The Brookline Brief

Healthcare Equity Capital Markets UpdateJuly 13, 2021

THE BROOKLINE BRIEF

July 13, 2021

7/11/20 9/22/20 12/4/20 2/15/21 4/29/21 7/12/21

0

10

20

30

40

50

60

16.2

16.9

CBOE Volatility Index (LTM)

VIX Index VIX - 50D Moving Average VIX - 5-year Median

7/9/20 9/18/20 12/3/20 2/12/21 4/29/21 7/12/21

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

0.07%

1.35%

1.99%

U.S. Treasury Yields (LTM)

1-Year 10-Year 30-Year

7/9/20 9/18/20 12/3/20 2/12/21 4/29/21 7/12/21

-20%

0%

20%

40%

60%

80%

36%

39%

39%

63%

General Indices (LTM)

Dow Jones S&P 500 NASDAQ Russell 2K

7/9/20 9/18/20 12/3/20 2/12/21 4/29/21 7/12/21

-20%

0%

20%

40%

60%

80%

16%

28%

36%

Healthcare Indices (LTM)

S&P HC NBI IHI

Healthcare Equity Capital Markets Update

Equity Market / New Issue Market Tailwinds

› Spurred on by improving investor sentiment, positive regulatory outcomes

(e.g., BIIB), and high-profile clinical data read-outs (e.g., NTLA), the life sciences

subsector outperformed over the last 4 weeks, climbing +7.8% during June

2021 (as measured by the IBB, a key tracking ETF of the NASDAQ Biotechnology

Index) – resulting in the first month of IBB outperformance versus its parent

NASDAQ index since January 2021 (+7.8% vs. +5.3% in June 2021). While

some continue to warn that the sector’s recent outperformance may prove to

be short-lived – as evidenced by the IBB’s underwhelming net ETF fund

outflow of ($131mm) over the past 4 weeks – others contend that additional

positive outcomes for high-profile data and/or regulatory events over the

near-term (e.g., AXSM, IMPL, MGNX, ALBO) could result in sustained

sector-wide tailwinds during 2H 2021.

› IPO activity within the life sciences, med. tech, and diagnostics subsectors

surged over the past 4 weeks, adding 19 new members to the IPO Class of

2021 (70 total IPOs in 2021 YTD as of June 30th) and recording the strongest

single-month of IPO issuance (by deal count) since October 2021 (21).

In addition, June 2021’s 19 new entrants raised $3.0bn in cumulative aggregate

gross proceeds (prior to overallotment, where applicable) – the first $3.0bn+

month of IPO volume (by aggregate gross proceeds raised) since June 2020’s

record-breaking $5.2bn IPO deluge.

› Although US dollar inflation concerns continued to linger over the past 4

weeks, the benchmark US 10-Year Treasury yield dipped to a low of 1.45% on

June 30, the lowest such yield since March 2, 2021 – supporting the argument

that an uptick in “reopening-driven” US dollar inflation may prove to be a

transient, short-term phenomenon.

Equity Market / New Issue Market Headwinds

› Even in the presence of an improving fundamental backdrop and near-record

breaking levels of new issue activity within the IPO market, the follow-on

subsegment of the new issue market for life sciences-, med. tech-, and diagnostics-

focused issuers delivered another underwhelming performance during June 2021,

continuing the “decoupling” trend (between activity levels in the IPO and follow-on

markets) that initially took hold in April 2021. Some have warned that the

continuation of this “decoupling” trend could portend a more challenging capital

raising environment for public companies seeking to raise additional funds in 2H

2021 – particularly those that did not take advantage of the red-hot follow-on

market witnessed during the first 2 months of 2021.

› A case in point, while the IPO market delivered one of its strongest months on

record, the follow-on market recorded just 22 total offerings over the past 4 weeks

(raising just $2.2bn in aggregate, prior to overallotments) – the 3rd weakest month of

overall new issue volume (by deal count) over each of the prior 30 consecutive

monthly periods (dating back to November 2018). In addition, Q2 2021 witnessed

just 54 total follow-on offerings and raised just $4.9bn in aggregate – representing

the single weakest quarterly period of follow-on volume by both deal count and

aggregate gross proceeds raised since the start of 2017.

