CervoMed : Corporate Presentation April 2024

Medicines for the Brain

April 2024

Corporate Overview

cerveau (sair-voh), noun, in French for brain or mind

NASDAQ: CRVO

Forward-Looking Statements

This presentation includes express and implied forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, regarding the intentions, plans, beliefs, expectations or forecasts for the future of CervoMed Inc. (the "Company"), including, but not limited to: the therapeutic potential of neflamapimod; anticipated milestones related to the Company's clinical development programs, including timelines for trial enrollment and reporting of data and the completion and achievement of primary endpoints in the Company's ongoing Phase 2b clinical Trial; the potential therapeutic value of neflamapimod; the Company's anticipated cash runway and use of proceeds from its recent private placement; and the potential commercial opportunity of neflamapimod, if approved. Terms such as "believes," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should," "approximately," "potential" or other words that convey uncertainty of future events or outcomes may identify these forward-looking statements. Although there is believed to be reasonable basis for each forward-looking statement contained herein, forward-looking statements by their nature involve risks and uncertainties, known and unknown, many of which are beyond the Company's control and, as a result, actual results could differ materially from those expressed or implied in any forward-looking statement. Particular risks and uncertainties include, among other things, those related to: the Company's available cash resources and the availability of additional funds on acceptable terms; the Company's ability to design, initiate, enroll, execute, and complete its planned studies evaluating neflamapimod; the likelihood and timing of any regulatory approval of neflamapimod or the nature of any feedback the Company may receive from the U.S. Food and Drug Administration; the Company's ability to maintain its listing on the Nasdaq Capital Market, as well as comply with applicable Nasdaq rules and regulations; the market price of the Company's securities, which may be volatile due to a variety of factors, including changes in the competitive and highly regulated industry in which the Company operates or the issuance of additional shares of the Company's common stock upon the issuance of outstanding warrants or otherwise; variations in operating performance across competitors; changes in laws and regulations affecting the Company's business; the ability to implement business plans, forecasts, and other expectations in the future; general economic, political, business, industry, and market conditions, inflationary pressures, and geopolitical conflicts, including the continued availability of funding for the U.S. federal government to support disbursements under the Company's grant from the National Institute on Aging; and the other factors discussed under the heading "Risk Factors" in the Company's most recent Quarterly Report on Form 10-K for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission ("SEC") on March 29, 2024, and other filings that the Company may file from time to time with the SEC. Any forward-looking statements in this presentation speak as of April 3rd, 2024 (or such earlier date as may be identified) and the Company does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after this date, except to the extent required by law.

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CervoMed at a Glance

Late Clinical Stage

CNS Company

Attractive Commercial Opportunity in Dementia with Lewy bodies (DLB)

First-to-market Potential in DLB

Phase 2b Clinical Study Optimally Designed and Fully Funded

Multiple Value-Driving

Milestones Through 2024

Targeting synaptic dysfunction to treat age-related neurologic disorders; modulating drivers of the early phase of the degenerative process in the brain, including neuronal stress and inflammatory pathways

Major neurologic indication with 700,000 patients in the US; >$3B US peak sales opportunity

Neflamapimod granted Fast Track designation by FDA and is poised to be the first to market treatment for DLB; positive phase 2a data published in Nature Communications, Neurology, and JPAD

Well-powered trial, stratified to identify patients most likely to benefit from neflamapimod supports development success and path to market, while reducing overall cost; awarded $21M grant from the NIH's National Institute on Aging (NIA) which will fully fund ongoing Phase 2b study1

First patient dosed in 160-patient Phase 2b DLB clinical study August'23; plan to complete enrollment in 2Q24 and report primary efficacy results and other top-linedata2 in 4Q24

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1. The NIA grant funds will be disbursed over the course of study as costs are incurred. 2. Evaluated at the End of 16-weekplacebo-controlled portion of the study

Company Overview

Targeting Synaptic Dysfunction to Treat Age-Related Neurologic Disorders

CervoMed began trading on NASDAQ (CRVO) in August 2023 following a completed merger between EIP Pharma, Inc. and Diffusion Pharmaceuticals Inc.

