#1eleusis#2Disclaimer Forward-Looking Statements This document contains certain "forward-looking statements" within the meaning of the federal securities laws, with respect to the proposed transaction between Eleusis Holdings Limited and Eleusis Inc. (collectively, "Eleusis") and Silver Spike Acquisition Corp II ("Silver Spike"). These forward-looking statements are generally identified by words such as "anticipate," "believe," continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," ," "should," "strive," "would" or the negatives of these words or words of similar meaning. These forward looking statements include, but are not limited to, statements regarding the benefits of the transaction, the anticipated timing of the transaction, Eleusis's product candidates and expected markets, and Eleusis's projected future results. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Such forward-looking statements are based upon the current beliefs and expectations of the management of each of Silver Spike and Eleusis and are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Silver Spike's securities, (ii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the agreement and plan of merger by the shareholders of Silver Spike, the satisfaction of the minimum trust account amount following redemptions by Silver Spike's public shareholders and the receipt of certain governmental and regulatory approvals, (iii) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the agreement and plan of merger, (v) the effect of the announcement or pendency of the transaction on Eleusis's business relationships, performance, and business generally, (vi) risks that the proposed transaction disrupts current plans of Eleusis and potential difficulties in Eleusis employee retention as a result of the proposed transaction, (vii) the outcome of any legal proceedings that may be instituted against Eleusis or against Silver Spike or Eleusis related to the agreement and plan of merger or the proposed transaction, (viii) the ability of Eleusis' securities to qualify to list on The Nasdaq Capital Market, (ix) volatility in the price of Silver Spike's securities due to a variety of factors, including changes in the competitive and highly regulated industries in which Eleusis plans to operate, variations in performance across competitors, changes in laws and regulations affecting Eleusis's business and changes in the combined capital structure, (x) the impact of the global COVID-19 pandemic, (xi) the enforceability of Eleusis's intellectual property, including its trademarks, and the potential infringement on the intellectual property rights of others, cyber security risks or potential breaches of data security, (xii) the ability of Eleusis to protect the intellectual property and confidential information of its customers, (xiii) unexpected costs, charges, or expenses resulting from the proposed business combination, (xiv) evolving legal, regulatory and tax regimes, (xv) the possibility that Eleusis may be adversely affected by other economic, business and/or competitive factors, (xvi) actions by third parties, including government agencies, and (xvii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of Silver Spike's Quarterly Reports on Form 10-Q, the registration statement on Form S-4 and proxy statement/prospectus included therein discussed below and other documents filed by Silver Spike and Eleusis from time to time with the U.S. Securities and Exchange Commission (the "SEC"). You are cautioned not to place undue reliance on these forward-looking statements as a predictor of future results, performance and/or achievements as projected financial information and other information are based on estimates and assumptions, whether or not identified in this document, that are inherently subject to various significant risks, uncertainties, contingencies and other factors, many of which are difficult to predict and generally beyond the control of the parties. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Eleusis and Silver Spike assume no obligation and do not intend to update or revise these forward-looking statements, whether s a result of new information, future events, or otherwise. Neither Eleusis nor Silver Spike gives any assurance that either Eleusis or Silver Spike will achieve its expectations. Additional Information and Where To Find It This document relates to a proposed transaction between Eleusis and Silver Spike. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Silver Spike and Eleusis intend to file a registration statement on Form S-4 that will include a preliminary proxy statement for the solicitation of Silver Spike shareholder approval and prospectuses of Silver Spike and Eleusis Inc. The proxy statement/prospectus will be sent to all Silver Spike stockholders. Silver Spike and Eleusis Inc. also will file other documents regarding the proposed transaction with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF SILVER SPIKE ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/ PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE OR WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that are or will be filed with the SEC by Silver Spike and Eleusis through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Silver Spike and Eleusis Inc. may be obtained free of charge from their respective websites at silverspikecap.com or by written request to Silver Spike at 600 Madison Ave, Suite 1600, New York, New York 10065. Participants in Solicitation Silver Spike and Eleusis and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Silver Spike's stockholders in connection with the proposed transaction. Information about Silver Spike's directors and executive officers and their ownership of Silver Spike's securities is set forth in Silver Spike's filings with the SEC. To the extent that holdings of Silver Spike's securities have changed