities Financial Strategies [email protected] 2027 Term Fund Income Term Trust J. Reilly Simmons $665,000,000 $100,000,000 $10,000,000 646.893.7801 Capital Markets Advisor Capital Markets Advisor IPO IPO Follow-On Offering [email protected] Completed Engagement Completed Engagement Co-Manager Co-Manager Co-Manager June 2020 June 2020 Patrick Sturgeon June 2020 June 2020 June 2020 646.681.4651 [email protected]

Abi Subramanian 646.603.6719 [email protected]

Jake Ward CAD$10,125,000 $4,300,000 $5,000,000 $20,000,000 $70,000,000 646.248.5184 Private Placement Registered Direct Registered Direct Follow-On Offering Follow-On Offering [email protected] Co-Placement Agent Co-Placement Agent Co-Placement Agent Co-Manager Financial Advisor Samuel Wertheimer, Ph.D. June 2020 May 2020 April 2020 April 2020 April 2020 646.462.4718 [email protected]

Disclaimer No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Brookline Capital Markets, a division of Arcadia Securities, LLC ("BCM"). BCM does not certify to the accuracy of the information provided or referenced herein, which is for informational purposes only and is not an offer to sell nor a solicitation to buy securities. BCM undertakes no duty to update any information in this material and this material was based on BCM transactional data as of 9/4/2020.