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    David Hoang

    Director and Senior Equity Analyst at Citigroup

    David Hoang is a Director and Senior Equity Analyst at Citigroup, specializing in biotechnology equity research with direct coverage of companies such as Denali Therapeutics. He has delivered high-conviction investment calls, exemplified by initiating Denali Therapeutics with a Buy rating and a $32 price target, and has contributed recognized insights within the biotech sector. David began his analyst career with key roles at SMBC Nikko Securities America and was Director & Senior Analyst at Citigroup Global Markets from 2023 to 2024, bringing years of sector-specific expertise to his current position. He holds professional securities credentials, including FINRA registration and relevant industry licenses.

    David Hoang's questions to AVADEL PHARMACEUTICALS (AVDL) leadership

    David Hoang's questions to AVADEL PHARMACEUTICALS (AVDL) leadership • Q2 2025

    Question

    David Hoang from Deutsche Bank asked for the current patient mix between switch and naive users and the desired future trend. He also sought details on what the increased commercial investment aims to achieve with prescribers, specifically regarding depth versus breadth of prescribing.

    Answer

    COO Susan Rodriguez stated that over half of current patients are switch patients. She described a consistent adoption cycle where new prescribers start with switch patients and then rapidly expand to new and discontinued patients. She noted growth comes evenly from both increasing depth with existing prescribers and expanding the breadth of the prescriber base. CEO Gregory Divis added that investments also target patient activation.

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    David Hoang's questions to AVADEL PHARMACEUTICALS (AVDL) leadership • Q1 2025

    Question

    David Hoang of Deutsche Bank inquired about the patient mix in Q1, specifically if there was a better mix of switch versus new-to-oxybate patients. He also asked about the tactics used to improve persistency and if there was room for further improvement.

    Answer

    CEO Gregory Divis confirmed that all patient segments improved, with an acceleration in switch patients, driven by expanded commercial reach. On persistency, he credited the expansion of the nursing support team, which allowed for more in-depth patient engagement, particularly in the first 90 days of treatment. He affirmed that there is still room to improve this metric further. CFO Thomas McHugh added that the company has reached a critical mass where every new patient contributes to profitability.

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    David Hoang's questions to AVADEL PHARMACEUTICALS (AVDL) leadership • Q4 2024

    Question

    David Hoang from Deutsche Bank requested specifics on the initiatives aimed at improving persistency for naive or new-to-brand patients and asked about the expected long-term persistency rates for LUMRYZ compared to twice-nightly oxybates.

    Answer

    Executive Gregory Divis reiterated the company's three-pronged persistency strategy involving direct engagement with patients via nurses, communication with physician office staff, and support from pharmacy partners. He stated that while LUMRYZ persistency rates are already superior to legacy twice-nightly products, the company is actively working to improve them further. Positive early results from these initiatives are expected to increase net patients on therapy and drive revenue.

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    David Hoang's questions to ACADIA PHARMACEUTICALS (ACAD) leadership

    David Hoang's questions to ACADIA PHARMACEUTICALS (ACAD) leadership • Q2 2025

    Question

    David Hoang asked about the open-label extension for the ACP101 Phase 3 study, specifically regarding the rollover rate, and whether the company would consider adding a randomized withdrawal design.

    Answer

    EVP, Head of R&D, Elizabeth Thompson, noted that there has been good interest in the open-label extension. She explained that the company is currently focused on the parallel-arm study because a positive result would clearly demonstrate what to expect upon therapy initiation. While a randomized withdrawal study could be considered in the future, the current parallel-group design is the immediate priority.

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    David Hoang's questions to ACADIA PHARMACEUTICALS (ACAD) leadership • Q1 2025

    Question

    David Hoang of Deutsche Bank asked whether the 12-month persistency rate for DAYBUE could be improved or if the focus should be on adding new patients. He also inquired about the commercial positioning of Acadia's Prader-Willi asset against a competitor's recently launched product.

    Answer

    CCO Thomas Garner stated that the 12-month persistency rate of over 50% is expected to remain stable, and the primary commercial focus is now on driving new patient starts. Regarding Prader-Willi syndrome, executives noted the market has significant unmet need with room for multiple therapies with different mechanisms, and they see potential for combination therapy in the future.

