Catalyst Pharmaceuticals (CPRX) 10 Nov 212021 Q3 Earnings call transcript

Hello, and welcome to the Catalyst Pharmaceuticals Third Quarter 2021 earnings call and webcast. 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 turn the call over to Ali Grande, CFO. ahead. go Please

McEnany, and to everyone, and for our have joining highlights. Executive Good Catalyst's thank third call Patrick we today, discuss the results and quarter conference Chief Leading Officer. morning call you Chairman XXXX corporate financial

also Miller, Chief joined Scientific and Operating Commercial Chief Steve Del Jeffrey and Carmen, by Officer. are Officer Chief We Officer,

For Regulatory Officer. and Ingenito, Chief the Medical Q&A session we'll also have Dr. Gary

filings, be they're to purposes we in These COVID-XX. are difficult for will looking our current forward not our you federal and turn Before will in not statements see of Form in in described and we XXXX that going contained Actual [Indiscernible] conjunction may remind time, future to our expectations, the in of uncertainties, the of begin, Q&A are to comments There following performance. looking securities to factors future session I statements of relate risk report expected including that statements vary. At guarantees in over and make projections, Carmen. results to accurate, The forward with would call the the like be only be about annual results the laws. would the the this estimates, be and I effects may detailed especially like which to statements, risks, to XX-K. information SEC predict in should light assumptions

net results for XX% the for per of XXXX GAAP compared of quarter XXXX. Pernix or further income short-term have versus to Firdapse growth a and an of for $XX.X during this opportunities. growth of growth call. for year, share. the continue revenues 's through [Indiscernible] to for million, supporting that These million very the the increase third continued quarter basic time, execute to her X year. cash We throughout report resilience morning revenue quarter diluted Good strength pleased as to million, income were you compared this Net X increase more third of of million for $X.XX a the commercial foreseeable thank update with as record We end $XX.X through of our quarter external long-term September XX% which $XXX.X and also strategy joining XXth. third to our months period of year-over-year. taxes when net million delivered for represents and everyone, we the and QX I the $XX.X revenues I'm results a $XX.X will presentation. anticipate million income million last financial year, current diversify third quarter in environment. in $XX.X increase our At and We organic XX% future. last highlight ended generated or business the ending we third quarter a investments, $XX.X today provide the reinvestments Firdapse was this capabilities reported month for the for results year and us Catalyst to before

share. average with third of March of Notwithstanding many XXX,XXX the this end the treating X,XXX,XXX in purchase an year, Lynch since the shares share success of continues in third price inception we $X.XX quarter. Our patients. our market program the And in open at shares repurchased through during purchased quarter, per

team of we our [Indiscernible] estimated of commercial have XX% only now, is the progress We evolving U.S. of patients. brand. of the market As and the making remain about for confident the Firdapse reached X,XXX

education X support healthcare shorten oncologists on to neurologists. programs. most journey and the healthcare LEMS reach recently expanding investments specialists targeted We make for help diagnostic provider Providing substantial patients continued focusing to general in and Firdapse, to pro-patient resources and

progress focus excellence remains patients information as serve. our commercial as provide Our well commercial to a additional execution Jeff on us, will the top we shortly. priority to on

was substantial decision the the the of Importantly, of invest notable in made a for drug receipt and orphan calculates related and the patients we've Court the from for advancements in commercial Eleventh U.S. to Circuit Firdapse positive Firdapse XX-milligram Appeals Most trading U.S. LEMS exclusivity, supporting exclusivity potential

are We currently decision. with the extremely pleased court's

requests, and to court's our which exclusivity. there we an XX-day is decision, can when to in court fully the we a we position submitted While remain period that related look for forward inbox the to confident recognize hearing our

needs has always priority first. will Our and been be patients addressing on to continue

patients can we to genuinely We LEMS uninterrupted are condition. their do to pyridine access for all have treating that ensure will well-prepared what diamino to

