Confidential Teaser Memorandum · June 2026

A Precisely Timed Entry into the IBS Market

GreenSpace Labs is seeking a licensing or co-development partner to advance a Phase 2 cannabinoid asset ahead of the most significant concurrent branded patent cliff in IBS history.

Request NDA & Data Package View Deal Parameters

Opportunity Snapshot

The Market. The Moment. The Asset.

A clinical-stage cannabinoid program positioned at the intersection of a $3.6B market, a 13-month generic dislocation window, and a validated regulatory pathway.

$3.6B

Global IBS Market (2024) ~9% CAGR to ~$6B by 2030

13 mo.

LOE Cliff Window Jun 2028 – Mar 2029

Phase 2

GSL Clinical Stage Proof-of-Concept Complete

$250M+

Conservative Yr-3 Revenue 5–10% IBS-D/pain share

Between June 2028 and March 2029, three of the four leading branded IBS products face settled generic launches — creating a finite window for a differentiated entrant.

The Window

Three Category Leaders. One 13-Month Window.

Viberzi, Xifaxan, and Linzess face generic launches within 13 months of each other. Branded promotional spend collapses. Payer formulary tiers reset. ~14,000 US gastroenterologists actively re-evaluate their prescribing.

HighIBS-D

Xifaxan

Bausch Health

Generic Launch

June 2028

SevereIBS-D

Viberzi

AbbVie

Generic Launch

July 2028

HighIBS-C

Linzess

AbbVie / Ironwood

Generic Launch

March 2029

A mechanism-distinct branded entrant is not displaced by generic eluxadoline, rifaximin, or linaclotide — it captures the differentiation premium those brands forfeit.

The Asset

GSL-01-001 — Multi-Pathway Cannabinoid Formulation

Program:GSL-01-001 — proprietary cannabinoid formulation (oral)
Stage:Phase 2 pilot complete; proof-of-concept data available
Indication:IBS — all subtypes; primary focus on abdominal pain and IBS-D
Mechanism:Multi-pathway cannabinoid pharmacology targeting visceral pain, motility, and gut-brain signaling
Differentiation:Mechanism-distinct from all three LOE products; addresses pain directly vs. downstream bowel-habit normalization
IP:Proprietary formulation; composition and method claims in development

Phase 2 Highlight

51% → 10%

Patients reporting severely impacted QoL, baseline to Week 8

IBS-QoL data: patients reporting 'quite a bit' or 'extremely' impacted quality of life declined from 51% at baseline to 10% by Week 8 (n=23, 12-week treatment).

n=2312-weekPhase 2 Pilot

Lessons from Olorinab

Designed to Solve the Prior Failure

The most significant prior cannabinoid IBS program failed. GSL's formulation is specifically designed to address those failure modes.

Prior Failure

Prior Failure: Olorinab (APD371)

Selective CB2 agonist acquired by Pfizer/Arena ($6.7B, 2021) — failed in CAPTIVATE Phase 2b.

Prior Failure

Failure Mode

Single-mechanism, single-receptor agonism proved insufficient in a multifactorial disease with robust placebo response.

GSL Approach

GSL's Approach

Multi-pathway engagement designed to address these failure modes directly — engaging multiple cannabinoid pathways rather than a single receptor target.

GSL Approach

Validated Regulatory Pathway

Epidiolex (Jazz/GW Pharma, $7.2B) and Sativex confirm cannabinoid Rx infrastructure exists. The indication-mechanism fit in IBS requires the multi-pathway approach.

2027–2032

The Window to Capture Dislocation is Finite

$250M–$500M

Conservative annual revenue by Year 3

5–10% IBS-D/pain share on $5B+ addressable market

Multi-Indication

Franchise Runway

IBD-associated pain, functional dyspepsia, post-infectious GI pain syndromes

2031+

= Commoditized Field

Programs arriving after the cliff inherit a generic-dominated landscape

Partnership Rationale

Seeking a Mid- to Large-Cap Pharma Partner

Ideally an organization with existing cannabinoid Rx infrastructure or a GI franchise, capable of pivotal-stage execution and commercial launch by 2028–2029.

Request NDA & Data Package

A Precisely Timed Entry into the IBS Market

The Market. The Moment. The Asset.

Three Category Leaders. One 13-Month Window.

GSL-01-001 — Multi-Pathway Cannabinoid Formulation

Designed to Solve the Prior Failure

The Window to Capture Dislocation is Finite

Seeking a Mid- to Large-Cap Pharma Partner

Deal Structure