Cerevel Therapeutics Holdings, Inc.

important indication with a substantial unmet need. Turning now to Tabapadon, our D1, D5 partial agonist in Parkinson's disease. Our phase three trials, known collectively as the TEMPO trials, are ongoing along with the corresponding open label extension, in which we are encouraged by a greater than 90% rollover rate. We expect data for TEMPO3 in the first half of 2024, with data for TEMPOS1 and 2 coming in the second half of 2024. We look forward to walking you through the scientific rationale and prior data for Tabapadon, as well as its clinical potential during our investor event in December. With Turigabat, or a selective GABA-A pan, we believe there is potential for both anti-epileptic and anxiolytic activity comparable to benzodiazepines with an improved side effect profile. Unlike benzodiazepines, which are only used for acute episodes due to tolerability, abuse potential, and other debilitating side effects, DERIGABAT's novel mechanism of action and anticipated favorable tolerability profile provide the potential for chronic dosing. We expect results from our Phase II realized trial in focal epilepsy in mid-year 2024, and we are encouraged by a continued high rollover rate into the realized open-label extension. Beyond focal epilepsy, our ADAPT Phase II trial in panic disorder is currently underway. A new drug has not been approved in panic disorder in nearly 20 years, and we are excited about the potential of providing DERIGABAT as a daily chronic therapy to patients in need. Cerevel's mid- to late-stage pipeline has the potential to bring forward numerous treatments to address some of the most devastating neuroscience diseases, and I am so proud of the team that is working diligently to make this potential a reality. With that, let me turn it over to Dr. John Renger, our Chief Scientific Officer, to provide an update on our early stage portfolio. John.

Thank you, Ray, and good morning, everyone. I'm very pleased with the progress we've made in discovery research and early clinical development here at CeraVal. Today, I'd like to focus on our Kappa Opioid Receptor Antagonist, or CORA program, also known as CDL354. We have completed both our single and multiple ascending dose trials, in which CDL354 has been generally well-tolerated. We currently believe we will be able to interrogate a range of receptor occupancies in both the kappa and mu opioid receptors. We believe and anticipate we'll be able to explore multiple indications of interest such as major depressive disorder and substance use disorder. Our ongoing phase one pet receptor occupancy trial will clarify both kappa and mu receptor pet tracer displacement to further characterize selectivity across the compound exposures. We encourage by the potential impact of this asset We look forward to providing more updates in our plans in the near future. Beyond CORA, we have a growing number of programs, some initiated within our labs and exclusively developed here at Cereval, which we continue to progress, including our M4 selective agonist, a PDE4D sparing antagonist, and a selective TMAM175 potentiator program. We will provide further updates and plans for these specific programs as appropriate. With that, I'm going to turn it over to our Chief Financial Officer, Dr. Susan Altshuler, to review our financial performance for the third quarter. Susan?

Thank you, John. Turning to our financials, in October, we opportunistically bolstered our balance sheet with a $499 million capital raise, providing strong validation of Cerevel's potential from both new and existing high-quality investors. This additional capital, along with the roughly $758 million in cash, cash equivalents, and marketable securities we ended the third quarter with, will support our operations into 2026. Turning to the third quarter of 2023, operating expenses were approximately $111 million, comprised of $85 million of research and development expenses and $26 million of general and administrative expenses. Looking forward, our financial strength enables us to focus on execution and provides optionality to maximize the value of our pipeline. That said, we will take a disciplined approach to resource allocation as we further build our pipeline, advance our lead assets, and prepare for two potential NDA filings in parallel. With that, I will hand the call back over to Ron for his concluding remarks.