Catalyst Pharmaceuticals (CPRX) 12 May 202020 Q1 Earnings call transcript

Greetings and welcome to the Catalyst Pharmaceuticals First Quarter 2020 Results Conference. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It’s now my pleasure to introduce your host, Ms. CFO. Grande, Ali Thank you.

begin. may You

and today's everyone, call. welcome morning, conference to Good

Miller, of call team, Chief Joining Medical and Officer Steven Affairs; Ingenito, today's of Dan Dr. members Scientific Executive Operating the Officer; Chief Dr. and and me on Officer. Chief Chairman Brennan, are our Catalyst Gary Commercial Officer McEnany, including Officer; Regulatory Head Chief and Patrick Chief

performance. make would the Q&A of begin, These I statements like about will following session, and current our and we you forward-looking in relate estimates to statements results, Before that the future and are the comments in we be future laws. which projections statements expected guarantees remind not to expectations, federal may securities purposes for of

and are risk including should statements detailed with Report may on risks, accurate. information that Form our be to XX-K. contained involve conjunction to filings in not considered results difficult may the These They Actual in the factors Annual only described in prove uncertainties our vary. predict, be forward-looking assumptions SEC

I'll this to call the At Pat. over turn time,

and a communities. population, by an LEMS uninterrupted safeguarding thanks members, are during Ali, challenging saying I'd Firdapse well ensuring an update that everyone our call. our like priorities is start hope joining and adult morning for Catalyst team company providers us and and being our supply and first I that you, Thank healthcare everyone safe staying business these as this the unprecedented of quarter and safety and healthy to supporting results of for to times. patient

neuromuscular Gravis. our the proud has evaluating clinical diligently working antibody of how environment. positive are to Firdapse Myasthenia who complete I'm catalysts have MuSK we for adapted business rare other including addition, studies, diseases, COVID-XX team quickly In to

all we've expanded conduct remotely including required face-to-face of or our the daily home On as digital All communications, travel we with trial patients, as or of contractors as other all clinical from tasks. are to to suspension March interactions technology work vendors, other well physicians, and sites. announced the XX, employees use enabling

we functional this all across quarter, of first company. During demonstrated the execution solid areas

impacted $XX.X Our we the internal versus first for the XXX% million by of first COVID-XX were a last our in first that This of Firdapse. revenue quarter quarter was revenues, quarter-to-quarter, net XX.X of million year forecast achieving increase first the represents revenues recorded minimally quarter launch of recognizing quarter as XXXX.

after-tax million the During share an basic operating of $X.XX $XX.X or we first quarter of and per XXXX, generated diluted. profit fully

$XXX days medication and almost in The residence. LEMS no on We Remember, chronic current the is administered and Firdapse a patient’s monthly investments is home at an reimburse to fairly oral debt. also the with delivered the cash and stable. ended is funded and million patient quarter that disease, is Firdapse

visit second that data be associated Firdapse. expect what we for today, by down about XX%. physicians starts. driven patient However, by the is disruption in some new delayed we've of when patient there headwinds on offices Based it new suggest This to quarter we comes to will some that level in starts that expect diagnosis with seen patient are

of to as through on treatment tools. in patients and been unable with physician good XX. doing there March mentioned, has staff, communication previously mentioned minimal our meetings to or Additionally, implemented and a existing policy we're travel their as patients. as job a Again, impact a result, have earlier, they've for other but field the sales And to we no face physicians force interactions been ongoing virtual with digital face offices,

of that The financial driven revenue it on XXXX to COVID-XX be pandemic, the we year. guidance primarily remainder by the earlier the business will results, decided the the on impact Due duration XXXX the severity pandemic. regarding our our net and provided we've that impact withdraw uncertainties of of this to or current best COVID-XX is for of operations extent the of

we it the adopted provide will revenues. While practices too have the originally information activities of time, is current for more this many Firdapse how pandemic regarding estimate to ultimately difficult affect to impact Dan commercial the disruption, at mitigate will shortly Firdapse. the

and current for we disease chronic the as of and vital Regardless life LEMS. threatening some franchise to believe operating provides that to and and Firdapse will our continue strong a in a it cases resilient, receive environment, seek treatment is patients solution

or and API we that said Ingredients product safety that and underway takes us should of stock Active in mid-year includes our we packaged have are Also, stock carry through campaigns Firdapse manufacturer Earlier to XXXX. API Pharmaceutical that additional us for XXXX.

