Ensysce Biosciences, Inc. Common Stock Investor update

Thank you, operator, and good morning, everyone. Thank you for joining us. We recently issued a press release outlining our acquisition of PsyBio Pharma and a concurrent private placement financing. That release, along with an updated corporate presentation, is available at www.ensysce.com under the investor section. Before we begin, I would like to remind everyone that the statements made during this call that are not historical facts, including statements relating to Ensysce's expected future performance, future business prospects, and future events or plans, and the anticipated benefits of the transaction, may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are intended to be subject of the safe harbor protection provided by the Reform Act.

These statements are based on current expectations and are subject to risks and uncertainties that could cause actual outcomes and results to differ materially from those forecasts due to the impact of many factors beyond the control of Ensysce. Ensysce undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Participants are directed to the risk factors set forth in Ensysce's filings and the Securities and Exchange Commission, including in its most recent Form 10-K and Form 10-Q, and in other filings that it makes with the U.S. Securities and Exchange Commission. During the call today, I will review the details of our acquisition of PsyBio Pharma and the concurrent private placement financing.

James Morrison, founder and chief executive officer of PsyBio Pharma, who has joined Ensysce as president, and Professor Richard Langford, PsyBio Pharma's chief medical officer, will then provide an overview of their lead program, CY200, for the treatment of complex regional pain syndrome, or CRPS. I'd like to start by describing how this transaction developed. Our board of directors undertook a thorough evaluation of strategic alternatives with a focus on maximizing value for Ensysce's shareholders. After a robust process, the board concluded that this acquisition represented the most significant value creation opportunity evaluated, including the synergies between the two companies. The clinical data supporting CY200 and PsyBio Pharma's approach to treating the devastating condition of CRPS reinforced our conviction to this program.

In addition to the acquisition, we also announced financings of up to $77 million that included a private placement of $21.5 million through the sales of Series C non-voting convertible preferred stock to a group of institutional investors, $17.1 million of PsyBio Pharma's cash and cash equivalents from a pre-acquisition convertible note financing, and up to another $38.6 million upon achievement of a clinical trial milestone. The financing was led by Ally Bridge Group and included participation from Perceptive Advisors, Dellora Investments, Ikarian Capital, and Adage Capital Partners L.P. The proceeds from these finances are intended to be used primarily to advance CY200 through key clinical milestones, including top-line data from a randomized Phase II trial assessing efficacy, safety, and tolerability in participants with CRPS type 1, and to prepare the program for registrational development.

CY200 is a botanical psilocybin extract designed to provide a neuro reset for CRPS. It has already received U.S. FDA Orphan Drug Designation for the treatment of CRPS, which we believe provides important regulatory and commercial advantages as we advance the program. I want to emphasize that the private placement was intentionally sized to support the immediate strategic objectives of executing the Phase II trial of CY200 while maintaining financial discipline. Importantly, this transaction is not expected to come at the expense of our existing pipeline. We will continue to progress PF614 and PF614-MPAR, which we believe represents a fundamentally new approach to opioid safety. It's now my pleasure to introduce James Morrison, founder and Chief Executive Officer of PsyBio Pharma, who joins Ensysce as President and has also joined our board of directors.

James led PsyBio Pharma since its founding, building the company's clinical strategy for CY200 from early discovery through Orphan Drug Designation and into Phase II development.

James, over to you. Thank you, Lynn, and good morning, everyone.

I would like to echo Lynn's thanks to those joining us this morning and to the investors supporting the recent financings. We at Cy Biopharma are excited to join Ensysce with the opportunity to deploy this capital toward developing serotonin receptor agonist therapeutics beyond mood disorders, starting with a much-needed meaningful treatment for patients suffering from an orphan condition, complex regional pain syndrome. Professor Richard Langford, our CMO, and I will take a few minutes to walk through why we believe CRPS represents such a significant unmet need and why the neuroplastogenic effect of our lead candidate, CY200, is well-positioned to address this.

Richard. Thank you, James, and good morning, everyone.

CRPS is widely regarded as one of the most severe chronic pain conditions that exists today. Patients often describe pain that is disproportionate to any known injury, and the condition frequently presents with swelling, changes in skin temperature and color, and progressive loss of function in the affected limb. Because there is no single diagnostic test and no FDA-approved therapy specifically indicated for the condition, patients often cycle through pain management strategies, including opioids, nerve blocks, and physical therapy, with inconsistent and often short-lived relief, or invasive high-cost measures, such as implanted neurostimulation devices. The physical, psychological, and socioeconomic burden on these patients is substantial. CRPS may even develop in adolescence and early adulthood, meaning that they can face decades living with the condition. Our approach with CY200 is different from standard symptom management.

Rather than simply blunting pain signaling, CY200 is designed as a neuroplastogenic therapy, meaning it is intended to act on the underlying neurobiology thought to drive and sustain CRPS, with the goal of producing greater and more durable benefit rather than transient or inadequate symptom relief. With CY200, we're aiming to improve both pain and functioning. We believe that the Orphan Drug Designation CY200 has already received from the FDA reflects both the seriousness of this condition and the potential of our approach. We expect it to provide considerable regulatory and commercial advantages as we move through development, including opportunities for closer engagement with the FDA. If CY200 is ultimately approved, a period of market exclusivity in the United States. I will now turn it over to James to describe our development strategy.

Thank you, Richard. Our development strategy combines rigorous clinical science with an efficient regulatory pathway intended to accelerate delivery of this therapy to patients. The next milestone for this program is top-line data from our randomized phase II trial evaluating the efficacy, safety, and tolerability of CY200 in participants with CRPS type 1, which the proceeds from the financings are intended to support. This transaction gives our science the capital, the public market platform, and the strategic flexibility to help execute on our mission. We believe we are entering the public markets at the right point, where clinical execution, not financing, can be our primary near-term focus, and we are looking forward to an exciting second half of the year. I'm honored to join the Ensysce team as President and to join the board of directors of the combined company.

With that, I'll turn the call back to D. Lynn Kirkpatrick to cover the structure of the transaction.