since the amounts printed in Silver Spike's proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/ prospectus regarding the proposed transaction when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph. eleusis 2#3CHALLENGE: Unlock the Therapeutic Potential of Psychedelics (1 2 3 eleusis Promising Efficacy Data in Depression Concerns About Practicality The "Last Mile" of Care Delivery ■ Major Depressive Disorder (MDD) is the leading cause of disability worldwide and a major contributor to global disease burden¹ Psilocybin, an investigational psychedelic drug, observed to have rapid, robust, and durable antidepressant effect in third party clinical studies² Encapsulated psilocybin may only be "half-way" to a medicine due to the limitations of oral formulation Psilocybin and other psychedelic drug therapies in development may not be compatible with conventional psychiatric practice or existing frameworks for "in-network" insurance coverage and reimbursement Source: 1) WHO Fact Sheet, 9/13/21 https://www.who.int/news-room/fact-sheets/detail/depression 2) Carhart-Harris, R.L, et al. (2021). Trial of Psilocybin versus Escitalopram for Depression. New England Journal of Medicine, 384(15), 1402-1411; Compass Pathways Press Release, 11/9/2021; https://compasspathways.com/positive-topline-results/); Davis, A. K., et al. (2020). Effects of Psilocybin-Assisted Therapy on Major Depressive Disorder. JAMA Psychiatry. 3#4eleusis Eleusis at-a-glance Dedicated to transforming psychedelics into medicines for living WE ARE DEVELOPING A 2nd generation investigational psilocybin-based drug candidate for Major Depressive Disorder (MDD) and a discovery platform for exploration beyond psychiatry ■ A care delivery management company to help facilitate seamless "in-network" integration with existing US healthcare infrastructure ALTUS#5Key Investment Highlights 1 2 3 eleusis Significant Market Opportunity 2nd Generation Psilocybin Drug Candidate for MDD A First-in-Class Care Delivery Management Company ■ ■ ■ Antidepressant total addressable market (TAM) expected to reach $21bn by 2025¹ US psychedelic care delivery TAM estimated to be ~$7bn² ELE-Psilo is our lead product candidate, comprised of the active ingredient in psilocybin formulated for IV delivery Targeting a consistent, controllable, and practical psilocybin-based therapy for the treatment of MDD Anticipated initiation of Phase I studies in 1H 2022 Anticipated Phase I results in healthy volunteers and MDD patients in 2H 2022 Andala is an operationally integrated platform of "in-network" clinics targeting the "last mile" challenge of psychedelic drug therapy Anticipated Cash Flow Positive Clinic Operations in 1H 2023 Source: 1) Global Antidepressants Market Report 2021: COVID-19 Causes a Surge in Demand for Antidepressant Drugs as Mental Health Problems Rise - ResearchAnd Markets.com, Business Wire, April 26, 2021; 2) Partheniou, A. (2021) Psychedelics - A possible disrupter to legacy treatments, Stifel Nicholaus Canada Inc., January 14, 2021 (estimate based in part on data from existing ketamine clinics). 5#6Potential to Achieve Full Proof of Concept: ELE-Psilo Phase I Data by 2H 2022, Care Delivery by 1H 2023 Clinical Development Program ELE-Psilo (ELE-101; IV formulation) Select Anticipated Milestones ● 2021 IND enabling Innovation Passport Designation granted as a part of MHRA's Innovative Licensing and Access Pathway for adult patients with treatment resistant depression (10/21) FDA Pre-IND Written Responses expected in 3/22 2H 2022 Phase la Safety, Tolerability and PK/PD Results Phase Ib MDD Patient Results eleusis Note: MDD = Major depressive disorder, IND = investigational new drug application. Phase la Plan to Initiate Ph la in 1H 2022 ● 2022 Phase Ib Plan to Initiate Ph Ib in MDD patients in 2H 2022 2023 Initiation of Phase II in MDD Cash Flow Positive Andala Operations 6#7Leadership Team Deep Expertise Spanning Discovery, Development, and Delivery; 992 Peer-Reviewed Publications¹ SHLOMI RAZ Chief Executive Officer Goldman Sachs J.P. Morgan David Nichols, PhD Director, Molecular Pharmacology Discovery and Preclinical Yong Ren, PhD Director, Discovery Research Charles Nichols, PhD Scientific Founder & Sponsored Researcher Graham Johnson, PhD Director, Medicinal Chemistry PURDUE UNIVERSITY LSU Health NEW ORLEANS C SAREPTA THERAPEUTICS Melinta ROB CONLEY SVP, Clinical Development Lilly Bristol-Myers Squibb UNIVERSITY of MARYLAND SCHOOL OF MEDICINE Allan Shepard, PhD Director Translational Research Tim Foster, PhD Sponsored Researcher Pfizer Lundbeck رار NOVARTIS LSU Health NEW ORLEANS eleusis 1) Statistics are cumulative across all six professionals listed herein. KATHY KALUHIOKALANI President, Andala OPTUM® UPMC LIFE CHANGING MEDICINE Yoni Weiss, MD VP, Clinical Development Sarah Blondell, MSc VP, Clinical Operations Tim Williams, MD Director, Clinical Development Clinical teva Regenera QUINTILES TMC PHARMA DAVID WEINER, MD VP, Drug Discovery lumos PHARMA Neiloufar Family, PhD VP, Health Solutions Rachel Handy, PhD VP, Quality Assurance NHS VP, Joanna Sambor ACADIA Pharmaceuticals Regulatory Affairs L'ECOLE HAUTES ETUDES SOCIALES Imperial College London Vantia therapeutics FERRING PHARMACEUTICALS abbvie Takeda GENE RAMIREZ Chief Financial Officer BTIG Robertson Stephens Commercial Berrak Kocaoglu, MSc VP, Commercial Strategy imshealth™ INTELLIGENCE APPLIED. Jessica Joffe Stein VP, Marketing & Communications Alex Speiser Director, Corporate Development Davita. ORTHOGONAL 7#8eleusis Psychedelics May Transform the Treatment of Depression We aim to mainstream the transformation ELE-Psilo and Drug Discovery I. II. Care Delivery III. Transaction Summary#9eleusis Major Depressive Disorder (MDD) is the Silent Epidemic of the 21st Century Adults in the US with depression symptoms prior to the pandemic¹ 50M+ $113B $21B+ Antidepressant total addressable market expected by 2025³ $7B Driving