place, qualified several the and in plans is of form each required. in dosage have contingency has finished that manufacturers event contract one them We

MG the of that to temporarily first year. clinical care that to to their trial It expected clinical staff suspend pandemic press caused to X in development have April we X chain results note and we entire has the and supply then, is provide United our trial seen States. release, for based in redeploy point an we time, this Europe activities, important trial At announce in the many MuSK that COVID-XX in sites members half In our for Since still update on the clinical patients. U.S. is our Phase timelines. provided

last of portion that the with has that occurring ago. fortunate our completed clinical last visit patient, weeks trial been We're several

the the staff trials helpful, COVID-XX FDA’s activities several in closeout conducting clinical research person provision site site. by for during to pandemic be or for while guidance need is conducted Catalyst However, the the organizational of at recent clinical

trial be the database top a completing data analyze at line is it meet on. to and and sites trial. on wrap data this and to sponsors, study As the doorsteps to and able for a up with are travel, sites the we’ll soon once to the generate closeout all the to be visit contractors After position our lock CRA begin in as then report to we’ll the save

a we in be data line trial Based that this top announce these position on factors, all of next now quarter. to in the from we'll believe

Assuming the MG expect treatment early for to application supplement year. successful MuSK for later to we or Firdapse trial this this submit next year of our is drug a new

As imposed not recruited to able later at has study previously to delayed have that based from screened Type due study will scheduled. on and study information to and COVID-XX line government, available the SMA report year. now site this this, restrictions Serbian start subjects top we as our data the by to X be of announced, expect the Because originally been on

additional provide have clinical will more to Steve providing information updates these development information. our forward programs and as we we on look more on activities

on efforts Firdapse for and Japan expansion Canada. to make progress our in continue geographic We

review. Last we Firdapse and in Canada, submitted for have which that announced quarter, we our accepted a for priority was granted NDS LEMS

approval Japan. strategic offerings both We partners our expect remains plan. Expansion the second We're product Canada NDS of half pipeline discussions this a in critically of year. in of also and of in potential and this potential marketing with a early diversifying our part important

strategic has our potential for Dave good us. acquire very and Ailinger, Development a partnering to will reviewing in of and President transactions engaged been that represent for Vice Business products fit or for companies

been entered However, into date. new to agreements have

researching. the against been but was the has procedural due also scheduled obstacles over a and March been a appears briefing, issues the be on related the proceeding case until will pandemic A to magistrate of the take resolved on a which awaiting in docket. a to at decision. slowed that is to Those final final unauthorized delayed point will mid-April hearing lawsuit degree, issues, approval To have FDA a had progress number regarding their procedural small what COVID-XX the place of be

for to still year. The this that occur some somewhat open, timetable decision but seems point most is at later likely

in remains but of Our litigation is sort difficult in to this confidence this strength always our the of predict. unchanged, case position

as Responder’s Fund. corporate with pleased Catalyst COVID-XX we to to the during announce April, fund This in workers front pandemic. and assistance are financial became Response the the healthcare Children’s families Lastly, provides this emergency First Foundation/COVID-XX on line were the of partner that a Emergency

be to of honored part important this are very We cause.

commercial turn details our on our the provide Dan I'll over now you Officer call Commercial Chief Brennan, to operations. to

and good morning, everyone. Pat, Thanks

We continued first have patients of prescribed received over our the quarter, the prescription first helping With now initial officially XX year. out Firdapse patients are that launch we quarter adult Firdapse have XXXX. patients success a happy Firdapse launch end to in LEMS from new now with of XXX our moved with of the

commercial We were sales to patient compared excited in new expansion, strategies, uptick lead last well the XXXX updated communication see effort. as a inside to in and January result noticeable run force and of a field our enrollments of February, months a and generation direct few initiation in

Pat and reduced month enrollments mentioned, LEMS might greatly of number and our visits. ahead new it was Salesforce since began even year, but March to mid-last the impact enrollments as our were see field office March we looking have a XX, of patient forecast plus the from XX first pulled patient on of like we of

