Aurinia Pharmaceuticals - Earnings Call - Q3 2025

Executive Summary

• Strong Q3 print with broad-based beats and a guidance raise: total revenue $73.5M (+8% YoY; +4.9% QoQ) and diluted EPS $0.23 (+130% YoY), both above S&P Global consensus; management raised 2025 total revenue to $275–$280M and LUPKYNIS net product sales to $265–$270M. Revenue actual $73.5M vs $67.7M consensus; EPS $0.23 vs $0.16 consensus (beats) (Values retrieved from S&P Global)*.
• Growth driven by LUPKYNIS net product sales $70.6M (+27% YoY; +6% QoQ), offsetting lower license/collaboration revenue (lap of $10M 2024 Japan milestone).
• Margins expanded materially (operating margin ~40.5%; net margin ~42.9%), aided by sharply lower SG&A post 2024 restructuring, and interest income tailwind.
• Strategic update: FDA information request on LUPKYNIS yielded additional analyses showing a statistically significant reduction in renal-related events or death; Aritinercept (dual BAFF/APRIL) advancing to clinical studies in two autoimmune diseases by year-end 2025, with more program detail in early 2026.

What Went Well and What Went Wrong

• What Went Well

  • LUPKYNIS unit economics and execution: Net product sales +27% YoY to $70.6M, driving total revenue and EPS beats; management raised FY revenue and sales guidance for the second time in 2025. CEO: “LUPKYNIS sales experienced continued momentum…”.
  • Increased clinical and real-world evidence: New analyses suggest a statistically significant reduction in risk of renal-related events or death, reinforcing LUPKYNIS’ profile. CMO: “LUPKYNIS… was associated with a statistically significant and clinically meaningful 53% reduction in the risk of renal-related events or death”.
  • Operating leverage and cash generation: Operating cash flow $44.5M in Q3 (+162% YoY) and strong YTD cash flow; share count reduced (12.2M shares repurchased YTD for $98.2M), with cash and investments at $351.8M.

• What Went Wrong

  • Contract/other revenue headwind: License/collaboration/royalty revenue fell to $2.8M from $12.3M YoY due to prior-year $10M Japan milestone, masking underlying sales growth in total revenue.
  • Continued competitive and formulary backdrop: Q&A flagged clinician adoption dynamics versus newly approved/expected B‑cell agents (e.g., GAZYVA), necessitating continued education and differentiation on speed of response.
  • Regulatory/legal overhangs persist: FDA information request adds attention (albeit data favorable), and ANDA/IP litigation timelines remain protracted; management will not provide frequent updates.

Transcript

Operator (participant)

Good morning. Welcome to the Aurinia Pharmaceuticals Third Quarter 2025 Conference Call. Please be advised that a Q&A session will follow Aurinia's prepared remarks. I'll now turn the call over to Peter Greenleaf, President and Chief Executive Officer of Aurinia.

Peter Greenleaf (President and CEO)

Thank you all for joining us to discuss Aurinia's third quarter 2025 update. Joining me on the call today are Joe Miller, our Chief Financial Officer, and Dr. Greg Keenan, our Chief Medical Officer. Before we begin our discussion, I'd like to direct your attention to slide two, which contains important information regarding forward-looking statements. Additionally, we note that on November 2nd, Aurinia filed a complaint against Dr. George Tidmarsh arising from his statements about voclosporin. The complaint is pending in the United States District Court for the District of Maryland and is available online. If you have questions regarding the complaint, we refer you to the complaint itself, as we will not be commenting further on this matter. On today's call, we will report third quarter 2025 financial results and provide an update on recent business progress.

We're pleased to report that third quarter 2025 LUPKYNIS sales experienced continued momentum following last year's inclusion in the American College of Rheumatology Lupus Nephritis Treatment Guidelines, growing at a rate of 27% for the quarter year-over-year. As a result, we're raising LUPKYNIS sales guidance for 2025 for the second time this year to $265 million-$270 million. Further, we have conducted new LUPKYNIS data analyses, which we will share shortly, that reinforce LUPKYNIS's robust clinical profile in the treatment of patients with lupus nephritis. Lastly, following the positive phase I results that were announced in June, we're excited to be advancing Aritinercept toward clinical studies in two autoimmune diseases. I'd like to turn the call over now to Joe to review our financial results. Joe?