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    David Hoang's questions to Jazz Pharmaceuticals (JAZZ) leadership

    David Hoang's questions to Jazz Pharmaceuticals (JAZZ) leadership • Q2 2025

    Question

    Asked about the confidence in Epidiolex reaching blockbuster status this year and for an update on the potential impact of multi-source oxybate generic entry.

    Answer

    The company is highly confident Epidiolex will reach blockbuster status, noting it requires less than 3% growth from 2024 and that underlying demand remains strong despite Q2 inventory dynamics. Regarding generics, multi-source entry is possible at year-end, but entrants would need their own REMS program. Jazz continues to focus on differentiating Xywav as the only low-sodium oxybate and the only approved therapy for IH.

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    David Hoang's questions to Harmony Biosciences Holdings (HRMY) leadership

    David Hoang's questions to Harmony Biosciences Holdings (HRMY) leadership • Q2 2025

    Question

    David Hoang from Deutsche Bank asked for details on the data expected in the Fragile X top-line release, including visibility on patient methylation status and the subsequent filing strategy. He also inquired about the factors influencing the upper versus lower end of the full-year Wakix revenue guidance.

    Answer

    Chief Medical & Scientific Officer Dr. Kumar Budur stated the top-line release will include standard demographic, safety, and efficacy data, and a positive result would prompt a rapid pre-NDA meeting and submission. For Wakix, EVP & CCO Adam Zaeske highlighted strong patient adds and broad payer coverage as key drivers. CFO & CAO Sandip Kapadia added that underlying demand is the primary driver, with typical factors like patient adds, gross-to-net, and trade inventory influencing the final position within the guidance range.

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    David Hoang's questions to Harmony Biosciences Holdings (HRMY) leadership • Q1 2025

    Question

    David Hoang asked about the potential timeline for an NDA filing for ZYN002 in Fragile X if data is positive, and what the commercialization strategy and value proposition for the product might look like.

    Answer

    Dr. Kumar Budur, CMSO, stated that with positive data, they would file the NDA 'as soon as possible' and expect a priority review. CEO Dr. Jeffrey Dayno added they would move 'swiftly' and outlined a 'centers of excellence' commercial model to target the ~80,000 U.S. patients, leveraging deep engagement with the patient community.

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    David Hoang's questions to Harmony Biosciences Holdings (HRMY) leadership • Q4 2024

    Question

    David Hoang asked about the rationale for studying fatigue and sleep inertia with Pitolisant HD and if these would be pursued for labeled indications. He also inquired about the planned design for the first-in-human study of their orexin 2 receptor agonist.

    Answer

    CEO Dr. Jeffrey Dayno explained that sleep inertia is a key symptom in IH, making it a focus for a differentiated label. Dr. Kumar Budur, Chief Medical and Scientific Officer, added that the goal is to get these symptoms into the label. Regarding the orexin agonist, Dr. Budur confirmed an IMPD submission is planned for mid-2025, with first-in-human studies in H2 2025, but did not detail the specific study design.

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    David Hoang's questions to Praxis Precision Medicines (PRAX) leadership

    David Hoang's questions to Praxis Precision Medicines (PRAX) leadership • Q2 2025

    Question

    David Hoang from Deutsche Bank asked about the company's strategy for using the new mood endpoint and the POWER-3 monotherapy study to enhance the drug's label and achieve market differentiation.

    Answer

    President & CEO Marcio Souza explained that the mood endpoint is intended to secure a potential label claim, leveraging a known class effect to improve patient well-being. He positioned the POWER-3 switch-to-monotherapy study as a "game changer" aimed at moving vormatrogene into first- and second-line treatment, dramatically expanding the market opportunity from the refractory setting. He noted vormatrogene's profile makes it the only drug suitable for this strategy, aiming to replace less effective and well-tolerated standards of care.

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    David Hoang's questions to Alkermes (ALKS) leadership

    David Hoang's questions to Alkermes (ALKS) leadership • Q2 2025

    Question

    David Hoang from Deutsche Bank inquired about the rationale for selecting an 18mg upper dose in the NT2 and IH studies, given a 25mg dose was used in Phase 1b, and asked about the ideal dose to advance into Phase 3.

    Answer

    Craig Hopkinson, EVP, R&D and Chief Medical Officer, explained that the Phase 2 doses were determined using sophisticated modeling that incorporated all available data from the healthy volunteer and Phase 1b studies.

