Filed by Eleusis Inc.

Pursuant to Rule 425 under the Securities Act of 1933, and

deemed filed pursuant to Rule 14a-12 under the

Securities Exchange Act of 1934

Subject Company: Silver Spike Acquisition Corp II

Commission File No.: 001-40182

 Disclaimer  Forward-Looking StatementsThis 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 as 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 ItThis 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 660 Madison Ave, Suite 1600, New York, New York 10065.Participants in SolicitationSilver 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.  2 

 CHALLENGE: Unlock the Therapeutic Potential of Psychedelics  3    Promising Efficacy Data in Depression    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    Concerns About Practicality    Encapsulated psilocybin may only be “half-way” to a medicine due to the limitations of oral formulation    The “Last Mile”of Care Delivery    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  1  2  3  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.  

   4  Eleusis at-a-glanceDedicated to transforming psychedelics into medicines for livingWE ARE DEVELOPINGA 2nd generation investigational psilocybin-based drug candidate for Major Depressive Disorder (MDD) and a discovery platform for exploration beyond psychiatryA care delivery management company to help facilitate seamless “in-network” integration with existing US healthcare infrastructure 

 Key Investment Highlights  5    Significant Market Opportunity    Source: 1) Global Antidepressants Market Report 2021: COVID-19 Causes a Surge in Demand for Antidepressant Drugs as Mental Health Problems Rise - ResearchAndMarkets.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).  Antidepressant total addressable market (TAM) expected to reach $21bn by 20251US psychedelic care delivery TAM estimated to be ~$7bn2    2nd Generation Psilocybin Drug Candidate for MDD    ELE-Psilo is our lead product candidate, comprised of the active ingredient in psilocybin formulated for IV deliveryTargeting a consistent, controllable, and practical psilocybin-based therapy for the treatment of MDD    A First-in-Class Care Delivery Management Company    Andala is an operationally integrated platform of “in-network” clinics targeting the “last mile” challenge of psychedelic drug therapy   1  Anticipated initiation of Phase Ia study in 1H 2022Anticipated Phase Ia / IIa results in 2H 2022  Anticipated Cash Flow Positive Clinic Operations in 1H 2023  2  3 

 Potential to Achieve Full Proof of Concept: ELE-Psilo Phase I Data by 2H 2022, Care Delivery by 1H 2023   Note: MDD = Major depressive disorder, IND = investigational new drug application.  6  Clinical Development Program  IND enabling  Phase Ia  Phase IIa  ELE-Psilo (ELE-101; IV formulation)  Plan to Initiate Ph Ia in 1H 2022          Plan to Initiate Ph IIa in MDD patients in 2H 2022  SelectAnticipated Milestones  2H 2022  2023  Phase Ia Safety, Tolerability and PK/PD Results Phase IIa MDD Patient Results  Initiation of Phase IIb in MDDCash Flow Positive Andala Operations  2021  2022  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   

 DAVID WEINER, MD  VP, Drug Discovery  Discovery and Preclinical    Clinical    Commercial  David Nichols, PhDDirector, Molecular Pharmacology  Allan Shepard, PhDDirectorTranslational Research  Yoni Weiss, MDVP,Clinical Development  Neiloufar Family, PhDVP, Health Solutions  Berrak Kocaoglu, MScVP,Commercial Strategy  Charles Nichols, PhDScientific Founder &Sponsored Researcher  Tim Foster, PhDSponsored Researcher  Sarah Blondell, MScVP,Clinical Operations  Rachel Handy, PhDVP,Quality Assurance  Alex SpeiserDirector,Corporate Development  Graham Johnson, PhDDirector,Medicinal Chemistry    Tim Williams, MDDirector, Clinical Development  Joanna Sambor VP,Regulatory Affairs    Leadership Team  7  GENE RAMIREZ  Chief Financial Officer  SHLOMI RAZ  Chief Executive Officer  KATHY KALUHIOKALANI  President, Andala  ROB CONLEY  SVP, Clinical Development  Deep Expertise Spanning Discovery, Development, and Delivery; 972 Peer-Reviewed Publications1   1) Statistics are cumulative across all six professionals listed herein. 