Currently continue Orange Book. extend also Firdapse. to our intellectual intellectual in for life that property been to have of listed X XXXX, property bolstering issued make both which We the important the portfolio of patents are in our progress

and patents product's the further additional IP to protect have to pending commitment adding potential. We commercial strengthen to the portfolio, innovation the our

we're our our initiatives, approach a continue taking to programs. we commercial-related towards targeted development As execute clinical very

beyond include approval working from an children. see on patients, XX program underscores further to This label the believe are continued U.S. to We XX LEMS important which as commitment to to our pediatric plan continuing we to Firdapse to we have providing expanding Firdapse footprint Steve numbers are Japan. for global our U.S., option activities LEMS of for the more outside and ages. treatment regarding expand patients efforts shortly all the Canada, of will U.S. also add (ph) We're the

our drive our pursue Company believe us clinical value-creating enable expand viability to addition, elected the path, timeline, towards for evaluated the and a we [Indiscernible], utilize In objectively Firdapse. and and will development to We and concentrate have our in regulatory resources for programs our focus efforts opportunities, better beyond R&D the having to program areas. commercial having end to development thoroughly approach value more the greatest focused other

our and objectives. third a we considerable on of an potential a With strategy our the in build aligns of portfolio progress diversified process the strategic made diligence we quarter, depth growth XXXX, efforts extensive pipeline. acquisition our on the that expand engaged robust due priorities, quarter our during a activities During to potential including and that the place to fit more breadth

the thorough with extensive acquisition an advantage under meet and of strong not pursue to our criteria are that elected to further assessment opportunities are a disease opportunity. very that review. pursue excellent of we in opportunities our are after specified position currently our of However, we and and encouraged balance take Coupled rare sheet, this to candidate, commitment projects

drive decisions demonstrate Our continue as term. that, that to long several supported growth the for continued we're we key for positioned excited path quarterly to achievements across all future. have In ahead strategic the excellence, execute firmly Catalyst about the performance by saying sustainable priorities

a worth points Finally, other of are there couple noting.

variant achieved we most COVID-XX. degree peers were period of a affected results each First, over when some the and Delta to by of Catalyst our

As are to a this beginning pattern variant abating, we normalized practices of see patients. and more with providers is healthcare

stated, effects, that is have redundancies as addressing supply supply previously I our while solid want COVID-XX the rock qualified with we to reiterate Lastly, chain throughout our chain.

turn will Carmen, call Officer, of I Commercial further Jeff to Chief who highlights for provide the our Del our will over the execution Now, quarter. commercial

(ph), and good Thanks, morning everyone. Pat

XX.X QX versus year. which growth XX.X% sales QX last As XXXX. same growth the were Firdapse represents net X.X% quarter Pat quarter versus (ph) mentioned, million,

and continued organization. QX revenue the steady enrollments, of discontinuation Strong strong patient primarily by in driven entire reimbursement stable was performance net proud rates. continued new extremely are by dynamics, We the Catalyst favorable

QX related point-of-care than due delays last see in While slowdowns treatment, still new and patient the slightly of XXXX. at to XX% diagnostic initiation patient testing year, some COVID-XX stats to higher QX versus we enrollments sporadic higher quarter this between new quarter were continue and same

Our new patients discontinuation strong patient persistency monthly XX-day resulted low October Firdapse discontinuation low total were net patients the highest LEMS naive, in the less Firdapse A in and of of XXXX. rates restarting adult In rates. enrollments, continued result XX%. new than consistent

LEMS We received adult that the since Firdapse are patients prescription proud around XXX have launch.

help LEMS focused significant is remaining to adult opportunity the Catalyst However, all on patients.

our LEMS will patients Approximately approximately earnings that tumor patients journey oncology of having our non-personal future our of continued patients the of majority vast our X,XXX LEMS the thought this motion patients resulted small Increase the will diagnostic are Oncology remaining nearly Thus market market meet call. patient patients investment that lung QX. with in unique sooner. segment far, receive an with cancer. treatment cell and catalysts significant enable growth. in X,XXX with in leaders, After the confident oncology undiagnosed We LEMS heavy to be number opted to this and Thoracic resources are and we assessment to of promotion, of of strategy. receive thought Engagement and believe patients for put to of development the oncology thorough early accelerate the the strategy of useful excited more in we key XX% Furthermore, information ongoing have execution yield into regarding proper with LEMS LEMS Therefore, has we to conducting a serve milestones launch to the for opportunity positive continue are research, diagnosis is potential indicators since boards LEMS, that ad disease. our LEMS element a the key market, completing last a in shorten

education correct We expect continue levels healthcare to patients. constituency with to partner in ways, annual at to the innovative of adult AA for and LEMS new providers. and engage had societies their education, and from neuromuscular which provider a diagnosis. provide We clinicians recent more helping all and timely will LEMS we EM, LEMS benefit opportunity about patients like meeting the atypical with educate continuing key identify healthcare professional Through