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    David Hoang's questions to Alkermes (ALKS) leadership • Q1 2025

    Question

    David Hoang inquired about the planned timing for regulatory interactions, such as end-of-Phase II meetings with the FDA, and asked how many doses of ALKS 2680 the company might advance into Phase III studies.

    Answer

    CEO Richard Pops stated that the plan is to bring data from both the NT1 and NT2 studies to a combined end-of-Phase II meeting with the FDA. He also confirmed the intention is to take multiple doses into the Phase III program to leverage the drug's wide therapeutic index, with the final decision being informed by the Phase II results and regulatory feedback.

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    David Hoang's questions to Sarepta Therapeutics (SRPT) leadership

    David Hoang's questions to Sarepta Therapeutics (SRPT) leadership • Q1 2025

    Question

    David Hoang asked if anecdotal experience from commercial ELEVIDYS use matches the EMBARK trial data and how to think about PMO franchise cannibalization given the changing ELEVIDYS uptake curve.

    Answer

    President and CEO Douglas Ingram shared that while anecdotal, the stories from families of commercially treated patients are extraordinary and align with the trial evidence. He did not directly address PMO cannibalization in his response, focusing on the positive real-world feedback for ELEVIDYS.

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    David Hoang's questions to Sarepta Therapeutics (SRPT) leadership • Q4 2024

    Question

    David Hoang of Deutsche Bank asked for Sarepta's thoughts on a competitor's recent DMD gene therapy data and how families might weigh receiving commercial ELEVIDYS versus enrolling in a clinical trial for an experimental product.

    Answer

    CEO Douglas Ingram stated that while they are thrilled to see more research in Duchenne, ELEVIDYS is the only approved, transformative, disease-modifying gene therapy available. Dr. Louise Rodino-Klapac emphasized the importance of the quality and functionality of the dystrophin construct, noting ELEVIDYS's design has been validated in hundreds of patients across multiple studies, which is a critical factor for families and physicians to consider.

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    David Hoang's questions to Sarepta Therapeutics (SRPT) leadership • Q2 2024

    Question

    David Hoang inquired about feedback from treatment centers regarding post-administration patient monitoring and whether this logistical consideration impacts the speed of the launch.

    Answer

    CEO Douglas Ingram confirmed that thoughtful follow-up monitoring is a crucial part of the process and does factor into the number of infusions a center can perform. He emphasized that this is essential for responsible dosing and patient safety. He also noted that based on this monitoring, the company is seeing a very stable safety profile for ELEVIDYS.

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    David Hoang's questions to Axsome Therapeutics (AXSM) leadership

    David Hoang's questions to Axsome Therapeutics (AXSM) leadership • Q1 2025

    Question

    David Hoang of Deutsche Bank requested more color on the expected evolution of payer coverage for Auvelity throughout the year. He also asked for insights into the growth drivers for Sunosi, specifically comparing the narcolepsy and obstructive sleep apnea (OSA) indications.

    Answer

    Ari Maizel, Chief Commercial Officer, stated that the commercial team is focused on increasing covered lives and reducing utilization management for Auvelity, with expectations for access to expand this year. For Sunosi, he noted that while both indications are growing, the larger OSA patient population is experiencing faster growth due to significant unmet need.

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    David Hoang's questions to Axsome Therapeutics (AXSM) leadership • Q4 2024

    Question

    David Hoang inquired about expectations for the seasonal cadence of Auvelity prescriptions in 2025, the potential impact of the sales force expansion, and whether the company would consider providing forward-looking product guidance.

    Answer

    Executive Darren Opland expects Q1 to be a growth quarter for Auvelity, albeit slower than the back half of 2024, with the sales force expansion impact likely visible by late Q1. Chief Financial Officer Nick Pizzie added that the company does not plan to provide sales guidance currently due to market unpredictability but reiterated peak sales estimates of $1B-$3B for Auvelity in MDD.

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    David Hoang's questions to Sage Therapeutics (SAGE) leadership

    David Hoang's questions to Sage Therapeutics (SAGE) leadership • Q2 2024

    Question

    David Hoang inquired about Biogen's level of commitment to the ZURZUVAE launch, whether they would also expand their sales force, and the expected impact of the expansion on key metrics.

