Seaport Therapeutics (SPTX) investor relations material

Company overview and business model

• Clinical-stage therapeutics company focused on developing novel oral medicines for depression, anxiety, and neuropsychiatric disorders using the proprietary Glyph platform, which enhances oral bioavailability and reduces side effects by targeting the lymphatic system.

• Lead candidates include GlyphAllo (oral allopregnanolone prodrug) for major depressive disorder (MDD) and GlyphAgo (oral agomelatine prodrug) for generalized anxiety disorder (GAD); both aim to address limitations of existing therapies.

• Pipeline also includes Glyph2BLSD, a non-hallucinogenic neuroplastogen for depressive and headache disorders, and additional preclinical programs leveraging the Glyph platform.

• Retains exclusive, worldwide development and commercialization rights to all product candidates and discovery programs.

Financial performance and metrics

• Reported net losses of $74.9 million in 2025 and $46.9 million in 2024, reflecting increased R&D and operating expenses as clinical programs advanced.

• As of December 31, 2025, held $233.7 million in cash, cash equivalents, and investments; accumulated deficit was $114.1 million.

• Pro forma net loss per share for 2025 was $(1.94) with 38.6 million pro forma weighted-average shares outstanding.

• Research and development expenses increased by $41.2 million year-over-year, primarily due to clinical trial initiations and expanded pipeline activities.

Use of proceeds and capital allocation

• Estimated net proceeds of $183.5 million from the IPO (or $211.4 million if underwriters' option is exercised), based on a $17.00 per share midpoint.

• Proceeds will fund development of GlyphAllo through Phase 2b topline data and into Phase 3, GlyphAgo through Phase 2a and 2b topline data, and preclinical/clinical advancement of Glyph2BLSD and other programs; remainder for working capital and general corporate purposes.

• Existing cash and IPO proceeds expected to fund operations into 2029.