Jayed Momin

Jayed Momin asked about the flat quarter-over-quarter Syfovre doses delivered, the improved split favoring commercial doses, and whether this more favorable split is expected to continue in 2026.

Answer

EVP of Commercial David Acheson attributed the flat doses in Q4 to seasonality, including a longer holiday stretch, noting that commercial doses did not significantly change. He stated that free goods utilization, which ranged from 12-14% throughout 2025, was in line with expectations for Q4. David Acheson also mentioned that the reopening of patient copay assistance for existing patients in Q3 might have led to a small downtick in total free goods in Q4, though it's hard to definitively say.

Jayad Momin asked about the flat quarter-over-quarter Syfovre doses delivered, the improved split favoring commercial doses, and whether this favorable split is expected to continue in 2026, independent of copay assistance funds.

Answer

EVP of Commercial David Acheson attributed the flat doses in Q4 to a touch of seasonality, including a longer holiday stretch, noting that the 89,000 commercial doses did not represent a significant change. He stated that free goods utilization ranged from 12% to 14% throughout 2025, with Q4 being in line with expectations. Acheson also mentioned that the reopening of patient copay assistance for existing patients in Q3 might have led to a small downtick in total free goods in Q4, though it's difficult to definitively quantify.

Jayed Momin, on for Annabel Samimy at Stifel, inquired about the commercial launch strategy, preparations for the pre-NDA meeting with the FDA, and any potential counter-detailing plans against competitors.

Answer

CEO Jon Congleton explained that it is too early to detail commercial strategy, as the current focus is on payer value proposition and medical affairs. He expressed confidence in the comprehensive data package for the pre-NDA meeting, which covers diverse patient populations. Regarding competitors, he stated they will await the full data release before making any comparisons or formulating specific messaging.

Jayed Momin of Stifel Financial Corp. inquired about Altimmune's strategy for leveraging non-invasive tests (NITs) and PathAI analysis for its NASH program, given the 24-week fibrosis data did not reach statistical significance. He also asked for the rationale behind testing only the 2.4mg dose in the new AUD and ALD trials.

Answer

Chief Medical Officer Dr. M. Scott Harris explained that there is growing acceptance of NITs and that longer, larger Phase 3 trials are expected to demonstrate statistical significance on fibrosis. CEO Dr. Vipin Garg added that the 24-week readout was early. Regarding the AUD/ALD trials, Dr. Harris stated that testing the most efficacious dose in Phase 2 is appropriate, with the potential to explore other doses in Phase 3.