-- LEMS Our I'm sorry.

well educational Pathways and resources patients, of patient Our services supporting as the dedicated regarding professionals, LEMS adult providing to team remains as LEMS needs caregivers, healthcare Firdapse. and Catalyst

help payers, rates addition, of Pathways, by of over have to including Catalyst commercial Catalyst financial and and to foundation in team excited who assistance, out-of-pocket also patient and as all connects our about and types Catalyst enrolled less remained shares. in across access performance XX% pleased has than covered groups. ahead average we those are their Pathways or patients. are such services LEMS closing, programs costs. the community, patient, with resources, in support with In $X In adult month. an all approval Prescription Medicare co-pay patient QX a Pathways significant Patients assistance are numerous patients help advocacy government, private opportunity

for their Miller, we will sustained deliver team beyond. at R&D the turn an growth We strategies in unwavering to now Chief the commitment and call tactics entire Steven the Scientific will our Officer update place LEMS the Catalyst put Operating thank over activities. QX in community. for and to I to Chief want are I Dr. have Officer confident and that on

provide for Thanks update update our efforts. Jeff. pipeline and I'll product on commercial development an now the clinical

a Firdapse, formulation of more acting convenient provides provide to long for phosphates developing is an long-acting development release enhanced with important characteristics order dosing effect. We a our pharmacokinetic of including its and patients continue the [Indiscernible] programs make advancing absorbents to option for most progress experience plans the and to first recent for improved in our that are therapeutic of formulations. initiate XXXX an additional to quarter underway study Plans drug consistency and the in study and

be a this this FDA all safety the including quarter with in all for with of necessary for expansion. LEMS physician provide the Firdapse have to and LEMS will package data long-acting we LEMS now the all commitment address submission XXXX. a characteristics this for of treatment provide for high option. supplementary continued LEMS of plans our execute desired with so of submission committed preparing advancing a filing formulation believe supplement required a Our of patient all by guided all advance needs is community able label We supplement are complete patient Firdapse. the our to In we characteristics The patients, expand We has target panels first anticipate we an from been of the regarding preparation file Firdapse. may continue that design Phosphate data, of we treatment Catalyst approved the alignment the a program. with version efforts to to development as remain input patients efforts to our pediatric priority to Catalyst long-acting performance MDA our to the as of Amifampridine -- treatment the these

would update on to Now, like I provide the MuSK-MG an program.

study of This previously agencies received including agency plans As or a treatment MuSK-MG and to new the myasthenia endpoints input key comments, agency the the clinical comment. evaluation of depth advisory during and MuSK, our feasibility first-line symptomatic from advisors treat for was online measurability physicians third development and announced, and universal this in that that an their for gravis indication, board therefore, this plans and Firdapse concluded the leaders we opinion submitted development most trial. well program. Firdapse decided use we for review for protocol we for using experienced 's options to After time. MuSK-MG experts as of in and off a of to trial recent an input consisting that convened countless Having meeting the for at quarter of the some the the MuSK-MG the MuSK-MG therapy further have have as put for received, a as included data had

However, their MuSK-MG receive to support Firdapse treat symptoms, with through regulations. in accordance for will those patients investigator currently initiated to that continue programs we them agency

healthcare X,XXX, as available We healthcare provider who is our testing. provider healthcare medical CME or over An invaluable continuing have mostly October, providers the increasing learners XXXX course this programs. CME the licensed and now of continue [Indiscernible]. about through LEMS taken education accredited viewed to of progress and affairs LEMS course date, medical have awareness To through

liaisons academic medical experts among [Indiscernible] from given challenges sessions raise neuromuscular for month. of Catalyst fellows earlier medical on strong session positive recently have awareness this hands-on hosting Our completed another this feedback training various their diagnostic science one the LEMS. [Indiscernible] with to received by ability Previous centers sponsored also several on neuromuscular like

update would an initiative. our like global expansion I provide on ongoing to Now,

for previously the Dydo consulting requirements To Syndrome, strides June, we development parameters regulatory biopharma treatment the and medical approval. the pharmaceuticals obtain Japan. clinical As has including with initiating great Firdapse partner activities, are devices. announced for confirm made and Lambert-Eaton to of development commercialization Myasthenic starting Japanese of in for

