Ann: Investor Presentation, 14 March 2023, page-43

Jon mentioned in the investor call that Acadia have rights to all indications in North America for Trofenitide, but I thought the only non compete indications for NNZ2591 were Rett and Fragike X is that what you understand?

Yes, that’s what I understand.

Definitely Neuren cannot compete in North America with NNZ-2591 in either Rett or Fragile X. The potential price for breach is exceedingly high – handing over to Acadia exclusive global rights to NNZ-2591 (Clauses 8.1 and 8.3).

But, let’s say Acadia wished to develop trofinetide for the additional indication of autism in the North American market. The Joint Steering Committee, consisting of both Neuren and Acadia reps, would have to discuss this and then come to a decision (Clause 5.5). The decision needs to be unanimous. In the case of the proposal being for North America, if there is no agreement, Acadia gets to make the final decision (Clause 4.4).

Hence you could have a situation where Neuren wanted to run with NNZ-2591 for autism (which I believe to be its right) but Acadia was aiming for the same indication with trofinetide in North America and gets to have the final decision on that.

I’m really not sure how that would play out.

Please note, this is just my reading of the contract and I could well be wrong. I'd be keen to hear from anyone with a different interpretation. I recommend everyone reads the contract for themselves.

https://www.sec.gov/Archives/edgar/data/1070494/000156459019004596/acad-ex1026_573.htm