massive direct health care expenditures² Estimated psychedelic care delivery total addressable US market4 Source: 1) Millions to gain access to Psychedelic Psychotherapy in bid to fight pandemic induced depression and anxiety. Yahoo Finance (June 17, 2021) (citing Anxiety and Depression Household Pulse Survey. CDC National Center for Health Statistics (accessed July 3, 2021); 2) Greenberg, P.E., et al. (2021) The Economic Burden of Adults With Major Depressive Disorder in the United States (2010 and 2018) Pharmaco Economics 39, 653-665 (number from 2018 and represents the aggregate of pharmaceutical and medical services); 3) Global Antidepressants Market Report 2021: COVID-19 Causes a Surge in Demand for Antidepressant Drugs as Mental Health Problems Rise - ResearchAnd Markets.com, Business Wire, April 26, 2021; 4) Partheniou, A. (2021) Psychedelics - A possible disrupter to legacy treatments, Stifel Nicholaus Canada Inc, 01/14/2021 (estimate based in part on data from existing ketamine clinics). 9#10Rapid, Robust, and Durable Antidepressant Effects of Psychedelics Academic Preclinical and Clinical Study Observations Serotonergic psychedelics eleusis 5-HT 2A receptor huw 5-HT 1A receptor (+) Downstream GPCR pathways [Ca²+] depolarization Glutamate release AMPA receptor vini -0000-00- AMPAR GluA1 Tthroughput TPSD95 BDNF release mTORC1 Induction of neuroplasticity eEF2 BDNF OtrkB Increase. plasticity tion Modulated pathways associated with synaptic growth in preclinical studies ¹ Rapid, robust, and durable antidepressant effects observed in third party clinical trials² Potential to open a "critical window" for adaptation and behavior change³ Source: 1) Kadriu et al., Ketamine and Serotonergic Psychedelics: Common Mechanisms Underlying the Effects of Rapid-Acting Antidepressants, Int J Neurops, 1(24), 2020 2) Carhart-Harris, R.L,et al. (2021). Trial of Psilocybin versus Escitalopram for Depression. New England Journal of Medicine, 384(15), 1402-1411; Compass Pathways Press Release, 11/9/2021; https://compasspathways.com/positive-topline-results/); Davis, A. K., et al. (2020). Effects of Psilocybin-Assisted Therapy on Major Depressive Disorder. JAMA Psychiatry. 3) Publication in draft; partial results published in Nardou R et al (2019) Oxytocin-dependent reopening of a social reward learning critical period with MDMA. Nature. 2019 May;569(7754):116-120. 10#11Third Party Oral Psilocybin Proof of Concept Studies in MDD and Treatment Resistant Depression (TRD) Rapid, robust, and durable efficacy observed MDD Clinical Study: Psilocybin (25mg) vs. Escitalopram¹ Met Primary Endpoint No statistically significant difference in QIDS- SR-16 depression score at 6 weeks, but assessments favored psilocybin² Secondary outcomes² Mean Change (QIDS-SR-16 Score) include: MADRS: HAM-D-17: -14.4 vs -7.2 -10.5 vs -5.1 0.0- -2.5- -5.0- -7.5- -10.0- 0 7 "A series of studies by Carhart-Harris and colleagues...provide tantalizing evidence for the efficacy of psilocybin in the treatment of major depressive disorder" 3 Prof Jeffery Lieberman, Columbia University Psilocybin 14 21 Day Escitalopram 28 35 H 42 - LS mean change from baseline in MADRS total score MADRS: -6.6 "We now have evidence from a large well-designed trial that psilocybin may be effective for people with (p<.001; 25mg vs 1mg) treatment-resistant major depressive disorder” 5 -8 -10 -12 -14 but significant room for improvement -16 TRD Phase IIb Study: Psilocybin (25mg, 10mg, 1mg)4 Significant Effect from Day 2 to Week 6 Reported in Third Party Topline Data Release Day-1 Prof David Hellerstein, Principal Investigator, Columbia University Day 2 * Week 1 Week 6 COMP360 25mg --COMP360 10mg -COMP360 1mg Baseline mean (SD): 25mg (n=79) = 31.9 (5.41); 10mg (n=75)= 33.0 (6.31); 1mg (n=79) = 32.7 (6.24) Week 3: 25mg Diff = -6.6, p = <0.001 vs 1mg 10mg Diff = -2.5, p = 0.184 Week 3 Week 9 Week 12 Source: 1) Carhart-Harris et al. (2021). Trial of Psilocybin versus Escitalopram for Depression. New England Journal of Medicine, 384(15), 1402-1411; psilocybin dosing at day 0, 21; escitalopram group received 2 separate doses of 1 mg of psilocybin plus daily escitalopram 2) As per Carhart-Harris et al. (2021), statistical significance assessments not conducted other than for primary endpoint at 6-week timepoint, and no correction for multiple comparisons of the outcomes was conducted at any intermediate time points, so no clinical conclusions can be drawn. 3) Lieberman, J. (2021) Back to the Future - The Therapeutic Potential of Psychedelic Drugs, NEJM 384,15.4_15_2021; 4) COMPASS Pathways Press Release, 11/9/2021; and COMPASS Pathways Phase IIb Trial Presentation 11/9/20215) https://www.columbiapsychiatry.org/news/psilocybin-found-rapidly-improve-depressive-symptoms-clinical-trial 11#12Practical Limitations of Oral Psilocybin Plasma psilocin concentration (µg/L) 20 18- 16- 14- 12- 10- A Single and Escalating Dose PK¹ Absorption rates varied between 40% to 70% in these academic studies Subject 1 (3 mg) Subject 2 (6 mg) Encapsulating psilocybin is only "half-way" to developing a useful drug therapy 60 120 180 240 300 360 420 480 Time (min) Single dose Cmax for Subject 3 (12 mg) higher than Cmax values for Subjects 4, 5, and 6 (15, 18, and 24 mg) eleusis Subject 3 (12 mg) Subject 4 (15 mg) Subject 5 (18 mg) Subject 6 (24 mg) Subject 7 (24 mg) Subject 8 (30 mg) Dose-Normalized Psilocin Cmax (ng/mL)/(mg/kg) 125 100- 75 50 25 0 0.30 Subject 0.60 0.45 Psilocybin Dose (mg/kg) 123456789111 012 10 Study of escalating oral psilocybin doses revealed considerable inter and intra-individual variability Oral Psilocybin Limitations Variability Considerable variations in absorption and metabolism necessitated high doses and gave rise to unpredictable PK/PD¹ ■ ■ ■ Prolonged Administration and Observation 6-hour sessions used for administration and observation in these studies, and required monitoring by multiple clinicians² Difficult to Optimize or Halt Oral dosing is not amenable to personalization or rapid termination² Source: 1) Madsen, M. K. et al. (2019). Psychedelic effects of psilocybin correlate with serotonin 2A receptor occupancy and plasma psilocin levels. Neuropsychopharmacology, 44(7), 1328-1334; Brown, R. T. et al. (2017). Pharmacokinetics of Escalating Doses of Oral Psilocybin in Healthy Adults. Clinical Pharmacokinetics, 56(12), 1543-1554. 