Here are 1-3 brief analogies for CervoMed (CRVO):

• A small, clinical-stage Eli Lilly for neurodegenerative diseases.
• Like an early-stage Biogen, developing new drug treatments for brain disorders.

• Neflamapimod: An orally administered small molecule brain penetrant currently in development for the treatment of neurodegenerative diseases, including dementia with Lewy bodies (DLB), Alzheimer's disease, and for brain stroke recovery.

CervoMed Inc. (CRVO) is a clinical-stage biotechnology company focused on the development of drug treatments. As such, it is currently engaged in research, development, and clinical trials for its lead drug candidate, neflamapimod.

At this stage, CervoMed does not have major customers in the traditional sense, as its drug treatments are not yet approved for commercial sale or distribution. Its primary activities revolve around advancing its drug through clinical development towards potential regulatory approval. Therefore, it does not sell products to other companies or directly to individuals.

John Alam, MD Chief Executive Officer

John Alam co-founded CervoMed (formerly known as EIP Pharma) in 2014 and was appointed CEO in August 2023. He brings over 30 years of experience in translational medicine. Prior to CervoMed, he served as the therapeutic area head for diseases of aging at Sanofi until May 2014, where he led discovery and development activities for Alzheimer's and other age-related diseases. From 1997 to 2008, Dr. Alam held various roles at Vertex Pharmaceuticals, including Chief Medical Officer and Executive Vice President, Medicines Development, where he was involved in developing medicines for HIV, Hepatitis C, and Cystic Fibrosis. Earlier, from 1991 to 1997, he led clinical development of Avonex for multiple sclerosis at Biogen.

William (Bill) Elder Chief Financial Officer, General Counsel and Corporate Secretary

William Elder was appointed Chief Financial Officer of CervoMed, effective June 1, 2024, and continues to serve as General Counsel and Corporate Secretary, a role he assumed in August 2023. Before joining CervoMed, he served as General Counsel for Diffusion Pharmaceuticals from September 2020 to August 2023 and also as its Principal Financial Officer from June 2023 to August 2023. Mr. Elder previously spent eight years as an associate at Dechert LLP, where he advised clients on corporate and securities matters, including acting as outside counsel to Diffusion during its reverse merger in 2016.

Matthew Winton, PhD Chief Commercial and Business Officer

Matthew Winton was appointed Chief Commercial and Business Officer in October 2025, bringing nearly two decades of biotechnology industry experience to CervoMed. Prior to this role, Dr. Winton served as Chief Operating Officer at Inozyme Pharma, which was subsequently acquired by BioMarin Pharmaceuticals. He also spent nearly ten years at Biogen, holding senior leadership positions such as Senior Vice President and Head of the U.S. Multiple Sclerosis Franchise, and Vice President and Head of the U.S. Spinal Muscular Atrophy Franchise, where he managed multi-billion-dollar neurology portfolios and oversaw the launch of SPINRAZA.

Mark De Rosch, PhD, FRAPS Executive Vice President, Regulatory and Government Affairs and Program Management

Mark De Rosch joined CervoMed Inc. in November 2024 as Senior Vice President, Regulatory and Government Affairs, and Program Management, and was promoted to Executive Vice President in May 2025. He is an experienced executive in the pharma/biotech sector with over 30 years of experience, specializing in organizations transitioning from early- to late-stage development and into commercialization. Before CervoMed, he consulted on drug development and global regulatory strategies starting in May 2023. Dr. De Rosch has a track record of successfully building out regulatory, quality, and chemistry, manufacturing, and controls (CMC) functions at various biotech organizations to support Phase 3 and commercialization readiness.

Marco Verwijs, PhD Executive Vice President, Technical Operations

Marco Verwijs serves as the Executive Vice President of Technical Operations at CervoMed, with over 19 years of experience in product development and manufacturing. His background includes working on multiple commercial products, guiding them from clinical product development through NDA filing and commercial launch. Before joining CervoMed, he was the Chief Technical Officer at Adipo Therapeutics, where he was responsible for the development and manufacturing of a novel parenteral controlled-release nanoparticle drug for weight loss.

The recent FDA approval of **lecanemab (Leqembi)** from Eisai and Biogen, and the advanced clinical development and potential future approval of **donanemab** from Eli Lilly, represent clear emerging threats for CervoMed. These drugs are approved or in late-stage development for Alzheimer's disease, a condition CervoMed explicitly lists as a target for its drug neflamapimod. While neflamapimod has a different mechanism of action and its primary focus is Dementia with Lewy Bodies (DLB), the success and market entry of these amyloid-targeting therapies establish a significant competitive landscape and set a new benchmark for efficacy in treating cognitive decline in a related neurodegenerative disease. Their success could influence treatment paradigms, regulatory expectations, and market dynamics for all drugs targeting major dementias, including those developed by CervoMed.

CervoMed Inc. (CRVO) is developing neflamapimod for the treatment of Dementia with Lewy Bodies (DLB), Alzheimer's disease, and brain stroke recovery. The addressable markets for these indications are substantial.

