Maury Raycroft

Maury Raycroft asked for a breakdown of the 460 start forms between July and August to understand if early demand was driven by clinical study rollovers or a bolus effect, and if a linear trajectory is expected. He also inquired about the dynamics of specialty pharmacy stockpiling and its impact on future revenue numbers.

Answer

Ben Palleiko, CEO, clarified that the 460 start forms did not represent a one-time bolus or significant rollover from the open-label extension (which involved dozens, not hundreds, of U.S. patients). He stated that demand has been sustained, continually growing, and broader than anticipated, showing a fairly linear growth curve. Brian Piekos, CFO, added that specialty pharmacies are expected to hold 2-4 weeks of inventory long-term, consistent with other rare disease launches, with some variability in the early launch phase.

Maury Raycroft asked for a July versus August breakdown of the 460 start forms to understand if demand was from clinical study rollovers or a launch bolus, and whether a linear trajectory is expected. He also questioned the dynamics of stockpiling for future revenue recognition.

Answer

Benjamin Palleiko, CEO, clarified that demand was not a one-time bolus from OLE rollover (dozens, not hundreds) but represented sustained, continually growing interest with a fairly linear growth curve. Brian Piekos, CFO, stated that inventory at specialty pharmacies is expected to be two to four weeks, consistent with other rare disease launches.

Maury Raycroft requested a July versus August breakdown of the 460 start forms to understand if demand was influenced by clinical study rollovers or a bolus effect, and whether this early demand suggests a linear trajectory. He also asked about stockpiling dynamics and their impact on future revenue numbers.

Answer

Ben Palleiko, CEO, clarified that the 460 start forms do not represent a one-time bolus or significant rollover from the open-label extension, but rather a sustained and continually growing level of broad patient interest. Brian Piekos, CFO, explained that specialty pharmacies are expected to hold 2-4 weeks of inventory, consistent with other rare disease launches, and that this dynamic is not expected to be different for EKTERLY.

Maury Raycroft followed up on osteogenesis imperfecta, seeking a more quantitative perspective on observations from the Phase 2 open-label extension and asking about the anticipated range of effect sizes for fracture reduction needed for success in the Phase 3 final analysis.

Answer

Emil Kakkis, CEO and President, stated that no new quantitative Phase 2 data had been released, but observations remained consistent with prior reports. He reiterated that a 40% to 70% reduction in fractures would be clinically meaningful, stressing that functional improvements for patients would be equally, if not more, important for product adoption.

Maury Raycroft inquired about quantitative data from the open-label extension of the Phase II osteogenesis imperfecta study and the range of fracture reduction effect sizes considered successful for the Phase III analysis.

Answer

Emil Kakkis, CEO and President, stated that no new quantitative Phase II data was available, but observations remained consistent with prior reports. He indicated that a 40%-70% fracture reduction in Phase III would be clinically meaningful, emphasizing patient function as a key driver for adoption, similar to Crysvita's experience in XLH. Joshua Higa, VP of Investor Relations, reiterated the drug's transformative potential.

Maury Raycroft asked for perspective on the range of effect sizes for Annualized Fracture Rate (AFR) reduction that would be needed for the setrusumab trial to succeed at its second interim analysis.

Answer

CEO Emil Kakkis noted that a 30-40% reduction is generally considered clinically meaningful. However, he explained that trial success is less about a specific effect size at one point in time and more about the statistical power gained as the cumulative fracture curves for the treatment and placebo groups separate over time. A consistent reduction percentage leads to greater statistical significance the longer the trial runs.

Farzin Haque, on behalf of Maury Raycroft, sought clarification on whether the 18-month data would be required for the filing package if the second interim analysis is successful.

Answer

CEO Emil Kakkis clarified that if the second interim analysis is positive, the filing package would include all available data, with patients having at least 12 months of exposure. He confirmed they would not delay the filing to wait for 18-month data and that this approach has been discussed with the FDA.

Maury Raycroft asked for commentary on inventory demand for Q3 and expectations for Q4, along with gross-to-net trends. He also sought insights into Q4 revenues in the EU and the anticipated ramp-up in that region.