2) Johnson M.. et al. (2008); Human hallucinogen research: guidelines for safety. Journal 12 of Psychopharmacology (Oxford, England), 22(6), 603-620; Rucker, J. et. al (2019) Psilocybin administration to healthy participants: safety and feasibility in a placebo-controlled study. Poster presented at the 58th Annual Meeting of The American College of Neuropsychopharmacology, Orlando, FL, USA, 8-11 December 2019. Passie, T. (2002). The pharmacology of psilocybin. Addiction Biology, 7(4), 357-364., 2)#13ELE-Psilo: A Potential Advance in Formulation eleusis ELE-Psilo (Psilocin) Active moiety of psilocybin Designed for delivery via proprietary salt formulated for IV/infusion HO O OH 1 H PSILOCYBIN H H PSILOCIN CONSISTENT Formulated to reduce variability in drug exposure CONTROLLABLE Designed to be personalized and enable control over duration and intensity PRACTICAL Developed to be convenient for patients and cost-effective for payors Source: Madsen, M. K. et al. (2019). Psychedelic effects of psilocybin correlate with serotonin 2A receptor occupancy and plasma psilocin levels. Neuropsychopharmacology, 44(7), 1328-1334 Hasler, F. et al. (1997). Determination of psilocin and 4-hydroxyindole-3-acetic acid in plasma by HPLC-ECD and pharmacokinetic profiles of oral and intravenous psilocybin in man. Pharmaceutica Acta Helvetiae, 72(3), 175-184. Carhart-Harris et al. (2011). The administration of psilocybin to healthy, hallucinogen-experienced volunteers in a mock-functional magnetic resonance imaging environment: a preliminary investigation of tolerability. Journal of Psychopharmacology, 25(11). 1562-1567. 13#14eleusis ELE-Psilo Target Profile Proposed Indication Proposed Proprietary Psilocin Salt Form in Formulation Ready-to-Use Vial Proposed Administration Rapid Acting Treatment of MDD Investigational Dose Range IV Infusion Potential Duration 10-to-30 min infusion of Administration ≤2 hours in-clinic 1-5mg Abuse Potential Potential reclassification if FDA Approved¹ Source: 1) Johnson, M. W. et al. (2018). The abuse potential of medical psilocybin according to the 8 factors of the Controlled Substances Act. Neuropharmacology. 142, 143-166. ‒‒‒‒ RIN 14#15IV Psilocybin Pharmacokinetics and Pharmacodynamics (PK/PD): Academic Studies IV administration enabled (1) immediate target drug intensity, and (2) greatly reduced treatment time and variability compared to oral administration Psilocin PK following IV and Oral Psilocybin eleusis Plasma psilocin concentration (µg/L) 100- 10- 0.1+ 0 60 Oral (0.22 mg/kg) IV (1mg, bolus) 120 180 240 300 360 Time Drug effects rated 0-10 (mean values+SEM) 10 9 8 (O 3 2 1 O -1 0 1 2 3 IV Psilocybin PD 2mg psilo (n = 6) 1.5mg psilo (n = 3) 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Minutes post end of 60 s 10ml injection Source: 1) Hasler, F. et al. (1997). Determination of psilocin and 4-hydroxyindole-3-acetic acid in plasma by HPLC-ECD and pharmacokinetic profiles of oral and intravenous psilocybin in man. Pharmaceutica Acta Helvetiae, 72(3), 175-184.2) Carhart-Harris et al. (2011). The administration of psilocybin to healthy, hallucinogen-experienced volunteers in a mock-functional magnetic resonance imaging environment: a preliminary investigation of tolerability. Journal of Psychopharmacology, 25(11), 1562-1567. 15#16Psilocin Receptor Occupancy, Drug Intensity, and Treatment Effect: Academic Studies Psilocin concentration was correlated with serotonin 5-HT₂A receptor occupancy¹ 2A 5-HT2AR occupancy (%) 100- 75- 50 25- 0- eleusis 5 10 ELE-Psilo Target Range 15 20 Plasma psilocin concentration (µg/L) Subject 1 (3 mg) Subject 2 (6 mg) Subject 3 (12 mg) Subject 4 (15 mg) 5-HT2A receptor occupancy was correlated with volunteer-reported drug intensity¹ Intensity rating 10.0- 7.5- 5.0- 2.5- 0.0- Subject 5 (18 mg) -Subject 6 (24 mg) 20 40 Occupancy (%) Subject 7 (24 mg) Subject 8 (30 mg) 60 80 Patient-reported psychedelic drug intensity was correlated with the antidepressant effects of psilocybin ³,4 and 5-MeO-DMT5 Source: 1) Madsen, M. K. et al. (2019). Psychedelic effects of psilocybin correlate with serotonin 2A receptor occupancy and plasma psilocin levels. Neuropsychopharmacology, 44(7), 1328-1334; 2) Brown, R. T. et al. (2017). Pharmacokinetics of Escalating Doses of Oral Psilocybin in Healthy Adults. Clinical Pharmacokinetics, 56(12), 1543-1554 3) Yaden, D. B., & Griffiths, R. R. (2021). The Subjective Effects of Psychedelics Are Necessary for Their Enduring Therapeutic Effects. ACS Pharmacology and Translational Science; 4) Davis, A. K., et al. (2020). Effects of Psilocybin-Assisted Therapy on Major Depressive Disorder. JAMA Psychiatry. 5) GH Research Ltd. Press Release 16 "GH Research Announces Successful Outcome of the Phase 2 part of its Phase 1/2 Clinical Trial of GH001 in Treatment-Resistant Depression", 12/6/2021#17ELE-Psilo PK/PD Simulations Plasma psilocin concentration (µg/L) (Predicted) IV administration could rapidly reach target intensity and rapidly return below perceptual threshold 100 10 0.1 eleusis Psilocin Concentration-Time Profile (Simulated) (10 and 20-minute IV Psilocin vs Oral 25 mg of Psilocybin) 0 www. 10 20 30 40 50 Time (min) 60 2 mg IV Psilocin; 10 min infusion 4 mg IV Psilocin; 20 min infusion 25 mg PO; Psilocybin Estimated PD Threshold 5-HT2A Receptor Occupancy Target Range Eleusis simulations suggest target concentrations of psilocin reachable in ~2 min Simulations also support potential personalization of intensity via alteration of infusion rate Source: 1) Hasler, F. et al. (1997). Determination of psilocin and 4-hydroxyindole-3-acetic acid in plasma by HPLC-ECD and pharmacokinetic profiles of oral and intravenous psilocybin in man. Pharmaceutica Acta Helvetiae, 72(3), 175-184; Eleusis simulations based on primary data from Brown et al. 2017, Madsen et al. 2019, Hasler et al. 1997, and Carhart-Harris et al. 2011. 