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Alec

Managing Director and Senior Equity Research Analyst at Truist Securities

Alec Follis is a Managing Director and Senior Equity Research Analyst at Truist Securities, specializing in airlines, aerospace, and transportation sectors. He covers major companies including Delta Air Lines, United Airlines, American Airlines, Boeing, Spirit Airlines, and TransDigm Group, with a strong performance track record on TipRanks boasting a 5-star rating, 68% success rate on stock recommendations, and average return of 18.2% per rating. Follis joined Truist's predecessor firm SunTrust Robinson Humphrey in 2007 after earlier roles at Friedman Billings Ramsey and A.G. Edwards, bringing over two decades of buy-side and sell-side experience in transportation research. He holds Series 7, 63, and 86 FINRA licenses and is recognized as a top-ranked analyst by Institutional Investor surveys.

Alec's questions to Harmony Biosciences Holdings (HRMY) leadership

Question · Q4 2025

Alec asked if the ONSTRIDE 1 and 2 studies (Pitolisant HD) had begun enrolling patients, noting the absence of updates on ClinicalTrials.gov. He also sought clarification on whether the OpEx expenditure related to settlements and litigation was primarily within the General and Administrative line item and the expected run rate moving forward.

Answer

Dr. Kumar Budur, Chief Medical and Scientific Officer, confirmed that sites for ONSTRIDE 1 and 2 studies began initiation towards the end of 2025, with ClinicalTrials.gov updates expected within 21-30 days of the first subject enrollment. He stated that sites are currently preparing to enroll patients. Sandip Kapadia, CFO and Chief Administrative Officer, confirmed that most litigation and settlement expenses were indeed under G&A, noting that some are one-time while others will continue as the litigation process proceeds.

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