Trevor Allred

Trevor Allred asked about clinical update expectations for Ligand's late-stage royalty portfolio, specifically inquiring about other clinical updates anticipated for 2026 that investors might be overlooking, beyond FILSPARI and FSGS.

Answer

CEO Todd Davis provided a comprehensive list of active late-stage pipeline assets, including QARZIBA, Basdow, Orchestra's AVIM therapy and Virtue SAB trials, Castle Creek's D-Fi, QTORIN rapamycin for cutaneous venous malformations, Lasofoxifene, and TZIELD. He noted that a significant majority of these assets were added in the last two to two and a half years, with efforts accelerating to add more late-stage assets as a core business model driver.

Trevor Allred asked about clinical update expectations for Ligand's late-stage royalty portfolio, specifically inquiring about assets beyond FILSPARI and FSGS that investors might be overlooking for 2026.

Answer

CEO Todd Davis highlighted an active late-stage pipeline, including QARZIBA (U.S. approval, Ewing Sarcoma), Basdow (phase III), Orchestra's AVIM therapy and Virtue SAB (phase III), Castle Creek's D-Fi (phase III), QTORIN rapamycin (MLM, CVM), lasofoxifene, and TZIELD (Type 1 diabetes expansion). He noted that most of these were added in the last 2-2.5 years, with accelerating efforts to add more late-stage assets.

Trevor Allred of Oppenheimer & Co. Inc. inquired about Ligand's expectations for the Pylphos (ZELSUSMI) launch, including market research insights and initial demand, and the potential revenue impact from the FILSPARI REMS modification.

Answer

CEO Todd Davis expressed strong optimism for the ZELSUSMI launch, highlighting the experienced commercial team, high demand from a motivated patient group, and a conservative peak sales forecast. Vice President of Strategic Planning, Lauren Hay, added that the FILSPARI REMS modification should remove a key barrier to utilization in earlier-stage patients, aligning with routine monitoring and supporting broader uptake.

Trevor Allred requested an update on Qarziba's performance and Recordati's expansion plans, and also asked about the patient referral patterns for Molluscum Contagiosum, the condition treated by ZELSUVMI.

Answer

Lauren Hay, VP of Strategic Planning and Investment Analytics, addressed the Qarziba question, highlighting Recordati's increased peak sales guidance, ongoing geographic expansion, and plans for label expansion into new indications. Richard Baxter, SVP of Investment Operations, explained that Molluscum Contagiosum patients are typically seen first by pediatricians and then referred to dermatologists, making both physician groups critical targets for ZELSUVMI.

Trevor Allred requested more details on the D-Fi program, including patient population size, condition identifiability, and potential manufacturing scale limitations. He also asked about revenue from the competing product, VYJUVEK.

Answer

SVP Paul Hadden estimated the D-Fi patient population at a few thousand in the U.S., noting the condition is devastating and readily identifiable. He expressed confidence in the manufacturing scale based on deep due diligence. He also confirmed VYJUVEK's revenue was nearly $300 million in the prior year, reinforcing the market opportunity.

Trevor Allred asked about recent changes concerning the Agenus royalty assets and inquired about the company's confidence in the planned commercial launch of Pelthos' Zelsuvmi in the first half of 2025.

Answer

CEO Todd Davis explained that while some Agenus programs were returned, the investment thesis is primarily driven by the botensilimab asset, and they are awaiting promising 12-month data. Regarding Zelsuvmi, he expressed high confidence due to the significant unmet need for an at-home treatment for molluscum contagiosum, estimating a $150-$200 million U.S. sales potential. He confirmed Ligand is actively engaged with potential marketing partners for the launch.

Trevor Allred asked about BridgeBio's confidence in Encalirate as a $1 billion-plus product and expectations for the potential upside opportunity in chronic hypoparathyroidism.

Answer

Neil Kumar, CEO and Founder, BridgeBio Pharma, challenged the analyst's low price assumption for Encalirate, suggesting a typical rare disease price range of $300,000-$500,000. He highlighted the high prevalence of ADH1 (up to 12,000 in the US) and the tailwind of genetic testing guidelines for nonsurgical hypopara patients. Kumar acknowledged the need for education to integrate genetic testing into clinical protocols but expressed confidence that Encalirate's profound efficacy (76% response, full normalization) for a life-destroying condition would drive significant physician and patient excitement and adoption.

Trevor Allred asked about BridgeBio's confidence in Encalirate as a $1 billion-plus product and expectations for the potential upside opportunity in chronic hypoparathyroidism.

Answer

Neil Kumar, CEO and Founder, BridgeBio Pharma, discussed Encalirate's potential based on prevalence (up to 12,000 in the U.S.), identified patients (3,500), and genetic testing guidelines for nonsurgical hypoparathyroidism. He acknowledged that it won't be a quick launch due to the need for education and integrating genetic testing into physician protocols. He emphasized the drug's profound impact, with a 76% response rate and full normalization, offering a near-cure for a life-destroying disease, which he believes will drive physician and patient excitement.

Trevor Allred from Oppenheimer asked for perspective on the seemingly stagnant 'new start' market for TEPEZZA and how Veridian views this as an opportunity. He also inquired about the expected timing for initial data from the VRDN-006 FcRn program.

Answer

President and CEO Stephen Mahoney pointed to Amgen's reported year-over-year growth and confidence in the underpenetrated TED market as positive signs. He emphasized that Veridian's potentially best-in-class subcutaneous therapy could be a game-changer. For the FcRn program, he guided to healthy volunteer data for VRDN-006 in H2 2025 and highlighted the important, potentially translatable nonhuman primate data for VRDN-008 expected in H2 2024.

Trevor Allred from Oppenheimer asked about the enrollment site locations for CID-103 and CNCT-19, the potential for ongoing COVID-19 impacts, and whether BI-1206 sites would be chosen in areas with lower COVID risk.

Answer

Alexander Zukiwski, EVP and Chief Medical Officer, confirmed CID-103 sites are in France and the UK, with potential expansion. He noted CNCT-19 sites are in prestigious Chinese institutions and are nearing accrual completion despite some impact. For BI-1206, top centers in China have been selected, but he acknowledged the difficulty in predicting future COVID-19 hotspots.