CervoMed — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and marketable securities totaled approximately $19.6 million as of September 30, 2026, down from $20.9 million as of December 31, 2025.
• The Company's cash position is projected to fund planned operating expenses and capital expenditures through the third quarter of 2027.
• Grant revenue for the three months ended September 30, 2026, was $0, compared to approximately $0.3 million in the same period in 2025, due to the completion of the Phase 2b RewinD-LB trial and the exhaustion of the $21.3 million National Institute on Aging grant.
• Research and Development (R&D) expenses were approximately $3.7 million for the quarter, a decrease from approximately $6.0 million in the same period in 2025, driven by lower costs from the completed RewinD-LB trial, reduced personnel costs, and lower costs for the RESTORE trial, partially offset by increased costs for the nfvPPA Phase 2a trial.
• General and Administrative (G&A) expenses were approximately $2.4 million for the quarter, an increase from approximately $2.3 million in the same period in 2025, primarily due to higher personnel costs, stock-based compensation, and professional fees for patent and corporate legal work.
• Net loss for the three months ended September 30, 2026, was approximately $5.9 million, a reduction from approximately $7.7 million in the same period in 2025, resulting from lower total operating expenses partially offset by the decline in grant revenue.

Guidance and Future Outlook:

• The Company aims to establish a strategic partnership to advance neflamapimod into a Phase 3 clinical trial for Dementia with Lewy Bodies (DLB) and is evaluating financing alternatives.
• CervoMed expects to report 24-week biomarker data from the nfvPPA Phase 2a trial at CTAD 2026 in mid-November 2026.
• Initial 24-week clinical and additional biomarker data for the nfvPPA trial are expected at the Alzheimer's & Parkinson's Diseases Conference in March 2027, with full topline data expected in the second quarter of 2027.
• Dosing of the first patient in the EXPERTS-ALS trial is expected in the first quarter of 2027.
• Topline data from the Phase 2a RESTORE trial for recovery after stroke is expected by the end of 2026.
• Management believes the neflamapimod clinical development program has been significantly de-risked and is well-positioned to succeed in the clinic through 2027.

Business Segments and Product Lines:

• Dementia with Lewy Bodies (DLB):
  • In July 2026, clinical, plasma biomarker, and MRI imaging data were presented at the Alzheimer's Association International Conference (AAIC) supporting neflamapimod's potential to address the underlying cause of DLB.
  • In August 2026, neflamapimod received Innovation Passport designation under the UK Innovative Licensing and Access Pathway (ILAP) for DLB to support accelerated market access.
  • In September 2026, the FDA removed a prior drug exposure limit for neflamapimod, and the Company announced pharmacokinetic properties for a 50mg oral tablet formulation, supporting a 100mg BID dosing regimen expected to achieve target trough plasma concentrations in nearly all patients.
  • In October 2026, two peer-reviewed articles were published: one in Alzheimer's Research & Therapy detailing Phase 2b RewinD-LB placebo-controlled results, and another in Cells showing translational findings on neuroinflammatory modulation.
• Frontotemporal Dementia (FTD):
  • In October 2026, initial 12-week biomarker results from the Phase 2a nfvPPA trial were presented, demonstrating a reduction in mean plasma levels of neurofilament light chain.
• Recovery After Stroke (RAS):
  • Enrollment of 45 patients in the Phase 2a RESTORE trial was recently completed.
• Amyotrophic Lateral Sclerosis (ALS):
  • The EXPERTS-ALS trial is planned to evaluate neflamapimod for the treatment of ALS.

Market and Competitive Landscape:

• The Company targets a market with massive, unmet medical needs in age-related brain disorders, including DLB, FTD, stroke recovery, and ALS.
• Neflamapimod is an investigational small molecule that selectively inhibits the alpha isoform of p38 MAP kinase to target neuroinflammation and synaptic dysfunction.
• Across Phase 1 and 2 trials involving over 800 participants, the drug has been generally well-tolerated.
• In the 91-patient Phase 2a AscenD-LB trial, neflamapimod significantly improved dementia severity and functional mobility in DLB patients.
• In the 159-patient Phase 2b RewinD-LB trial, the drug improved cognitive and functional outcomes and showed positive effects on neurodegeneration markers, with the greatest benefits observed in patients without Alzheimer's disease co-pathology.
• In November 2025, CervoMed announced alignment with the FDA on a potential registration path for neflamapimod in DLB.

Risks and Challenges:

• The Company faces risks related to available cash resources and the ability to acquire sufficient funding, including through a strategic partnership, to advance future trials.
• There is uncertainty regarding the results of clinical trials and the ability to successfully enter into a partnership to advance neflamapimod into Phase 3 for DLB.
• Risks include the likelihood and timing of regulatory approval, the nature of feedback from the FDA, and the ability to maintain intellectual property protection.
• The Company's ability to continue as a going concern is dependent on securing additional funds on acceptable terms or at all.
• Actual results may differ materially from forward-looking statements due to known and unknown risks, including general economic, political, and market conditions.

Management Commentary and Tone:

• CEO John Alam, MD, stated the Company believes the neflamapimod program has been significantly de-risked through supportive datasets and the advancement of the 100mg BID dosing regimen.
• Management expressed confidence that neflamapimod is well-positioned to drive stockholder value and bring a transformative therapy to patients with devastating neurodegenerative disorders.
• The tone emphasizes strategic advancement toward Phase 3 for DLB and the successful execution of upcoming clinical milestones in 2026 and 2027.

Other Key Points:

• The 100mg BID dosing regimen is considered optimal by the Company to achieve target trough plasma drug concentrations.
• The Innovation Passport designation in the UK is designed to expedite patient access to the investigational medicine.
• The Company is currently focused on identifying a strategic partner to advance neflamapimod into a Phase 3 trial in DLB.
• The $21.3 million grant from the National Institute on Aging supporting the RewinD-LB trial has been fully utilized following the trial's completion in mid-2025.