Cerevel Therapeutics provided key business updates. Pipeline Highlights: Leveraging its deep understanding of neurocircuitry and receptor subtype selectivity, Cerevel continues to execute on its broad, diverse pipeline of novel neuroscience drug candidates. In the second half of 2020, the Company began dosing patients in all six ongoing clinical trials for its lead programs, which are on track for multiple data readouts over the next three years. CVL-231: Cerevel is currently conducting a Phase 1b trial of CVL-231, its M4-selective positive allosteric modulator (PAM), in schizophrenia. In the fourth quarter of 2020, Cerevel began dosing patients in Part B of the Phase 1b trial, which includes a placebo-controlled pharmacodynamic assessment of change in the Positive and Negative Syndrome Scale (PANSS) total score. Data from this trial are now expected mid-year 2021. Darigabat (formerly CVL-865): Cerevel’s a2/3/5-selective GABAA receptor PAM is currently under development for anxiety and epilepsy. Cerevel is conducting a Phase 1 proof-of-principle trial in acute anxiety using a well-established CO2 inhalation challenge model. Data for this trial are expected in the second half of 2021. Cerevel is also conducting the REALIZE trial, a Phase 2 proof-of-concept trial in focal epilepsy. Cerevel began dosing patients in this trial in the second half of 2020, and, as of March 2021, multiple patients have completed the 8-week maintenance portion of the trial and have chosen to participate in the accompanying open label extension trial (REALIZE OLE). Data from the REALIZE trial are expected in the second half of 2022. Tavapadon: In the second half of 2020, Cerevel began dosing patients in all three of its Phase 3 trials of tavapadon in early and late-stage Parkinson’s disease known as TEMPO-1, TEMPO-2 and TEMPO-3. Initial data readouts from the Phase 3 program are expected beginning in the first half of 2023. CVL-871: CVL-871 is a D1/D5 partial agonist in development for treatment of dementia-related apathy. Cerevel submitted an IND for CVL-871 in the first quarter of 2021. In the second quarter of 2021, Cerevel plans to initiate a randomized, double-blind, placebo-controlled exploratory Phase 2a trial to evaluate safety, tolerability, and pharmacodynamics in patients with apathy and mild-to-moderate dementia. Data for this trial are anticipated in the second half of 2022. CVL-936: CVL-936 is a D3-preferring dopamine D3/D2 antagonist in development for substance use disorder (SUD). As of March 2021, Cerevel expects to receive cooperative grant funding from the National Institute on Drug Abuse (NIDA) to support the development of this compound in opioid use disorder. Cerevel initiated a Phase 1 single ascending dose (SAD) trial in healthy volunteers in January 2020. Cerevel concluded dosing of Cohort 1 of the Phase 1 SAD trial after receiving sufficient clinical data for the intended purposes of the trial. Cerevel intends to conduct a multiple dose canine electroencephalogram study prior to resuming Phase 1 SAD and multiple ascending dose (MAD) evaluations. Preclinical Programs: In addition to its five clinical-stage programs, Cerevel has an active discovery enablement effort and a number of preclinical programs. Cerevel’s CVL-354 is a Kappa Opioid Receptor Antagonist (KORA) being evaluated as a potential therapy for major depressive disorder (MDD) and SUD. Cerevel plans to submit an IND for CVL-354 in the second quarter of 2021. PDE4 is a well-established target with therapeutic potential in multiple disease areas including MDD, schizophrenia and neuroinflammatory conditions. Cerevel is evaluating a range of selective PDE4 inhibitors that spare the PDE4D subtype, which is believed to contribute to the gastrointestinal side effects that have historically hindered development of PDE4 inhibitors in neuroscience indications. Cerevel anticipates submitting an IND for a selective PDE4B inhibitor by the end of 2021, with plans to develop in MDD and schizophrenia.