Joe Miller (CFO)

Thank you, Peter. For the third quarter of 2025, total revenue was $73.5 million, up 8% from $67.8 million in the same period of 2024. As a reminder, the 2024 period included a milestone payment of $10 million associated with LUPKYNIS's regulatory approval in Japan. Excluding the one-time milestone, total revenue increased by 27% over the same period in 2024. Net product sales of LUPKYNIS were $70.6 million, up 27% from $55.5 million in 2024. Net income was $31.6 million, up 119% from $14.4 million in 2024. Diluted earnings per share was $0.23, up 130% from $0.10 in 2024. Lastly, cash flows from operating activities were $44.5 million, up 162% from $17 million in 2024. For the nine months ended September 30th, 2025, total revenue was $205.9 million, up 17% from $175.3 million in the same period of 2024.

Again, the 2024 period included a $10 million milestone payment associated with LUPKYNIS's approval in Japan. Excluding the one-time milestone, total revenue increased by 25% over the same period in 2024. Net product sales of LUPKYNIS were $197.2 million, up 24% from $158.6 million in 2024. Net income was $76.4 million, up 1,677% from $4.3 million in 2024. Diluted earnings per share was $0.55, up 1,733% from $0.03 in 2024. Lastly, cash flows from operating activities were $90 million, up 529% from $14.3 million in 2024. As of September 30th, 2025, we have cash, cash equivalents, restricted cash, and investments of $351.8 million compared to $315.1 million at June 30th, 2025, and $358.5 million at December 31, 2024. As previously mentioned, for the three and nine months ended September 30th, 2025, cash flows from operating activities were $44.5 million and $90 million, respectively.

For the nine months ended September 30th, 2025, the company repurchased $12.2 million shares for $98.2 million, and diluted shares outstanding were reduced from $149.8 million to $138.2 million. As a result of LUPKYNIS's continued momentum, we are pleased to increase our 2025 guidance for the second time this year. For total revenue, we are increasing guidance from a range of $260 million-$270 million to a range of $275 million-$280 million. For net product sales, we are increasing guidance from a range of $250 million-$260 million to a range of $265 million-$270 million. Now I would like to turn the call over to Greg for Scientific Updates. Greg?

Greg Keenan (Chief Medical Officer)

Thank you, Joe. We are pleased to share some new analyses of the results of the clinical studies that form the basis of the FDA's approval of LUPKYNIS. These analyses were recently shared with the FDA in response to an information request. As a reminder, LUPKYNIS was granted full FDA approval based on a statistically significant and clinically meaningful improvement in complete renal response at week 52 and was bolstered with the supplemental NDA with two additional years of evidence. New analyses which show that LUPKYNIS also was associated with a statistically significant and clinically meaningful reduction in the risk of renal-related events or death reinforce the robust efficacy and favorable safety profile of LUPKYNIS. As you can see from the Kaplan-Meier curve on this slide, LUPKYNIS was associated with a statistically significant and clinically meaningful 53% reduction in the risk of renal-related events or death.

This analysis used the AURORA 1 phase III population. We have included the complete tables contained in our information request response in the appendix of this presentation, which is available on our website. Turning to Aritinercept, we are very excited about the potential of this novel biologic in the treatment of a wide range of autoimmune diseases. Aritinercept is a dual BAFF/APRIL inhibitor. It contains a BCMA-engineered extracellular binding domain optimized for superior affinity to BAFF and APRIL and an IgG4 Fc domain with no appreciable effector function. As a reminder, BAFF and APRIL are cytokines that regulate B cell survival and differentiation, with BAFF more targeted at differentiating and mature B cells and APRIL more targeted at plasma cells. By targeting both BAFF and APRIL, Aritinercept depletes a broader set of B cells, including plasma cells, compared to antibodies such as Benlysta that target only BAFF.

In our phase I study, we enrolled 61 healthy subjects in a standard single ascending dose study design. The study investigated Aritinercept at doses of five, 25, 75, 150, 225, and 300 milligrams and placebo. Administered by subcutaneous injection. The study included an expanded cohort of 150 milligrams, which will be our starting dose in our next studies. You can see our safety results on this slide. Aritinercept was well tolerated at all dose levels tested. There were no treatment-related grade three or higher adverse events. There were no treatment-related serious adverse events, and there were no discontinuations due to treatment-related adverse events. Adverse events that occurred in more than one subject were injection site reactions, headaches, upper respiratory tract infections, and back pain. All injection site reactions were grade one.