Answer

Jeff Poulton, Chief Financial Officer, explained that Q3 saw inventory growth in the channel due to ramping demand, which was offset by an increase in gross-to-nets, primarily from ONPATTRO®. Tolga Tanguler, Chief Commercial Officer, stated that ex-U.S. contribution would remain modest in Q4 (Germany and Japan), with the main ramp-up expected in mid-to-late 2026, while highlighting the robust performance of the hereditary ATTR polyneuropathy business in Europe.

Maury Raycroft at Jefferies asked for clarification on AMVUTTRA's inventory demand for Q3 2025 and projections for Q4, details on gross-to-net deductions, and expectations for Q4 revenues in Europe, including the anticipated ramp-up trajectory.

Answer

Jeff Poulton, CFO, explained that Q3 inventory dynamics were similar to Q2, with days on hand constant but channel inventory growing due to ramping demand, which was offset by increased gross-to-net deductions, primarily from ONPATTRO. He noted the TTR franchise's gross-to-net for the year reflects a mid-single-digit net price decline. Tolga Tanguler, Chief Commercial Officer, stated that ex-U.S. market contribution would remain modest in Q4, primarily from Germany (early stages of pricing discussions) and Japan (pleasing momentum). He emphasized that ex-U.S. markets would be a mid-to-late 2026 story, highlighting strong year-over-year growth in the ex-U.S. PN business despite new competition.

Maury Raycroft from Jefferies asked whether there was a one-time bolus effect in the Q2 cardiomyopathy scripts and questioned the extent of channel stocking's contribution to revenue growth.

Answer

CEO Yvonne Greenstreet asserted that the results are not a 'flash in the pan' and reflect sustainable growth from strong execution. CFO Jeff Poulton clarified that demand was the primary driver, with an estimated $150 million from cardiomyopathy patients. He noted a $25 million inventory benefit was driven by higher demand calculations, not increased days on hand, and was largely offset by a gross-to-net headwind.

Amin on for Maury Raycroft of Jefferies asked about the number of procedures a center needs to perform to become proficient with ZevaSkin, the maximum surgical capacity of these centers, and the potential patient volume at the next wave of QTCs.

Answer

CEO Vishwas Seshadri and CCO Madhav Vasanthavada stated that proficiency is expected quickly, after just one or two treatments, due to the centers' existing expertise in treating RDEB. They noted that physician conviction is already high, with more patients being identified even before the first commercial treatment. The next QTCs are expected to add a couple of dozen patients each to the funnel, creating a compounding effect on demand.

On behalf of Maury Raycroft, an analyst from Jefferies asked about the revenue recognition timing for the 40,000 IXCHIQ doses sold to the French government and the potential demand scenarios for the vaccine through year-end given recent outbreaks.

Answer

CEO Thomas Lingelbach stated that Valneva is actively monitoring chikungunya outbreaks and is prepared to respond, though he did not commit to specific actions. CFO Peter Bühler clarified that the revenue for the 40,000 doses was fully recognized in the first half of 2025, with no impact expected in Q3.

Representing Maury Raycroft of Jefferies, Amy asked about the enrollment progress for the Phase III endometrial cancer trial and sought clarification on how the protocol amendment for the SENTRI-2 study would boost enrollment and what the new bar for success would be.

Answer

Chief Medical Officer Reshma Rangwala stated that enrollment for the endometrial cancer trial is steady, with a good flow of patient samples for biomarker screening, and the company remains on track for a 2026 data readout. For SENTRI-2, she explained the amendment will expand eligibility to all JAK-naive patients with platelet counts above 50,000 (removing the upper cap), which should accelerate enrollment now that the main SENTRY trial is full. The bar for success remains unchanged, targeting a response rate above 25-30% in this high-unmet-need population.

Amin Makarem, on behalf of Maury Raycroft at Jefferies, asked for clarification on the timing of the Tivesimig PFS/OS analysis, questioning if events could accrue in Q4 2025 for an early Q1 2026 readout, and inquired about the scope of the initial data release.

Answer

CEO Thomas Schuetz explained that projecting the exact timing is difficult as the event rate has slowed, but the current projection is for a Q1 2026 readout. He stated the company plans to release a priority dataset including PFS, OS, demographic data, and top-line safety, with the full dataset reserved for a subsequent medical meeting.