› Notwithstanding strong first-day performances for the 19 newest members of the

IPO Class of 2021 over the past 4 weeks (+20% median first-day return), post-IPO

performance over the longer-term continued to soften for the IPO Class of 2021

during June 2021, with average offer-to-current returns falling to -4% on a median

basis (as of last Friday’s close). Some have warned that the trend of early IPO

outperformance followed by longer-term underperformance – as evidenced by the

average -15% first-close-to-current returns for the 70-member IPO Class of 2021 –

may result in a cooling of investment appetite from fundamentally oriented, long-

term investors in the IPO market over the near-term.

Sources: FactSet, Bloomberg, The Wall Street Journal, Financial Times, Brookline Capital Markets Investment Banking Data.

Market data as of 4:30 PM on July 9, 2021.

July 13, 2021

+2.46%+11.17%+9.89%+5.62%

Yr Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Full Yr / YTD

2021 -2.0% 3.2% 6.7% 2.7% 2.0% -0.2% 1.1% -- -- -- -- -- 14.0%

2020 -0.9% -9.9% -13.9% 10.9% 4.6% 1.4% 2.5% 7.5% -2.4% -4.5% 11.9% 3.1% 7.3%

2021 -1.0% 2.8% 4.2% 5.3% 0.7% 1.9% 1.7% -- -- -- -- -- 16.5%

2020 0.0% -7.9% -13.0% 12.7% 4.8% 1.3% 5.9% 7.0% -4.1% -2.5% 10.9% 3.3% 16.2%

2021 0.9% 1.2% 0.3% 5.8% -1.6% 5.3% 1.3% -- -- -- -- -- 13.8%

2020 1.8% -6.1% -10.6% 15.9% 6.8% 5.9% 6.6% 10.2% -5.6% -2.3% 11.8% 5.8% 43.5%

2021 4.8% 6.2% 1.2% 1.8% 0.3% 1.7% -1.3% -- -- -- -- -- 15.5%

2020 -3.1% -8.8% -21.8% 13.8% 6.6% 3.1% 2.9% 5.5% -3.6% 2.2% 18.2% 8.3% 18.3%


S

&

P

N

A

S

D

A

Q

R

U

S

S

E

L

L

S&P 500 NASDAQ RUSSELL

S&P 500 SPDR S&P 500 ETF (SPY)

NASDAQ Fidelity NASDAQ Comp (ONEQ)

Russell 2000iShares Russell 2000 ETF (IWM)

Dow JonesiShares Dow Jones ETF (DIA)

DOW

D

O

W

Source: FactSet, Bloomberg, Brookline Capital Markets Investment Banking Data. Market data as of 4:00 PM on July 9, 2021.

(1): Note: Index and individual stock performance (% chg.) indexed to each security’s respective closing price on Mar. 31, 2021.

Company Ticker % Chg.

American Express AXP-US +21.6%

NIKE NKE-US +21.2%

Apple AAPL-US +18.8%

Microsoft MSFT-US +17.9%

salesforce com CRM-US +15.7%

Walgreens WBA-US (13.6%)

Intel INTC-US (12.5%)

Caterpillar CAT-US (6.2%)

Boeing BA-US (5.9%)

Walt Disney DIS-US (4.1%)


NVIDIA Corp NVDA-US +50.2%

Gartner IT-US +40.7%

Fortinet FTNT-US +39.3%

Pool POOL-US +37.9%

Equifax EFX-US +37.2%

Discovery DISCA-US (32.6%)

Penn National Gaming PENN-US (30.1%)

Citrix Systems CTXS-US (17.2%)

Las Vegas Sands LVS-US (15.5%)

Alaska Air Group ALK-US (14.2%)


