Exhibit 99.1 Topline Data from Phase 2 ZEPHYR Trial Evaluating ML-007C-MA in Schizophrenia July 27, 2026

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Agenda Executive Summary and Chris Kroeger, M.D. Co-Founder and Chief Executive Officer Unmet Medical Need Phase 2 ZEPHYR Erin Foff, M.D., Ph.D. Chief Medical Officer Design and Results Future Development Chris Kroeger, M.D. Co-Founder and Chief Executive Officer Considerations Closing Remarks Chris Kroeger, M.D. Co-Founder and Chief Executive Officer Q&A Session All 3

ZEPHYR Met Its Primary Endpoint, Supporting Advancement into an Additional, Confirmatory Pivotal Study • ZEPHYR met its primary endpoint and demonstrated a substantial treatment effect, supported by concordant improvements across key secondary efficacy measures • Robust and clinically meaningful improvement in cognitive performance observed on a pre- specified secondary endpoint supporting a potentially differentiated clinical profile • Favorable safety and tolerability profile observed, with no serious or drug-related severe adverse events, low GI-related discontinuation, low rates of moderate GI side-effects, and no urinary retention, metabolic, hepatic, or movement-related signals • Designed for real-world use, with no fasting requirement and a short, one-dose titration • Data support advancing to an additional pivotal trial to support registration; planning and site identification underway ahead of EOP2 FDA interactions GI = gastrointestinal; EOP2 = end-of-phase 2; FDA = Food and Drug Administration. 4

Unmet Need in Schizophrenia Remains High Affects Over 20 Million People Globally, Including More Than 3 Million in the U.S. Patients Remain Underserved by Current SOC ~70% ~30% ~40-50% Antipsychotics… discontinue oral therapies within 18 show no meaningful experience an inadequate months, often due to burdensome side (1) (1) response to treatment response to standard of care (2) effects (e.g., EPS, weight gain) 2024: First New Mechanism Approved in Decades (Cobenfy) …Yet Significant Cognitive benefit Many patients cannot reach Tolerability burden is remains unproven or remain at target dose exacerbated in real world Treatment Gaps Still Remain After First Failure to achieve adequate Tolerability challenges observed in Existing evidence is derived from post Muscarinic Approval therapeutic exposure may leave controlled trials amplified in practice, hoc or exploratory pooled analyses (3) (3) symptoms insufficiently controlled given dosing / fasting complexity across two studies SOC = standard of care; EPS = extrapyramidal symptoms. (1) Siskind et al., Br J Psychiatry (2022); treatment-resistant≥2 treatments. Samara et al., Schizophrenia Bulletin (2019); response as measured within 4-6 weeks. (2) Lieberman et al., NEJM (2005). CATIE trial; all-cause discontinuation. 5 (3) BMS. Real-world transition strategies with xanomeline/trospium. Poster, Psych Congress 2025.

Developing a Differentiated Treatment, Designed to Translate into Real-World Use 210/3 mg BID delivered statistically significant improvement across complementary measures of schizophrenia symptoms • PANSS Total Score (mITT, primary endpoint): Effect Size of 0.37 (-4.5 pts versus placebo, p=0.015) • PANSS Total Score (Completers): Effect Size of 0.50 (-6.0 pts vs. Placebo, p=0.002) • Also demonstrated significant separation on key secondary endpoints, including CGI-S (ES=0.48) and positive symptoms (ES=0.39) 210/3 mg BID also delivered significant improvement on cognitive performance, a potentially differentiating component of the clinical profile • Cognitive Composite Score in participants with baseline cognitive impairment (prespecified secondary endpoint): Effect Size of 0.51 (0.44 pts vs. Placebo, p=0.041), assessed via Cogstate battery • No significant correlation observed (p=0.314), indicating the effect was not likely secondary to reduced psychotic symptoms ML-007C-MA was generally well-tolerated, with a profile designed to translate into real-world use • No serious or drug-related severe AEs: Moderate-or-worse TEAE burden was meaningfully lower for ML-007C-MA than reported in Cobenfy's pivotal trials • Low discontinuation across active arms (19.9%) • Infrequent BID dose reduction due to TEAEs (4.0%); low rates of discontinuation due to GI AEs (2%), moderate GI AEs, and anticholinergic GI AEs • No metabolic, hepatic, or movement-related signal; no significant anticholinergic safety signals, including urinary retention • No fasting requirement or complex titration, reducing barriers to adherence outside the controlled trial setting BID = twice-daily; PANSS = Positive and Negative Syndrome Scale; mITT = Modified Intention-to-Treat; CGI-S = Clinical Global Impression of Severity; ES = effect size; GI = gastrointestinal; TEAE = treatment-emergent adverse event; AE = adverse event. 6 Note: Unless otherwise specified, p-values are nominal, two-sided. For the 210/3 mg dose, the PANSS total score and CGI-S results met the prespecified multiplicity- adjusted significance threshold.

