Jack

Jack (on behalf of Annabel Samimy) inquired about the enrollment pace and expected top-line data timelines for the SPN-817 and SPN-820 CNS pipeline trials. He also asked about Supernus Pharmaceuticals' business development focus, specifically if priorities had shifted regarding broadening scope beyond CNS into areas like women's health, and whether the company was targeting standalone specialty commercial products or small portfolios.

Answer

Jack A. Khattar, President and CEO, stated that the SPN-820 trial (MDD) was just initiated and is expected to recruit faster than epilepsy trials, with data for both SPN-817 and SPN-820 anticipated sometime in 2027. He confirmed that the business development focus remains on CNS (neurology/psychiatry) but now includes women's health due to Zurzuvae. Priorities are revenue-generating, cash flow-generating opportunities, preferably late-stage pipeline assets for new product launches between 2027 and 2031, with flexibility for various transaction types.

Jack asked for an update on the pace of enrollment for the SPN-817 and SPN-820 CNS pipeline trials and when top-line data might be expected. He also inquired about the company's BD focus, specifically if priorities have changed regarding broadening scope outside CNS (e.g., women's health) and whether they are looking more at standalone specialty commercial products or small portfolios of assets.

Answer

Jack A. Khattar (President and CEO, Supernus Pharmaceuticals) stated SPN-820 enrollment is early, and both SPN-817 and SPN-820 data are expected sometime in 2027, with more specific timing updates later in the year. He confirmed the BD focus remains on CNS but is open to women's health (due to Zurzuvae), prioritizing revenue-generating or late-stage pipeline assets for new product launches in the 2027-2031 timeframe, with flexibility on transaction type.

Jack inquired about the biggest levers driving the year-over-year NRR acceleration and whether these levers are expected to continue into 2026. He also asked about the pipeline of single-product customers adopting incremental products throughout 2026 to further drive multi-product growth.

Answer

Aidan Viggiano, Chief Financial Officer, stated that the NRR of 109% in Q4 2025 was driven by broad-based expansion across ISVs and direct enterprise customers, particularly in voice and messaging, and expects this strength to continue into 2026 given the Q1 and full-year guidance. Thomas Wyatt, Chief Revenue Officer, explained that multi-product scaling is driven by new product capabilities in the self-service channel to encourage more product usage, and by the direct selling motion where AEs are incentivized to demonstrate the value of multiple channels and services, noting that customers see higher ROI with more channels.

Jack, on behalf of Deepak Mathivanan, asked about the competitive landscape, specifically any outside pressure from local or international players, and the dynamics observed. He also inquired about the runway for further structural improvements in fulfillment efficiency versus leveraging pure order volumes for gains.

Answer

Francis Dufay, CEO of Jumia, reported no significant change in the competitive environment in Q4, noting some softening from international competitors like Temu and stable dynamics with local platforms where Jumia holds a market-leading position. He highlighted Jumia's edge due to scale, cross-Africa learnings, sourcing infrastructure, and tech investments. Dufay also mentioned increased regulatory scrutiny on non-resident and cross-border platforms in countries like Ivory Coast and Ghana, which is creating a more level playing field. Regarding fulfillment, he stated there's still room for pure productivity improvements through automation and WMS features, in addition to benefiting from scale effects, which allow for better pricing from 3PLs and optimized logistics, targeting a 10% year-over-year improvement in unit cost per package delivered.