Dydo the clinical clinical as Catalyst to trial phase and the clinical their small is as scale for clinical continues initiated with required authorities. and be well collaborating efforts result will efforts to trial preparing Dydo supplying its notification trial of obtain the regulatory their a anticipate documentation in As materials, Dydo X XXXX. activity Japanese preparing in by support

intellectual estate have market extend significant to for made We an developing progress the exclusivity Firdapse. property on

two FDA's As Firdapse extends for XXXX. listed of the patents the the third quarter to portfolio XXXX, IP which we Book, in have Orange

We to and U.S. XXXX. later the may use have filed they this in the year Trademark several or that with related other anticipate patents pending Firdapse of Office and issue early Patent

to we the upon out U.S., years Firdapse market. Japan, exclusivity to and currently granted Canada in will stated market Firdapse addition approval exclusivity XX of has XXXX, that expect In be in in

estate protect Firdapse exclusivity of advanced to to and the we to enhance seek our to to opportunities this Firdapse. Firdapse continue a We will portfolio our During objectives quarter, the geographically, rare beyond market expand further market for expand portfolio disease treatments

or our mentioned, Pat evaluate do we other new and offerings, product As products transactions research to pipeline. expand Catalyst's continue development to and actively our

to the right Chief results. path identify actively know-how, to Financial our efficient the ahead for can call engaging Our to Officer, to our will the resources. turn With about prospects we our I very over as now vigorously opportunities we to review our a drive our enthusiastic and financial are growth. expand look and in place, Grande, Ali ability and teams maximize utilize the capabilities where and and are in programs approach we worthwhile our in confident expertise, resources, process

We're our third pleased very financial the with quarter. for results

creation. $XX.X the QX when a value net Despite million, for to was and was ended XX% initiatives to with Quarter [Indiscernible] increase the Total diluted the enable we product over XXXX. earlier revenue, cash and QX strategic million XXXX increase for product to funded of Third were million quarter of basic million challenges million compared of QX Net of of quarter GAAP XXXX. We XXXX support of at COVID-XX, $XX the $XX.X believe and stage compared net XX% taxes innovative allows and reported, XXXX, for us programs share. and 'XX $XX.X quarter $XX investments the technologies approximately revenues per the million increase We in to million before net when XXX.X As million QX, $XX.X of net our our or and third income no Firdapse opportunities growth XXXX of revenues continued same revenue income financial total this $X.XX to debt. total a reported advance $XX.X flexibility acquiring and for the for income XX.X with

reported For per $XX.X million, shared. QX basic GAAP per income of and or $X.XX diluted we $X.XX net XXXX, $X.XX $XX.X

However, reporting as not the tax these from related $XX.X third benefited XXXX of million, comparative of figures one-time the are upon non-cash of deferred of reversal approximately quarter allowance. a asset valuation the

as basis quarter annualized compared XX.X%, X.X% tax XXXX effective of in rate the third to in was of an the third Our XXXX. quarter on

we use operating will credit. tax tax use periods, orphan we've net drug we the primarily While NOLs federal that state the our XXXX in our assets XXXX, from benefit future expect In and benefited deferred to losses. relating and of of the from

Although of deferred compared of million that of The an increase rate. above Because our of $X.X on basic of benefit those compensation tax million expenses of presented the income believe reporting or compares the to are income $XX.X sub-base $X.XX which the GAAP per I'm XXXX XX.X based was quarter. -- $X.X almost compensation diluted subject a million we net XXXX to third an tax and net per quarter in of of non-GAAP which depreciation for third the third versus resulting the more XXXX, of and million. were 'XX the XXXX. quarter XX% for sorry, the $XX.X XX% quarter net XXXX depreciation provision total non-GAAP in from third normalized year-over-year the of in remained represents excludes per development we basic of to provide the third for GAAP income, income XXXX. at third yesterday's $X.X $X.XX income expenses consistent useful Net was tax share, non-GAAP the the million $X.XX from QX and the expense of quarter the $X.X more for significant limitations, income XXXX, million. one-time income or XXXX third measures excludes third compared respective. results per effect This for stock of of XXXX, million, of of share, comparison $X.XX and operations of for $XX,XXX quarter quarter XX% tax quarter million QX of release net to and of certain our $XX,XXX press XXXX of $X.X of the of assets a income quarter cost third for And operating non-GAAP

