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ELISMETREP PHASE 3 PROGRAM

Study # of Patients Treatment Arms Primary Endpoints Select Secondary Endpoints Start AnticipatedTopline Results P003 Pivotal 1 NCT07645924 1,950 Placebo 10 mg 20 mg 2-h Pain Freedom 2-h Freedom from Most Bothersome Symptom 2-h Pain Relief 2-48h Sustained Pain Freedom 2-h Functional Disability Jul 2026 Mid-2027 P004 Pivotal 2 NCT07816367 1,725 Placebo 10 mg 20 mg 2-h Pain Freedom 2-h Freedom from Most Bothersome Symptom 2-h Pain Relief 2-48h Sustained Pain Freedom 2-h Functional Disability Oct 2026 Early 2028 P005 Long Term Safety Study NCT07674654 1,000 10 mg 20 mg AEs, SAEs NA Aug 2026 Early 2028 Study inclusion criteria selected based on FDA guidance, nearly identical to Phase 2b P003 and P004 are single attack studies consistent with FDA guidance Subjects from P003 can roll over into P005 in which they are provided up to 12 doses/month to treat any migraine Elismetrep Phase 3 Program for Acute Treatment of Migraine

Phase 3 Studies Using Liquid-Filled Capsule (LFC) Formulation Intended to Accelerate Onset of Action / Efficacy Concentration Over Time Legend DFC 20 mg LFC 10 mg LFC 20 mg Mean Elismetrep Concentration (ng/mL) Time (hr) Formulation / Dose Relative increase in drug exposure over 0-2h (AUC0-2h) DFC / 20 mg (Used in Phase 2b) 1.0x LFC / 20mg (Used in Phase 3) 2.3x LFC / 10 mg (Used in Phase 3) 1.06x LFC formulation resulted in significantly earlier absorption than dry-filled capsule (DFC) formulation used in Phase 2b Tmax of 1 hour versus 2.5 hours at 20 mg dose AUC0-2h is 2.3x greater with LFC formulation at 20 mg dose LFC safety data were similar to DFC formulation (20 mg dose) in a Phase 1 study Exposure-response modeling predicts PK with LFC has the potential to result in ~50% and ~40% improvements in 2h PF and 2-h MBS, respectively vs DFC* Phase 1 Results Support Use of LFC Formulation in Phase 3 Key Endpoints are assessed at 2h post dose *Lauring, et al., Headache, 2026; 66 (Suppl 1) Abstract T101. Assumes increase exposure that is predicted by PK modeling will translate to increased efficacy in Phase 3 trials.

Pain Freedom in Acute Treatment of Migraine Phase 2b Trial Proportion of Responders 0.6 0.5 0.4 0.3 0.2 0.1 0.0 Pre-dose 1 2 3 4 6 8 24 48 Time (Hours) Placebo (N=99) 5 mg (N=101) Plan to develop a lower, distinct dose (vs acute treatment) for prevention of episodic migraine using a solid dosage form (not LFC) Efficacy Rationale: In the Phase 2b trial, the 5 mg dose increased the proportion of pain free subjects compared to placebo at time points > ~4 hours; with daily dosing, patients at steady state, therefore we believe the time of onset is not important Safety Rationale: In Phase 2b, the product candidate was generally well-tolerated. In a 12-week Phase 2 study in a different patient population conducted by Mitsubishi Tanabe Pharma, daily dosing at 5 mg was generally well-tolerated; some patients remained on drug for up to 64 weeks Trial in Migraine Prevention: Potential Development Program Expansion Opportunity1 1. Pending regulatory feedback.