Phase 2 Design and Results Erin Foff, M.D., Ph.D. | Chief Medical Officer

ZEPHYR Study Outline Designed and Sized to Serve as a Registrational Study Blinded Treatment Period Screening Follow-up (Day 1 to 35) Period Period (Day -7 to -1) (Day 36 to 42) Week 1 Week 2 Week 3 Week 4 Week 5 Primary Endpoint Placebo Ÿ (N=104) • N = 307 (1) • Randomized 1:1:1 ML-007C-MA Ÿ 210/3 mg BID Ÿ (N=101) • Sites: 25 (US only) (1) ML-007C-MA Ÿ 330/6 mg QD Ÿ (N=102) • CFB PANSS Total Score at Week 5 Primary Endpoint • 18 to 64 years of age with diagnosis of schizophrenia with MINI • CFB CGI-S at Week 5 Key Secondary • PANSS 80-120 at screening and baseline Study • CFB PANSS positive Marder factor at Week 5 Endpoints • Score ≥4 for two or more positive symptom items Population • CFB PANSS negative Marder factor at Week 5 • CGI-S score ≥4 Other Secondary • CFB Cognitive Composite Score at Week 5 in the cognitively • Untreated or recent wash-out of antipsychotics impaired at baseline subgroup (Prespecified) CFB = Change from baseline; MINI = Mini-International Neuropsychiatric Interview; QD = once-daily. 8 (1) Single-dose titration; reduction of dose permitted once between Week 1 to 3 to 165/3 mg BID or 270/6 mg QD

Demographics & Baseline Characteristics Placebo 210/3 mg BID 330/6 mg QD (1) N = 104 N = 99 N = 102 Demographics Mean Age, years 40 42 40 Male Sex at Birth, n (%) 80 (77%) 69 (70%) 77 (75%) Race, n (%) Black or African American 81 (78%) 73 (74%) 80 (78%) White 17 (16%) 22 (22%) 16 (16%) Other 6 (6%) 4 (4%) 6 (6%) Baseline Clinical Characteristics: N = 104 N = 99 N = 102 Mean (Standard Deviation) PANSS Total Score 97 (7.9) 96 (7.3) 96 (7.5) PANSS Marder Positive Factor Score 31 (3.7) 30 (3.6) 30 (3.7) PANSS Marder Negative Factor Score 23 (4.4) 24 (4.4) 23 (4.0) CGI-S Score 5 (0.6) 5 (0.6) 5 (0.6) (1) N based on participants in safety set (all participants who were randomized and received at least 1 dose of study drug) 9

Primary Endpoint: PANSS Total Score 210/3 mg BID Met Primary Endpoint Change From Baseline in PANSS Total Score (LS Mean Difference) 210/3 mg 330/6 mg 0 Placebo BID QD -2 N N=103 N=93 N=98 -4 LS Mean CFB -7.2 -11.7 -10.0 -6 LS Mean Diff -4.5 -2.8 vs. Placebo -8 P-value p=0.015 p=0.110 * -10 Effect Size 0.37 0.23 * * -12 • ZEPHYR met its primary endpoint: Demonstrated a -14 statistically significant, clinically meaningful 0 1 2 3 4 5 6 Week 1 Week 2 Week 3 Week 4 Week 5 reduction in PANSS total score vs. placebo at Week 5 • 210/3 mg dose is also being evaluated for the ML-007C-MA ML-007C-MA (1) Placebo treatment of ADP (VISTA study ongoing) 210/3 mg BID 330/6 mg QD *p<0.05 LS = least squares; SE = standard error. Note: Negative treatment deltas favor active treatment; effect size presented as an absolute value. Analysis based on the mITT population. 10 (1) NCT06887192: Evaluating ML-007C-MA for the treatment of hallucinations and delusions associated with Alzheimer’s Disease Psychosis (ADP) LS Mean CFB (SE) in PANSS Total Score