   Psychedelics May Transform the Treatment of Depression We aim to mainstream the transformation  ELE-Psilo and Drug DiscoveryCare DeliveryTransaction Summary 

 Major Depressive Disorder (MDD) is the Silent Epidemic of the 21st Century    50M+    Adults in the US with depression symptoms prior to the pandemic1    $113B     Driving massive direct health care expenditures2    $21B+    Antidepressant total addressable market expected by 20253  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) PharmacoEconomics 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 - ResearchAndMarkets.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).    $7B    Estimated psychedelic care delivery total addressable US market4  9 

         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  Rapid, Robust, and Durable Antidepressant Effects of PsychedelicsAcademic Preclinical and Clinical Study Observations  Modulated pathways associated with synaptic growth in preclinical studies1  Rapid, robust, and durable antidepressant effects observed in third party clinical trials2  Potential to open a “critical window” for adaptation and behavior change3 

     Third Party Oral Psilocybin Proof of Concept Studies in MDD and Treatment Resistant Depression (TRD)  TRD Phase IIb Study: Psilocybin (25mg, 10mg, 1mg)4    Significant Effect from Day 2 to Week 6 Reported in Third Party Topline Data Release  11  MADRS: -6.6 (p<.001; 25mg vs 1mg)   “We now have evidence from a large well-designed trial that psilocybin may be effective for people with treatment-resistant major depressive disorder” 5 Prof David Hellerstein, Principal Investigator, Columbia University      Met Primary Endpoint  MADRS:-14.4 vs -7.2   “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  MDD Clinical Study: Psilocybin (25mg) vs. Escitalopram1  Mean Change (QIDS-SR-16 Score)      Day  Rapid, robust, and durable efficacy observed – but significant room for improvement  No statistically significant difference in QIDS-SR-16 depression score at 6 weeks, but assessments favored psilocybin2  Secondary outcomes2 include:  HAM-D-17: -10.5 vs -5.1    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 11/9/2021 5) https://www.columbiapsychiatry.org/news/psilocybin-found-rapidly-improve-depressive-symptoms-clinical-trial 

   Practical Limitations of Oral Psilocybin  12  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 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)     Single and Escalating Dose PK1  Single dose Cmax for Subject 3 (12 mg) higher than Cmax values for Subjects 4, 5, and 6 (15, 18, and 24 mg)  Study of escalating oral psilocybin doses revealed considerable inter and intra-individual variability  Encapsulating psilocybin is only “half-way” to developing a useful drug therapy   Absorption rates varied between 40% to 70% in these academic studies  Oral Psilocybin LimitationsVariabilityConsiderable variations in absorption and metabolism necessitated high doses and gave rise to unpredictable PK/PD1Prolonged Administration and Observation6-hour sessions used for administration and observation in these studies, and required monitoring by multiple clinicians2Difficult to Optimize or HaltOral dosing is not amenable to personalization or rapid termination2   

   13  CONSISTENTFormulated to reduce variability in drug exposureCONTROLLABLEDesigned to be personalized and enable control over duration and intensityPRACTICALDeveloped to be convenient for patients and cost-effective for payors  Active moiety of psilocybin     ELE-Psilo (Psilocin)   ELE-Psilo: A Potential Advance in Formulation  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.   Designed for delivery via proprietary salt formulated for IV/infusion   

     14  ELE-Psilo Target Profile  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.   Proposed Indication  Rapid Acting Treatment of MDD  Proposed Formulation  Proprietary Psilocin Salt Form in Ready-to-Use Vial  Proposed Administration  IV Infusion  Potential Duration of Administration   10-to-30 min infusion≤ 2 hours in-clinic  Investigational Dose Range  1 - 5mg  Abuse Potential  Potential reclassification if FDA Approved1  

       IV Psilocybin Pharmacokinetics and Pharmacodynamics (PK/PD): Academic Studies  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.   Psilocin PK following IV and Oral Psilocybin  IV Psilocybin PD    15  IV administration enabled (1) immediate target drug intensity, and (2) greatly reduced treatment time and variability compared to oral administration 

