Executive Summary

Q2 2023 was a pre-revenue quarter; operating expenses were $96.8M and net loss was $(99.5)M, or $(0.63) per share, with weighted-average shares of 157.1M .
Cash, cash equivalents and marketable securities were $825.1M, which management expects to fund multiple 2024 data readouts and operations into 2025 .
Pipeline timing shifted: emraclidine Phase 2 schizophrenia (EMPOWER-1/2) data moved to 2H 2024; REALIZE (darigabat in focal epilepsy) remains mid-2024; ADAPT (darigabat in panic disorder) was initiated; tavapadon Phase 3 timing reaffirmed (TEMPO-3 1H 2024; TEMPO-1/2 2H 2024) .
Leadership strengthened with three new executives (CEO Ron Renaud, CFO Susan Altschuller, GC Paul Burgess); management emphasized execution ahead of a “pivotal year in 2024” .

What Went Well and What Went Wrong

Strong liquidity: $825.1M in cash, cash equivalents and marketable securities; runway expected into 2025 supporting multiple late-stage readouts .
Pipeline execution: ADAPT (darigabat in panic disorder) was initiated; TEMPO Phase 3 tavapadon timelines reaffirmed for 2024 .
Management tone focused on delivery: “We remain focused on execution as we prepare for a pivotal year in 2024 with data from multiple late-stage clinical trials in schizophrenia, epilepsy, and Parkinson’s disease.” — Ron Renaud, CEO .

Emraclidine Phase 2 schizophrenia (EMPOWER) timelines delayed to 2H 2024 due to slower U.S. enrollment and ex-U.S. site startup delays .
Net loss widened year over year (Q2 2023 $(99.5)M vs. $(90.5)M in Q2 2022); EPS $(0.63) vs. $(0.61), reflecting higher operating costs and financing liability fair value losses .
Other income swung to a loss ($(9.8)M) driven by fair value remeasurement losses on funding liabilities (NovaQuest/Bain) versus a gain in Q2 2022 .

Metric	Q4 2022	Q1 2023	Q2 2023
Research & Development ($USD Millions)	$81.3	$78.2	$74.1
General & Administrative ($USD Millions)	$25.9	$21.4	$22.8
Total Operating Expenses ($USD Millions)	$107.2	$99.6	$96.8
Net Loss ($USD Millions)	$(92.8)	$(104.3)	$(99.5)
Diluted EPS ($USD)	$(0.59)	$(0.67)	$(0.63)
Weighted-Average Shares (Millions)	156.4	156.6	157.1

Metric	Q2 2022	Q2 2023
Research & Development ($USD Millions)	$72.5	$74.1
General & Administrative ($USD Millions)	$20.5	$22.8
Total Operating Expenses ($USD Millions)	$93.0	$96.8
Net Loss ($USD Millions)	$(90.5)	$(99.5)
Diluted EPS ($USD)	$(0.61)	$(0.63)

KPI	Q1 2023	Q2 2023
Cash, Cash Equivalents & Marketable Securities ($USD Millions)	$863.0	$825.1
Cash from Operations ($USD Millions)	$(94.9)	$(77.3) (derived from six-month $(172.25) minus Q1 $(94.92))
Interest Income, net ($USD Millions)	$6.44	$9.82
Convertible Senior Notes (Net Carrying Amount, $USD Millions)	$336.0	$336.4

Notes: Company reports no product revenue; it has not yet generated revenues as of June 30, 2023 .

Segment breakdown: Not applicable (pre-revenue) .