    Answer

    CEO Barry Greene stated the expansion is expected to cause a 'profound uptick' in metrics. CBO Chris Benecchi clarified that Sage is funding its own Q4 sales force expansion, while Biogen is currently piloting approaches with existing resources to inform their future investment decisions. He underscored the strong collaboration and shared mission between the partners.

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    David Hoang's questions to Voyager Therapeutics (VYGR) leadership

    David Hoang's questions to Voyager Therapeutics (VYGR) leadership • Q1 2024

    Question

    David Hoang from Citigroup inquired about how the anti-tau antibody fits into the Alzheimer's treatment landscape compared to the tau-silencing gene therapy, and to what extent Voyager has investigated other transporters besides ALPL for blood-brain barrier crossing.

    Answer

    Executive Alfred Sandrock and CMO Dr. Toby Ferguson contrasted the two approaches: the antibody targets extracellular tau spread with regular infusions, while the gene therapy is a 'once and done' approach to silence all tau forms. Regarding other transporters, Executive Todd Carter confirmed Voyager has identified multiple capsid families targeting different receptors and is evaluating all of them for non-viral delivery, noting any chosen target would need to perform at least as well as existing transporters.

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    David Hoang's questions to RedHill Biopharma (RDHL) leadership

    David Hoang's questions to RedHill Biopharma (RDHL) leadership • Q4 2021

    Question

    David Hoang from SMBC asked about the translation of Talicia's prescription growth to revenue, potential changes in gross-to-net, the expected growth cadence for 2022, and whether the RHB-204 NTM study's endpoint could support a full or accelerated approval.

    Answer

    CFO Micha Ben Chorin confirmed Talicia's growth pace is increasing and later clarified that Talicia revenues grew 17% from Q3 to Q4. CEO Dror Ben-Asher and executive Rick Scruggs expect growth to accelerate due to the waning pandemic, improved clinic access, and a new customer engagement team. Regarding the NTM study, COO Gilead Raday explained that the six-month co-primary endpoint is expected to potentially support an accelerated approval, with longer-term data intended to support a full approval.

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    David Hoang's questions to RedHill Biopharma (RDHL) leadership • Q3 2021

    Question

    David Hoang of SMBC asked about the certainty of conducting a confirmatory trial for opaganib and whether it was definite or subject to regulatory feedback. He also sought to understand the gross-to-net dynamics for Talicia and inquired about the expected development timelines for RHB-104 in Crohn's disease.

    Answer

    COO Gilead Raday stated that plans for a confirmatory opaganib trial are subject to regulatory feedback. SVP Bob Gilkin explained that Talicia's gross-to-net is well within industry standards due to a conservative approach to discounting. CEO Dror Ben-Asher expressed high commitment to RHB-104, noting that recent progress in MAP diagnostic technology could accelerate the program, with validation of a new test expected within weeks.

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    David Hoang's questions to RedHill Biopharma (RDHL) leadership • Q2 2021

    Question

    David Hoang questioned the primary growth drivers for Talicia in the second half of the year and asked about the strategic rationale for developing opaganib for inpatients and RHB-107 for outpatients with COVID-19.

    Answer

    Chief Commercial Officer Rick Scruggs explained that Talicia's growth depends heavily on the pandemic's impact on physician access, despite strong sales force capacity and payor coverage. CEO Dror Ben-Asher detailed that opaganib targeted hospitalized patients due to the urgent need and clearer regulatory path, while the once-daily RHB-107 was aimed at the larger outpatient market, allowing RedHill to cover the full disease spectrum.

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    David Hoang's questions to ROCKET PHARMACEUTICALS (RCKT) leadership

    David Hoang's questions to ROCKET PHARMACEUTICALS (RCKT) leadership • Q2 2021

    Question

    David Hoang asked if discontinuing the high dose for Danon disease, which was intended to provide extra-cardiac benefits, impacts the therapy's overall value proposition and whether a potential approval would be accelerated or full.

    Answer

    CEO Gaurav Shah asserted that addressing the fatal cardiac aspect of the disease is the ultimate value proposition. CMO Jonathan Schwartz added that the low dose may still provide non-cardiac benefits over time. Regarding approval, Shah noted it was too early to speculate, but biomarkers could support an accelerated path while a mortality benefit remains the ultimate goal.

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