While antidrug antibodies, or ADAs, were detected in the majority of subjects at dose levels of 25 milligrams and higher, the presence of ADAs was not associated with any changes in safety, pharmacokinetic, or pharmacodynamic parameters. On this slide, you can see the pharmacodynamic effects of Aritinercept treatment. Single doses of Aritinercept led to robust and long-lasting reductions in immunoglobulins. Specifically, mean reductions from baseline to day 28 of up to 48%, 55%, and 20% were observed for IgA, IgM, and IgG, respectively. Importantly, we believe that these long-lasting pharmacodynamic effects support once-monthly dosing. With that, I will turn the call over to Peter.

Peter Greenleaf (President and CEO)

Thanks, Greg. We're obviously very excited about these results. Aurinia is on track to initiate clinical studies of Aritinercept in two autoimmune diseases by the end of 2025.

We're very excited about the wide range of therapeutic possibilities for Aritinercept and look forward to disclosing further details about our development plan in early 2026. In summary, we continue to drive growth in the commercial LUPKYNIS business while at the same time advancing the clinical development of Aritinercept. We want to thank you all for joining us on today's call, and we look forward to taking your questions. Now let me ask the operator to open up the line for Q&A. Operator?

Operator (participant)

Thank you. At this time, we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. If at any time you wish to remove your question from the queue, please press star two. We ask that you limit your questions to one with one follow-up so that others may have an opportunity to ask questions. You may re-enter the queue at any time by pressing star one. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Stacy Ku with TD Cowen.

Stacy Ku (Biotechnology Equity Research Analyst)

Hey, good morning, and thanks so much for taking our questions and congrats on the quarter. If you could put the LUPKYNIS regulatory questions to the side, just given your positive commentary around ACR guidelines and LUPKYNIS use, just hoping you could provide a few metrics and be around prescriber habits that you're seeing in real time. In addition, obviously, still very early days, but how are clinicians using LUPKYNIS versus GAZYVA? Thanks so much.

Peter Greenleaf (President and CEO)

Thanks, Stacy. Why don't I start with just giving you a little bit of more qualitative feedback on what we're seeing and why we feel good about the LUPKYNIS business, and then maybe Greg, you can build in a little bit on that. If you look at where—and as we've said previously, we're not going to give down to patient-level metrics at this stage of launch because we're now into the fifth year of being on the market, and we think the consistency of our performance somewhat speaks for itself as you look at now consecutive changes in our guidance for the year and year-over-year growth that's been and quarter-over-quarter growth that's been fairly consistent.

But to answer your question more directly, our strategy and where we're probably seeing the majority of growth coming from is, one, we first off sharpened our commercial focus on high target, high volume prescribers, and primarily in the rheumatologist space, where we have seen each quarter consistent growth in rheumatology new and existing prescribers. Second, we think the ACR guidelines have been truly a wind in our sails. I think this goes for patients. It goes for more new drugs coming into the market, and I think it also applies to both the balance between rheumatologists using the product and nephrologists. But remember the guidelines themselves are more aggressive on diagnosis criteria. We ask that every patient actually gets a proactive screening urinalysis on every visit, and then when they do actually hit certain criteria, that the treatment with aggressive therapies, triple concomitant immunosuppression, be consistent across the board.

Whether it's the ACR guidelines, the KDIGO guidelines, or recommendations from the nephrology groups, the guideline exercise in terms of what they're at least outlining for the treatment of lupus nephritis has been aggressive. And then lastly, we continue to see our efficacy profile pulling through for the product, and we continue to see hospital sales growing pretty consistently for us. Greg, do you want to give any commentary on how we don't have any early read on GAZYVA, but Greg, being a treated rheumatologist, could probably give some good perspective coming off of the most recent ACR conference? Greg?

Greg Keenan (Chief Medical Officer)

Yeah, thank you, Peter.

Yeah, Stacy, just to close to what Peter was saying, at the ACR meeting this year, I think my takeaway was that the clinicians are that much more familiar with the lupus nephritis portion of the SLE management guidelines, and they do very much believe getting aggressive quickly with triple therapy is a key thing. They also, at least in my impression, perceive GAZYVA to be something that will replace rituximab in their treatment armamentarium. I point out relative to B-cell-mediated treatments such as Benlysta and GAZYVA, LUPKYNIS is a T-cell-mediated agent as well as helps protect podocytes. There is a complementarity there. Going with one doesn't exclude the other. Finally, I think in discussions I've had with individual rheumatologists, they are increasingly impressed with the speed with which you can achieve goals for LUPKYNIS relative to B-cell modulators, which take longer, and also the ability to aggressively taper steroids.