Marin Software MRIN-US +875.3%

Vertex Energy VTNR-US +641.1%

Moxian MOXC-US +525.8%

Lianluo Smart LLIT-US +432.4%

SGOCO Group SGOC-US +364.0%

Tian Ruixiang TIRX-US (93.5%)

Sigilon Therapeutics SGTX-US (69.1%)

Castor Maritime CTRM-US (67.8%)

Big Rock Prntrs BRPA-US (67.5%)

Canaan CAN-US (67.4%)


Hertz Global HTZGQ-US +408.1%

AMC Entertainment AMC-US +352.4%

Peabody Energy BTU-US +259.8%

Apollo Medical AMEH-US +215.2%

Prothena PRTA-US +135.8%

ChemoCentryx CCXI-US (67.3%)

Adverum Biotechnologies ADVM-US (64.1%)

Avenue Therapeutics ATXI-US (60.8%)

iRhythm Technologies IRTC-US (55.5%)

VYNE Therapeutics VYNE-US (54.7%)

Major US Indices ETF Performance – Monthly Performance Montage (2020 to 2021)

Major US Index ETF Constituents – Largest Movers Since April 1, 2021 (1)

Major US Index ETFs – Performance Since April 1, 2021 (1)

July 13, 2021

+4.54%+8.36%+10.25% +11.88%


Healthcare ETF Performance – Monthly Performance Montage (2020 to 2021)

XLV IBB PSCH IHI

Health Care Select Sector

SPDR Fund (XLV)

iShares NASDAQ

Biotechnology ETF (IBB)

Invesco S&P SmallCap

Health Care ETF (PSCH)

iShares U.S. Medical

Devices ETF (IHI)

I

B

B

P

S

C

H

I

H

I

X

L

V

Major US Healthcare Index ETFs – Performance Since April 1, 2021 (1)

Major US Healthcare Index ETF Constituents – Largest Movers Since April 1, 2021 (1)

Yr Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Full Yr / YTD

2021 1.4% -2.1% 3.7% 3.9% 1.9% 1.9% 2.2% -- -- -- -- -- 13.5%

2020 -2.7% -6.6% -4.4% 12.6% 3.3% -2.9% 5.5% 2.6% -2.6% -3.6% 7.9% 3.4% 11.4%

2021 6.0% -2.3% -4.1% 2.7% -1.7% 7.7% -0.3% -- -- -- -- -- 7.7%

2020 -5.6% 0.1% -5.4% 15.1% 8.7% 1.4% -1.7% 0.9% -0.1% -3.5% 11.0% 4.5% 25.7%

2021 6.2% 2.8% -0.8% 1.5% -0.5% 4.2% -0.7% -- -- -- -- -- 13.2%

2020 0.1% -7.0% -14.0% 12.4% 3.6% 0.6% 5.2% 4.6% -0.9% 1.2% 15.3% 10.2% 31.5%

2021 1.9% -1.2% 0.3% 7.3% -2.3% 4.3% 2.4% -- -- -- -- -- 12.9%

2020 0.1% -8.7% -6.7% 14.2% 4.3% -1.4% 10.7% 3.7% -1.4% -0.5% 5.0% 4.5% 23.8%


IDEXX Laboratories IDXX-US +36.3%

West Pharmaceutical WST-US +32.8%

IQVIA Holdings IQV-US +30.0%

Waters WAT-US +30.0%

Intuitive Surgical ISRG-US +28.7%

Vertex Pharmaceuticals VRTX-US (7.8%)

Hologic HOLX-US (6.8%)

Cardinal Health CAH-US (5.9%)

Baxter Intl BAX-US (4.6%)

McKesson MCK-US (3.0%)


Prothena PRTA-US +135.8%

BioNTech BNTX-US +99.1%

Intellia Therapeutics NTLA-US +90.6%

Alector ALEC-US +83.3%

Protagonist Therapeutics PTGX-US +78.3%

ChemoCentryx CCXI-US (67.3%)

