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Here are 1-3 brief analogies for CNS Pharmaceuticals (CNSP):

• A specialized Biogen, but entirely focused on developing a breakthrough drug for glioblastoma.
• An early-stage Moderna, but instead of vaccines, it's dedicated to finding a cure for brain cancer.
• Like a focused Regeneron, but with its entire pipeline centered on a single, advanced therapy for brain and CNS tumors.

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• Berubicin: An anti-cancer drug candidate in Phase I and II clinical trials for the treatment of glioblastoma multiforme.

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CNS Pharmaceuticals, Inc. (CNSP) is a clinical-stage pharmaceutical company focused on the development of anti-cancer drug candidates. Its lead drug candidate, Berubicin, is currently in Phase I and II clinical trials.

As a company primarily engaged in research and development and still in the clinical trial phase, CNS Pharmaceuticals, Inc. does not currently have major commercial customers to whom it sells products or services.

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• Polpharma Scientific and Technological Park sp. z o.o.
• Worldwide Clinical Trials, Inc.

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Rami Levin
President and Chief Executive Officer

Mr. Levin was appointed President and Chief Executive Officer, effective January 1, 2026, and will also join the company's Board of Directors. He is an industry veteran with nearly 30 years of experience. Mr. Levin has initiated a comprehensive evaluation of CNS Pharmaceuticals' operations and pipeline, emphasizing the company's lead asset, and aims to transform the company into a strategic, forward-looking, and execution-driven biotechnology company.

Steven O'Loughlin
Chief Financial Officer

Mr. O'Loughlin was appointed Chief Financial Officer, effective March 2, 2026. He brings over 15 years of senior financial leadership and capital markets experience across public biotechnology companies. Most recently, he served as Chief Financial Officer of Actinium Pharmaceuticals, where he led multiple equity financings and business development transactions, raising significant capital and supporting the advancement of late-stage clinical programs. His background encompasses corporate finance, investor relations, strategic transactions, and public-company governance, with a strong focus on capital discipline and shareholder value creation.

Eric Faulkner
Chief Technology Officer

Mr. Faulkner was appointed Chief Technology Officer, effective March 2, 2026. He is a veteran biotechnology executive with over 30 years of experience across scientific development, technical operations, and product commercialization. Mr. Faulkner has led CMC, manufacturing, and development efforts for numerous clinical and commercial products across various therapeutic areas, including oncology, CNS, rare disease, and gene therapy. Prior to joining CNS Pharmaceuticals, he held senior executive roles at IO Biotech, Homology Medicines, Shire, and Biogen IDEC, where he played key roles in advancing programs from IND through commercialization and supporting global regulatory submissions.

Dylan Wenke
Chief Business Officer

Mr. Wenke was appointed Chief Business Officer, effective March 2, 2026. He is an experienced corporate development and strategic transactions leader with a strong track record in biotechnology business development, licensing, and financing. Mr. Wenke has originated and executed high-value transactions across multiple therapeutic areas and modalities. Previously, he held senior business development roles at Corbus Pharmaceuticals, Bluejay Therapeutics, and EuMentis Therapeutics, where he led portfolio-shaping transactions, financings, and global partnering initiatives.

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Key Risks to CNS Pharmaceuticals (CNSP)

1. Clinical Trial Failure and Uncertain Future for Lead Drug Candidate Berubicin: CNS Pharmaceuticals' lead drug candidate, Berubicin, failed to achieve statistical significance in its primary endpoint of overall survival in a pivotal clinical trial for glioblastoma multiforme when compared to Lomustine. This outcome led to a substantial decline in the company's stock price. While Berubicin demonstrated comparable clinical outcomes and a favorable safety profile, the lack of statistically significant superiority in overall survival raises significant questions about its commercial viability. Consequently, the company is now considering out-licensing Berubicin, indicating a shift away from its further internal development.
2. Lack of Revenue, Negative Profitability, and Going Concern Risk: As a clinical-stage pharmaceutical company, CNS Pharmaceuticals has reported no revenue and substantial losses, with a negative earnings per share. The company has accumulated a significant deficit since its inception. Its ability to continue as a going concern is contingent upon securing additional equity or debt financing, as its current cash reserves are projected to fund operations only into the latter half of the second quarter of 2024, based on December 31, 2023, filings. The company anticipates continued net losses and negative cash flows for the foreseeable future.
3. Execution Risks Associated with New Acquisition-Focused Corporate Strategy: CNS Pharmaceuticals is undertaking a new corporate strategy to pivot its focus towards acquiring and in-licensing new neurology and oncology assets. This strategic shift, while aiming for potential growth, introduces high execution risks. The success of this new direction depends heavily on the company's ability to effectively identify, secure, integrate, and advance new differentiated therapeutic programs, especially as it plans to out-license its existing legacy assets like Berubicin and TPI 287 to concentrate resources on this new pipeline.