There are a lot of attributes of our drug that are increasingly being thought of as important for the management of lupus nephritis as clinicians increasingly gain familiarity with LUPKYNIS.

Stacy Ku (Biotechnology Equity Research Analyst)

Wonderful. Thanks so much.

Peter Greenleaf (President and CEO)

Thanks, Stacy.

Operator (participant)

Our next question is from Olivia Brayer with Cantor.

Olivia Brayer (Analyst)

Hey, good morning, guys. Thank you for the question. Can you talk through some of the trends that you're seeing into Q4 so far and just overall level of confidence in continued growth from here, especially thinking through 2026 dynamics? Asking in light, obviously, of Roche's recent approval. And then what can you tell us at this point about your APRIL/BAFF program? Have you internally selected which indications you'll be moving forward with and trial design? And if you can't disclose that today, can you tell us how and when you plan to announce your strategy and timelines and just any feedback from the agency that you've gotten so far from that program? Thanks so much.

Peter Greenleaf (President and CEO)

Thanks, Olivia. So first off, we're obviously very pleased with the positive momentum of LUPKYNIS. And then we've had the opportunity to raise guidance for the second time this year. I don't think we see anything inconsistent with that as we now move into the fourth quarter. So as I said, we're obviously very excited with the continued positive momentum we've seen with the product. As for your question around our APRIL/BAFF program, during our call, we mentioned that in the early part of 2026, we. And we have not given specific guidance as to when, but in the early part of 2026, we look forward to disclosing more about the program.

Olivia Brayer (Analyst)

Okay. Understood. Thanks. Maybe if I can just sneak in one more. Anything at ASN this year that we should be focused on from you all?

Peter Greenleaf (President and CEO)

Greg, you want to—I mean, outside of the normal LUPKYNIS stuff and anything new we produce with Aritinercept as we move forward, but this year was.

Greg Keenan (Chief Medical Officer)

Right. Yeah. I mean, we did—so we just have a couple of presentations talking about use in the real world are our presentations. I think increasingly nephrologists are the bedrock of management for lupus nephritis, and we're looking forward to participating in the meeting and hearing more of their thoughts, but there's nothing terribly notable from our perspective going on at ASN this year.

Olivia Brayer (Analyst)

Great. Thank you, guys. Appreciate it.

Peter Greenleaf (President and CEO)

Thank you.

Operator (participant)

Thank you. Our next question is from Maury Raycroft with Jefferies.

Maury Raycroft (Biotechnology Equity Research Analyst)

Hi, good morning. Congrats on the quarter, and thanks for taking our questions. Just wondering for the FDA information request, can you say more about what triggered that? I guess is that related to the Tidmarsh issues, or?

Peter Greenleaf (President and CEO)

We can't speak specifically to why we received an information request from the FDA, but I think, as you can see through the slide deck and through our comments through the actual commentary that we did during our actual call today, the data that we've disclosed and is out there publicly is actually quite favorable for the product. Greg, do you have any additional comments?

Greg Keenan (Chief Medical Officer)

Yeah. I just say that the FDA's prerogative is to ask for comments and questions at any time. Concurring with that, I'll just point out it's a slightly different way than we've looked at our data before, but to Peter's point, the evidence is very favorable, and that was one of the reasons why we wanted to share this specific set of results with the community as we have sent this all back to the FDA as well for their consideration.

Maury Raycroft (Biotechnology Equity Research Analyst)

Okay. Understood. And for Aritinercept, can you clarify if you're in a MAD phase with healthy volunteers, and would you report more data in early 2026 along with the selected indications?

Peter Greenleaf (President and CEO)

As we've said, we're going into two autoimmune diseases. Moving into two autoimmune diseases, and then on the back end of that, we would disclose in early 2026 more details on those programs, Maury.

Maury Raycroft (Biotechnology Equity Research Analyst)

Okay. Are you in MAD dosing, though, with the healthy volunteers? Or is that?

Peter Greenleaf (President and CEO)

We're in the process, and I think in order to achieve the objectives we've laid out in our call, we would have to be moving into that phase.

Maury Raycroft (Biotechnology Equity Research Analyst)

Got it. Okay. Okay. Thanks for taking my questions.

Peter Greenleaf (President and CEO)

Thanks, Maury.

