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Chief Medical Officer Amy Peterson clarified that a dual primary endpoint allows the study to be positive if either endpoint is met, unlike co-primary, and that the alpha split is not necessarily equal. Chief Scientific Officer Dana Aftab commented on the ADC strategy, highlighting the exciting preclinical data for XB628 and teasing more details on their discovery pipeline at a future R&D Day.

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EVP of Commercial P.J. Haley stated the RCC market is relatively stable. For NET, he agreed that earlier use of zanzalintinib could lead to longer durations but stressed the immediate opportunity for CABOMETYX to rapidly penetrate the ~$1 billion market as the only branded oral therapy with comprehensive patient support.

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President and CEO Adam Steensberg emphasized that weight maintenance is a key differentiator, as current therapies see high discontinuation rates. He noted petrelintide's potential for better GI tolerability and a satiety-based mechanism could improve long-term adherence. Chief Medical Officer David Kendall added that future studies will focus on clinical utility, potentially exploring switches from incretin-based therapies and leveraging amylin's leptin sensitization mechanism for higher quality weight loss.

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CEO Brian Markison positioned serum biomarkers as a complementary screening tool, arguing they cannot replace the quantification and geographical detail of PET imaging. President Paul Blanchfield added that payers would likely require a PET scan to confirm diagnosis before approving expensive therapies. Regarding PYLARIFY, Blanchfield highlighted radioligand therapies (RLT) as a key driver, with associated scans expected to grow significantly by 2030.

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CEO Brian Markison highlighted recent data from a federally funded trial demonstrating a significant advantage for MK-6240 over other tau tracers. He noted its recognition as an extraordinary asset for detecting early tau tangles is evidenced by its use in over 100 clinical trials and partnerships with major pharma companies. He added that NAV-4694 is also showing promise in detecting early beta-amyloid.

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President Paul Blanchfield explained the TAM is grounded in consensus forecasts for therapeutic uptake, such as 500,000 patients on therapy by the end of the decade. He positioned PET imaging as a valuable 'insurance policy' for payers, ensuring the right patients receive expensive therapies, which creates a strong value proposition for diagnosis, staging, and monitoring, ultimately justifying the cost of the scan.

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Brian Lian, President and CEO, indicated a maintenance study would explore transitions to less frequent or oral dosing without waiting for a weight plateau. He acknowledged that direct-to-consumer channels are now a proven, viable option, providing future commercial optionality. Regarding the amylin program, he noted that while it is a different molecule, they believe it is also amenable to an oral formulation and has a PK profile supporting weekly dosing.

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CEO Brian Lian explained that the plasma levels achieved with the 2.5mg dose, which resulted in 9% weight loss, serve as a benchmark for preventing significant weight regain. He highlighted that the drug's continued accumulation at 13 weeks suggests long-term efficacy may be understated by current data and clarified that the poster's decay graph showed data out to 19 weeks.

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Dr. Janet Hammond, Chief Development Officer, explained that they are targeting approximately 10% cirrhotic patients but have flexibility in the final number. Dr. Jean-Pierre Sommadossi, CEO and Founder, addressed the modeling question by directing the analyst to existing publications that evaluate other direct-acting antivirals using a similar approach.

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Chief Medical Officer Dr. Arantxa Horga stated the trial will be powered for non-inferiority but is designed to allow for a superiority test. CEO Dr. Jean-Pierre Sommadossi added details on the non-inferiority margin. On the commercial question, Chief Commercial Officer John Vavricka noted that government payers like Medicare and Medicaid are significant, and the market has been stable. He highlighted that the prescriber base is highly concentrated, allowing for an efficient commercial approach.

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