Adverum Biotechnologies ADVM-US (64.1%)

VYNE Therapeutics VYNE-US (54.7%)

Black Diamond Therapeutics BDTX-US (52.8%)

Endo ENDP-US (48.9%)


Cutera CUTR-US +63.4%

RadNet RDNT-US +60.7%

Heska HSKA-US +40.7%

Vanda Pharmaceuticals VNDA-US +36.6%

CorVel CRVL-US +35.4%

Endo ENDP-US (48.9%)

Xencor XNCR-US (20.8%)

Addus HomeCare ADUS-US (19.1%)

Pacira Biosciences PCRX-US (18.8%)

Meridian Bioscience VIVO-US (16.0%)


Novocure NVCR-US +47.2%

Shockwave Medical SWAV-US +45.3%

Heska HSKA-US +40.7%

IDEXX Laboratories IDXX-US +36.3%

STAAR Surgical STAA-US +35.9%

iRhythm Technologies IRTC-US (55.5%)

Inari Medical NARI-US (12.1%)

Glaukos GKOS-US (8.9%)

Tactile Systems Tech TCMD-US (8.6%)

Orthofix Medical OFIX-US (7.2%)

Source: FactSet, Bloomberg, Brookline Capital Markets Investment Banking Data. Market data as of 4:00 PM on July 9, 2021.

(1): Note: Index and individual stock performance (% chg.) indexed to each security’s respective closing price on Mar. 31, 2021.

July 13, 2021Healthcare Equity Capital Markets Update

US Healthcare (1) Equity Capital Markets Activity – 2014 to 2021 YTD

US Healthcare (1) Equity Capital Markets Activity – 1990 to 2021 YTD (2)

Aggregate Gross Proceeds Raised (Millions, USD)

Deal Count

2014 2015 2016 2017 2018 2019 2020 2021 YTD

$8,933 $5,657 $3,046 $3,547 $9,036 $8,158 $17,019 $12,050

107 64 38 43 78 66 89 70

$12,771 $33,412 $10,470 $24,621 $29,045 $26,383 $44,462 $19,682

157 247 176 269 300 308 424 202

$725 $281 $1,739 $1,223 $1,802 $2,323 $5,889 $2,181

41 26 99 101 82 155 189 59

$386 $9,303 $87 $2,413 $138 $1,768 $17,952 $4,745

6 11 9 17 8 13 60 13

IPOs

Follow-Ons(S-1, S-3 “CMPO”)

PIPEs/RDs

Convertibles

Deal Proceeds ($)

Deal Volume (#)

Sources: FactSet, Bloomberg, Dealogic, The National Bureau of Economic Research (NBER)(3). Market data as of 4:30 PM on July 2, 2021.(1): US Healthcare ECM activity includes all offerings completed by healthcare issuers categorized by Dealogic as: Biomed/Genetics, Drugs/Pharmaceuticals, Health Management

Organizations, Hospitals/Clinics, Instruments, Medical/Analytical Systems, Misc., Outpatient/Home Care, Practice Management, and Products.

(2): Follow-ons defined as fully marketed S-1 offerings and confidentially marketed S-3 “CMPO” offerings. Note: PIPEs, RDs, and Convertibles excluded from “FO Count.”

(3) NBER: “NBER Determination of the February 2020 Peak in Economic Activity” – June 8, 2020 (https://www.nber.org/cycles/june2020.pdf)

$8,933 $5,657 $3,046 $3,547$9,036 $8,158

$17,019 $12,050

$12,771

$33,412

$10,470

$24,621

$29,045 $26,383

$44,462

$19,682

$725

$281

$1,739

$1,223

$1,802$2,323

$5,889

$2,181

$386

$9,303

$87

$2,413

$138$1,768

$17,952

$4,745

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

2014 2015 2016 2017 2018 2019 2020 2021 YTD

https://www.nber.org/cycles/june2020.pdf

July 13, 2021

14%

27%

9%3% 5%

68%89%

73%

71%

52% 55% 57%

62%

92%

67%

18%11%

29%

48% 45% 43%

29%

6%

27%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21 2-Yr

Total

Below In Range Above


IPO Market Update – Life Sciences, Med. Tech, and Diagnostics

Selected Recent IPOs – Life Sciences, Med. Tech, and Diagnostics

Sources: Dealogic, Brookline Capital Markets Investment Banking Data.

