John

John, on behalf of Serge Bélanger, asked about the key levers BioCryst will focus on in 2026 for ORLADEYO, beyond the recent 9% price increase, specifically regarding new patient adds and improvements in paid prescription rates. He also inquired about the pacing of patient identification and conversion for the pediatric pellet formulation and its material contribution to 2026 guidance.

Answer

President and CEO Charlie Gayer stated that net patient growth (150 patients per year) is the most important KPI for ORLADEYO to reach $1 billion by 2029, alongside incremental improvements in paid rates. For pediatric pellets, he highlighted the market growth opportunity due to underdiagnosis and low prophy usage in kids, noting that the launch is included in 2026 guidance but conservatively estimated for this year.

John asked about the levers BioCryst will focus on for ORLADEYO in 2026, beyond the 9% price increase, specifically mentioning new patient adds and improvements in paid prescription rates. He also inquired about the pacing of patient identification and conversion for the pediatric pellet formulation and its material contribution to current guidance.

Answer

President and CEO Charlie Gayer stated that net patient growth, targeting 150 patients per year to reach $1 billion by 2029, is the most important KPI. He noted ongoing efforts to incrementally improve paid rates using real-world evidence. For the pediatric pellets, he highlighted the market growth opportunity due to underdiagnosis and low prophy usage in kids, but indicated that while the launch is in guidance, it's a small part for this year, with long-term bullishness.

John inquired about the company's regulatory strategy and confidence in the path forward if PALISADE-4 achieves success, contributing to a 50% program success rate. He also asked if there would be any viable regulatory path with PALISADE-2 data alone, should PALISADE-4 not meet its primary endpoint. Additionally, he asked if any insights from the blinded PALISADE-4 data provided increased confidence in the study's outcome.

Answer

Shawn K. Singh, President and Chief Executive Officer, emphasized that regulatory outcomes depend on FDA regulations, guidance, and the totality of data, including risk-benefit and unmet need. He stated that the primary regulatory strategy involves complementing PALISADE-2 with PALISADE-4 data and the broader program evidence for acute social anxiety disorder treatment. He noted that even if PALISADE-4 misses, the focus remains on the totality of evidence. Mr. Singh declined to comment on blinded PALISADE-4 data.

John asked if enterprise customers have segmented AI or innovation budgets that ZoomInfo is now tapping into, and how these incremental budgets are being carved out.

Answer

Henry Schuck, Founder and CEO, confirmed the existence of incremental AI budgets in enterprises, which ZoomInfo can access via MCP and API technologies. He noted that the need for high-quality data to power AI initiatives at scale is increasing, creating a new budget line item for ZoomInfo.

John, on behalf of Brent Thill, asked CEO Tom Conrad to review the biggest changes implemented during his first year as CEO and outline key initiatives for the upcoming year. He also requested additional geographic color from CFO Saori Casey regarding the performance disparity between the Americas and international markets.

Answer

CEO Tom Conrad reflected on a year focused on improving core experiences like performance, reliability, and customer service, aiming to win back customer advocacy. He outlined future initiatives centered on returning to durable growth and structural profitability through five compounding dimensions: product innovation, customer advocacy, marketing excellence, geographic expansion, and tapping into emerging external trends, with new product introductions planned for the second half of the year. CFO Saori Casey added that Americas showed slight growth as the largest market, while growth markets continued to outpace others. She noted strong plug-ins revenue, led by Era 100, across all geographies and share gains in home theater in Americas and EMEA, despite difficult comps from prior year channel fills.

John asked about the performance of Box's federal vertical following its FedRAMP High authorization, including pipeline strength and any impact from the recent government shutdown on late-stage deals. He also questioned whether the return to seat growth is primarily driven by macroeconomic recovery or AI-enabled workflows, and how seat dynamics are expected to evolve into the next fiscal year.

Answer

CFO Dylan Smith explained that FedRAMP High is crucial for complex government deals, enhancing Box's ability to serve DoD customers, and noted good sales momentum and pipeline build, with the federal business currently healthy despite minor deal timing shifts from the shutdown. CEO Aaron Levie attributed seat growth primarily to new use cases and expansions enabled by Enterprise Advanced and AI capabilities, rather than macro recovery, and expressed expectations for continued improvement in net retention rates and seat trends over time.