       Psilocin Receptor Occupancy, Drug Intensity, and Treatment Effect: Academic Studies  16  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 “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  5-HT2A receptor occupancywas correlated withvolunteer-reported drug intensity1  Psilocin concentration was correlated with serotonin 5-HT2A receptor occupancy1  ELE-Psilo Target Range  Patient-reported psychedelic drug intensity was correlated with the antidepressant effects of psilocybin3,4 and 5-MeO-DMT5   

       ELE-Psilo PK/PD Simulations  IV administration could rapidly reach target intensity and rapidly return below perceptual threshold  17  Psilocin Concentration-Time Profile (Simulated)(10 and 20-minute IV Psilocin vs Oral 25 mg of Psilocybin)  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.  Plasma psilocin concentration (μg/L) (Predicted)  Time (min)  Estimated PD Threshold    5-HT2A Receptor Occupancy Target Range  25 mg PO; Psilocybin  4 mg IV Psilocin; 20 min infusion  2 mg IV Psilocin; 10 min infusion  Eleusis simulations suggest target concentrations of psilocin reachable in ~2 minSimulations also support potential personalization of intensity via alteration of infusion rate   

     Study Population  Healthy Volunteers (40 maximum)  Moderate-to-Severe MDD Patients (Monotherapy Only)  Treatment Groups  6:2 volunteer ratio per cohort(Anticipated 3-to-4, 5 maximum)  6 patients(single cohort, open label)  Infusion Duration and Dose  10 minutes; 0.5, 1.5, 2.5 mg (plus, optional 2 additional cohorts)  Selected after 3rd or 4th Phase Ia cohort  Clinical Assessments  PK (including metabolites), 5 questionnaires includingSubjective Drug Intensity   MADRS1 (Day 2, 4, 8, 15, 29)5 questionnaires includingSubjective Drug Intensity  Safety Assessments  Vitals, Labs, ECG, AEs, C-SSRS2  Vitals, Labs, ECG, AEs, C-SSRS2  Attendant  Non-directive support from clinician;no manualized psychotherapy3  Non-directive support from clinician;no manualized psychotherapy3  Time to Completion  3-4 months  4 months from dose selection and initiation of patient recruitment  Source: Eleusis estimates and current proposed clinical trial design, subject to modification, regulatory review and approval, and further amendment (as of 2/07/2022); 1) Montgomery–Åsberg Depression Rating Scale 2) Columbia Suicide Severity Rating Scale 3) In-session support during treatment will be provided by an 'Attendant', as per the ELE-101 Attendant Manual. An Attendant will be always present with each participant and their sole role will be the participant's psychological safety; Attendants will not be involved in any medical, nursing or other research activities. The Attendant will be a clinical trials assistant (CTA) (or equivalent level of training and experience). Each Attendant will receive training to enable them to competently use and follow the ELE-101 Attendant Manual. An Attendant may at any time ask for extra support from the study nurse, doctor or on-call medical/psychiatric help if needed. A psychiatrist will be on-call during the ELE-101 dosing of each participant.  ELE-Psilo – Clinical Trial Design  Phase Ia  Phase IIa  18 

     Formulation  IV  Oral  Intranasal  Onset / PK Design Attribute  Designed to be Immediate with Low Variability  Observed to be Delayed and Highly Variable in Clinical Studies  Observed to be Immediate and Highly Variable3  Potential Duration of Treatment Administration  Simulated ≤ 2 hours  ~6 hours  Unknown; duration affected by individualized dosing regimen3  Potential Monitoring Cost  $3501  $3,1502  Unknown  Compatibility with Existing (US) Reimbursement  Targeting Compatibility with Existing Reimbursement Frameworks  May Require New Reimbursement Framework  Unknown  Anticipated Infrastructure Requirements  Designed for Existing Clinical Infrastructure  New Infrastructure Potentially Required for Prolonged Safety Monitoring2  Unknown  Safety Considerations   Phase Ia and IIa results anticipated in 2022  Variable onset/duration of drug effect, inability to terminate drug effect  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, 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.  ELE-Psilo - Potentially Favorable Differentiation  Psilocin  Psilocybin  19  5-MeO-DMT   

 ELE-Psilo IP Portfolio  20    Claimed Subject Matter  Estimated Expiration1  Pharmaceutically Acceptable Salts of Psilocin and Uses Thereof   Composition of pharmaceutically acceptable salts of psilocin with improved stability, physical properties, and handling characteristics  2041  Method Of Treatment For Psilocybin or Psilocin Infusion   Methods for treating patients by administering intravenous psilocybin or psilocin  2040  Psilocin Salt Forms and Methods of Treatment  1  Note: 1) Assumes expiration is 20 years from the associated patent filing date in the United States. 