As old, other years for about been LEMS emergency or care. have severe factors, and weakened have you rightfully susceptible venturing that risk XX disease to out key may to have two offices, systems. making over COVID-XX know, them are immune separate than they They physician anything often patients hospitals and worried

the rare with and headwinds our few how deductibles expected. target, bonds] of our process in felt patients indicated, year and I the million different co-payment reauthorization the disease reset ultra first arrived insurance a but than quarter the of of beginning already medication normally there reasons Pat explain changing sales carriers, at for was with experienced net an As will we We area, [new payer XX.X

enrollments slight requested their purchasing that forward medication about pandemic. to number shortages in mentioned unforeseen In our as ensure increased increase they as that supply hand of new favor address medical was in-light enough on to of well of in coronavirus an order prescriptions anxiety the the earlier, had patients

also XX-day last have from and improve to strong continued quarter. persistence. happy were see continued The medication discontinuation compliance to We rates

physicians requests done patient job responding the services worries and during doing support possible Pathways Catalyst everything Our to to period. patients teams and a have this tremendous

LEMS happy a Early have we to on report well-documented hand that gap in their at in this to patients experienced concern disease community, that rare confidence one manufacturing are March, inventory our which and and the a with has supply patient is medication, not communicated time. we

insurers. rates Prescription approval or private around across government commercial remain XX% all

in co-pay financial average and patient of continue QX force in full programs pocket month. $X.XX per was per support out Our the

as to LEMS the another social use our way increased media update have community. to communication of We

get customer they even to the times. true to level these during these patient a as always company, who as level The is during and This I'm as to of out go employees services our are to cooperation to and a have affairs willing from we high about. been. ever lengths and collaboration, service ratings incredible a testament challenging teams remain, for difference, commercial support our proud medical times of and make

phone, newly with and from interactions and virtual requests. field increased of levels Liaisons care Access increased educational email Patient see force with to communication approved or video, by electronic created for patients an introductions, that utilization continue responding will of providers, questions we whether educational our physician calls, that digital materials are use, to health forward, Moving our and be email with

times, are to confident pay. in challenging team of it needs to who or to While their We confident to adult patients. we LEMS Firdapse regardless to that will physicians continue ability our adult Firdapse of and coverage Catalyst obtain these insurance remain remain ability help bring any LEMS patient the our programs Pathways

to Gravis, We are and of Myasthenia months back patients populations patient excited as helping years. Firdapse with additional we and getting LEMS to the also most prospect about Firdapse like the and work growth indications positive in coming looking to expand forward adult

now activities. call R&D on Operating the Dr. Officer our Officer Chief Steven Miller, over an for Chief to turn Scientific I update will and

an to pipeline commercial update for on update indications. additional our for Thanks I'll neuromuscular develop clinical Dan, provide and the Firdapse now

MG Gravis. the Myasthenia turn of First, of Firdapse to treatment I for and and MuSK X will the to potential trial safety, tolerability, our symptomatic Phase efficacy evaluate MuSK

safety portion by report we in this for our all collected and March, clinical enrollment trial we goals we data. subject reported and exceeded Phase I'm all the of necessary the and completed mid-April pleased endpoint X visits trial, for clinical and that As to completed successfully

clinical our that eased, top was March, authorities line would in of This would government time COVID-XX in those when have strategies impact results trial was the be public on half on and first restrictions the health timing of status what would reported based XXXX. and When the at trial. related statements the of restrictions the mitigation of regarding we reported officials indicated this point by be the and assessment in COVID-XX

materially about in release, this the By point the sites X last that the moment. I'll update not affect complete time the our Italy, the conduct MG did subjects of on for visits trials needed of Serbia SMA concept the few April there, COVID-XX restrictions their of of completion but also a last only and press discuss trial, did proof which patient MuSK the in Serbia, U.S.; affect announced to in clinical a time fortunately

three prolonged process. These are trial, it results time, reporting of become prior line House has eased completion strategies QX anticipated, later clear line as anticipate more mitigation a White gradual of that regulatory, phase of the described the in will restrictions to that we year. of results. un-blinding be and easing activities top delaying clinical reporting that recently will than COVID-XX closeout be And and Since the required restrictions we and restrictions now, by previously top this was

strategies remote find and for implementation. local those to We and alternate are being meetings presented drug authorities of continued and strategies implement accountability, conducting frequent for needed database monitoring are to where regulatory log team our