Primary Endpoint: PANSS Total Score Robust Effect Demonstrated in Prespecified Completer Analysis Change From Baseline in PANSS Total Score (LS Mean Difference) Placebo 210/3 mg BID 0 (Completers) (Completers) -2 N N=88 N=73 -4 LS Mean CFB -7.5 -13.4 -6 LS Mean Diff -6.0 -8 vs. Placebo * P-value p=0.002 -10 * * ** Effect Size 0.50 -12 ** ** -14 • The completer analysis excludes modelled -16 assumptions about missing data, relying solely on 0 1 2 3 4 5 6 Week 1 Week 2 Week 3 Week 4 Week 5 observed data from the full assessment period ML-007C-MA ML-007C-MA • Bigger difference in completer analysis driven Placebo Placebo 210/3 mg BID 210/3 mg BID z mostly by improvement in BID arm, not placebo (mITT) (Completer) (mITT) (Completer) *p<0.05, **p<0.01 MMRM= Mixed model for repeated measures. Note: Negative treatment deltas favor active treatment; effect size presented as an absolute value. Analysis based on the mITT population. 11 LS Mean CFB (SE) in PANSS Total Score

Key Secondary Endpoint: CGI-S Significant Improvement Corroborates PANSS Improvement Change From Baseline in CGI-S (LS Mean Difference) 0 -0.1 • Clinically meaningful and statistically -0.2 significant improvement in CGI-S vs. placebo at Week 5 -0.3 – 0.38-point improvement -0.4 -0.5 – -0.75 active vs. -0.36 placebo ** -0.6 (1) – p=0.002 ** -0.7 ** – ES = 0.48 -0.8 • Numerical separation starting at Week 1, with -0.9 statistical significance emerging by Week 3 0 1 2 3 4 5 6 Week 1 Week 2 Week 3 Week 4 Week 5 and continuing over time ML-007C-MA Placebo 210/3 mg BID **p<0.01 Note: Negative treatment deltas favor active treatment; effect size presented as an absolute value. Analysis based on the mITT population. (1) Multiplicity-adjusted one-sided P value= 0.017 12 LS Mean CFB (SE) in CGI-S

PANSS Positive Symptoms Significant Improvement in PANSS Positive Marder Factor and Positive Subscale Change From Baseline in PANSS Positive Symptoms (LS Mean Difference) 0 PANSS + PANSS + Placebo Marder Subscale -0.5 -1 N 103 93 93 -1.5 -1.9/-1.9 LS Mean * (Marder/ -3.4 -4.2 -2 CFB Subscale) -2.5 LS Mean Diff * -1.6 -2.3 vs. Placebo -3 ** P-value p=0.012 p=0.0003 -3.5 * ** ** Effect Size 0.39 0.56 -4 ** -4.5 • Clinically meaningful and statistically significant -5 improvement in PANSS positive symptoms vs. 0 1 2 3 4 5 6 Week 1 Week 2 Week 3 Week 4 Week 5 placebo at Week 5 ML-007C-MA ML-007C-MA • PANSS Positive Marder Factor was a key secondary- Placebo Placebo 210/3 mg BID 210/3 mg BID (Marder Factor) (Subscale) PANSS positive Subscale was prespecified (Marder Factor) (Subscale) *p<0.05 , **p<0.01 Note: Negative treatment deltas favor active treatment; effect size presented as an absolute value. Analysis based on the mITT population. 13 LS Mean CFB (SE) in PANSS Positive Symptoms

Secondary Endpoint: Cognitive Composite Robust and Clinically Meaningful Improvement on Cognitive Performance Pre-specified Cognitive Composite Score Results No observed significant relationship between cognitive improvement and PANSS change Cognitive Composite Score Placebo: r=-0.071, p=0.678; BID: r=-0.187, p=0.314 Placebo 210/3 mg BID N with baseline impairment N=37 N=31 LS Mean Change from 0.11 0.55 Baseline LS Mean Difference vs. 0.44 Placebo P-value p=0.041 Effect Size 0.51 PANSS Total Score CFB to Week 5 ML-007C-MA Placebo 210/3 mg BID Dose used in VISTA Note: Prespecified Cognitive Composite score derived from Cogstate Battery consisting of 6 individual tests 14 Cognitive Composite Score CFB to Week 5