Headquartered: Boston, MA

Lead program: Oral neflamapimod for the treatment of	Licensed from Vertex Pharmaceuticals; developed for
Dementia with Lewy bodies	CNS indications by EIP Pharma/CervoMed

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Neflamapimod IP covered by multiple issued patents around method of use for specific disease indications and formulations, expiring at various dates through to 2039

Experienced Leadership Team

John Alam, MD

President, CEO & Co-Founder, Director

Former Chief Medical Officer and EVP Medicines Development, Vertex

Former Global Head Alzheimer's R&D at Sanofi

Led clinical development of Avonex for multiple sclerosis at Biogen

William Tanner, PhD Chief Financial Officer

20 years+ prior experience as a biotech and biopharma research analyst for leading healthcare investment banks including Vector Securities, SG Cowen,

DIRECTORS

Joshua Boger, PhD (Chair)

Executive Chair, Alkeus Therapeutics. Founder, former CEO, Vertex Pharmaceuticals

Sylvie Gregoire, PharmD

Co-Founder; Board member, Novo Nordisk, Revity (f/k/a Perkin Elmer), F2G, Former Executive VP, Biogen; Former President, HGT Division, Shire Pharmaceuticals

Jane H. Hollingsworth, JD

Managing Partner, Militia Hill Ventures

Former Chairman of the Board, Diffusion

Pharmaceuticals

Marwan Sabbagh, MD

Prof. of Neurology at the Alzheimer's and Memory Disorders division of the Barrow Neurological Institute at Dignity Health/St Joseph's Hospital in Phoenix, Arizona

Leerink Swann, Lazard Capital Markets, Guggenheim Securities and Cantor Fitzgerald

Robert J. Cobuzzi Jr., PhD

Chief Operating Officer, Director

President, Chief Executive Officer and Director of Diffusion since 2020

More than 25 years of cross-functional leadership and operational experience in pharmaceutical and biotechnology companies, including Endo, Adolor, Centocor and AstraMerck

Kelly Blackburn, MHA

SVP, Clinical Development

Former VP, Clinical Affairs at aTyr Pharma; VP, Clinical Development Operations at Vertex. Led global clinical operations for Kalydeco® for the treatment of cystic fibrosis, Incivek® for hepatitis C, and Velcade® for multiple myeloma

Jeff Poulton (Chair of Audit Committee)

CFO, Alnylam Pharmaceuticals (Nasdaq:ALNY)	Frank Zavrl
Former CFO, Shire Pharmaceuticals; CFO, Indigo Agr.	Former Board Member, Puma Biotechnology
	Retired Partner, Adage Capital

SCIENTIFIC ADVISORS

Ole Isacson, MD (Chair)

Prof of Neurology (Neuroscience) Harvard Medical School

Lewis Cantley, PhD

Professor of Cell Biology, Harvard Medical School, Dana-Farber Cancer Institute; Laureate, Breakthrough Prize in Life Sciences

Jeff Cummings, MD, PhD

Director, Chambers-Grundy Center for Transformative Neuroscience at UNLV

Heidi McBride, PhD

Professor, Dept. of Neurology & Neurosurgery, McGill University

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Financial Overview1

Approximately

8.3 M shares

outstanding, all

common stock

Completed private placement with leading healthcare investors on April 1, 2024

Upfront gross proceeds of $50.0 million

Up to an additional $99.4 million of gross proceeds tied to exercise of Series A warrants; with positive top-line data from ongoing Phase 2b trial, exercise permitted no later than 180 days after data announcement

CervoMed has cash runway through the end of 2025,

not including any additional proceeds that may be received upon the exercise of Series A warrants

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1. As of April 2, 2024, and inclusive of the upfront proceeds and issuance of shares of common stock in connection with the Company's private placement completed April 1, 2024. For additional financial and other information, refer to (i) the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 29, 2024, (ii) the Company's Current Report on Form 8-K filed with the SEC on March 28, 2024, and (iii) the

Dementia with Lewy Bodies (DLB)

What is DLB?