However, of would that compromise alternative of closed. the has welfare This sites led most research study while our and to getting ways to never are will patients our finding do patients. also safety anything catalysts medications

treatment X disease, and outcome we similar optimistic to of MuSK this Phase are hopeful a As be homogeneous concept about we our of mentioned, MG trial proof we remain trial. is the previously to relatively as cautiously previous the response will

quarter X results the or of MuSK the NDA this trial, year, of Phase hope end this XXXX. MG a later positive to file in for Assuming for Firdapse we supplemental by of first

treatment there and in MG MG autoimmune States. patients there believe the is approved no disease MuSK MuSK for about X,XXX which us we are is currently to X,XXX with an United

option look these to trial potentially Assuming forward treatment we for being provide day successful, is the one to FDA patients. able an approved

would and efficacy tolerability in I treatment safety Serbia, that is ongoing is the ambulatory and X, concept is amifampridine trial and potential to X SMA Type on Type of provide study second of an patients. for SMA our The in like update which Italy symptomatic and of evaluating the proof

On they we that Emergency, able due QX that reporting April were results the government's in top would to delays the response guidance on to for clinical Health COVID-XX to future but provide, do we provide we COVID-XX announced at restrictions. to the line regarding trial unable X, be not by were easing we time to related but this caused Serbian of reporting unknowns

and SMA end by will of the changes believe and design with motor caused to the We period protein but related line a is two genetic address disease SMA be proof the is before top X now estimated in week crossover designed not prevalence results in Type SMN to between progression. X,XXX defects an available SMA measure has neurons. in treatment of year, of initial a the is X,XXX This concept study disease time symptoms, each does patients.

which It is same SMA Catalyst and Types all was severity, the symptomatic X. discuss is caused that the which concept X FDA of variations clinical address a SMN X and broadly are intends types are protein. important type to SMA. Resulting than of perhaps through more to note defects disease both SMA in If of multicenter the proof and various gene to four codes trial for the genetic trial that design progression in treatment Phase one with by intend we successful, characterized of this to

in of Canada. activities will half of and expects of review started of to XXXX review Catalyst pending review for approval was submission cycle market the the on is in drug priority yet months. not Firdapse, second which Catalyst NDS, plans for time Moving granted LEMS this to this six NDS drug in the Canada commercialization for expansion treatment ongoing. the has new reduce Catalyst

expansion continuing the is in Catalyst territory our of activities Japan. also market

in the until expected We half the or Japanese Medical this Device to in but approval Japan of Pharmaceuticals the Firdapse meet regarding to second Agencies COVID-XX second the to XXXX. seek been delayed and due has regulatory pathway ongoing Japan quarter, of with PMDA, restrictions meeting the in

companies the this ago, have Japanese of amifampridine and Labor a develop file of drug priority to for as for and years Ministry actively the they designated Welfare, soliciting an three approval Approximately been an the PMDA and update required government NDA Health filing come regulatory NDA once Japan Catalyst to the drug, be in NDA to file Japan. in agreement what on that will an pathway the for be will an provided on and

active of a the requested have Patients Firdapse. daily multiple long version doses to in Firdapse their eliminate order to plan activities need around of

updates We been product product are when the in now the have new characteristics and actively developing will provide finalized. this future

treatment of symptomatic the order candidate for to in the this on are of stage no development in LEMS. drug this of were the first At date the the optimize Due had formulations their Health developed ongoing progress properties studied long-acting XXXX, the of to effect being to types has that program, are being Emergency COVID-XX half program. release of activities and

concept additional evaluated, for will with Finally, studies Catalyst also begin of hereditary pressure future neuropathy to to such liability palsies. disease Kennedy's proof near and as neuromuscular in conditions be the

are finalized, design, the Catalyst As trial these and of more about trials will provide the details details prevalence. disease,

final the Firdapse I this trials on impact the and our to emergency ongoing health COVID-XX we Despite virus. on to neuromuscular crisis current related some public committed these health in global extremely to evaluating is have remain and other timelines, the having environment, with comments due COVID-XX, challenging indications. the

that our as about for Additionally, needed as for product we efficiently clinical also continue possible. supply trials as can confident in with patients of supply Pat so are LEMS, of current has mentioned these ongoing Firdapse the we trials

are Firdapse indications, excited develop well the these into for better to patients. to and we Overall, as label countries as additional a in additional expand about the current all opportunities product

as paths regulatory and they clinical these on updates any become provide will We available.