Implications of Cognitive Signal Beyond ZEPHYR Supports Rationale for VISTA and Broader Development The Signal Supports the Underlying Biology Cognitive Impairment Remains an Unmet Need • Cognitive impairment is estimated to affect >80% of patients with • The cognitive benefit was observed on a prespecified secondary (1) schizophrenia endpoint • Cognitive impairment is a major determinant of long-term • Change in the cognitive composite score was independent of functional outcomes, including employment, independent living changes in PANSS, suggesting it was not simply driven by better and quality of life control of psychotic symptoms • Despite decades of research, no therapies have been approved to • The finding is consistent with the established role of M1 receptor treat cognitive impairment in schizophrenia activation in learning and memory, strengthening confidence in the underlying mechanism – Highlights both the unmet need and the difficulty of demonstrating meaningful cognitive benefit – Sedation and dopamine blockade from many SOC antipsychotics may worsen cognition (3) Why This Matters for VISTA and Future Development • A positive cognitive signal observed outside AD increases confidence that the biology translates across neuropsychiatric populations (2) • Off-label use of antipsychotics in ADP has been associated with accelerated cognitive decline (CATIE-AD), highlighting the need for new therapies • The 210/3 mg BID dose currently being evaluated in VISTA is the same dose that demonstrated cognitive benefit in ZEPHYR (1) Maroney, Ment Health Clin. 2022. (2) Vigen et al., Am J Psychiatry. 2011. 15 (3) NCT06887192: Evaluating ML-007C-MA for the treatment of hallucinations and delusions associated with Alzheimer’s Disease Psychosis (ADP).

210/3 mg BID Demonstrated Effect Across Multiple Endpoints and Symptom Domains N LS Mean Difference [95% CI] Effect Size P-value Active / PBO ← ML-007C-MA favored PBO favored → PANSS Total Score – mITT 93 / 103 0.37 0.015 -10 -8 -6 -4 -2 0 PANSS Total Score - Completers 73 / 88 0.50 0.002 -10 -8 -6 -4 -2 0 CGI-S 93 / 103 0.48 0.002 -0.6 -0.4 -0.2 0 Cognitive Composite 31 / 37 0.51 0.041 1.0 0.8 0.6 0.4 0.2 0 PANSS Marder Positive Factor 93 / 103 0.39 0.012 -3 -2 -1 0 PANSS Marder Negative Factor 93 / 103 0.18 0.244 -3 -2 -1 0 CGI-C 93 / 103 0.47 0.002 -0.8 -0.6 -0.4 -0.2 0 PGI-C 93 / 103 0.38 0.015 -0.8 -0.6 -0.4 -0.2 0 2.4x more likely to achieve ≥30% response on the PANSS total score by Week 5 (p=0.021) Participants on active treatment were, compared to placebo: 2.8x more likely to be ready for discharge out of the inpatient hospital setting by Week 5 (p=0.002) CGI-C = Clinical Global Impression of Change; PGI-C = Patient Global Impression of Change. 16 Note: Graphed data represent the LS mean difference (ML-007C-MA 210/3 mg BID − placebo) and 95% confidence intervals

ML-007C-MA Was Generally Well Tolerated • Adverse events, primarily cholinergic in nature, were mostly mild Adverse Events (1) • No serious or drug-related severe TEAEs occurred with either dose Mostly Mild • The only severe TEAE (pneumonia) was assessed as unrelated to study drug • There were no instances of failure to reach target dose due to tolerability GI Events Rarely Led • Dose reduction due to TEAE was infrequent (4 participants); TEAEs leading to dose reduction started in the first week, and most (75%) completed treatment following dose reduction to Discontinuation • Low rates of moderate GI side-effects with BID Dosing • Low rates of discontinuation (2 participants) due to gastrointestinal adverse events • No urinary retention signal observed: The active and placebo arms each had a single moderate urinary event (UTI) No Signal Across • No metabolic, hepatic, or EPS signals observed: mean weight, glucose, lipid, liver enzyme, and movement-related parameters remained comparable to placebo Key Safety Domains • Heart rate increases were mild and consistent with the fesoterodine label, with no evidence of significant blood pressure elevation (1) Single serious adverse event occurred in placebo arm was worsening schizophrenia. 17

