Seaport Therapeutics, Inc. Common Stock Citigroup’s Biopharma Back to School Summit 2026

Sure. Great. Thanks. Yeah, maybe I'll kick us off, Yigal.

Okay, go ahead. Thanks so much for having us, and a warm welcome to those in the room.

Great. Hey, guys. So again, warm welcome to everybody in the room, and thanks again for having us at the conference.

We are going to be making some forward-looking statements based on our expectations, and would encourage if anyone has questions, can follow up with our SEC filings. Seaport is a neurosite company. We have got a clinically validated platform and a robust pipeline of three programs. Our lead program, GlyphAllo, is currently in phase II-B with the potential to be registration-enabling. This morning, we actually shared some interesting driving study data that Michael Chen will touch on in a few minutes. Our second program, GlyphAgo, we recently shared key phase I proof of concept data, and our third program is in preclinical development.

All of our programs are based off of clinically validated mechanisms that were held back by some sort of an issue that we are able to address with our Glyph platform. Glyph is a lymphatic-targeting prodrug platform that is able to overcome limitations such as poor oral bioavailability, liver-related AEs, and other side effects. The great thing is every time we Glyph a molecule, we create new IP. We have got a seasoned leadership team with a track record of success, both in delivering new medicines to patients and in delivering successful business outcomes. As Yigal Nochomovitz mentioned, we recently completed our IPO, so we have brought in ample capital to help us deliver on our key upcoming clinical milestones. If we just take a step back and we look at the overall landscape, there is over 1 billion people living with mental illness.

We at Seaport are focused on those struggling with depression and anxiety. Each of those impact over 300 million people. It can be very disabling. They are comorbid at times. It is clear that we definitely need better medicines in this space. When you look at the landscape of existing medicines out there, they are deemed commercial successes, billions of dollars of peak sales, millions of people helped by them, but they all have some similar limitations. They have modest efficacy. They do not work for one out of three patients. They can take weeks to stop working. They have side effects that are unfavorable, such as sexual dysfunction, weight gain, and other items like that. We believe we are uniquely positioned across those parameters with the programs that we are bringing forward.

You are probably aware that our CEO, Daphne Zohar, and our board chair, Steven Paul, founded and led Karuna Therapeutics, and we are taking a similar approach at Seaport as was taken at Karuna Therapeutics. At Karuna Therapeutics, they knew that xanomeline worked, but it was sitting on a shelf due to GI tolerability issues. The team was able to overcome them, and create KarXT, now called Cobenfy. As mentioned, we are taking a similar approach to that in that we are targeting drugs that have clinical efficacy, but were held back by some sort of an issue that we are able to address with our Glyph platform. Then we are also really focused on executing trials with a seasoned leadership team. Looking ahead, I know Yigal Nochomovitz you asked about the next 12 to 18 months. We have got a really exciting horizon in front of us.

We'll be sharing top-line data of our BUOY-1 trial in GlyphAllo in the first half of 2027. Looking ahead to our second program, GlyphAgo, we've got our phase II-A data that we'll read out in early 2028 and our phase II-B data that would read out in the end of 2028. So a really exciting path ahead.

That's right, Yigal. Everything Seaport is doing is based on the Glyph technology, the Glyph platform, which is really based on how the body absorbs dietary fat. I know you all came from lunch, maybe had some fat during lunch. That is actually absorbed differently than many small molecules are absorbed. Typically, small molecules will transit through the portal vein into the liver, and the liver can exert what's called first pass metabolism. That can mean that the amount of drug actually circulating into the body or the brain can be extremely diminished relative to what was actually taken as a dose. So things like low oral bioavailability or even variable PK can result from that first pass metabolism, and that can limit drugs, including otherwise potent CNS drugs.

Now, it can also stress out the liver to the extent that you can see liver enzyme elevations or hepatotoxicity. In contrast, dietary fats are absorbed through the lymphatic system of the gut, and what's important about that is it doesn't see the liver on its way into circulation. When we Glyph a molecule, we cloak it so that it looks to the body like a dietary fat, and then is absorbed like a dietary fat in that it doesn't see the liver on its way into circulation. But then what we release at the end of the day is a moiety, an API that is based on clinical validation, but we've been able to overcome limitations like low oral bioavailability and variable PK. We're able to address issues with safety and tolerability, including liver-related issues, and we create a new molecule with new composition of matter IP.