 Exploring Psychedelics Beyond Psychiatry - Eleusis Drug Discovery Platform  21    Clarifying MoA to Guide Discovery  Validated Target in Multiple Therapeutic Areas  Ubiquitous Expression and Key Modulatory Role  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  Receptor target (5-HT2A) is highly expressed throughout the periphery and CNS on key cell types that modulate immune, metabolic, and synaptic function1,2  Psychedelics have been validated in multiple translational models and across a broad range of therapeutic areas beyond psychiatry1,3  Studying effects on innate and adaptive immune function, cell viability, and metabolic functionMedicinal chemistry effort focused harnessing these effects and identifying new drug candidates  Identify new indications beyond psychiatry and expand new chemistry library  Advance a topically delivered therapyfor ocular disease  Discovery Mission  Translation Mission 

 Exploring Psychedelics Beyond Psychiatry - Eleusis Drug Discovery Platform  22    Translation inOphthalmology  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  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  Identify new indications beyond psychiatry and expand new chemistry library  Advance a topically delivered therapyfor ocular disease  Discovery Mission  Translation Mission 

 Psychedelic Drug Therapy Will Require Care Delivery Innovation Enabling Access to Insurance Covered Psychedelic Drug Treatment  ELE-Psilo and Drug DiscoveryCare DeliveryTransaction Summary 

   24  Source: 1) Wilkinson ST, Howard DH, Busch SH. Psychiatric Practice Patterns and Barriers to the Adoption of Esketamine. JAMA. 2019;322(11):1039–1040.  Addressing the “Last Mile” Challenge for Psychedelic Drug Therapy  OPPORTUNITY  Conventional psychiatric practice appears incompatible with psychedelic drug therapy1SPRAVATO roll-out highlights “last mile” challenge of specialty pharma in psychiatryRequirement for supervised care delivery in a specialized facility on a periodic basis   

   25  Establish Best-in-Class Platformfor In-Network Care Delivery  MISSION  Provide patients seamless access to careSecure in-network preferred provider status nationwide for Andala-managed clinicsDevelop diversified referral pathways to increase access to care 

       Introducing Andala-Managed Clinics1  1st Anticipated Milestone  Prototype Launch1H 2022In-network Payor ModelTargeting 3 Prototype Managed Clinics   26  Commercial Proof-of-Concept2H 2022 - 2023Prototype Managed Clinics Achieve Cash Flow Positive OperationsNational Expansion  2nd Anticipated Milestone  Opportunity  Address the “last mile” challenge of psychedelic drug therapy  TAM (US)  $7bn1(estimate assumes FDA approved psychedelic drug therapy for MDD, PTSD, and substance abuse)  Business Model  In-network high-throughput specialty psychiatric drug therapy  Core Competency  Operational integration with existing healthcare infrastructure  Launch Therapy  SPRAVATO (esketamine)(Indications: TRD, MDD w/Acute Suicidality)  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). 

