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    Eddie Hickman • Guggenheim Securities

    Eddie Hickman's questions to Zevra Therapeutics Inc (ZVRA) leadership

    Eddie Hickman's questions to Zevra Therapeutics Inc (ZVRA) leadership • Q2 2025

    Question

    Eddie Hickman of Guggenheim Securities asked about the expected cadence for penetrating the remaining diagnosed NPC patient population and the logistics of initiating Myclifa and miglustat therapy simultaneously.

    Answer

    Chief Commercial Officer Joshua Schafer responded that while it is too early in the launch to predict the future cadence of enrollments, the 26% quarter-over-quarter net sales growth demonstrates strong performance in converting and retaining patients. He also confirmed that patients can, and do, start both Myclifa and miglustat at the same time without issue.

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    Eddie Hickman's questions to Zevra Therapeutics Inc (ZVRA) leadership • Q1 2025

    Question

    Eddie Hickman of Guggenheim Securities requested qualitative metrics on MIPLYFFA's performance, such as refill rates, patient retention, and average net price, to help model its trajectory. He also asked if the current pace of new patient starts would continue and about the challenges in penetrating the non-EAP patient population.

    Answer

    Chief Commercial Officer Joshua Schafer indicated that the vast majority of patients are receiving refills and staying on the drug, reflecting the durability seen in the EAP. He also noted the average net price is trending similarly to the EAP experience. President and CEO Neil McFarlane declined to give forward-looking guidance on patient start cadence but expressed confidence in continued performance driven by the product's strong clinical data. He also confirmed that prior guidance on average pricing remains valid.

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    Eddie Hickman's questions to Zevra Therapeutics Inc (ZVRA) leadership • Q4 2024

    Question

    Eddie Hickman asked for guidance on how to model MIPLYFFA discontinuation rates and what the long-term retention expectations are for the initial bolus of patients.

    Answer

    CCO Joshua Schafer stated it was too early in the launch to provide a specific discontinuation rate. However, CEO Neil McFarlane provided context by pointing to the high long-term retention observed in the company's Expanded Access Program and open-label extension studies, where some patients have remained on therapy for 5-7 years. He suggested this longevity, driven by the product's profile, could be indicative of future commercial trends.

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    Eddie Hickman's questions to Zevra Therapeutics Inc (ZVRA) leadership • Q3 2024

    Question

    Eddie Hickman asked about the reimbursement process for off-label miglustat use in NPC compared to the newly approved MIPLYFFA, whether miglustat use could be a leading indicator for MIPLYFFA uptake, and why about 20% of patients are not on miglustat.

    Answer

    President and CEO Neil McFarlane explained that he could not comment on the specifics of the miglustat reimbursement process but noted that patients on miglustat are successfully getting MIPLYFFA approved. He stated that tracking total miglustat use is not a reliable leading indicator for NPC due to its generic status and primary indication for Gaucher's disease. He clarified that the primary reasons some patients are not on miglustat are tolerability issues and payer access challenges.

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    Eddie Hickman's questions to Tarsus Pharmaceuticals Inc (TARS) leadership

    Eddie Hickman's questions to Tarsus Pharmaceuticals Inc (TARS) leadership • Q2 2025

    Question

    Eddie Hickman of Guggenheim Partners inquired about the source of new Xtendi prescribers, the durability of the DTC campaign, and the long-term outlook for gross-to-net discounts.

    Answer

    Chief Commercial Officer Aziz Mottiwala confirmed the 5,000 new prescribers are from their target list and that the core prescriber base is deepening its usage without erosion. He noted the DTC campaign will continue for the foreseeable future at a steady expense level. Chief Financial Officer Jeff Farrow advised that gross-to-net is expected to stabilize in the low 40s, which should be used for modeling purposes beyond 2025.

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    Eddie Hickman's questions to Tarsus Pharmaceuticals Inc (TARS) leadership • Q1 2025

    Question

    Eddie Hickman asked about factors preventing long-range guidance, the number of prescribers reached beyond the 15,000 target, and whether channel stocking levels are expected to change.

    Answer

    CFO Jeff Farrow cited the need to assess the full impact of the expanded DTC campaign and monitor macro events as the primary reasons for pausing on long-range guidance. CCO Aziz Mottiwala clarified that while more than 15,000 doctors have prescribed XDEMVY, the strategic focus remains on deepening prescribing within that core group. Farrow also stated they do not anticipate channel inventory changing from the current level of approximately 2.5 weeks.

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    Eddie Hickman's questions to Tarsus Pharmaceuticals Inc (TARS) leadership • Q4 2024

    Question

    Eddie Hickman asked why Tarsus is not providing full-year guidance despite expressing confidence in Q1 dynamics. He also inquired about the predictive accuracy of DTC website engagement metrics for new patient prescriptions.

    Answer

    Chief Financial Officer Jeff Farrow stated that providing full-year guidance is premature due to uncertainties around the impact of the DTC campaign, particularly its expansion into network TV. An executive added that while website metrics show good directional correlation, it will take more time to quantify the conversion rate at scale, as the patient journey from ad exposure to prescription can take several quarters.

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    Eddie Hickman's questions to Tarsus Pharmaceuticals Inc (TARS) leadership • Q3 2024

    Question

    Eddie Hickman of Guggenheim Securities inquired about the resource requirements for the MGD market expansion, the expected timing and payer reimbursement for patient retreatments, and the recent evolution of the IQVIA data capture rate.

    Answer

    Aziz Mottiwala, Chief Commercial Officer, stated that the current sales force and DTC campaign are sufficient for the MGD opportunity, as it involves screening existing MGD patients for Demodex blepharitis. He noted that retreatment rates are currently in the single digits but are expected to reach ~20% over time. Chief Financial Officer Jeff Farrow commented that IQVIA data is imperfect and has recently shown a modest increase over actuals, but its future accuracy is uncertain.

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    Eddie Hickman's questions to Axsome Therapeutics Inc (AXSM) leadership

    Eddie Hickman's questions to Axsome Therapeutics Inc (AXSM) leadership • Q3 2024

    Question

    Eddie Hickman of Guggenheim Partners, on for Yatin Suneja, inquired about the real-world discontinuation rate for Auvelity and the main hurdles to achieving broader commercial coverage beyond the current ~63%.

    Answer

    An executive, likely CCO Ari Maizel, stated that observed persistency for Auvelity has been very positive, even outpacing SSRIs/SNRIs in an internal analysis. The primary hurdles to broader coverage are finalizing rebate agreements and utilization management criteria with remaining plans, with negotiations ongoing.

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