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    Chi Meng Fong • BofA Securities

    Chi Meng Fong's questions to Exelixis Inc (EXEL) leadership

    Chi Meng Fong's questions to Exelixis Inc (EXEL) leadership • Q1 2025

    Question

    Chi Meng Fong inquired about the company's philosophy on its share buyback program and how it is balanced against reinvestment in R&D and business development, particularly if the stock price remains at current levels.

    Answer

    President and CEO Michael Morrissey stated that the company's strong balance sheet and cash flow allow for a three-pronged capital allocation strategy: investing in the internal pipeline, pursuing strategic BD, and repurchasing shares when deemed undervalued. He noted they have bought back ~20% of the float at favorable prices and will continue to be data-dependent and situational in their allocation approach.

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    Chi Meng Fong's questions to Exelixis Inc (EXEL) leadership • Q3 2024

    Question

    Chi Meng Fong, on behalf of Jason Gerberry, asked about Exelixis's business development preferences, specifically regarding therapeutic modality (e.g., small molecule, ADC) and potential deal size within the GI oncology space.

    Answer

    President and CEO Michael Morrissey explained that Exelixis is agnostic to modality and deal size. The primary focus is on acquiring assets where the company has strong conviction in the ability to generate clinically differentiating data that can translate into commercial success, leveraging their existing expertise in the GI space.

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    Chi Meng Fong's questions to Liquidia Corp (LQDA) leadership

    Chi Meng Fong's questions to Liquidia Corp (LQDA) leadership • Q1 2025

    Question

    Chi Meng Fong, on behalf of Jason Gerberry at BofA Securities, asked for a preview of the data being presented at the upcoming American Thoracic Society (ATS) meeting and inquired about the timeline for the full 48-week data from the ASCENT study.

    Answer

    Chief Medical Officer Dr. Rajeev Saggar explained that three posters will be presented at ATS. Two will detail the first 20 patients from the ASCENT study, covering baseline demographics, tolerability, dosing characteristics, and exploratory efficacy endpoints like 6-minute walk distance and cardiac effort. A third poster will present a case study on transitioning a patient from IV treprostinil to YUTREPIA.

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    Chi Meng Fong's questions to Ionis Pharmaceuticals Inc (IONS) leadership

    Chi Meng Fong's questions to Ionis Pharmaceuticals Inc (IONS) leadership • Q1 2025

    Question

    Chi Meng Fong, on for Jason Gerberry, asked for a breakdown of TRYNGOLZA's initial patient sources between clinical trial conversions and newly identified patients. He also asked if there were any outstanding items before initiating the Phase III study for Angelman syndrome.

    Answer

    Chief Global Product Strategy Officer Kyle Jenne explained that Q1 TRYNGOLZA uptake came from three buckets: converted clinical trial patients, previously diagnosed patients awaiting treatment, and newly identified patients, with the future focus being on new patient finding. CEO Brett Monia confirmed the Angelman syndrome Phase III study is on track to begin in Q2 2025, with trial design aligned with the FDA and no outstanding requirements.

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    Chi Meng Fong's questions to Ionis Pharmaceuticals Inc (IONS) leadership • Q4 2024

    Question

    Chi Meng Fong, on behalf of Jason Gerberry at Bank of America, inquired about the TRYNGOLZA launch, focusing on insurance reimbursement documentation and the potential challenges in distinguishing between clinical and genetic diagnoses for coverage.

    Answer

    Chief Global Product Strategy Officer Kyle Jenne and CEO Brett Monia addressed the question. Jenne explained that early reimbursement is proceeding via a medical exception process, with both genetically and clinically diagnosed patients successfully gaining access. He noted the NAFCS scoring tool is proving useful for clinical diagnosis. Monia added that the turnaround time for genetic testing is fast (1-2 weeks) and expects physician familiarity with clinical diagnosis criteria to grow over time.

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    Chi Meng Fong's questions to Bausch Health Companies Inc (BHC) leadership

    Chi Meng Fong's questions to Bausch Health Companies Inc (BHC) leadership • Q4 2024

    Question

    Chi Meng Fong, on for Jason Gerberry, asked for a follow-up on the Norwich case, questioning if Norwich is subject to a 30-month stay and seeking clarity on the timing for the next steps in the FDA lawsuit regarding generic Xifaxan.

    Answer

    CEO Thomas Appio reiterated the company's position, stating, "We believe the 30-month stay applies, and that's what the legal team is focused on and getting ready for." He declined to speculate further on Norwich's claims or the FDA's stance, emphasizing that Bausch Health is proceeding as if the stay is in effect.

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