           Andala-Managed Clinic Prototype - Estimated Unit Level Economics    27    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.  Clinic Capacitation  Capacity for 9,000 treatments per year per clinic4Clinics aim to:Treat 30 new patients per month within 4 months5Reach 85% capacitation within 9 months5  Patient Acquisition &Reimbursement  $1,267 per patient acquisition cost assumed5 $6,356 per patient net revenues6Average net reimbursement $265 per visit5  Estimated Run-rate and Return  85% capacitated run-rate revenue of ~$2.4m; EBITDA of ~$800k5Cash flow positive at ~50% capacity5~220% annual return on invested capital per clinic5  Patient Population  ~5.7m large group covered lives in prototype region1~60k TRD patients covered2~1% TRD patient acquisition required for full capacitation3 

       Care Delivery Model Comparison  28  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).  ReimbursementModel  Expected coverage and reimbursement by large insurance providers  “Out-of-pocket” patient payment  AvailableTherapies  SPRAVATO (generally covered) IV/IM Ketamine if ineligible for SPRAVATO (partial or no coverage)  IV/IM/Oral Ketamine  Patient Acquisition (Referral Sources)  Direct, PCP, Psychiatrist, Psychotherapist, Telehealth Platforms  Direct  Oversight and Safety Monitoring  Psychiatric Consultation and Oversight; FDA REMS Compliance  Unknown  Andala-Managed Clinics  Ketamine Clinics (Cash-Pay)   

   Transaction Summary  ELE-Psilo and Drug DiscoveryCare DeliveryTransaction Summary 

   Transaction Summary  Transaction Structure  Silver Spike Acquisition Corp II (NASDAQ: SPKB) is a publicly listed special purpose acquisition company with $287.5million in cash in trustUpon completion of the transaction, former shareholders of Silver Spike and former shareholders of Eleusis will holdshares of a new holding company named Eleusis Inc., which is expected to be listed on Nasdaq under the symbol ELEU   30  Valuation  Pro forma enterprise value of approximately $446 million with 100% rollover by existing Eleusis equityholdersExisting 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 ownership49% existing Eleusis equityholders51% SPAC shareholders and SPAC sponsor  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. Assumes35.0 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 andimpact 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). Alsoexcludes 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 privateplacement 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. 

   Lead Candidate  ELE-Psilo (Psilocin)  COMP360 (Psilocybin)  GH001 (5-MeO-DMT)  Formulation  IV  Oral  Intranasal  Indication  Major Depressive Disorder  Treatment-Resistant Depression  Treatment-Resistant Depression  Clinical Stage  Anticipated Ph Ia and IIa Results in 2H 2022  Phase II Completed  Phase I/II Completed  Drug Discovery Platform         -  Care Delivery Services    -  -  Enterprise Value(USD)  $446M (Pro Forma Valuation)  $479M  $719M   Attractive Valuation Relative to Peers – Phase I Results May Drive Convergence  31    Enterprise value (USD) of Compass Pathways PLC (CMPS) and GH Research PLC (GHRS) as of January 14, 2022 

 Eleusis is Ready to Transform Psychedelics into Medicines for Living  32  Source: 1) Global Antidepressants Market Report 2021: COVID-19 Causes a Surge in Demand for Antidepressant Drugs as Mental Health Problems Rise - ResearchAndMarkets.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).        ELE-Psilo – Transforming psilocybin into modern drug therapy for MDD      Andala-Managed Clinics – Bridging “the last mile” of care delivery     1  Anticipated initiation of Phase Ia study in 1H 2022Anticipated Phase Ia/IIa results in 2H 2022  Anticipated Cash Flow Positive Clinic Operations in 1H 2023  2  3  Significant Market Opportunity  Antidepressant TAM ~$21bn1 + Psychedelic Care Delivery TAM ~$7bn2 

   Appendix 

   Transaction Details  Transaction summary  Sources    Cash in trust  $288  Total uses  $288      Uses    Cash to balance sheet  $258  Estimated transaction fees and expenses  $30  Total uses  $288  a  Pro forma valuation  Illustrative share price  $10.00  Pro forma shares outstanding (M)  70.9  Total equity value  $709  Net cash on balance sheet  ($263)  Total enterprise value  $446  ($M except per share values)  Pro forma ownership  Pro forma enterprise value of $446 million with 100% rollover by existing Eleusis equityholders(1)  Up to 3.5 million founder shares subject to forfeiture based on total cash delivered  35  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 $17.50 within three years after closing  ($ in millions)    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. 

