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    Stacy Ku • Cowen and Company

    Stacy Ku's questions to Supernus Pharmaceuticals Inc (SUPN) leadership

    Stacy Ku's questions to Supernus Pharmaceuticals Inc (SUPN) leadership • Q2 2025

    Question

    Stacy Ku of TD Cowen inquired about the net pricing dynamics and adult segment progress for KELBRE, as well as the early launch metrics for ONAPCO, including enrollment forms, prescriber numbers, and reimbursement timelines.

    Answer

    CEO Jack Khattar explained that KELBRE's net pricing remains strong, north of $300 per script, with gross-to-net improving from Q1. He highlighted that the adult segment now represents 35% of KELBRE prescriptions, showing robust 29% growth. For ONAPCO, Khattar noted the 750 enrollment forms are a strong leading indicator, with over 200 patients already on the drug as of July and reimbursement proceeding smoothly.

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    Stacy Ku's questions to Supernus Pharmaceuticals Inc (SUPN) leadership • Q1 2025

    Question

    Stacy Ku of TD Cowen inquired about the impact of Q1 seasonality on Qelbree's net pricing and the gross-to-net outlook for the year. She also asked for the company's comfort level with the consensus revenue estimate for Qelbree and questioned the operational timeline for converting ONAPGO patient start forms into filled prescriptions.

    Answer

    Executive Jack Khattar confirmed that Q1 seasonality increased Qelbree's gross-to-net to the low 50% range as expected, with improvement anticipated in Q2 and Q3. He expressed comfort with the ~$290 million consensus revenue for Qelbree. Regarding ONAPGO, Khattar noted that while it's too early for precise timing, the company's established infrastructure for Parkinson's products typically yields fulfillment rates better than the industry average of 40-50%.

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    Stacy Ku's questions to Supernus Pharmaceuticals Inc (SUPN) leadership • Q4 2024

    Question

    Stacy Ku inquired about the drivers of Qelbree's strong Q4 pricing and the gross-to-net outlook for 2025, the progress of the adult launch, the timing for a decision on SPN-820, and the expected launch trajectory and guidance contribution for ONAPGO.

    Answer

    CEO Jack Khattar attributed Qelbree's Q4 strength to prescription volume, not pricing, and projected a 2025 gross-to-net in the 50-55% range. He noted the adult launch is progressing well, with adults comprising 30-32% of prescriptions. A decision on SPN-820 is expected in the coming months. For ONAPGO, he anticipates a slow launch build with a minimal single-digit million-dollar contribution to 2025 guidance.

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    Stacy Ku's questions to Supernus Pharmaceuticals Inc (SUPN) leadership • Q3 2024

    Question

    Stacy Ku of TD Cowen inquired about Qelbree's volume trajectory and its alignment with 2025 consensus estimates, the outlook for net pricing for the rest of 2024 and into 2025, and the potential for a more controlled placebo response in the SPN-820 TRD study due to a different dosing strategy.

    Answer

    Executive Jack Khattar expressed confidence in Qelbree's growth, highlighting an increasing share of 90-day prescriptions (now 11% of total) and strong retention rates as positive indicators for 2025. He confirmed healthy net pricing would continue in Q4 2024 but deferred comment on 2025. Regarding the SPN-820 placebo response, Khattar stated it is difficult to speculate on the impact of different dosing strategies and that they must await the Phase IIb data.

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    Stacy Ku's questions to BioCryst Pharmaceuticals Inc (BCRX) leadership

    Stacy Ku's questions to BioCryst Pharmaceuticals Inc (BCRX) leadership • Q2 2025

    Question

    Stacy Ku of TD Cowen asked about the potential long-term impact of an oral on-demand therapy launch on Orlodeyo, the quarterly cadence of paid shipments, and the competitive landscape for Netherton syndrome.

    Answer

    President & CCO Charlie Gayer stated that an all-oral treatment regimen would be a net positive, potentially increasing Orlodeyo's attractiveness and retention. He expects a normal quarterly revenue cadence for the remainder of the year. CEO Jon Stonehouse addressed the Netherton landscape, suggesting that competitor programs appear to be stalled or terminated, which could position BioCryst's candidate as a first-in-class therapy for the high-unmet-need condition.

