Welcome to the latest episode of On the Couch.

In this episode, Henry Jennings from Marcus Today sits down with Nathan Smith, CEO of Neuroscientific Biopharmaceuticals, to unpack how a differentiated mesenchymal stem cell therapy is progressing from acquisition to patient impact in refractory Crohn's disease.

With promising real-world data via special access programs, a clear regulatory path, and lean execution, the company is preparing for a focused Phase 2 push in 2026.

Topics covered in this episode:

• What the StemSmart MSC platform is – and why differentiation matters
• Special access program results in fistulising Crohn's
• Prior early-phase data and how it informs trial design
• Market size for refractory Crohn's and broader inflammatory targets
• Regulatory steps, including pre-IND and TGA interactions
• Manufacturing tech transfer with QGen and licensure plans
• 2026 milestones across CRO onboarding, trial initiation, and IP expansion
• Cash runway to trial start and approach to raising capital
• Competitive landscape and lessons from Mesoblast's US approval
• A CEO's take on what actually drives market value

Disclaimer: This is general advice only. It doesn't take your personal circumstances into account. Please speak to a licensed adviser before acting on anything in this episode.

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