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The addressable market for CNS Pharmaceuticals' main product, Berubicin, which targets glioblastoma multiforme (GBM), can be sized as follows:

• Global Market: The global glioblastoma multiforme treatment market was valued at approximately USD 2.78 billion in 2024 and is projected to reach around USD 6.08 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 9.40% from 2025 to 2034. Other estimates place the global market at USD 3.6 billion in 2024, expected to grow to USD 8.3 billion in 2034 at a CAGR of 8.9% from 2025–2034.
• U.S. Market: The U.S. glioblastoma multiforme treatment market was estimated at USD 733.65 million in 2024 and is predicted to be worth approximately USD 1,538.85 million by 2034, with a CAGR of 8.90% from 2025 to 2034. Additionally, the U.S. market accounted for USD 1.4 billion in revenue in 2024 and is anticipated to grow at a CAGR of 8.5% between 2025 and 2034.
• North American Market: The North American glioblastoma multiforme treatment market was valued at USD 2.06 billion in 2024 and is expected to reach around USD 4.48 billion by 2034, with a CAGR of 8.13% between 2025 and 2034. North America held the largest market share in the global glioblastoma multiforme treatment market in 2024.

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For CNS Pharmaceuticals (CNSP), the expected drivers of future revenue growth over the next 2-3 years are primarily centered around a recent strategic pivot and the continued advancement of its pipeline, albeit with a new focus on out-licensing for some assets and acquiring new ones.

1. Successful Acquisition and Development of New Neurology and Oncology Assets: CNS Pharmaceuticals recently announced a strategic pivot to build a high-value pipeline in broader neurology and oncology markets. This involves actively seeking out and in-licensing or acquiring differentiated, clinical-stage therapeutic assets with strong commercial viability, clear regulatory pathways, and significant unmet medical needs. The successful development, regulatory approval, and eventual commercialization of these newly acquired or in-licensed product candidates are expected to be a primary driver of future revenue growth for the company.
2. Out-licensing Agreements for Legacy Assets (Berubicin and TPI 287): As part of its strategic shift, CNS Pharmaceuticals plans to position its legacy glioblastoma programs, including Berubicin and TPI 287, for potential out-licensing. This strategy aims to generate non-dilutive value from these assets. Revenue derived from such out-licensing deals could include upfront payments, milestone payments upon achieving specific development or regulatory goals, and potential future royalties from a partner's commercial sales.
3. Advancement of TPI 287 Through Clinical Trials to Enhance Out-licensing Value: While TPI 287 is slated for out-licensing, its continued clinical progression is crucial. TPI 287 has shown promising Phase 1 activity in glioblastoma multiforme (GBM), including complete and partial responses in some patients when combined with bevacizumab. Positive data from ongoing or planned clinical studies, such as the previously intended Phase 2 study, would likely increase the attractiveness and value of TPI 287 to potential licensing partners, thereby contributing to more lucrative out-licensing agreements and associated revenue for CNS Pharmaceuticals.

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Share Repurchases

• No information available regarding share repurchases made by CNS Pharmaceuticals within the last 3-5 years.

Share Issuance

• CNS Pharmaceuticals has frequently issued shares to raise capital, including approximately $23.75 million in gross proceeds from at-the-market (ATM) facility sales as of March 20, 2025, with authorization to sell up to $43.5 million in shares through this facility.
• The company completed multiple registered direct and public offerings, including approximately $5 million in gross proceeds from an offering priced on May 13, 2025, approximately $3 million from an offering priced on October 23, 2024, and approximately $4 million from an offering priced on January 29, 2024.
• CNS Pharmaceuticals has undertaken multiple reverse stock splits to maintain Nasdaq listing compliance, including a 1-for-30 split on November 28, 2022, a 1-for-50 split on June 5, 2024, another 1-for-50 split on February 21, 2025, and a 1-for-12 split on July 22, 2025. Additionally, shareholders approved increasing authorized common stock to 300,000,000 shares and preferred stock to 5,000,000 shares on November 21, 2025, facilitating future issuances.

Inbound Investments

• The company secured approximately $15 million in financing, which was expected to provide cash runway into the first half of 2025.
• A public offering in May 2025 raised an additional $5 million, extending the company's cash runway into the second half of 2026.
• In November 2024, CNS Pharmaceuticals closed a $3.0 million registered direct offering and completed $1.6 million of offerings via its at-the-market facility, which together were expected to fund operations through the second quarter of 2025.

Outbound Investments

• On July 29, 2024, CNS Pharmaceuticals entered into an Exclusive License Agreement and Stock Purchase Agreement with Cortice Biosciences, Inc. This strategic move led to the transfer of Orphan Drug Designations for TPI 287 to CNS Pharmaceuticals in May 2025.

Capital Expenditures

• Capital expenditures have been very low, with a reported -$4,188 in the trailing 12 months as of November 2025.
• In Q4 2024, capital expenditures amounted to $4,000.
• The company has no material commitments for capital expenditures, with primary ongoing payments consisting of milestone fees and royalties to Reata and Cortice.