Financial our financial results. over Grande, turn now the call our Officer will review Chief Alicia to to I

income reported million XX-Q of period $X.XX the our same and GAAP GAAP in Yesterday net XX.X per XXX,XXX, XXXX. we diluted and $X.XX or per diluted share, or Steve. a loss of filed quarter first compared to Thanks basic and of net Form share basic

For $X.XX the XX.X per diluted first X.X million was or income, of and non-cash share. based excluding basic $X.XX quarter million of expenses related XXXX, stock non-GAAP compensation to net per

In comparison, XX.X of the for quarter XXXX net Net million. based which was XXXX with stock revenue was income or basic Firdapse, compensation for launched quarter X.X first diluted of cost and to was XXXX related expenses first product related XXX,XXX the XXX,XXX January share. for $X.XX non-GAAP during million sales of excluding of non-cash

product related cost quarter was million. first in sales X.X revenue with of XXXX, quarter XX.X the For of million Firdapse net the of

It's affairs, XXXX. for XXXX, a and trials clinical and quality remember manufacturer important expenses programs, XXXX, Research and inventory medical margins the prior to X.X expenses the X.X as Research to our consisted of quarter quarter gross first and quarter of the quarter million and that to XXXX, development Firdapse assurance from and the studies for FDA our Program. from ongoing to Access and our regulatory were development expense Expanded continue approval of expenses first first benefit for million of for the of the primarily expenses for first compared of Firdapse. cost

our and the results of that research MuSK XXXX. treatment costs trials the development the the XXXX MuSK in continue SG&A ongoing and for first NDA from total in of and program X.X expenses SMA clinical million, evaluate formulation in quarter quarter We as our we Firdapse positive a Type neuromuscular expect to release for supplemental assuming XX.X X be sustained and first compared [indiscernible] XXXX to MG million Expanded of other trial, for will Access complete for and Began diseases, Firdapse. for treatment MG. Program continue our as Firdapse to substantial studies

expansion attributable non-cash compared period the experienced sales expense. or due primarily agency headcount increases an force to when inside disease compensation contracting rare the The in the of XXXX and increase in a in to with same sales to is increase

lawsuit we support activities expect Firdapse our our SG&A commercial programs of continue We will sales and in as and against infrastructure for continue build in our that to XXXX to increase the and patient continue pursue FDA. to

debt. in On www.catalystpharma.com. of More and in Form the XX, XX-Q, the be Exchange found million filed Catalyst analysis company's website no quarterly funded Securities our May may the XXXX on and detailed had of information and and was be at report investor page can which found relations March Commission on cash with XX, investments yesterday, XXX.X

turn call I’ll Now, the Pat. to over

team come way during Ali. and proud I'm in organization Thank the pandemic. Again, has which the you, very this of our global entire together Catalyst

to and bringing treatments providers, We patients, times life saving to broader fully these continue in and are community. to need our committed in challenging patients we the support will healthcare

expect XXXX in been the more times that this year. We a through this continue our momentum we of today, have started and and balance beyond. I second of Despite about their for half company execution with to the the optimistic prospects never strong difficult face of year the

to joined everyone the us open you Operator? questions. that, with again And lines this for Thank who we'll morning.

Piper Instructions] is go Thank question you. ahead. Please Sandler. [Operator coming from Joe Our first of Catanzaro

just you that guys, I'm Hi, to of coming And, the outpace need some Maybe patients that provided, maybe good year. thanks Dan, questions able receiving of provide sense namely, launch day at here. new so have noted Firdapse much taking at the per commercial rate many you patients be discontinuation the how are metrics end rates my off many on couple previously a you'd wondering improve, how starts reimburse actively insurance quarter who patient Thanks. XX wondering first to therapy? continue you point, for XQ. existing this if of to you a if

Sure.

the first the repeat on you XX-day got the part can – on question was So, I the again first part, second the discontinuation?