We research and expect formulation XXXX will we our advance development expenses expanded and to substantial beyond in development that for continue Firdapse as continue of a be access programs. the and long-acting

of for In our successfully will or to strategic expect on we acquire future R&D various period in the of XXXX. million the third programs third XXXX, other addition, platforms compared innovative or third we outside decreased quarter to of Any areas execute the XX% if XXXX for expenses quarter quarter for in increase technology and quarter to in XXXX [Indiscernible]. total of in-license percentage also the compared as totaled stage $XX $XX.X expenses operating expenses in third XX% to SG&A earlier a s million initiatives slightly

to the which to was continue that page found in X, And following over over yesterday, commission may be be call GNA the of revenues in business. that our will found expenses expect at on November take Investor to I'll and report XX-Q, can exchange analysis our further website the www. Form increase steps as on as catalystpharma.com. Pat. Relations Firdapse our expand More quarterly to XXXX turn be with situation Company's from and We efforts mutual information we substantial continue and

very the or a Catalyst resilience to our clinical for of and Company year, programs. in activities the quarter look the providing (ph). rare business on products, portfolio as progress foundation Thanks, and us strong disease, strong and Ali of make build third we demonstrate development continued execution to marketed other

open ends like each happen without the impact positive our prepared community. all making the our not and demonstrated This commitment dedication a will now Finally, This in I would LEMS a call to we for remarks, thank their questions. who would of on employees lives. patients' passion to serving

you. Thank

our will confirmation we please, be [Operator Instructions] queue is while [Operator poll One line questions. now will for your We conducting A Instruction] the question-and-answer moment, session. tone indicate in question

from Our question Charles Cantor from Duncan is first today Fitzgerald. coming

now is live. Your line

a 'XX. our on know Hey, and quarter morning nice good start Perhaps for and Pat I'll asking commercial, growth increasing not of it you'd have to that on? key commercial, in for providing a with increasing weeks, on of or one nice awareness about drivers here, when what prescribers? you're of comfortable the the maybe one guidance breadth is be I think one might questions. with growth the regarding but in on really in congratulations Not start Thanks or few is XX, 'XX, later, team, guidance be performance. more 'XX on importantly, focused but pipeline, Firdapse Is taking whether or you depth strategy. for drivers it it factor

Yes.

budget first as (ph), of for forecast rear-view looking from our in pandemic at the our this and is question, as the mirror. Charles year hopefully your far through go giving next as So developing guidance process we

in the regard at let I to new I'll desire revenue think and might in the giving some is the year. of key perhaps guidance. QX beginning can Jeff our year -- In that. the feel hope address give we That's factors, guidance comfortable growth that we early

the significant see for Charles grow. opportunity We Thanks in XXXX question. to

patients Specifically when yet the not out are are Firdapse. already that look there that on at we diagnosed LEMS for

these prescribe. these physicians [Indiscernible] point before they of just many come patients at enrolled leads. And have they're to us and telling that in We are for these this waiting visit

resources significant Other treatments. tumor we on as that's to that, tumor and patients look one. have well patients. the and we oncology as We're the LEMS, things, LEMS HCPs take there disease educate at So a applying the potential

now. seeing quick are XX%. here. I a already XXXX, will In we [Indiscernible] right give specific So, you growth

we know year. new to patients the or date will limited seeing we're all next patient that thus we've opportunities this done growth generate oncology to far. the LEMS that with we've So year resources applied And work there

that out undiagnosed part other patients are a misdiagnosed. the or take are patients portion significant X,XXX of you look other either A is there. these at The

about So seen open we've caregivers, educate That's up we've the patients And journey. LEMS significant growth where applied XXXX. available shorten that will patients, for served treatments a these are physicians come opportunities and that resources there that and and will to we into soon. to help be to patient