17#18ELE-Psilo - Potentially Favorable Differentiation Formulation Onset / PK Design Attribute Potential Duration of Treatment Administration Potential Monitoring Cost Compatibility with Existing (US) Reimbursement Anticipated Infrastructure Requirements Safety Considerations Psilocin IV Designed to be Immediate with Low Variability Simulated ≤ 2 hours $350¹ Targeting Compatibility with Existing Reimbursement Frameworks Designed for Existing Clinical Infrastructure Phase I results anticipated in 2022 Psilocybin Oral Observed to be Delayed and Highly Variable in Clinical Studies ~6 hours $3,150² May Require New Reimbursement Framework New Infrastructure Potentially Required for Prolonged Safety Monitoring2 Variable onset/duration of drug effect, inability to terminate drug effect 5-MeO-DMT Intranasal Observed to be Immediate and Highly Variable³ Unknown; duration affected by individualized dosing regimen³ Unknown Unknown Unknown Multiple administrations per treatment³; incidence of reactivations/flashbacks5 1) Eleusis simulations based on primary data from Brown et al. 2017, Madsen et al. 2019, Hasler et al. 1997, and Carhart-Harris et al. 2011; 2) ELE-Psilo care delivery estimates based on 3 hours of psychiatric-mental health nurse involvement ($50 per hour) and 2 hours of psychiatric oversight ($100 per hour); Oral psilocybin based on estimated hourly cost of a certified therapist ($150) and assumes 2 therapists and 1 supervising psychiatrist, and the current clinical trial paradigm (1 hour preparation session, one 6-hour dosing session, and 1 hour integration session). Rucker, J. et. al (2019) Psilocybin administration to healthy participants: safety and feasibility in a placebo-controlled study. Poster presented at the 58th Annual Meeting of The American College of Neuropsychopharmacology, Orlando, FL, USA, 8-11 December 2019 (treatment program); Carhart-Harris et al. Trial of Psilocybin versus Escitalopram for Depression. N Engl J Med. 2021 Apr 15;384(15):1402-1411. doi: 10.1056/NEJMoa2032994 (Supplement) (assumptions about therapist treatment); Occupational Employment and Wages, May 2018, 29-1171 Nurse Practitioners. US Bureau of Labor Statistics (Nurse Practitioner rates); How Much Does Therapy Cost? (And Why Is It So Expensive?), The Talkspace Voice (October 29, 2015); Occupational Employment and Wages, May 2018, 29-1066 Psychiatrists. US Bureau of Labor Statistics (Psychiatrist rates) 3) GH Research Corporate Presentation, June 2021; 4) Weil, A. T., & Davis, W. (1994). Bufo alvarius: A potent hallucinogen, of animal origin. Journal of Ethnopharmacology, 41(1-2), 1-8.5) Uthaug, M.V., Lancelotta, 18 R., Ortiz Bernal, A.M., Davis, A.K., & Ramaekers, J.G. (2020). A comparison of reactivation experiences following vaporization and intramuscular injection (IM) of synthetic 5-methoxy-N,N-dimethyltryptamine (5-MeO-DMT) in a naturalistic setting. Journal of Psychedelic Studies.#19ELE-Psilo IP Portfolio Psilocin Salt Forms and Methods of Treatment Pharmaceutically Acceptable Salts of Psilocin and Uses Thereof Method Of Treatment For Psilocybin or Psilocin Infusion Claimed Subject Matter Composition of pharmaceutically acceptable salts of psilocin with improved stability, physical properties, and handling characteristics Methods for treating patients by administering intravenous psilocybin or psilocin eleusis Note: 1) Assumes expiration is 20 years from the associated patent filing date in the United States. Estimated Expiration¹ 2041 2040 19#20Exploring Psychedelics Beyond Psychiatry - Eleusis Drug Discovery Platform Discovery Mission Identify new indications beyond psychiatry and expand new chemistry library Ubiquitous Expression and Key Modulatory Role eleusis Receptor target (5-HT2A) is highly expressed throughout the periphery and CNS on key cell types that modulate immune, metabolic, and synaptic function ¹,2 Advance a topically delivered therapy for ocular disease Validated Target in Multiple Therapeutic Areas Translation Mission Psychedelics have been validated in multiple translational models and across a broad range of therapeutic areas beyond psychiatry¹,3 Clarifying MoA to Guide Discovery ■ ■ Studying effects on innate and adaptive immune function, cell viability, and metabolic function Medicinal chemistry effort focused harnessing these effects and identifying new drug candidates Source: 1) Flanagan, T. W., et al. (2018). Psychedelics as anti-inflammatory agents. International Review of Psychiatry, 1-13; 2) Nichols, D. E et al. (2016). Psychedelics as Medicines: An Emerging New Paradigm. Clinical Pharmacology and Therapeutics 3) Eleusis sponsored studies and sponsored university research program 20#21Exploring Psychedelics Beyond Psychiatry - Eleusis Drug Discovery Platform Discovery Mission ■ Identify new indications beyond psychiatry and expand new chemistry library Translation in Ophthalmology Efficacy observed in translational models of allergic conjunctivitis¹, uveitis², glaucoma and tear production³ ELE-102 is a topically delivered drug candidate currently in IND- enabling preclinical studies Median of Cumulated Clinical Scores per Animal 8- 0 Allergic Conjunctivitis¹ Front-of-Eye 2 4 Hours Post 48/80 Translation Mission Advance a topically delivered therapy for ocular disease ELE-01 (0.05%) ELE-01 (0.01%) ELE-01 (0.001%) Saline 8 23 24 25 Antigen-Induced Uveitis Model³ Posterior Uveitis² DEGENERATION NORMAL Back-of-Eye CONTROL Retina Retina + PSYCHEDELIC Choroid Choroid 100m 100 μm eleusis Source: 1) NZW rabbits administered