Tim Chiang

Tim Chiang asked about the expected progression of product tanker rates over the next few months, particularly if counter-seasonal increases would continue into Q2, and sought an update on the incremental demand uplift from Venezuelan exports for LR2/Aframax vessels.

Answer

Robert Bugbee, President, and Lars Dencker Nielsen, Chief Commercial Officer, indicated that various factors point to a relatively strong second quarter. Mr. Nielsen highlighted that the clean market is operating with little slack, supported by structural factors like refining systems and strong regional markets, suggesting a longer wavelength of strength. James Doyle, Head of Corporate Development and Investor Relations, and Mr. Nielsen confirmed that about 300,000 barrels per day of Venezuelan crude have gone to the U.S. Gulf, which is a positive at the margin for LR2/Aframax demand.

Tim Chiang inquired about the expected progression of rates over the next few months, particularly into Q2, and whether counter-seasonal increases are anticipated. He also asked for an update on any incremental uplift in LR2 demand from Venezuelan exports.

Answer

President Robert Bugbee and Chief Commercial Officer Lars Dencker Nielsen both indicated a strong Q2, citing little slack in the clean market, structural support from refining systems, and sustained ton-mile demand, suggesting a longer wavelength of strength. Head of Corporate Development and Investor Relations James Doyle and Mr. Nielsen confirmed a positive, albeit marginal, impact from Venezuelan crude redirection to the U.S., noting the U.S. Gulf's suitability for heavy crude.

Tim Chiang asked if establishing an MTD is a requirement for the GSK opt-in and requested more details on the expanded collaboration with Pfizer for darovasertib.

Answer

CEO & President Yujiro Hata clarified that the opt-in trigger is the selection of an expansion dose, not necessarily the MTD. He then detailed the two new Pfizer agreements: one enabling a potential registrational trial for darovasertib in metastatic uveal melanoma, and a second for exploring the combination with crizotinib in other cMET-driven tumors.

Tim Chiang from Northland Securities asked when a triggering point might occur for EYSUVIS net sales to begin rising meaningfully. He also questioned the impact of COVID-19 on the launch and inquired about any side effects observed in the KPI-012 trial.

Answer

Todd Bazemore, President and COO, stated that he expects meaningful growth in EYSUVIS revenues to begin in the first half of the year, driven by recent and anticipated payer wins. He added that the return to face-to-face sales interactions post-COVID should also be a positive catalyst. Kim Brazzell, Head of R&D and Chief Medical Officer, reported that no significant adverse events were seen in the first KPI-012 trial, with only one patient noting minor irritation, which is not unexpected given the patient population.