Disease associated with abnormal deposits ("Lewy bodies") within neurons of a protein called alpha-synuclein in the brain, with primary site of pathology being in basal forebrain

Clinically, characterized by dementia (deficits in attention, executive function) and

• 2 of the following: fluctuating attention, visual hallucinations, REM sleep disorder, and/or parkinsonism (motor deficits)1

Patients incur greater rate of cognitive decline, higher healthcare costs, report lower quality of life, and have caregivers with higher levels of distress compared to patients with Alzheimer's disease (AD)

Treatment Landscape and Unmet Need

No approved therapies; limited drugs in development

Current standard of care is cholinesterase inhibitor therapy that only transiently improves cognition and does not impact motor component

Market Opportunity

3rd most common degenerative disease of the brain (after AD and PD)

~700,000 individuals in each of US and EU

High pricing leverage because of medical need and DLB being a specialty disease (i.e., neurologist managed)

Projected >$3B in sales in US alone

DLB affects ~1.4 million

individuals in the US and EU

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1. https://www.nia.nih.gov/health/what-lewy-body-dementia-causes-symptoms-and-treatments

Therapeutic Opportunity in Dementia with Lewy Bodies (DLB)

Drug mechanism targets the primary pathology in DLB: basal forebrain cholinergic system

Early-stage DLB is primarily a disease of synaptic dysfunction in the basal forebrain cholinergic system, rather than frank neuronal loss

Successful treatment of the underlying disease process in early stage DLB would lead to both reversal of progression (restore function) in the near term, as well slowing of further decline in the long-term

Provides opportunity to demonstrate efficacy in phase 2 and go to market with 6-month treatment duration in phase 3

Reversing Clinical Progression Provides Ability to Demonstrate

Efficacy in ≤ 6 Month Duration Clinical Studies

Drug that only slows clinical progression

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Distinctions between "Pure DLB" and "DLB-AD"

Pure DLB (~50% of All DLB Patients)

• Patients with Early Stage DLB, without biomarker evidence of Alzheimer's disease (AD)
• Disease limited to synaptic dysfunction in basal forebrain, with no to limited neuronal loss in hippocampus
• Have a reversible component of disease
• Ability to obtain approval based on 6-month treatment duration in phase 3

DLB-AD (~50% of All DLB Patients)

• Have biomarker evidence of AD (e.g., elevated plasma ptau181)
• Advanced disease, with significant neuronal loss in hippocampus
• Have primarily irreversible deficits
• Approval would likely require demonstrating disease progression effect with 12 to 18-month treatment duration in phase 3

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Neflamapimod Background

Oral brain penetrant small molecule highly selective inhibitor of the protein kinase p38α, a major activator of the cellular stress pathways in response to neuroinflammation

Licensed from Vertex Pharmaceuticals in 2014

Supported by robust dataset:

Neflamapimod offers first to market treatment option for dementia with Lewy bodies (DLB) with the potential to reverse degenerative processes in the basal forebrain and address cognitive, functional and motor aspects of the disease

• In preclinical and clinical studies, neflamapimod reversed degenerative processes in basal forebrain
• Chronic, repeat dose toxicology studies completed, with 10-fold safety margin at 40mg TID in humans to NOAEL in those studies
• In phase 2a trial in patients with DLB, neflamapimod versus placebo improved cognitive, functional and motor aspects of the disease. Effects most prominent in patients with pure DLB
• Safety profile well defined, with clinical safety data in greater than 300 study participants

Prior phase 2 studies in Alzheimer's disease (AD) demonstrated target engagement:

• Reduction vs. placebo of CSF levels of ptau and total tau; increased volume and functional connectivity of basal forebrain by MRI

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