(1) Excludes Shoe; (2) based on fully diluted shares outstanding immediately prior to offering.

Note: All offerings <$10mm have been excluded. Includes life sciences, medical technology, and diagnostics companies.

Dataset excludes offerings under $25mm with >50% insider participation (ALZN).


IPO Pricing Relative to Initial Filing Range (%)

Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '210

5

10

15

20

25

30

35

40

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

$7,000

$2,3

51

mm

$1,1

41

mm

$1,3

45

mm

$1,0

82

mm

$6,1

11

mm

$5,4

20

mm

$4,4

06

mm

$6,5

08

mm

$5,5

43

mm

23

9

15

7

23

2930

34

36

26

35

12

Gross Proceeds ($MM) IPO Count

IPO Gross Proceeds

IPO Count

Quarterly Median # of IPOs

Acumen Pharmaceuticals ABOS CNS (Alzheimer's / A-beta oligomer mAb) 6/30/21 $16.00 $160.0mm $514.5mm In Range 5% +18.1%

Aerovate Therapeutics AVTE Spec. Pharma (Imatinib Reformulation / PAH) 6/29/21 $14.00 $121.5mm $225.0mm In Range -- +7.4%

CVRx CVRX Med. Tech (Neuromodulation) 6/29/21 $18.00 $126.0mm $262.9mm Above -- +3.0%

Acurx Pharmaceuticals ACXP Infectious Diseases (Novel ABX / Pol IIIC) 6/25/21 $6.00 $15.0mm $46.9mm In Range -- +1.3%

Alpha Teknova TKNO Med. Tech (GMP Reagents) 6/24/21 $16.00 $96.0mm $373.5mm In Range -- +48.6%

Elevation Oncology ELEV Oncology (NRG1 Fusion Protein) 6/24/21 $16.00 $100.0mm $300.0mm In Range 25% (7.1%)

Graphite Bio GRPH Gene Editing (HDR CRISPR) 6/24/21 $17.00 $238.0mm $761.4mm In Range -- +44.1%

GH Research GHRS CNS (TRD / 5-MeO-DMT) 6/24/21 $16.00 $160.0mm $648.5mm In Range -- +22.2%

Miromatrix Medical MIRO Med Tech (Organ Transplant) 6/24/21 $9.00 $43.2mm $154.8mm In Range -- (3.9%)

Monte Rosa Therapeutics GLUE Oncology (GSPT1 Protein Degrader) 6/23/21 $19.00 $222.3mm $688.4mm In Range 2% +1.7%

Ambrx Biopharma AMAM Oncology (anti-HER2 ADC) 6/17/21 $18.00 $126.0mm $599.4mm In Range 5% +18.4%

ATAI Life Sciences ATAI CNS (Psychedelics) 6/17/21 $15.00 $225.0mm $2,278.8mm In Range 27% +23.9%

Cyteir Therapeutics CYT Oncology (sm. mol. x RAD51 inhibitor) 6/17/21 $18.00 $133.2mm $522.2mm In Range -- +4.9%

Codex DNA DNAY Automated synthetic biology (med. tech) 6/17/21 $16.00 $106.7mm $371.8mm In Range -- +8.3%

Century Therapeutics IPSC Oncology (allogenic iPSC x CD19 CAR-T) 6/17/21 $20.00 $211.0mm $973.4mm In Range -- +38.1%

Femasys FEMY Female Health (contraceptives) 6/17/21 $13.00 $34.5mm $125.5mm In Range 51% (41.8%)