 Use of Proceeds  36  Clinical development of ELE-Psilo in MDD into Ph2b / Ph3 trialsLaunch and expansion of Andala-managed clinicsDrug discovery platform expansionClinical development of ELE-Psilo in additional areas of high unmet need with proof-of-concept dataWorking capital and other general corporate purposes  SPKB trust account together with existing cash and cash equivalents will be used to support the following: 

 Board of Directors and Psychiatric Advisory Board  37    PETER HENDRICKS  GEORGE PAPAKOSTAS  TOM LAUGHREN  MANISH JHA  MICHAEL THASE  SANJAY MATHEW  DAN IOSIFESCU  EXPECTED POST-MERGER INDEPENDENT DIRECTORS  SAMUEL WILKINSON  PSYCHIATRIC ADVISORY BOARD  DAVID EDDIE  DAVID SOCKSChairman  ROBERT HERSHBERG  SCOTT GORDON  ESTHER VAN DEN BOOM  JOHN TUCKER  Former Director of FDA Division of Psychiatry Products 

 Mechanism of Action   Discovery  Development & Translational Research  Focus: MoA, SAR, translational disease models  Focus: Drug discovery and optimization    Focus: MoA, SAR, translational disease models  Focus: Drug discovery and optimization    Graham Johnson, PhD35+ years of development experience Medicinal Chemistry Director  Significant 5-HT2A Focused Expertise Drives Drug Discovery Platform   38  606 Publications and 180 Years of Experience1  Charles Nichols, PhDProfessor of PharmacologyScientific Founder & Sponsored Researcher  David Nichols, PhDDistinguished Professor of PharmacologyMolecular Pharmacology Director  Timothy Foster, PhDAssociate Professor of VirologySponsored Researcher  Source: 1) Statistics are cumulative across all six professionals listed herein. 

 Highly Experienced Silver Spike Capital Team  Greg Gentile, CFOGreg was CEO of GMG Investment Advisors, an emerging market direct lending asset management firmPrior to GMG, he was a Managing Director at both Barclays Capital and Lehman Brothers  Scott Gordon, Founder, CEO and ChairmanScott was co-Founder & Chairman of Egg Rock Holdings, the parent company of Papa & Barkley — a leading California based cannabis companyScott has over 30 years of emerging markets and distressed investment experience with roles at JP Morgan, ING Barings and Bank of America  Senior Management  Directors  Ken Landis, DirectorKen has over 30 years experience as an entrepreneur, investor and executive in the cosmetics, accessory and fashion spacesHe co-founded Bobbi Brown cosmetics, later acquired by Estee Lauder, and was the CEO of Benetton Cosmetics  Rich Goldman, DirectorRich is a Managing Member of Becket Capital, an advisory services firm for investment management companiesHe has served in a variety of executive leadership positions, including at Guggenheim Investments and Rydex Investments  Bill Healy, PartnerBill has over 30 years of corporate, investment banking and fundraising experience. He was President of Pantera Capital, a leading blockchain venture capital managerBill spent 18 years at Deutsche Bank in various Senior Client Sales functions, and was head of EM sales at ING Barings  Robert Josephson, Partner, Toronto OfficeRob was responsible for the initial funding of Cronos in 2013 and has consulted and raised funds for multiple cannabis-focused organizationsHe founded Seed Capital, which was later sold to DNA Genetics. Rob was also the co-founder of WeedMD, now a Canadian public company  39  Note: Logos refer to previous experience.   Dr. Orrin Devinsky, DirectorDr. Devinsky is the Director of the Comprehensive Epilepsy Center at NYU Langone, where his research includes the use of cannabinoids to treat epilepsyHe 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  Dino Colonna, PartnerDino has 18 years of investing and capital markets experience in the US and EuropePrior 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 

   Applicable Recent deSPAC Experience – SSPK merger with WM Holdings         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 brandsWMH 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 retailerSolely provides software and other technology solutions and is non-plant touchingMillions 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    WHO IS WM HOLDINGS?  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)    Source: 1) https://www.sec.gov/Archives/edgar/data/1779474/000114036121020601/brhc10025706_8k.htm.     SSPK merged with WMHPro forma Enterprise Value of ~$1.5B$325M PIPE raised at $10.00 per share:100% rollover by WMH management    TRANSACTION SUMMARY(1)        40