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[Walko] on for Tim Lugo

former Partner and Group Head of Biotechnology Equity Research at William Blair Investment Management, LLC

Tim Lugo is a former Partner and Group Head of Biotechnology Equity Research at William Blair, specializing in small and mid-sized biotechnology companies such as Zevra Therapeutics and gene-therapy firms including those working with CRISPR technology. Under his leadership, his team at William Blair covered over 100 companies and was consistently ranked as a Top 5 research team in the sector, with Lugo personally recognized by Thomson Reuters as a top stock picker and earnings estimator and facilitating over $6 billion in capital through more than 40 transactions including IPOs. He began his analyst career at Pacific Growth Equities, later held roles in healthcare consulting and genomics business development, and joined William Blair before departing in 2024 to become CFO at Latigo Biotherapeutics. Lugo holds dual B.A. degrees in molecular and cellular biology and economics from UC Berkeley, reflecting strong credentials in both finance and science, and sits on a nonprofit board in San Francisco.

[Walko] on for Tim Lugo's questions to RVNC leadership

Question · Q3 2023

Asked about the Q3 expense numbers as a future run rate and inquired about the patient targets and revenue generation of the therapeutic PrevU program.

Answer

The company pointed to its annual 2023 non-GAAP operating expense guidance of $315M-$335M and noted the exit from the OPUL business provides future flexibility. For the therapeutic PrevU program, they clarified that the goal is not to generate revenue as patients are sampled. They have treated over 150 patients and anticipate a total of 200-250 in the program to gain experience over multiple treatment cycles.

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