Lyell Immunopharma LYEL Oncology (ROR1 + Gen-R & Epi-R) 6/16/21 $17.00 $425.0mm $4,240.9mm In Range 5% (6.6%)

Verve Therapeutics VERV Gene Editing (PCSK9 silencer / CV diseases) 6/16/21 $19.00 $266.7mm $686.9mm Above 37% +142.1%

Janux Therapeutics JANX Oncology (TRACTr - PSMA x CD3) 6/10/21 $17.00 $193.8mm $533.8mm In Range -- +63.5%

Centessa Pharma CNTA Rare Diseases (ADPKD) 5/27/21 $20.00 $330.0mm $1,555.6mm In Range 3% +9.7%

Day One Biopharmaceuticals DAWN Oncology (pan-RAF kinase inhibitor) 5/26/21 $16.00 $160.0mm $806.9mm In Range 5% +35.9%

Singular Genomics Systems OMIC Med. Tech (Next-gen Sequencing) 5/26/21 $22.00 $224.4mm $1,389.4mm In Range 5% +15.1%

Vera Therapeutics VERA Rare Diseases (IgAN) 5/13/21 $11.00 $47.9mm $195.7mm Below 3% +26.5%

Anebulo Pharmaceuticals ANEB CNS (Cannabinoid Abuse Therapeutics) 5/6/21 $7.00 $21.0mm $141.9mm In Range 30% +5.7%

Talaris Therapeutics TALS Allo Stem Cell Transplant (HSCT) 5/6/21 $17.00 $150.0mm $587.3mm In Range -- (20.9%)

Company Ticker IndicationOffer

Date

Offer

Price

Gross

Proceeds

Raised (1)

Pre-Money

Equity

Valuation (2)

Within

Initial

Range?

Disclosed

Insider

Part. (%)

% Change

Offer /

Current

July 13, 2021

-12.4%-11.7% -11.4%

-14.4%

-10.7%

-13.8%

-11.7%

-13.5%

-14.4%

-12.2%

Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '21

3-Yr

Median


Selected Recent Follow-Ons / CMPOs / Registered Directs / PIPEs – Life Sciences, Med. Tech, and Diagnostics

Sources: Dealogic, Brookline Capital Markets Investment Banking Data.

(1) Excludes Shoe; (2) based on basic shares outstanding immediately prior to offering. † and †† denote transactions with <100% warrant coverage and ≥100%

warrant coverage, respectively. [FF] denotes transactions representing an issuer’s first follow-on offering post-IPO (or reverse merger). (*) denotes OTC-to-NAS

Uplisting / “NASDAQ IPO” (**) denotes ex-US public company dual listing / “US IPO.” Dataset excludes transactions classified as convertible offerings and

secondary offerings (block trades with no proceeds to issuers). Includes transactions completed by life sciences, medical technology, and diagnostics companies.


Median Discount from Filing to Offer (% Change)

Follow-On Market Update – Life Sciences, Med. Tech, and Diagnostics

Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1 '21 Q2 '210

20

40

60

80

100

120

140

160

180

200

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

$5,1

34

mm

$7,1

53

mm

$3,8

39

mm

$7,4

21

mm

$6,1

94

mm

$6,5

05

mm

$8,1

71

mm

$8,6

17

mm

$17

,07

4m

m $12

,63

5m

m

$11

,83

8m

m

$16

,25

6m

m

$4,9

87

mm

68 70

57

75

88 87

129

159

193

133

122

193

54

Gross Proceeds ($MM) Follow-On Count

Follow On Gross Proceeds

Follow-On Count

Quarterly Median # of Follow-Ons

Nyxoah SA ** NYXH Med. Tech (OSA) 7/2/21 $30.00 $85.1mm $634.4mm +7.4% +18.3%

Cerevel Therapeutics [FF] CERE CNS (Schizophrenia / M4 PAM) 7/1/21 $25.00 $350.0mm $4,220.0mm (15.8%) (6.0%)