Very LEMS provide being It good. and to anticipate Appreciate wondering or evidence focus few initiatives, the what very, that intrigued pediatric added to I (ph) I for for that that that is pediatric make that you I sure said filing pediatric on color Jeff data patients incidence to supportive of where that be would you've a the actually are of mentioned. several other seems from? source it a I'm Genetic? with very the the which pediatric patients lot with -- Could small PK or and is pediatric, you it of regarding the sense, source had, is is pipeline lung low prevalence be but of LEMS possible pipeline it's wanted filing. if I'm pediatric guess very and incidence cancer LEMS? for although then, And LEMS. under-diagnosed very, able actually question to cell I'm some

question. Charles, Steve I'll that answer let Miller

the for question, Thanks Charles.

for autoimmune the the First, adults, LEMS. like to the pediatric LEMS It's same it let essentially disease. me of is speak origin

pediatric that are the in probably numbers relatively that we of the there typically currently. just as there the spite There those in XX that relatively into of The or important origin able and cases there LEMS is is are undiagnosed the small. conditions patients, regardless As able it's approval, they autoimmune based is there sure low in ensure patients efforts all occur small. be remove age occur time, patients, we in thing most or it why single that to therapy who an is of find know, are, but what some a patients but get reality can And we they XX our that that believe as few It that they we it's very pediatric out the life, approved may maybe patients. frequency others is is pediatric At you later the can for is possible be may well. the perhaps is number important that to us that out for known fact patients, this to relatively LEMS upon are make point they are LEMS every of where are, disease. to commercial although

that's Okay, for anyway. the this question I'm strategy. Appreciate very if shot helpful. give patients. answer be delivering sure focus not but to a it to on going I'll is you're able Last

with change your the statement Firdapse on a that you've want putting in volunteering. to said You being it What's of that, bed, potential of licensing? your legal Court interactions that and perspectives with how hands got win of able designation to-be outcome on your [Indiscernible] will, XXth and pipeline regarding investment competitors, Appeals if the terms possible especially with outcome, marketing of to you sense in on would the clarity with the on say definitive

the [Indiscernible] of X% statistics or out the approximately the opinion. So than the have And inbox And opinion Charles, as XX ever actually we get previously stated, the reheard. of bear less XXth. and rehearing gauges to hearing November seek that an days FDA request that from

[Indiscernible] And so to it, but would of the that And incorporated you that other make request. course, we we understand General's require Office and may by don't know if the step. side, of what strategies first approval other FDA, the be the Solicitor the actually would as be will,

it's three-judge granted. a believe next think we what the request of very is will steps that know if We results be don't the would worded, in opinion, that panel be. rehearing submitted, which it's a we So was the even on the likely unlikely strongly that based

actually are the course, applying of less the than to for sent hearing is request Supreme Supreme other heard so the and by are cert Court. in of that X% Court And cases Court Supreme option in

FDA are overturning, transitioning approval a of you [Indiscernible]. and commercial Court what decision terms -- from in be for a a patient be to would the We perspective will, the any for we're the of of -- MFM may at transition what if and ready of on point warm advocacy results ultimately the the And that researching. perspective, patients

Okay. That appreciate on question. focus Thanks and some to for answers serving my the forward questions. We taking that on, patients. visibility my the I look said, like

Charles. you, Thank

coming next Capital. Scott Your Henry today is from ROTCE question from

is now live. line Your

look you and the talk chart court pulled sort the the is off Pat about that could revenue couple outlook? out Firdapse [Indiscernible] of if question. good incremental a that can What organic that appellate be years. over morning. market, upside Thank the were can Obviously, Thank you. next to and to if growth event of the you, follow-up line But of (ph) occur. we to the change the how would at

somewhere that approved, that number what number And have our XX for don't that. [Indiscernible], think a when currently that. access that's of we to are which that. a great concern. a of ever we're adult really patient at on is prepared we an would are average previously about that know misses information. really smooth to prepared We of patients. for patients concern XXX receiving we than was have in believe But growth, we're their is, milligrams doses be We through transition patients [Indiscernible] are that's much Scott, course biggest patient between average about reluctant that based on to the [Indiscernible]. patients those concern likely I that no for dose some know first lost higher I question. where talk a our that would drug, how XXX we've It's -- and stated, we're said dose patients many be when And of the asked

perhaps can I point we more bit so can we can guidance, talk metrics So, year, we the specific giving at this those in if be and only than about a do now. right early think next are that we