Most Adverse Events Were Mild All Cause Discontinuation Was Low at 19.9% Across Active Treatment Arms Rates of TEAEs With BID Dosing GI TEAEs ≥2% in Active Arm and > Placebo Placebo 210/3 mg BID Placebo 210/3 mg BID N=104 N = 99 N=104 N = 99 Discontinuations Mild Moderate Mild Moderate Nausea 6% 0 20% 9% Due to TEAE 1.0% 7.1% Vomiting 1% 2% 9% 4% Due to GI TEAE 0 2.0% (3) Dyspepsia 0 1% 8% 1% Constipation 3% 0 8% 1% Utilization of Lower Dose (3) Abdominal pain 3% 0 6% 3% Dose Reduction Due to TEAE 1.9% 4.0% Diarrhea 1% 0 5% 0 GERD 2% 0 2% 0 (1) Inability to Reach Target Dose 0 1% Any TEAE 48.1% 74.7% All GI TEAEs were mild to moderate in severity Mild 36.5% 48.5% • Other TEAEs ≥5% include: headache, salivary hypersecretion, dizziness, hyperhidrosis, Moderate 11.5% 25.3% hot flushes, somnolence, chills, decreased appetite, tremor, and insomnia (2) Severe TEAE 0 1.0% • Single episode of unrelated hypertension; one episode of orthostatic hypotension observed in each of the placebo and BID dosing arms Serious TEAE 1.0% 0 AE = adverse event. (1) One participant was withdrawn due to baseline (pre-dose) lab findings following titration dose but prior to first target dose. (2) Assessed as unrelated to study drug (pneumonia). (3) Dyspepsia includes dyspepsia and esophageal discomfort; abdominal pain includes abdominal discomfort, abdominal pain upper, abdominal pain, abdominal pain lower, abdominal distension, and abdominal tenderness 18

Rates of TEAEs for Cobenfy in Pivotal Studies (1) All Cause Discontinuation Ranged From 25.4%-36.8% at 5 weeks EMERGENT-2 EMERGENT-3 GI TEAEs >2% in Active Arm and > Placebo Cobenfy FDA Label Placebo Active Placebo Active Placebo Active EMERGENT-2/3 Pooled Discontinuations (N=253) (N=251) (2) (2) (3) (3) Nausea 4% 19% Due to TEAE 5.6% 7.1% 5.5% 6.4% (7) Dyspepsia 5% 18% (4) (4) Due to GI TEAE Not reported 3.2% Not reported 3.2% Constipation 7% 17% Utilization of Lower Dose Vomiting 1% 15% (7) (1) Abdominal Pain 4% 8% Dose Reduction Due to TEAE 0 5.6% 0.8% 0.8% Diarrhea 2% 6% (2) (2) (5) (5) Inability to Reach Target Dose 1.6% 17.5% 9% 21% GERD <1% 5% Any TEAE 58.4% 75.4% 50.0% 70.4% (1) Mild 27.2% 38.1% 25.8% 36.0% (8) • 51%-78% did not complete 1 year of treatment in the open-label studies (1) Moderate 24.8% 28.6% 20.3% 26.4% (9) • Real-world non-persistence is ~80% by Month 13 (1) Severe TEAE 4.0% 7.1% 2.3% 8.0% (10) • Real-world Patient Experience (N=90) (2) (2) (6) Serious TEAE 1.6% 1.6% 0 0.8% >2-3x >80% 55% >50% Moderate-or-worse TEAE burden was meaningfully lower for ML-007C-MA (26%) the rates of nausea did not reach the highest received medication had no or only partial than reported in Cobenfy's pivotal trials (34-36%) and vomiting dose (125/30 mg) for GI events response to intervention (1) Cobenfy FDA Summary Basis of Approval (SBA). (6) EMERGENT-3 topline results, per Karuna Therapeutics press release (March 2023). Active: GERD (n=1). (2) EMERGENT-2 primary manuscript: Kaul et al., 2024. Pbo: appendicitis(n=1), schizophrenia (n=1). Active: (7) Dyspepsia includes dyspepsia and esophageal discomfort; abdominal pain includes abdominal suicidal ideation (n=2). discomfort, abdominal pain upper, abdominal pain, abdominal pain lower, and abdominal tenderness. (3) EMERGENT-3 primary manuscript: Kaul et al., 2024. (8) EMERGENT-4 and EMERGENT-5 results, Kaul et al., 2026. (4) Pooled EMERGENT-2 and -3 rate. 8 participants discontinued in the Cobenfy arm per the SBA (Table 35) (9) Non-persistence: MapLight estimate, third-party Rx data. 19 in the pooled EMERGENT-1,2,3 studies. Per Karuna 2023 10-K filing, only N=2 participants discontinued (10) Retrospective analysis of real-world transition strategies for xanomeline and trospium chloride in adult from the active arm of EMERGENT-1 (N=89), neither from the GI system organ class. patients with schizophrenia. Poster, Psych Congress 2025. (5) Karuna 2023 10-K filing.