Aligos Therapeutics [FF] ALGS Infectious Diseases (HCB) 6/30/21 $19.00 $83.6mm $974.1mm (20.0%) (15.4%)

electroCore ECOR Med. Tech (CNS) 6/30/21 $1.00 $18.0mm $72.3mm (32.9%) +13.0%

Kymera Therapeutics [FF] KYMR Atopic Dermatitis 6/30/21 $47.00 $223.5mm $2,328.2mm (0.4%) +12.3%

Panbela Therapeutics (fka Sun Bio) PBLA Oncology (Pancreatic Cancer / Synthetic Polyamine) 6/30/21 $3.00 $10.0mm $38.6mm (21.5%) (5.3%)

Intellia Therapeutics NTLA Oncology (CRISPR/Cas9 WT-1 TCR) 6/29/21 $145.00 $600.0mm $9,890.7mm +8.7% +5.5%

Kiromic Biopharma [FF] KRBP Oncology (Allogenic CAR-T) 6/29/21 $5.00 $40.0mm $74.4mm (50.0%) (12.2%)

Celcuity CELC Molecular Diagnostics 6/28/21 $25.00 $56.3mm $405.8mm (19.2%) (0.5%)

Zentalis Pharma ZNTL Oncology (SER degrader) 6/28/21 $48.50 $150.4mm $2,089.6mm (1.0%) +7.9%

Theravance Biopharma TBPH GI Diseases (JAK1, JAK2, JAK3) 6/24/21 $15.00 $100.5mm $1,115.2mm (12.3%) (8.6%)

Anavex Life Sciences AVXL CNS (Alzheimer's / sigma-1 activator) 6/22/21 $21.00 $50.0mm $1,949.0mm (11.9%) +19.4%

BioXcel Therapeutics BTAI CNS (Acute Agitation) 6/22/21 $31.70 $100.0mm $976.5mm (14.0%) (11.8%)

Second Sight Med EYES Ophthalmology (implantables) 6/22/21 $5.00 $50.0mm $177.2mm (21.3%) (16.8%)

Novan NOVN Dermatology (Topical Antiviral) 6/17/21 $11.00 $40.0mm $210.5mm (20.6%) (10.8%)

C4 Therapeutics [FF] CCCC Oncology (Novel Protein Degeneration) 6/16/21 $37.00 $157.3mm $1,969.0mm (12.1%) +3.8%

Inhibikase Therapeutics [FF] IKT CNS (Parkinson's) 6/15/21 $3.00 $45.0mm $72.7mm (49.6%) (9.3%)

Molecular Partners AG ** MOLN Oncology (CD40 x FAP DARPin) 6/15/21 $21.25 $63.8mm $759.3mm (17.6%) (10.3%)

Protagonist Therapeutics PTGX Rare Diseases (Polycythemia Vera) 6/15/21 $37.75 $115.0mm $2,054.4mm (8.2%) +22.4%

PDS Biotechnology PDSB Oncology (HPV16) 6/15/21 $8.50 $45.0mm $293.5mm (33.9%) +26.6%

RAPT Therapeutics RAPT Oncology (CCR4 antagonist) 6/15/21 $33.00 $125.0mm $1,040.4mm (17.5%) +2.2%

Aclaris Therapeutics ACRS Dermatology 6/9/21 $17.75 $125.0mm $982.7mm (5.4%) (0.9%)

CEL-SCI CVM Oncology (Leukocyte interleukin / SCCHN) 6/8/21 $22.62 $31.7mm $1,170.7mm (5.0%) (60.7%)

Ocuphire Pharma † [FF] OCUP Ophthalmology (Mydriasis) 6/4/21 $4.88 $15.0mm $84.3mm (11.4%) (5.2%)

Baudax Bio †† BXRX CNS (Pain) 5/31/21 $0.85 $11.9mm $63.5mm (5.9%) (17.6%)

Company Ticker IndicationOffer

Date

Offer

Price

Gross

Proceeds

Raised (1)

Pre-Offer

Market

Cap (2)

