Aspen Neuroscience (ASPE) investor relations material

Company overview and business model

• Clinical-stage regenerative medicine developer of autologous iPSC-derived therapies for CNS diseases; lead candidate sasineprocel is a single-dose cell replacement therapy for Parkinson’s disease (PD).

• Sasineprocel uses patient-derived cells intended to replace lost dopamine neurons; the autologous approach is designed to avoid post-treatment immunosuppression and support durable neural integration.

• The pipeline also includes gene-edited autologous microglia precursors for pediatric leukodystrophies; IND-enabling studies are expected to begin in H2 2027.

• Strategy includes advancing sasineprocel to Phase 3, expanding into genetic PD, automating manufacturing for potential North American commercialization, and developing additional CNS programs.

Financial performance and metrics

• Net loss was $62.1M in FY2025 versus $48.6M in FY2024; H1 2026 net loss was $36.5M versus $31.8M in H1 2025.

• H1 2026 R&D expense was $28.5M versus $20.8M in H1 2025; G&A was $9.8M versus $10.1M.

• Cash, cash equivalents and marketable securities were $72.4M at June 30, 2026; accumulated deficit was $264.9M, with substantial doubt about ability to continue as a going concern without financing.

• Existing resources plus offering proceeds are projected to fund operations into H2 2028, but are not expected to complete the Phase 1/2a or Phase 3 trials; further capital will be needed.

Use of proceeds and capital allocation

• Estimated net proceeds are $134.5M at the assumed $16.00 midpoint, or $155.4M if the underwriters exercise the option in full.

• Planned allocation: $8.0M to the Phase 1/2a ASPIRO trial; $110.0M to initiate and fund Phase 3 in sporadic and genetic PD; $4.0M to microglia development and IND-enabling studies; remainder for working capital and general purposes.

• Potential additional uses include licensing, acquiring or investing in complementary businesses, technologies, products or assets; no current commitments are described.