Yeah.

is provided So the regards you a Firdapse how around with patients previously many part XQ? metric the I receiving end were actively at have insurance to of guys reimbursed think first

an – in neighborhood clear the trying levels we of the know, to through a you again, We done were for have of give give but They're to able changing on you to we variable patients complex. around that some year, gets to it metrics, a metrics performance. because quarter, so and they're understanding and of things number are lot XXX you the lot insurance. getting we're idea these that just, did such. into of of we're reimbursed, were had you you get them now last sales in know, the out, where first – to somewhere launch patients trying jumps we're mean, going, I our gave Yeah, to rely and that here from example, of detail, were patients year, but XXX Like, on reauthorizations

we’ve why revenue with that's So, stuck the level.

yeah, far as discontinuation happy rate, As the very that. XX-day we're with

last I we of think the now we year, programs looking than in that it was it the holds, in lower place. of like year, middle XX%. a the XX%, hope I around mentioned actually got year lot By XX%. the We're the of end have to and it's down did that

get important an growth. be is type XX that order order the previous growth that the XX to us. in the neighborhood patients patients, in for ultimately so and of enrollments to And of we month patient guidance with we get hoping new are that per to in need And metric to

one that prescriptions and That's think helpful. follow-up, end bit little was the longer-term asked Okay, that an in term, Thanks. got I maybe uptick Dan, on just it. you very if of XQ you could there elaborate could how a quarter, impact long could towards the I wondering potentially If just that revenues? mentioned also

being – able to sure patients their interested that at making we Right. We continued first were making sure and had supply. regards ease get very coverage the in to anxieties with that that were were

March, of we end the prescribing. little did middle in additional and of bit so a And see

of coming good coming have month, the it's but large advanced few or didn't communicated at the them, they scripts normally up have in that of a We days, to confidence percentage in we a to us. April we've in think perhaps because days waited have provided patients XX small And such would impact. So, some and and it very good with end overall, until went XX service advance.

the in million a which impact so somewhere rest the of year. the throughout $X.X range, really And is will resolve ultimately the and one-to-one

my Thanks very questions. taking much for it. got Okay, That's so helpful.

Thanks, Joe.

you. Thank

Charles go Duncan coming is Our Please Fitzgerald. of next from question Cantor ahead.

Good morning, Charles.

current have you you, in challenges question versus morning think Thanks seeing all to ask let and appreciate couple on widened Good about in or to for the managing that lot maybe why to a now regard one information kind Steve, and for would abundance of you Pat as Yeah. new? a this guidance, a the I'm team. you folks philosophy you of if us and are I Just wanted of there's guidance? Dan is of terms then widened know and anything for whether wondering caution as with withdraw not your withdraw you withdrawing or versus pandemic.

guidance and We come or talked to month a Yeah. guidance have two if deal a it. be appropriate Charles, thought back it'd a the and out that of in audit at board as that it, widen to then We again. to [XXX three, just didn't in with lot comfortable committee, as gave range. the not wide to to lower it or XXX], well do we great and this which we was with environment about the At fairly level already think we were or and felt a leaving and perhaps

what on felt we handle us we than thing large, to until It's for things trend. for better It's that. the healthcare and was look have at do. community prudent the nothing there a more like is So no it

we're In qualitative direction and out seeing optimistic the there on fact, extremely company, side. about, you you know, we're what know, the of the commercial

I question. that answers your So, hope

names, may Dan, couple you And of Maybe questions does. which wondering, provide Hopefully use behind it ask platforms prescribers. them? And proves Dan, could case. the what those of if I mentioned is virtualized conservatism. related be a be I platforms in it the strategy could he the I I any with reaching challenge two to information, if the really that, I'm Yeah, but appreciate to and guess, potential additional, not appreciate out increase specific

physicians gets continuing it rare significant think, and remind patients with to I mainly with in to Well, contact that have them staying disease issues.

our And emailed to such. so, digital phone presence physicians websites hand drives for have in them be that quickly we approve such, and our to and had lot and and to increased that move we're materials consultation a be that to that with of them reminders our online able doing request and ask a banners to we to