Operator (participant)

Our next question is from Joseph Schwartz with Leerink Partners.

Will Devroe Soghikian (Analyst)

Hey, guys. This is Will on for Joe. Congrats on the strong quarter here. I have one question on the FDA request and then one on AUR200. Just to start on the request, do you expect a response from the FDA? Just curious about that. For AUR200, I can appreciate that you guys are going to provide additional updates in early 2026 on that. But could you just help us give us a little bit more information on the process of selecting these indications and perhaps the puts and takes of choosing one or the other? Any color there would be helpful. Thanks.

Peter Greenleaf (President and CEO)

Thanks, Will. Well, let me first just reinforce one more time that we received and responded to an information request regarding LUPKYNIS. To reinforce, this dataset contained our responses included in slides in your deck that has been posted on our K 11, 21, and 22 of today's presentation, which is also available on our website. The data contains measurement requested by the FDA, and each of these measurements is defined by the FDA what the FDA actually requested. As you can see, if you look at these slides and these analyses, you'll see that we actually had new data, at least in terms of presenting that new data. We had a 53% reduction in risk of renal-related events and/or death. We think this reinforces the robust efficacy and favorable safety profile of the product. We can't determine and/or predict whether the FDA will have more questions.

As Greg just made mention, the FDA holds the ability to ask questions whenever they want, but we think this request and response was actually quite favorable. In terms of disclosure of how and what we were getting about in terms of the indications for Aritinercept, I think just like any company, when looking at different indications, you have to think about how we think APRIL/BAFF could play a role in the disease, one. The unmet medical need in each one of these major disease areas. And I think you have to connect that back somewhat to how we think APRIL/BAFF play or do not play a role in those diseases. And probably third, market size, of course, and probability of success.

These are all the normal things that any company would think about when going into these indications, and I can just tell you that these are all things that we've considered, and we look forward to disclosing more as we enter 2026 and beyond.

Will Devroe Soghikian (Analyst)

Great. Thanks for the color, Peter.

Peter Greenleaf (President and CEO)

Thanks, Will.

Operator (participant)

Our next question is from Arthur He with H.C. Wainwright.

Arthur He (Equity Research VP)

Hey, good morning, guys. Congrats on another strong quarter. Just a couple of quick ones. First of all, traditionally, fourth quarter would be the strongest quarter for you guys. I'm just curious. What possible holdback or risk-wise can prevent you guys to outbeat the fourth quarter? And regarding the impact from the ACR guidance. What's your thinking about the impact for the positive impacts on that? It's more like first couple of evenings or it's getting in the middle of the—I'm not sure. I don't think it's getting late in. Yeah.

Peter Greenleaf (President and CEO)

Thanks for the question, Arthur. First off, on the ACR guidelines, and this is not necessarily—and I welcome Greg's commentary here because we've done this at a couple of companies with a couple of drugs in different categories as it relates to rheumatologists and other diseases, but specifically rheumatologists. The guidelines, I mean, listen, they're written the way we think the evidence drives they should be written, and they're quite positive for patients and quite positive probably for our drug and other drugs. They take time. Physician treatment behaviors don't change overnight, and I think we're seeing positive momentum, but I think that positive momentum will only continue to improve over time with better diagnosis rates and better treatment rates that better align to those guidelines. Your first question related to the guidance that we've given for the year in the first and the fourth quarter.

You're right, historically, that has been the trend for our product. I think we have been in a mode of wanting to ensure that we give a guidance range that we intend to hit and/or beat, and I think that's what you've seen in our guidance range of $265 million-$270 million for the full year. And I think that's all we're going to comment on at this stage of the game, Arthur. Thank you for the question.

Arthur He (Equity Research VP)

Thanks, Peter. Maybe just a quick one regarding the BAFF/APRIL program. Given these, in this space, multiple players coming and also angle differently in terms of indication-wise. Given the history of the company and the strong suits from you guys, have you contemplated a non-kidney indication, or you can give us more color later on?

Peter Greenleaf (President and CEO)

What I can tell you is we take into account strategically the fact that we have a focus on rheumatology. I mean, I think often we forget lupus is treated by rheumatologists, and lupus nephritis, while it is a separate condition, it is an associated condition with lupus. So our concentration is rheumatologists and nephrologists. So I think you can feel comfortable that we take into account both of those, nephrology and rheumatology. I guess I would just conclude too that we're not blind to the fact that an APRIL/BAFF inhibitor, we believe, has every ability to work in a multitude of different diseases. We've mentioned historically that our internal work has shown upwards of 20-plus indications that could be affected through further development in this class and area of drugs. So we're not boxed in, Arthur, in our thinking to just rheumatology and nephrology.

