Nick

Nick asked about the progress of ex-U.S. launches, inquiring if they are expected to be a meaningful top-line growth driver next year or if the focus will remain on deepening U.S. penetration. He also sought views on the eventual market opportunity for ex-U.S. relative to the U.S.

Answer

Karen Massey, Chief Operating Officer, reported growth across all geographies. She highlighted Japan as an important growth driver with CIDP launch and PFS approval. In Europe and Canada, she noted increasing revenue contributions as pricing and reimbursement agreements are secured, with CIDP recently launched in Germany and more launches expected. She anticipates continued ex-U.S. growth, but expects the U.S. to remain a strong growth driver.

Nick from Baird asked about the progress of ex-U.S. launches, whether they are expected to be a meaningful top-line growth driver for the next year, and if the focus would be on deepening U.S. penetration or expanding internationally. He also inquired about the eventual market opportunity for ex-U.S. relative to the U.S.

Answer

Karen Massey, Chief Operating Officer, reported strong growth across all ex-U.S. markets, including Japan (CIDP launch, PFS approval, continued demand for MG/CIDP) and increasing revenue contributions from European and Canadian HTA markets. She confirmed expectations for continued ex-U.S. growth, alongside the U.S. remaining a strong growth driver, with further CIDP launches anticipated in Europe.

Nick, on behalf of Seth Burkey, asked for elaboration on the term 'equity-like capital' and its pricing, as well as whether the observed turning point in the biotech bear market is reflected in the transaction market for stabilized assets, specifically regarding changes in buyer demand.

Answer

Joel Marcus, Executive Chairman and Founder, explained that 'equity-like capital' refers to various forms of capital inflow, including dividend savings and joint venture sales. Marc Binda, CFO and Treasurer, clarified that asset sales would constitute the vast majority of capital for next year's plan, with proportions from land, non-stabilized, and stabilized assets detailed in the press release. Peter Moglia, CEO and CIO, confirmed strong demand for opportunistic assets in the transaction market, noting significant interest in both life science properties and alternative uses like residential development.

Asked about the possibility of a dual-listing in Hong Kong and for details on the company's cash position, burn rate, and redemption obligations.

Answer

The company is open to all listing options, including Hong Kong, and will evaluate what is best for shareholders. Regarding cash, the company has approximately RMB 630 million, achieved positive operating cash flow, is no longer burning cash, and believes its cash on hand is sufficient for expansion. This is supported by efficient working capital management. The company has also entered into agreements with a majority of investors to reschedule redemption payments.