% Change

File / Offer

% Change

Offer /

Current

July 13, 2021Healthcare Equity Capital Markets Update

Firm Overview

Brookline Capital Markets is a full-service investment bank and was co-founded by three former colleagues with

deep roots on Wall Street. The team is led by seasoned professionals, each with more than 25 years of capital

markets, advisory and equity sales experience at some of the world’s most prominent financial institutions such as

Alex. Brown, Citi, Cowen, Credit Suisse First Boston, Deutsche Bank, Lazard, Leerink and Orbimed

No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Brookline Capital

Markets, a division of Arcadia Securities, LLC ("BCM"). BCM does not certify to the accuracy of the information provided or referenced herein, which is for informational

purposes only and is not an offer to sell nor a solicitation to buy securities. BCM undertakes no duty to update any information in this material and this material was based on

BCM transactional data as of 7/9/2021.

Our TeamWilliam Buchanan, Jr.646.248.5085

[email protected]

Scott Katzmann646.681.4668

[email protected]

Harris Lydon646.248.5185

[email protected]

Michael Fontaine

646.248.5091

[email protected]

Matt Hoban

646.603.6720

[email protected]

Patrick Sturgeon

646.681.4651

[email protected]

Michael D. Rhea

646.807.4125

[email protected]

Samuel Wertheimer, Ph.D.

646.462.4718

[email protected]

Jake Ward

646.248.5184

[email protected]

Abi Subramanian

646.603.6719

[email protected]

Robert Donohue

646.681.4650

[email protected]

Zak Ross-Nash

646.462.4681

[email protected]

Joseph Rudick, M.D.

646.603.6716

[email protected]

George Kogan

646.248.5087

[email protected]

Graham A. Powis646.762.0826

[email protected]

Henry Moore

646.603.6716

[email protected]

Max Breckenridge

646.681.4624

[email protected]

J. Reilly Simmons

646.893.7801

[email protected]

Disclaimer

Scotty Katzmann

646.248.5091

[email protected]

Kemp Dolliver, CFA

781.258.0240

[email protected]

Kumar Raja, Ph.D.

646.462.6471

[email protected]

Leah Rush Cann

646.934.6976

[email protected]

Equity Research

$2,000,000,000

IPO

Co-Manager

January 2021

$23,000,000

IPO

Co-Manager

January 2021

$42,600,000

Follow-On Offering

Financial Advisor

January 2021

$51,750,000

Follow-On Offering

Co-Manager

February 2021

$48,250,000

IPO

Joint Bookrunner

February 2021

$440,000,000

IPO

Co-Manager

February 2021

$10,000,000

Series B

Convertible Preferred Stock

Sole Placement Agent

February 2021

Capital Markets Advisor

Completed Engagement

February 2021

$115,000,000

Follow-On Offering

Co-Manager

February 2021

$20,000,000

ATM Offering

Joint Sales Agent

February 2021

$14,500,000

Follow-On Offering

Co-Manager

March 2021

$4,400,000,000

IPO

Co-Manager

March 2021

$15,000,000

Registered Direct

Co-Placement Agent

March 2021

$6,100,000

Series A

Convertible Preferred Stock


March 2021

$46,000,000

IPO

Joint Bookrunner

April 2021

$13,200,000

Follow-On Offering

Co-Manager

April 2021

$575,000,000

IPO

Co-Manager

April 2021

$1,500,000,000

IPO

Co-Manager

May 2021

$187,000,000

IPO

Co-Manager

June 2021


Ongoing Engagement

Specialty

Pharmaceuticals

Company


Ongoing Engagement

Biopharmaceuticals

Company

$2,600,000

Follow-On Offering

Co-Manager

June 2021

$9,500,000

PIPE


June 2021

$60,000,000

IPO

Co-Manager

June 2021

Selected Recent Transactions

$5,000,000

PIPE

Financial Advisor

July 2021

The Brookline Brief

Documents

Transcript of The Brookline Brief