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    Stacy Ku's questions to BioCryst Pharmaceuticals Inc (BCRX) leadership • Q1 2025

    Question

    Stacy Ku asked about expectations for new ORLADEYO prescriber additions and for any early results from the Netherton syndrome program's SAD/MAD study. She also followed up on the Netherton trial design, asking if the proof-of-concept could be broadened to younger patients.

    Answer

    Chief Commercial Officer Charlie Gayer confirmed continued consistency in prescriber growth, with 59 new prescribers in Q1. On the Netherton program, Chief R&D Officer Dr. Helen Thackray indicated that data from healthy volunteers gave them confidence to proceed with patient dosing, with a full data package expected by year-end. She explained that the trial's extension (Part 4) is designed to evaluate longer-term exposure, with Chief Commercial Officer Charlie Gayer adding that the immense hope for a new therapy is a powerful factor in patient recruitment.

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    Stacy Ku's questions to BioCryst Pharmaceuticals Inc (BCRX) leadership • Q4 2024

    Question

    Stacy Ku requested more specific timing on when Netherton syndrome patients would be dosed, asked about ORLADEYO's real-world attack-free rates compared to other therapies, and sought clarity on the key factors driving the conviction behind the new revenue guidance.

    Answer

    Chief R&D Officer Dr. Helen Thackray indicated that Netherton patient dosing would likely begin around the middle of the year or in the third quarter. Chief Commercial Officer Charlie Gayer stated that real-world data shows ORLADEYO provides competitive attack rate reduction, boosting physician confidence. He confirmed the primary drivers for the guidance increase are the accelerated transition of Medicare patients to paid therapy under the IRA and continued strong underlying demand.

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    Stacy Ku's questions to BioCryst Pharmaceuticals Inc (BCRX) leadership • Q3 2024

    Question

    Stacy Ku asked about the company's goals for new clinician additions in 2025, expectations for the transition to paid therapy, and the primary audience for the results of the Phase IV transition study.

    Answer

    Chief Commercial Officer Charlie Gayer stated the goal is to continue the current strong pace of physician additions and to make further progress toward the 85% paid rate goal, with Medicare being a key variable. Chief R&D Officer Dr. Helen Thackray clarified that the transition study data is primarily intended to provide guidance and confidence to physicians who are less experienced with switching patients to ORLADEYO.

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    Stacy Ku's questions to Aurinia Pharmaceuticals Inc (AUPH) leadership

    Stacy Ku's questions to Aurinia Pharmaceuticals Inc (AUPH) leadership • Q1 2025

    Question

    Stacy Ku inquired about the expected quarterly sales cadence for LUPKYNIS in 2025 and the primary drivers of its growth, such as new patient additions versus restarts. She also asked about expectations for the upcoming AUR200 Phase I data update and potential strategies for accelerating its path to market.

    Answer

    President and CEO Peter Greenleaf advised looking at historical quarterly performance to model the year, noting a typical summer slowdown followed by a rise in the latter half. He stated that growth is driven by a holistic improvement across all factors, including new patients and persistency, with a notable increase in rheumatology prescribing. Regarding AUR200, Greenleaf deferred detailed comments, stating that the single ascending dose data and program direction would be shared by the end of June.

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    Stacy Ku's questions to Aurinia Pharmaceuticals Inc (AUPH) leadership • Q3 2024

    Question

    Stacy Ku inquired about the rationale for the corporate restructuring, asking if it reflects confidence in AUR200 or concerns about LUPKYNIS growth drivers like patient starts (PSFs), restarts, and hospital captures. She also asked for specifics on the data to be disclosed from the AUR200 Phase I study.

    Answer

    President and CEO Peter Greenleaf clarified that the restructuring is a strategic move to focus on key growth drivers and does not signal a lack of confidence; in fact, he believes it can accelerate growth. He emphasized that investors should look at the combination of PSFs, hospital fills, and patient restarts for a complete picture of new patient growth. Regarding AUR200, he stated that the company will share pharmacokinetic profiles and relevant biomarker data from the upcoming single-ascending and multi-ascending dose studies.

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