Okay. come that. Thank And you pick would if about you, or Pat. those overnight? to to trying would be or them increase expect a you patients, in step up think Just gradually, that were to

a XX -- patient be actually expect some seeing period large I migration day XX time. to degree. a of a we're think I would But it that would to day now lesser fairly [Indiscernible] over so right

question. my taking for you Thank great. Okay,

up A model couple follow small Ali, a questions. for of Just

third given expect First, about trend XX%. tax tax be expected of to And should that we think though perhaps not are getting the rate, that down to resources some we be was R&D ongoing the rate close I then substantial is should the as expect even to quarter. XX%, programs XX% it What is to currently? would in

So to regard question. first with your first

We from of to expect expected we to [Indiscernible] X growth down, we On be that questions, future so remise from of X%. current you rain in at programs to have the future, are [Indiscernible] to winding [Indiscernible] a that's strategy. rate approximately expenses we some XX% rain, expect might of to the programs on R&D some based our up our pick do more,

Ali. you, add I'll Thank that. to Scott,

I don't accelerate probably see bring which in we think For projects will you're expect to we as going some modeling expenses in new that purposes, R&D 'XX. down, go opportunities, and

So, I decline. going don't number to think is that

Yes.

to expect continuing have and We to from have [Indiscernible] -- our or continue we expenses and we'll including we'll also Expanded to expenses patients programs, from continue from that my have supply. the expenses some Access --

Okay. Great. Thank questions. taking for you the

you. Thank

Catanzaro, Piper question Sandler. is from next coming Our from Joe

now is live. line Your

pursue your taking so BD so just the question. Thanks I guys. one asset year just have alluded not my you over Maybe quick was diligence, to terms that Has challenging? for specifically or else? team's led what X what much last to? for or you asset the me. And most of that Thanks. it Hi, deal quality, one something found you wondering, been

brought a looking issue question devaluation really subject couldn't with The valuation the issue in in in lot a comfortable came a and And do in was that -- get transaction. so of we our anything. spend you. dug The certainly dive. experts bit, team we we Good than just just of we number about matter Thank able the when The more public little were invested really to to the was effort we Joe. down project. when at quite and disclosures, time and deeper

that's everything trying lot I was until on oncology. Neuro. in therapeutic unfortunate. of to neuro challenge biggest area find And and And discipline think of look going you that the we so recently challenge biggest I But walk as we think to therapeutic other something away, to it of outside to -- up we're areas. our The opened outside any has been decided know, took a part

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its think be more for strategic who companies point, another doing at much capital, I in balanced little -- and are looking seller's think the their options I pretty just -- are this are additional a is what that think in may need around to financing. so, market, time And it's I

for it. That's helpful. questions. Got Thanks very Okay. my taking

Thanks, Joe.

is Your from Truist. Joon from the next question Lee coming

live. now Your line is

have Good and I for my taking thank questions. June is morning. X. This for [Indiscernible] you

the design with been timelines what idea just partner, then in population small of onto challenges looks your of Japan like on diagnosed second, kind you. and of the get and Dydo, can patient study First we your an has getting trial the Thank what Firdapse?

not question Thanks you the of We're detail studies into study it U.S. smaller ran tell any the design can about for is go the Dydo. with that reasons in we that to the than I Joon. confidentiality going because

and had time discussed relatively the to be complete should we it previously of U.S. in period studies short the As spent we Shorter And recruit than study. on publicly.

second Could the of part your question you please? repeat

to reaching on been putting Sure. LEMS Firdapse? get just population in of your them diagnosed I what and challenges wanted an have the idea

variant the because Delta a There times really it. behind treating it's that reasons. we just who, physicians, reaching the take was it's know because other of the of backlog these who these who are patients logistics I'll and patients the answer. at -- and in visits challenge It's not patient many patients, these

they're in, physicians, that they soon telling our that force as field patient Firdapse, the back on is comes put So as appropriate. if patient that what then will

-- back happen there backlog up So a can and is demand patients that once like we there. in feel get will these that's

we forward. this moving incremental being growth proud that as and growth extremely question? we've of had see our are We Does that your address

you. It thank does,

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