Dementia with Lewy Bodies (DLB)

The global market for Lewy Body Dementia treatment was valued at approximately USD 5.972 billion in 2024 and is projected to reach around USD 13.208 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 9.22% from 2025 to 2033. Another estimate places the global market size at USD 6.12 billion in 2024, expanding to USD 11.60 billion by 2032 with an 8.30% CAGR. North America was the largest regional market for Lewy Body Dementia treatment in 2023 and 2025. The United States alone has an estimated more than 1.4 million people suffering from LBD. One analyst projects probability-adjusted peak sales for neflamapimod in DLB of approximately USD 1 billion by 2038.

Alzheimer's Disease

The global Alzheimer's therapeutics market size was estimated at USD 4.08 billion in 2025 and is projected to reach USD 6.38 billion by 2034, with a CAGR of 5.10% from 2026 to 2034. Other estimates indicate the global Alzheimer's therapeutics market size was approximately USD 6.49 billion in 2025 and is predicted to increase to about USD 33.62 billion by 2034, at a CAGR of 20.06% from 2025 to 2034. North America dominated the Alzheimer's therapeutics market, holding 51.55% of the market share in 2025. The United States accounted for approximately 54% of the total Alzheimer's disease market size in the 7MM (7 major markets) in 2023.

Brain Stroke Recovery

The global stroke rehabilitation market size, which addresses brain stroke recovery, was valued at USD 285 million in 2024 and is projected to reach approximately USD 817.06 million by 2034, exhibiting a CAGR of 11.24% from 2025 to 2034. Another analysis estimates the global market for stroke rehabilitation to be US$ 328.3 million in 2025, growing to US$ 594.9 million in 2032 with a CAGR of 8.9%. North America held the largest share of the stroke rehabilitation market in 2024, with the U.S. accounting for 92.3% of the North American market in the same year.

CervoMed Inc. (CRVO), a clinical-stage biotechnology company, has several anticipated drivers of future revenue growth over the next two to three years, primarily centered on the advancement and potential commercialization of its lead drug candidate, neflamapimod.

Here are 3-5 expected drivers of future revenue growth:

1. Advancement of Neflamapimod into and through Phase 3 Clinical Trials for Dementia with Lewy Bodies (DLB): CervoMed has reported positive results from its Phase 2b RewinD-LB trial for neflamapimod in patients with DLB. The company plans to initiate a global, pivotal Phase 3 trial in the second half of 2026, subject to sufficient funding. Successful progression through Phase 3 is a critical step towards regulatory approval and eventual market entry, which would be the primary long-term revenue driver.
2. Regulatory Progress and Preparations for Commercialization of Neflamapimod in DLB: While direct product sales are likely beyond the immediate 2-3 year timeframe, significant regulatory milestones and commercialization preparations are key drivers of future value. CervoMed has received feedback from the U.S. Food and Drug Administration (FDA) aligning on key aspects of the Phase 3 trial design to support a potential New Drug Application (NDA) submission. The company has also made strategic hires, such as an Executive Vice President, Technical Operations, to oversee Chemistry, Manufacturing, and Controls (CMC) and prepare for commercial batches, signaling readiness for potential market launch.
3. Expansion of Neflamapimod into New Neurodegenerative Indications: CervoMed is actively developing neflamapimod for additional indications beyond DLB. The company is advancing clinical programs for non-fluent variant primary progressive aphasia (nfvPPA) and recovery after ischemic stroke (RAS). Phase 2a data readouts for nfvPPA are anticipated in mid-2026, and for RAS in the second half of 2026. Positive data from these trials could open up new, attractive commercial markets for neflamapimod, diversifying potential revenue streams in the future.
4. Strategic Partnerships and Collaboration Agreements: As a clinical-stage biotechnology company, CervoMed's future revenue growth may also be driven by strategic partnerships and collaboration agreements. The company's advanced development pipeline, particularly neflamapimod, targeting areas of high unmet medical need, could create opportunities for regional or global partnerships. Such agreements often include upfront payments, milestone payments upon achieving certain development or regulatory benchmarks, and potential royalty streams from future sales, providing non-dilutive funding and shared commercialization efforts.

Share Repurchases

• CervoMed has not engaged in share repurchases over the last 3-5 years; instead, the company has shown a negative 3-Year Share Buyback Ratio of -85.70% as of September 2025, indicating share issuance.

Share Issuance

• In April 2024, CervoMed completed a private placement, raising gross proceeds of approximately $149.4 million through the sale of 2,532,285 units, each comprising shares (or pre-funded warrants) and Series A Warrants.
• The company's outstanding common stock was approximately 6,170,479 shares as of March 26, 2024, increasing to 9,258,719 shares as of March 11, 2026.

Inbound Investments

• CervoMed was awarded a $21.0 million grant from the National Institute on Aging in January 2023 to support its RewinD-LB trial, with an additional $0.3 million awarded under the same grant in August 2024.
• The private placement completed in April 2024, raising approximately $149.4 million, significantly strengthened the company's balance sheet and supports ongoing research and development initiatives.

Capital Expenditures

• CervoMed reported capital expenditures of $5.0 million for the trailing twelve months as of February 2026.
• As of September 30, 2025, the company's cash and marketable securities were anticipated to fund planned operating expenses and capital expenditure requirements into the third quarter of 2026.