Future Development Considerations Chris Kroeger, M.D. | Co-Founder and Chief Executive Officer

Significant Opportunity for New Therapies 210/3 mg BID Effect Size Falls Within the Range of Approved Antipsychotics PANSS Total Score: Standardized Effect Sizes (Cohen’s d) Peak Sales $5.0B $3.2B $3.4B $5.8B $6.2B $2.0B $4.3B $6.0B $2.6B (1) (Year) (2010) (2036E) (2007) (2011) (2013) (2020) (2028E) (2039E) (2027E) 0.63 0.50 0.48 0.48 0.45 0.56 0.56 0.55 0.42 0.41 0.37 0.36 0.34 0.30 0.26 (0.09) Zyprexa Cobenfy Risperdal Seroquel Abilify ML-007C-MA Latuda Vraylar Caplyta Rexulti (Olanzapine) (KarXT) (Risperidone) (Quetiapine) (Aripiprazole) (210/3mg BID) (Lurasidone) (Cariprazine) (Lumateperone) (Brexpiprazole) Approved Therapies ML-007C-MA Completers ES (mITT ES) (mITT ES) (Range Shown, if Available) Note: Assessments reflect management’s current views based on publicly available information and internal analyses; comparisons are subject to uncertainty around interpretation. Differences exist among study designs, and caution should be exercised when comparing data across trials. Sources: Approved antipsychotic effect sizes per Huhn et al., Lancet 2019; Correll et al., JAMA Psychiatry 2020; Cobenfy per Fabiano et al., 2025 meta-analysis. Completer analysis effect size 21 for Cobenfy estimated based on data from Kaul et al., 2023 and Kaul et al., 2024; Zyprexa and Latuda based on data from Latuda’s FDA Summary Basis of Approval Tables 37 and 52. Completer/observed-case values reflect trial-completer populations only, not intent-to-treat; ranges reflect variation across available analyses. ML-007C-MA completer analysis: N=73 (p=0.002). (1) WW consensus peak sales (oral) as per Evaluate Pharma and Visible Alpha as of July 2026; Caplyta projections only available through 2030 (LOE 2039); all indications. Active arm favored → ← PBO favored

ML-007C-MA Target Product Profile has Potential to be Differentiated Across Multiple Dimensions In development (2) (3) (4) (1) Cobenfy Emraclidine Direclidine SOC ML-007C-MA Program Antipsychotics M /M Agonist + M PAM M Agonist 1 4 4 4 M /M Agonist + 1 4 Mechanism of Action Peripheral Antagonist Peripheral Antagonist Primarily D -blockade 2 210/3 mg BID hit Efficacy in RCTs primary endpoint Not stat. sig. in Ph 2 U-shaped dose response Cognitive Prespecified secondary endpoint Improvement Post-hoc/pooled analyses No activity at M No activity at M Some may cause impairment 1 1 Meaningfully lower rates of significant Tolerability/Safety side effects Moderate to severe TEAEs Metabolic, movement, sedation No Fasting Taken with food Factors expected Requirement Must be taken fasted to impact real world translation One-dose titration Simple Titration 3-8 day, 2-step titration Varies across APs QD dose to be Dosing Frequency further explored BID Varies across APs RCT = randomized controlled trials; PAM = positive allosteric modulator. Note: Assessments reflect management’s current views based on publicly available information and internal analyses; comparisons are qualitative and subject to uncertainty around interpretation. Differences exist among study designs, and caution should be exercised when comparing data across trials. (1) Based on results from ZEPHYR-1 Phase 2 study, and product profile is subject to the completion of additional studies and review by the FDA 22 (2) Based on FDA prescribing information. (3) Based on results from the Phase 2 EMPOWER-1 and EMPOWER-2 clinical trials, which failed to demonstrate a statistically significant improvement in PANSS total score. (4) Based on results from the Phase 2 clinical trial, which showed statistically significant improvement only at the lowest dose of the four active drug arms evaluated.