topical ELE-01 6x the day prior, and once 1hr prior the challenge with compound 48/80, which induces histamine release and mast cell degranulation; 4 animals per group, 8 eyes per group 2) Eleusis sponsored study of topical ELE-01 (0.01%, TID) in TB-induced Uveitis in NZW rabbits 3) Eleusis sponsored university research program 21#22(000) andala Psychedelic Drug Therapy Will Require Care Delivery Innovation Enabling Access to Insurance Covered Psychedelic Drug Treatment I. II. Care Delivery III. Transaction Summary ELE-Psilo and Drug Discovery#23(♡♡♡) andala OPPORTUNITY Addressing the "Last Mile" Challenge for Psychedelic Drug Therapy ■ ■ Conventional psychiatric practice appears incompatible with psychedelic drug therapy¹ SPRAVATO roll-out highlights "last mile" challenge of specialty pharma in psychiatry Requirement for supervised care delivery in a specialized facility on a periodic basis Source: 1) Wilkinson ST, Howard DH, Busch SH. Psychiatric Practice Patterns and Barriers to the Adoption of Esketamine. JAMA. 2019;322(11):1039-1040. U.U#24(♡♡♡ andala MISSION Establish Best-in-Class Platform for In-Network Care Delivery Provide patients seamless access to care Secure in-network preferred provider status nationwide for Andala-managed clinics Develop diversified referral pathways to increase access to care 24#25Introducing Andala-Managed Clinics¹ Opportunity TAM (US) Business Model Core Competency Launch Therapy Address the "last mile" challenge of psychedelic drug therapy $7bn¹ (estimate assumes FDA approved psychedelic drug therapy for MDD, PTSD, and substance abuse) In-network high-throughput specialty psychiatric drug therapy Operational integration with existing healthcare infrastructure SPRAVATO (esketamine) (Indications: TRD, MDD w/Acute Suicidality) (♡♡♡♡ andala 1st Anticipated Milestone Prototype Launch 1H 2022 ✓ In-network Payor Model ✓ Targeting 3 Prototype Managed Clinics 2nd Anticipated Milestone Commercial Proof-of-Concept 2H 2022 2023 ✓Prototype Managed Clinics Achieve Cash Flow Positive Operations ✓ National Expansion Notes and Sources: 1) Eleusis expects to divest Andala in advance of FDA approval of ELE-Psilo or any other drug candidate and may elect to divest in whole or in part in advance of FDA approval. 2) Partheniou, A. (2021) Psychedelics - A possible disrupter to legacy treatments, Stifel Nicholaus Canada Inc, 01/14/2021 (estimate based in part on data from existing ketamine clinics). 25#26Andala-Managed Clinic Prototype - Estimated Unit Level Economics Patient Population ~5.7m large group covered lives in prototype region ¹ ~60k TRD patients covered² ~1% TRD patient acquisition required for full capacitation³ Clinic Capacitation Capacity for 9,000 treatments per year per clinic4 Clinics aim to: Treat 30 new patients per month within 4 months5 Reach 85% capacitation within 9 months5 + Patient Acquisition & Reimbursement $1,267 per patient acquisition cost assumed5 $6,356 per patient net revenues6 Average net reimbursement $265 per visit5 Ti Estimated Run-rate and Return 85% capacitated run-rate revenue of ~$2.4m; EBITDA of ~$800k5 Cash flow positive at ~50% capacity5 ~220% annual return on invested capital per clinic5 1) Estimated covered lives (adults) in anticipated prototype region (Texas) based on BCBS/Anthem (https://www.bcbs.com/news/state-by-state) data and US census data on US adult population relative to total population (https://www.census.gov/quickfacts/fact/table/US/PST045219) 2) Estimate of TRD patient population in prototype regions covered by BCBS/Anthem adjusted for MDD/TRD prevalence in US adults; prevalence data from Zhdanava M, Pilon D, Ghelerter I, et al. The prevalence and national burden of treatment-resistant depression and major depressive disorder in the United States. J Clin Psychiatry. 2021;82(2):20m13699.depression) 3) Estimate assumes 3 clinics and full capacity is assumed to be at 375 patients treated 24 times per year per clinic based on capacity for 9,000 treatment per year per clinic; 4) Assumes 6 rooms per facility, 6 treatments per room per day, 250 operating days per year; 5) Eleusis estimates based on capital budget and financial projections as of 12/1/2021 ; 6) Eleusis estimates per patient net revenues assume SPRAVATO treatment under a 1yr authorization from a large group insurance payor. 26#27Care Delivery Model Comparison Reimbursement Model Available Therapies Patient Acquisition (Referral Sources) Oversight and Safety Monitoring Andala-Managed Clinics Expected coverage and reimbursement by large insurance providers SPRAVATO (generally covered) IV/IM Ketamine if ineligible for SPRAVATO (partial or no coverage) Direct, PCP, Psychiatrist, Psychotherapist, Telehealth Platforms Psychiatric Consultation and Oversight; FDA REMS Compliance Ketamine Clinics (Cash-Pay) "Out-of-pocket" patient payment IV/IM/Oral Ketamine Source: 1) Partheniou, A. (2021) Psychedelics - A possible disrupter to legacy treatments, Stifel Nicholaus Canada Inc, 01/14/2021 (estimate based in part on data from existing ketamine clinics). Direct Unknown 27#28eleusis Transaction Summary ELE-Psilo and Drug Discovery I. II. Care Delivery III. Transaction Summary#29Transaction Summary Transaction Structure Silver Spike Acquisition Corp II (NASDAQ: SPKB) is a publicly listed special purpose acquisition company with $287.5 million in cash in trust Upon completion of the transaction, former shareholders of Silver Spike and former shareholders of Eleusis will hold shares of a new holding company named Eleusis Inc., which is expected to be listed on Nasdaq under the symbol ELEU Valuation Pro forma enterprise value of approximately $446 million with 100% rollover by existing Eleusis equityholders Existing Eleusis equityholders to receive additional earnout shares at closing equal to approximately 14% of an adjusted measure of pro forma enterprise value, vesting as follows: 20% at $12.50, 30% at $15.00 and 50% at $17.50 within three years after closing Use of Proceeds | Clinical development of ELE-Psilo, preclinical development, and care delivery platform development by Andala Ownership Eleusis existing shareholders are rolling over 100% of their equity (1) Pro Forma ownership 49% existing Eleusis equityholders 51% SPAC shareholders and SPAC sponsor eleusis Note: Assumes no redemptions by SPKB shareholders and cash on Eleusis's balance sheet of $5.5 million, as of 12/31/2021. Excludes the impact of any incremental financing between announcement and close. Assumes 35.0 million shares to existing Eleusis equityholders, 28.8 million shares to existing SPKB shareholders, and 7.2 million shares to SPKB's sponsor. Excludes earnout consideration to existing Eleusis equityholders and impact of equity incentive plan, employee stock purchase plan and management LTIP (up to 3% of fully diluted shares outstanding, with 25% vesting at $15.00, 25% vesting at $20.00 and 50% vesting at $30.00). Also excludes impact of unvested rollover options representing approximately 10% of Eleusis's fully diluted shares outstanding as of January 2022. Excludes impact of 7.2 million public warrants and 5.2 million private placement warrants struck at $11.50. 1) If additional financing raised by Eleusis via equity or equity-linked securities, such investors will also roll 100% of the financing into the pro forma company. 29#30Attractive Valuation Relative to Peers - Phase I Results May Drive Convergence Lead Candidate Formulation Indication Clinical Stage Drug Discovery Platform Care Delivery Services Enterprise Value (USD) eleusis ELE-Psilo (Psilocin) IV Major Depressive Disorder Anticipated Phase I Results in 2H 2022 $446M (Pro Forma Valuation) eleusis Enterprise value (USD) of Compass Pathways PLC (CMPS) and GH Research PLC (GHRS) as of January 14, 2022 COMPASSION Navigating Mental Health Pathways COMP360 (Psilocybin) Oral Treatment-Resistant Depression Phase II Completed $479M GH Research GH001 (5-MeO-DMT) Intranasal Treatment-Resistant Depression Phase I/II Completed $719M 30#31Eleusis is Ready to Transform Psychedelics into Medicines for Living 1 2 3 eleusis Significant Market Opportunity Antidepressant TAM ~$21bn¹ + Psychedelic Care Delivery TAM ~$7bn² ELE-Psilo - Transforming psilocybin into modern drug therapy for MDD Anticipated initiation of Phase I study in 1H 2022 Anticipated Phase I results in healthy volunteers and MDD patients in 2H 2022 Andala-Managed Clinics - Bridging "the last mile" of care delivery Anticipated Cash Flow Positive Clinic Operations in 1H 2023 Source: 1) Global Antidepressants Market Report 2021: COVID-19 Causes a Surge in Demand for Antidepressant Drugs as Mental Health Problems Rise - ResearchAnd Markets.com, Business Wire, April 26, 2021; 2) Partheniou, A. (2021) Psychedelics - A possible disrupter to legacy treatments, Stifel Nicholaus Canada Inc., January 14, 2021 (estimate based in part on data from existing ketamine clinics). 31#32eleusis#33eleusis Appendix#34Transaction Details Transaction summary Pro forma enterprise value of $446 million with 100% rollover by existing Eleusis equityholders(¹) Eleusis equityholders to receive additional earnout shares at closing equal to approximately 14% of an adjusted measure of pro forma enterprise value, vesting: 20% at $12.50, 30% at $15.00 and 50% at $17.50 within three years after closing Up to 3.5 million founder shares subject to forfeiture based on total cash delivered ($ in millions) Sources Cash in trust Total uses Uses Cash to balance sheet Estimated transaction fees and expenses Total uses eleusis $288 $288 $258 $30 $288 Pro forma valuation ($M except per share values) Illustrative share price Pro forma shares outstanding (M) Total equity value Net cash on balance sheet Total enterprise value Pro forma ownership SPKB sponsors 10% SPKB shareholders 41% $10.00 70.9 $709 ($263) $446 Existing Eleusis shareholders 49% Note: Assumes no redemptions by SPKB shareholders and cash on Eleusis's balance sheet of $5.5 million, as of 12/31/2021. Excludes the impact of any incremental financing between announcement and close. Assumes 35.0 million shares to existing Eleusis equityholders, 28.8 million shares to existing SPKB shareholders, and 7.2 million shares to SPKB's sponsor. Excludes earnout consideration to existing Eleusis equityholders and impact of equity incentive plan, employee stock purchase plan and management LTIP (up to 3% of fully diluted shares outstanding, with 25% vesting at $15.00, 25% vesting at $20.00 and 50% vesting at $30.00). Also excludes impact of unvested rollover options representing approximately 10% of Eleusis's fully diluted shares outstanding as of January 2022. Excludes impact of 7.2 million public warrants and 5.2 million private placement warrants struck at $11.50. 1) If additional financing raised by Eleusis via equity or equity-linked securities, such investors will also roll 100% of the financing into the pro forma company. 34#35Use of Proceeds SPKB trust account together with existing cash and cash equivalents will be used to support the following: ■ ■ ■ ■ ■ eleusis Clinical development of ELE-Psilo in MDD into Ph2/3 trials Launch and expansion of Andala-managed clinics Drug discovery platform expansion Clinical development of ELE-Psilo in additional areas of high unmet need with proof-of-concept data Working capital and other general corporate purposes 35#36Board of Directors and Psychiatric Advisory Board EXPECTED POST-MERGER INDEPENDENT DIRECTORS eleusis DAVID SOCKS Chairman SCOTT GORDON ROBERT HERSHBERG JOHN TUCKER ESTHER VAN DEN BOOM cadence Phathom. PHARMACEUTICALS PHARMACEUTICALS SILVER SPIKE J.P.Morgan CAPITAL FRAZIER HEALTHCARE PARTNERS Celgene scPharmaceuticals ALCRESTA THERAPEUTICS van den boom & associates EY GEORGE PAPAKOSTAS SAMUEL WILKINSON TOM LAUGHREN MANISH JHA MICHAEL THASE SANJAY MATHEW DAN IOSIFESCU PETER HENDRICKS