An analyst from Jefferies inquired about the company's latest thinking on the pivotal trial design for its Netherton syndrome program and what outcomes from the current DME study would inform the design of future trials.

Answer

Chief R&D Officer Dr. Helen Thackray explained the Netherton pivotal trial will likely focus on patient-centric endpoints like skin healing and itching, potentially allowing for a streamlined path to registration. For DME, CEO Jon Stonehouse stated the current goal is to confirm activity and dose. Chief Medical Officer Dr. Donald Fong added that the Phase 2 study will assess retinal thickness, a key indicator of efficacy, which would inform a pivotal trial designed around the registrational endpoint of best corrected visual acuity.

An analyst on behalf of Maury Raycroft asked about the company's business development strategy for the year, specifically whether the focus would be on in-licensing assets in the rare renal space or prioritizing the FSGS launch.

Answer

CEO Eric Dube confirmed that Travere is actively exploring in-licensing opportunities to diversify its pipeline, leveraging its existing capabilities in the rare renal space. However, he stressed that the number one priority remains the preparation and execution of a successful launch for FILSPARI in FSGS.

Maury Raycroft asked for specifics on the GSK data package, including whether it's contingent on reaching MTD and if Cohort 6 data will be included. He also questioned the impact on bilirubin and any differences observed versus AG-270.

Answer

CEO & President Yujiro Hata clarified that the data package contents depend on cohort progression, with the working assumption being the potential to expand at Cohort 6. Matt Maurer, Head of Clinical Oncology, added that IDE397 has not shown significant liver toxicity or the enzyme liabilities associated with other drugs in the class.

Maury Raycroft sought clarification on the new manufacturing process for SGT-001, asking if there were any fundamental changes beyond scaling and transient transfection. He also asked about the meaning of a 'new outsource process' and the contribution of Forge Biologics to this new strategy.

Answer

Chief Operating Officer Dr. Joel Schneider explained that the new process is already at a commercial scale, provides broader access to supply chain networks, and improves overall manufacturability. He clarified that while Forge Biologics is a partner for SGT-003, the company is establishing a relationship with a new, different vendor for SGT-001 to leverage external expertise in transient production and diversify its manufacturing base.

Maury Raycroft from Jefferies Financial Group Inc. requested an example of the tumor heterogeneity observed with ORIC-101 and asked about potential pharma partnerships and the combination strategy for the ORIC-533 program.

Answer

CEO Jacob Chacko provided an example of tumor heterogeneity from the prostate study, where patients in the target population acquired new resistance mechanisms like AR-V7 or loss of P10/TP53 while on treatment. Regarding ORIC-533, he declined to comment on specific partnership discussions but affirmed the strategy is to move quickly into multiple combination studies in parallel with the single-agent trial if even modest activity is observed, referencing advice from Dr. Ken Anderson.

Maury Raycroft of Jefferies inquired about the timing of the DUBLIN-3 data readout relative to ASCO, the specific additional analyses from the PROTECTIVE-2 trial to be presented, and the latest feedback from payers regarding launch pricing for plinabulin, considering both its CIN and potential anticancer benefits.

Answer

Dr. Lan Huang, Co-Founder, Chairwoman and CEO, confirmed that DUBLIN-3 data would not be ready for ASCO and is expected mid-year. She and Dr. Ramon Mohanlal, EVP of R&D and CMO, detailed that upcoming ASCO presentations will show additional data on febrile neutropenia, hospitalization, quality of life, and bone pain. Richard Daly, COO, explained that payers view the CIN benefit favorably on its own and that positive DUBLIN-3 data would provide additional pricing power, creating greater value.

Maury Raycroft from Jefferies & Co. asked about FDA guidance on FVC (forced vital capacity) as an endpoint, potential combination strategies in a commercial setting for patients with worsening FVC, and the degree of site and investigator overlap between the SSc and dermatomyositis studies.

Answer

CMO Dr. Barbara White stated the SSc study is not powered for statistical significance on FVC but expects to show a positive trend. CCO Craig Millian added that lenabasum would be viewed as a complementary therapy for patients on immunosuppression for lung disease. Dr. White confirmed significant site overlap between the SSc and DM studies, attributing the strong DM enrollment to high unmet need and positive investigator experience with the drug.