Cerevel Therapeutics : Topline Results for CVL-231 in Phase 1b Clinical Trial in Patients with Schizophrenia Presentation

Transforming the Possible in Neuroscience

Topline Data for Phase 1b Trial of CVL-231 in Schizophrenia

June 2021

Forward-Looking Statements

This presentation contains forward-looking statements that are based on management's beliefs and assumptions and on information currently available to management. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing" or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Although we believe that we have a reasonable basis for each forward- looking statement contained in this presentation, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain.

Forward-looking statements in this presentation include, but are not limited to: statements about the potential attributes and benefits of our product candidates, including with respect to receptor subtype selectivity, activity, side effect and tolerability profile and relevant indications; the format and timing of our product development activities and clinical trials, including the design of clinical trials and the timing of initiation, completion and data readouts for clinical trials; statements about the advancement of CVL-231 into a Phase 2 program in schizophrenia and plans to explore additional related; the timing and outcome of IND submissions and other regulatory interactions; the ability to compete with other companies currently marketing or engaged in the development of treatments for relevant indications; the size and growth potential of the markets for product candidates and ability to serve those markets; the rate and degree of market acceptance of product candidates, if approved; the potential effects of the business combination; the amount and timing of payments we may receive pursuant to the tavapadon financing transaction; the sufficiency of our financial resources, including to fund the tavapadon Phase 3 development program through NDA submission and to allocate capital to earlier stage assets; and our cash runway.

We cannot assure you that the forward-looking statements in this presentation will prove to be accurate. Furthermore, if the forward-looking statements prove to be inaccurate, the inaccuracy may be material. Actual performance and results may differ materially from those projected or suggested in the forward-looking statements due to various risks and uncertainties, including, among others: that we may not realize the expected benefits of the financing transaction; that clinical trial results may not be favorable; uncertainties inherent in the product development process (including with respect to the timing of results and whether such results will be predictive of future results); the impact of COVID-19 on the timing, progress and results of ongoing or planned clinical trials; other impacts of COVID-19, including operational disruptions or delays or to our ability to raise additional capital; whether and when, if at all, our product candidates will receive approval from the FDA or other regulatory authorities, and for which, if any, indications; competition from other biotechnology companies; uncertainties regarding intellectual property protection; and other risks identified in our SEC filings, including those under the heading "Risk Factors" in our Quarterly Report on Form 10-Q filed with the SEC on May 17, 2021 and our subsequent SEC filings.

In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. The forward-looking statements in this presentation represent our views as of the date of this presentation. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation.

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Agenda

Introduction

Overview

Matthew Calistri

Vice President, Investor Relations

Tony Coles, M.D.

Chairperson & Chief Executive Officer

CVL-231 Background and MOA

John Renger, Ph.D.

Chief Scientific Officer

Trial Design & Results

Raymond Sanchez, M.D.

Chief Medical Officer

Q&A	All

© Cerevel Therapeutics Holdings, Inc.	3

Summary of Topline Results

• Both doses of CVL-231 demonstrated clinically meaningful improvements in

PANSS Total Score:

o 30 mg QD: -19.5 pts at week 6

• 1. 20 mg BID: -17.9 pts at week 6
• Statistically significant difference in PANSS Total Score versus placebo*:
• 1. 30 mg QD: -12.7 pts (p=0.023) at week 6

• 1. 20 mg BID: -11.1 pts (p=0.047) at week 6
• Clinically meaningful improvements in both PANSS Positive and PANSS Negative subscales
• Generally well-tolerated:
• 1. Discontinuation rates similar between treatment and placebo (22% for each arm including placebo)

1. Not associated with extrapyramidal side effects or weight gain

1. Gastrointestinal (GI) side effects were infrequent and were similar between treatment and placebo

• 1. Serious adverse events included COVID-19, accidental overdose, and exacerbation of schizophrenia (one instance of each)
• Data support advancing CVL-231 into Phase 2 program in schizophrenia and evaluating the potential for this mechanism in additional indications, including dementia-related psychosis

*Trial originally designed to be 59% powered to detect 7 point difference in PANSS total score vs. placebo

© Cerevel Therapeutics Holdings, Inc.

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Cerevel's M4 PAM is a Potential Next Generation Antipsychotic

M4 PAM (CVL-231)	Opportunity for Innovation in Schizophrenia
Potential New Standard of Care	Current Standard of Care Uses Same
	Mechanism of Action (MOA) as Therapies from the 1950s

Potential First-in-Class

Large

~20M

>$9B

~3.5%

Market

Patients

Revenues in

Growth

Therapy

Worldwide

2018

per year

with Novel MOA

M4 Selective

Limited

High

Targeted Muscarinic Activity

Significant

Lead to

Compliance

Relapse Rates

Side Effect and

60%

77%

90%

Need for New

Improved Tolerability

at 1 year

at 2 years

Treatment

Tolerability Issues

Progression and

Option

Lead to

worsening of disease

Lead to

High Discontinuation

74%

Within 18 months

Debilitating side effects of atypicals often lead to discontinuation and relapse, driving a vicious cycle of disease progression

Source: World Health Organization, DRG Market Research, Global Data	© Cerevel Therapeutics Holdings, Inc.	5