Metric	Period	Previous Guidance	Current Guidance	Change
Emraclidine (EMPOWER-1/-2) Schizophrenia Phase 2 – Data timing	2024	1H 2024	2H 2024	Delayed
Darigabat (REALIZE) Focal Epilepsy – Data timing	2024	Delay beyond 2023; timing to be updated by mid-year	Mid-year 2024	Clarified/Firmed
Darigabat (ADAPT) Panic Disorder – Trial status	2023	Initiation expected in Q2 2023	Trial initiated	Initiated
Tavapadon (TEMPO-3) Adjunctive PD – Data timing	2024	Mid-year 2024	1H 2024	Maintained/Refined
Tavapadon (TEMPO-1/-2) Monotherapy PD – Data timing	2024	2H 2024	2H 2024	Maintained
CVL-871 Dementia-related Apathy – Timeline	2024	2H 2024	Timeline under review	Under Review/Delayed
Cash runway	Through 2025	Into 2025	Into 2025	Maintained

Note: The Q2 2023 earnings call transcript could not be retrieved due to a database inconsistency; themes reflect prepared remarks and MD&A.

Topic	Previous Mentions (Q4 2022, Q1 2023)	Current Period (Q2 2023)	Trend
Enrollment & timelines	REALIZE timing impacted by post‑COVID environment; tavapadon and emraclidine timelines outlined	EMPOWER schizophrenia delayed to 2H 2024 due to slower U.S. enrollment and ex‑U.S. site startup delays	Headwind persists (slower enrollment)
Pipeline execution	Emraclidine Phase 1 BP trial positive; tavapadon Phase 3 ongoing; ADAPT planned	ADAPT trial initiated; TEMPO timelines reaffirmed; EMPOWER-3 OLE ongoing	Execution continues; mixed (delay + starts)
Liquidity & funding	$950.2M cash at YE22; funding agreements inflows; runway into 2025	$825.1M cash & securities; ops funded into 2025	Strong but declining balance (burn)
Leadership	CEO transition to Ron Renaud announced; board changes	Three exec additions including CEO, CFO, GC; focus on execution	Strengthened mgmt bench
Regulatory/designations	Emraclidine Fast Track (AD psychosis)	Fast Track reiterated; registrational-supportive nonclinical/pharmacology prioritization	Continued engagement
Financing liabilities & other income	Gains in fair value remeasurement in 2022	Losses in fair value remeasurement in Q2 2023	Volatility in other income line

“We remain focused on execution as we prepare for a pivotal year in 2024 with data from multiple late-stage clinical trials in schizophrenia, epilepsy, and Parkinson’s disease.” — Ron Renaud, President & CEO .
Emraclidine EMPOWER trials data timing moved to 2H 2024 due to slower-than-expected U.S. enrollment and ex-U.S. site startup delays; EMPOWER-3 OLE continues; registrational-enabling nonclinical/clinical pharmacology studies prioritized .
Liquidity: cash, cash equivalents and marketable securities of $825.1M; expected to support 2024 readouts and fund operations into 2025 .
Other income: the quarter reflected net losses from fair value remeasurement of funding liabilities due to changes in market inputs and passage of time .

The Q2 2023 earnings call transcript was not retrievable due to a database inconsistency; no Q&A themes are available from the transcript. This recap reflects prepared remarks and the 10‑Q MD&A .

Wall Street consensus (S&P Global) estimates for revenue and EPS were unavailable; a GetEstimates request returned a Capital IQ mapping error for CERE, so comparisons vs. consensus could not be performed.*

*Estimates would typically be retrieved from S&P Global; unavailable for this period due to mapping error.

Cerevel remains pre‑revenue but is well capitalized ($825.1M) with runway into 2025, enabling multiple late‑stage readouts in 2024 .
Emraclidine timeline delay (to 2H 2024) is a near‑term sentiment headwind; management is prioritizing registrational-enabling workstreams to support the package .
Execution continues across programs: TEMPO tavapadon Phase 3 readouts in 2024; REALIZE mid‑2024; ADAPT initiated in panic disorder .
Watch the “Other income (expense)” line; fair value marks on funding liabilities can swing quarterly results independent of core operating progress .
Convertible senior notes ($345M principal, 2.50% due 2027) represent potential dilution at ~$46.38 conversion price; settlement flexibility (cash/stock) provides levers near maturity .
Leadership additions (CEO/CFO/GC) and explicit 2024 catalyst stack position the story for binary data events; timeline clarity and enrollment cadence are key to thesis and trading set‑ups .

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