We're launches. having virtual

we those so in it other, to evident with extent some patients aren't have physicians aren't each just helps, telemedicine we and very but tell is really this just that seeing that and other time. and place but we and during physicians of patients all seeing seeing And new that each still patient can are starts,

neurology you guess the wondering would asked those and versus if question May prescribers we've least in formats? anticipate you could And sense. with our I'm discussions of and but using many April focused in your what characterize I virtualized qualitatively generators, June of Make at psychiatry revenue

about really in it does completely shifted launch so have overrun have in, yeah, that hospital a you to in discussion they're talk virtual curious your programs know others like anyone. the are upon they've resources physicians, I And depend have over does to this, and board. place willingness the perhaps that to they're it you that centers the a some your system are to with and it's carry and academic and the all in appreciate that some and Yes, don't gamut. the extent Well I to want talk and me have still provide and time you with that physician COVID,

be patient communicate a have come if and will talk they and Some actually diagnosis, physicians a of [EDM over or get last that still back the representative reach where it’s in e-mail us all But week that's we've that getting Charles, see pleased We're a to some forth and actually whether in get still diagnosed week, even and with all that antibody out to really the to to to sales a happening. and or board. it's just to seen has are patients and continuing testing]. tests when to being – called those, able enjoy half and

on about the that your appreciate the on Steve study. look for study, enrolled and to and you know, do of Okay, One that how could you as conduct study? MG what this heterogeneity, almost if of wrapped on of optimism quality us your of feel MuSK appreciate remind the that. drives that but you update kind cautious that, dispersion up, last it's sample, or Steve, us view is the at, question you related outcome measures or ongoing within

Thanks Charles.

in all patients’ MuSK that population by is As the the by I Myasthenia I that my patient relatively homogeneous single for Gravis a mentioned antibody to remarks, in a is junction. And caused opening the neuromuscular meant protein disease MuSK. single

damage that the And patient. to of quite a related have so and the clinical as junction, that of a in done that's that and disease you well the all the so is is and when happens type presentation junction a is very protein disease. the there neuromuscular specific remedies similar and the what similar bit They so as of homogeneity that be to symptoms have has should neuromuscular function, specific, expectation, that junction

trials, similar to of patients homogeneity saw disease, gated calcium as the very two that the Now, other We in literature a presentation, similar had in more had only the in were the Lambert-Eaton actually our patients trials affected in voltage – the channels, it's case, antibody importantly, fact that's and not that a but single to an where results all myasthenic also response very that homogeneity that a LEMS and published response. treatment, protein myasthenic to in in clinical that well.

so that So, the very trial of that patient MuSK there's had of fact in disease, of cause the the lot of for trial. similar of presentation proof current appears see outcome this optimistic the treatment as of terms robust disease the We findings the the should well fact be a of about and we that Gravis, similarity because the our cautiously ongoing trial of believe for a clinical to coupled the – we Myasthenia concept kinds result remain homogeneity homogeneous. the in population, with of and we very as

Very Thank good. Thanks forward look course to traction added all and color gaining of the you. over additional the for year. the

Charles. Thanks

Excuse me. you. Thank

coming Oppenheimer. Our next question is Gershell go from of Please Leland ahead.

efforts know, maybe business you you know, how may so impacted my taking navigating this, perspective perhaps current we're your there? comment on more business, And the terms near that future? development in Hey, be good perhaps whole assets may Congratulations may towards all or with of can your you regard that of, financials Firdapse successfully. this morning, situation to you be Pat, that COVID-XX some to particular itself, the interest by for questions. by year ask directing activities, your uncertainty Thanks. Wanted projects efforts know, you focus any on on faced have around with those in been thank you

proof of Thanks later could with opportunities, for we'd or stage looking we looking that early we neurology beyond find neuromuscular of nature. for our really in concept. at like in that product for reps the not sales Ideally, question in stated earlier meaning stage to bolt-on least Leland. We projects terms are opportunities

fairly tight criteria so, And now. our is right

of We these seeing of that amount are it's opportunities. we Rolodex] And think seeing fair of now because all [Dave's opportunities. I extensive are a

think next I open, And markets companies than more the has pretty pandemic the good. think round probably normally us of caused ground capital we financing. are about would through the opportunities down their to also, I because are valuations see are concerned