As I said, we look forward to sharing more about that as we move into 2026 and beyond.

Arthur He (Equity Research VP)

Got it. Awesome. Thanks for taking my question. Talk to you soon.

Peter Greenleaf (President and CEO)

Thank you.

Operator (participant)

Our next question is from David Martin with Bloomberg.

Good morning. Thanks for taking my question. You did a great job of describing all the positive drivers bringing new patients onto LUPKYNIS. I'm wondering, are you seeing positive trends in persistence, or are the patients staying on it longer?

Peter Greenleaf (President and CEO)

Yeah, David. We've seen an upward trend in persistency that directly aligned to when we published, issued the data around the extension trial and the subsequent data around the biopsy sub-study. I mean, you've been covering us for a long time, and I think you know this area quite well. Obviously calcineurin inhibitors are new for—not new because they understand the class of drugs—but rheumatologists in their day-to-day practice don't use calcineurin inhibitors as often or as aggressively as nephrologists do.

I think these datasets showing that we had safety and efficacy and that the drug was well tolerated all the way out to three years in the AURORA study, and then subsequently to have an 18-month biopsy-confirmed sub-study of that study to show that not only was there no negative effect on kidney function as measured through eGFR and histology, but that it looked like it could have some at least balancing effect, if not improvement effect, on those patients, all have been very helpful in terms of the comfort level of rheumatologists and nephrologists continuing to keep patients on drug over longer periods of time. I don't think any of those changes have hit a materiality sort of level, but I can tell you that they've not declined, and they continue to improve over time.

Okay. Great. Thanks. That's it for me.

Thanks, David.

Operator (participant)

Our next question is from Doug Miehm with RBC Capital Markets.

Doug Miehm (Analyst)

Yeah. Good morning and congrats on the quarter. Just one question from me on Aritinercept. Peter, are you contemplating bringing the 150? I want to make sure I heard that, or the 225. Ahead in the clinical trial program in terms of what you're going to dose?

Peter Greenleaf (President and CEO)

Yeah. We've not sent out the exact way we intend to structure these trials. And as I said, we look forward to sharing more about that in the future. But I don't know, Greg, if you want to—I mean, obviously, the 150 and above seem to hit the mark. But Greg, do you have anything?

Greg Keenan (Chief Medical Officer)

That way, we're just trying to provide a little bit more color on our confidence that we have a dose that ought to be efficacious relative to what we've seen with regard to pharmacodynamic marker changes. So we indicated in our prepared statement that 150 milligram dosing will be one of the dosing levels that we'll use going forward. But of course, we're embarking on kind of multiple ascending dose studies, so we'll have higher doses as well. But what we indicated was 150 is definitely viable, and we're taking that forward.

Doug Miehm (Analyst)

Okay. Yeah. Because I just have a follow-up question then. So the 150 is where you had the expanded cohort and seems to be on a risk-reward basis, maybe one of the more attractive levels. I'm just wondering why then when you look at the data that you provided versus the competitive products, you're calling out the 225 versus the 150. And the 225 does look better than everything else on all measures that we can see here. I'm just wondering why you weren't providing the 150 in terms of those data. Thank you.

Peter Greenleaf (President and CEO)

I think it's a great question, and I think it gets to wanting to understand at a deeper level how we intend to go forward with the multi-ascending dose study and/or studies that will help us better understand and tease out what the exact dose we're going to want to be going forward with when we move into even further clinical development studies. So your question, I think, is appropriately a good one. But at this stage of the game, we're not disclosing all of those details, and we look forward to disclosing them in 2026. So thank you for your question.

Doug Miehm (Analyst)

Excellent. Thank you.

Operator (participant)

Ladies and gentlemen, we have reached the end of the question-and-answer session, and I would like to turn the call back to Peter Greenleaf for closing remarks.

Peter Greenleaf (President and CEO)

Thank you very much, everyone, for joining us on today's call. We're excited about the momentum we've seen now through three quarters of the year, and we look forward to providing details on year-end and 2026 in our next call. Have a great day. Thank you very much.

Operator (participant)

Thank you. This concludes today's conference. You may disconnect your lines at this time and have a wonderful day.