DAVID EDDIE PSYCHIATRIC ADVISORY BOARD 10.3 Yale SCHOOL OF MEDICINE Former Director of FDA Division of Psychiatry Products 1845 HARVARD UNIVERSITY TAS BAD Mount Sinai Penn UNIVERSITY of PENNSYLVANIA BAYLOR UNIVERSITY NYU UB THE UNIVERSITY OF ALABAMA AT BIRMINGHAM HARVARD UNIVERSITY 36#37Significant 5-HT2A Focused Expertise Drives Drug Discovery Platform 626 Publications and 180 Years of Experience¹ Mechanism of Action Charles Nichols, PhD Professor of Pharmacology Scientific Founder & Sponsored Researcher LSU Health NEW ORLEANS Focus: MOA, SAR, translational disease models Timothy Foster, PhD Associate Professor of Virology Sponsored Researcher LSU Health NEW ORLEANS Focus: MOA, SAR, translational disease models eleusis Source: 1) Statistics are cumulative across all six professionals listed herein. Discovery David Nichols, PhD Distinguished Professor of Pharmacology Molecular Pharmacology Director PURDUE UNIVERSITY Focus: Drug discovery and optimization Graham Johnson, PhD 35+ years of development experience Medicinal Chemistry Director Melinta S THERAPEUTICS The bes Carpery SAREPTA THERAPEUTICS Bristol-Myers Squibb Focus: Drug discovery and optimization Development & Translational Research Yong Ren, PhD 20+ years of development experience Director, Drug Development Pfizer Landbeck Focus: Drug discovery and preclinical development Allan Shepard, PhD 20+ years of research experience Science Director v NOVARTIS Focus: Translational Research and Development 37#38Highly Experienced Silver Spike Capital Team Senior Management Directors Scott Gordon, Founder, CEO and Chairman Scott was co-Founder & Chairman of Egg Rock Holdings, the parent company of Papa & Barkley- - a leading California based cannabis company ● ● Greg Gentile, CFO Greg was CEO of GMG Investment Advisors, an emerging market direct lending asset management firm Prior to GMG, he was a Managing Director at both Barclays Capital and Lehman Brothers ● Bill Healy, Partner Bill has over 30 years of corporate, investment banking and fundraising experience. He was President of Pantera Capital, a leading blockchain venture capital manager Bill spent 18 years at Deutsche Bank in various Senior Client Sales functions, and was head of EM sales at ING Barings ● Dr. Orrin Devinsky, Director Dr. Devinsky is the Director of the Comprehensive Epilepsy Center at NYU Langone, where his research includes the use of cannabinoids to treat epilepsy He is the Chairman of the Medical Advisory Board at Tilray and led the clinical trials for the FDA approval of Epidiolex, a cannabis-based epilepsy treatment ● Scott has over 30 years of emerging markets and distressed investment experience with roles at JP Morgan, ING Barings and Bank of America ● Rich Goldman, Director Rich is a Managing Member of Becket Capital, an advisory services firm for investment management companies He has served in a variety of executive leadership positions, including at Guggenheim Investments and Rydex Investments ● eleusis Note: Logos refer to previous experience. u PANTERA Robert Josephson, Partner, Toronto Office Rob was responsible for the initial funding of Cronos in 2013 and has consulted and raised funds for multiple cannabis-focused organizations He founded Seed Capital, which was later sold to DNA Genetics. Rob was also the co- founder of Weed MD, now a Canadian public company Dino Colonna, Partner Dino has 18 years of investing and capital markets experience in the US and Europe Prior to Silver Spike, Dino had roles advising emerging growth companies in the cannabis, life sciences, and tech sectors, as an ECM investment banker for Barclays, and managing investments at a multi-strategy hedge fund J.P.Morgan TACONIC CAPITAL ● ● LEHMAN BROTHERS BARCLAYS BLACKROCK Bank of America CAXTON Deutsche Bank Ken Landis, Director Ken has over 30 years experience as an entrepreneur, investor and executive in the cosmetics, accessory and fashion spaces GUGGENHEIM He co-founded Bobbi Brown cosmetics, later acquired by Estee Lauder, and was the CEO of Benetton Cosmetics 38#39Applicable Recent deSPAC Experience - SSPK merger with WM Holdings ● WHO IS WM HOLDINGS? ● SILVER SPIKE CAPITAL eleusis weedmaps WM Holding ("WMH") operates Weedmaps, the leading online listings marketplace for cannabis consumers, and WM Business, a comprehensive software-as-a-service ("SaaS") subscription offering for cannabis retailers and brands WMH provides consumers with information regarding cannabis retailers and brands, as well as the availability of cannabis products, facilitating product discovery and online order- ahead for pickup or delivery by participating retailer Solely provides software and other technology solutions and is non-plant touching Millions of monthly active users and over 18,000 business listings across every U.S. state, the District of Columbia and Puerto Rico with a legal cannabis market Source: 1) https://www.sec.gov/Archives/edgar/data/1779474/000114036121020601/brhc10025706_8k.htm. Silver Spike successfully listed a $250M Special Purpose Acquisition Company (SPAC) on the Nasdaq (ticker: SSPK) in August 2019, representing the first Cannabis SPAC underwritten by a global investment bank in the US, Credit Suisse Silver Spike announced its merger agreement with WM Holdings, the leading technology platform to the cannabis industry in December 2020 WM Holding operated Weedmaps, the leading online listings marketplace for cannabis consumers, and WM Business, a comprehensive software-as-a-service ("SaaS”) subscription offering for cannabis retailers and brands The estimated post transaction equity value of the combined company is ~$1.5 billion and provided $579 million of gross proceeds and a PIPE of $325 million (including $35mm contribution from Silver Spike) (¹) TRANSACTION SUMMARY(¹) SSPK merged with WMH Pro forma Enterprise Value of ~$1.5B $325M PIPE raised at $10.00 per share: 100% rollover by WMH management - 39