And opportunity so for to acquisition product find time. of this I and at think the or it's right a a very, us very a environment fertile company

that numbers see, LEMS, population? and Firdapse particular that Thank it's do you. patient helpful. seasonality you've business you from was experience a Thank been maybe or seasonality affect if any that Also, neuromuscular itself, from for as Firdapse but into from I the overall any question quick you. may that wondering population the LEMS determined on harder the time, just launched you've the design could marketed your to That’s some we now

that Dan, question? you want to take

would were neuromuscular increased – months just to any expect the haven't phase. summer And date of the you seasonality, we have affect months, last does mainly junction launch in the that in really but we mean, because growth seen an year prescriptions of I level heat that the we actually Yeah, would summer know, because negatively.

so, you months. And with the have increased actually symptomatology an summer

by it concept, far. but we'll be – and we we thus So, looking we're for seen didn't haven't that, that ready encouraged

great. information. that's the Thanks Okay, for much added very

Leland. you, Thank

Thank you.

Scott next go Henry Please ROTH ahead. from Our Capital. of coming is question

morning. good and you, Thank

new get a Just it if arms it, now some first it clarity, sounds we, couple questions point sounds decline at is, at the you to around getting this rate patients we quarter. my I the guess, for at versus given like around I'm really you it is launch, least are you know, just know, in you churn know like, COVID-XX? XX%, call should XQ any trying what seeing expect

Just want to make sure I am interpreting that correctly.

then it let Dan. address turn me Scott, and over I'll to it,

number drug fairly I'm – for those we really good a stable XX days, as we longer that reimburse You a are reimbursed know, in that including – patients category view in – on Firdapse that and expect stable and on than pretty and our of is are that base.

pass patients we and despite new technology to get to to compared we physicians. the continue. Now, force, They we've just downtick as away. double January, February, on albeit, April, expanded a you fairly Dan And mentioned, and field unfortunately lot out, reach know, They were in people our employed do some number. of the that's cancel. March pandemic. drop before fact stable roll reach a saw where a we've to And a that and But as they starting

I but said to we again. patients. are we with into get that, Having the want weren't And don't new happy reduction, enrolling numbers

was revenues important of with direction actually we the a earlier, different as most patient year, talked we past and happening year qualitative community now the to our it into about Firdapse. and And understand, move physician launch important as provided forward. on do And the of launch important I rest We over we the to we've to think we'll it's lot felt analysts. what investors metrics thing that think in think I is that the so.

new to numbers than seeing we would we're be cliff. we for moment, all with patients. maybe not And better a off the again, but like QX sitting in So, here it's falling enrolling are

want have add to you may that. to something you Dan, So

Scott, much additional I'm to color I for. more some had have add unless, you looking not sure were you if

I standpoint, No, guess right relatively time, stable another? pricing you you patient time a think reason revenue revenue one at per per I there. in up helpful, But a would a now question, trend? or where should as for and was that expect over we know, How well patient from you is about we that to think creep know, related that are the

the don't any to patient I significant revenue see changes trends. per

least Okay. it And thinking I on remain impact that any qualitatively, or last Jacobus from any guess does are relative how the is what quarter, and relatively you modest? to you're noticing launch further, preceding, at the about color

the again with has small subsided. of did the beginning It reauthorizations, we change very remains year see relatively of and the modest. I mean, at a again insurance uptick again that

working first back and that's just available, our a and matters to seeing on working quickly name many lens that impact, quite and patient of getting onto new becomes they're hear still is a are employing expansion and for medication their honestly happy minor this sales game. that of it And there's who, with of the we've us to the sales second getting is was to think force to and patient trend enrollments for that us, Firdapse. and seen are really communicating I especially So, inside what physicians the pre-COVID

Okay, new perhaps you prior? the you XX And naive who quarter, to those were said between I therapy, patients know, great. distinguishing it final you have then question, switches in just for or are there clarification, think used

than on DAP that hadn't never medicine and of or previously this just were most the access are you for X other either truly diagnosed. have these newly so patients one they part, perhaps diagnosed and know Yep, people type great are naive that or those had to all were already of two X, been

for you Thank great. questions. taking Okay, the

Thank you, Scott.

At Pat over comments. you. Thank like time, turn I'd to the to for this floor closing back

look and for you safe today. Please great further be day. a have Thank to updates. forward joining us We

gentlemen, Ladies for participation. concludes thank event. This and you today's your

a wonderful lines time have your disconnect and at this day. may You