Phase 3 Program and Path to NDA Submission Confirmatory Pivotal Trial Expected to Support Initial Approval (1) (1) ZEPHYR-2 (Study 311) ZEPHYR-3 (Study 312) ZEPHYR-1 (Study 211) Engage with the FDA Planned Planned at EOP2 Meeting Complete • Similar design to Phase 2, evaluating • Additional pivotal trial evaluating 210/3 • Established primary efficacy signal and 210/3 mg BID vs. placebo in U.S. sites mg BID safety for 210/3 mg BID • Together with Study 211, intended to • Potential to evaluate an alternate QD • Result supports pivotal status, pending support initial NDA submission regimen (would pursue as sNDA) confirmation with the FDA VISTA (Study 221) Topline results Ongoing Evaluating potential in additional indications, expected in 2H 2027 including for the treatment of mild-moderate • Trial in ADP patients evaluating 210/3 Alzheimer’s disease mg BID (potentially registrational) • On track, supported by ZEPHYR's prespecified cognitive signal (1) Subject to FDA feedback at EOP2 Meeting. 23

Closing Remarks Chris Kroeger, M.D. | Co-Founder and Chief Executive Officer

Closing Remarks Statistically Significant Across Potentially Differentiating Tolerability Built for Complementary Measures Cognitive Signal Real-World Use • Met the primary endpoint on PANSS Total • Prespecified Cognitive Composite Score • No serious or drug-related severe adverse Score (ES=0.37), with a stronger effect in improved significantly (ES=0.51) events; 99% of patients reached the target completers in which there are no modelled dose; low rates of moderate GI side-effects • Cognitive signal independent of assumptions of missing data (ES=0.50) antipsychotic effect; not a byproduct of • No fasting requirement or complex • Achieved significance on CGI-S and PANSS reduced psychotic symptoms titration, unlike other agents in the class, Positive Marder Factor potentially increasing adherence and persistence Data support advancement of 210/3 mg BID into a confirmatory pivotal trial and continued investment in indication expansion, leveraging the observed cognitive signal; next steps will be guided by the planned EOP2 meeting 25

Advancing a Broad and Diversified Pipeline Program Circuit Indications Preclinical Phase 1 Phase 2 Phase 3 Anticipated Milestones Engage with FDA at Schizophrenia ZEPHYR EOP2 meeting ML-007C-MA Potential in Direct and Indirect other indications M /M agonist 1 4 Pathways being explored co-formulated with PAC Alzheimer’s Disease Topline results in 2H 2027 VISTA Psychosis Autism Spectrum Disorder ML-004 Dorsal Raphe to Engage with FDA at IRIS EOP2 meeting Nucleus Accumbens Sociability/Irritability 5-HT agonist 1B/1D ML-009 Complete IND-enabling studies Indirect Pathway Hyperactivity/Impulsivity in 2027 GPR52 PAM ML-055 Direct and Indirect Nominate preclinical candidate Neuropsychiatric Disorders Pathways in 2026 Next-Gen M /M agonist 1 4 ML-021 Finalize preclinical candidate Direct Pathway Parkinson’s Disease in 2027 M antagonist 4 Leveraging our versatile circuit-based discovery platform for ongoing pipeline expansion GPR = G-protein-coupled receptor. PAC = peripherally acting anti-cholinergic. PAM = positive allosteric modulator. 26

Q&A