Catalyst Pharmaceuticals (CPRX) 10 Aug 222022 Q2 Earnings call transcript

Greetings, and welcome to the Catalyst Pharmaceuticals Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. Please note this conference is being recorded. the to turn Grande. host, now will conference your over Ali I

may You begin.

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

We Jeffrey Chief our Del Officer are Chief Dr. Chief and Commercial our joined Miller, by Carmen, Scientific also Officer. Steven Operating Officer; and

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

and and update our quarter results second Thanks, thank corporate for on today XXXX Ali. you Good morning joining everyone us call. financial

for achieved again net to QX income of increase that last XXXX. year. financial in report before income million to quarter a $XX.X exceptional $X.XX or period $XX an per of GAAP compared We of and same reported net QX for very having representing $X.XX the revenue compared million, increase of taxes of for of was million all-time second the diluted FIRDAPSE $XX.X an basic of $XX.X share high to share. XX.X% performance XXXX million, We Net are total income XXXX XXXX, for QX per delivered XX.X% pleased we

to in with investments position funded cash and ended and of million debt. our $XXX.X continue as the second cash XXXX no quarter We bolster we

results between strength XXXX our range. of guiding are to $XXX end revenue And Our second quarter to of that year total revenues and we now, maintaining be as $XXX we to the of upper reinforce strategy, million full total guidance of our million. the are

to million year. We continue to million $XX $XX full for the expect operating of expenses

by patients at the Our and is individuals directly first in all attributable company. success our Catalyst our of Their as exemplary execution to continued leads daily and employees activities every all progress successful come ensuring a dedication continued to that to execution area. and as of functional our

average our Our the per us price XXX,XXX strong common take conditions enabled our of during market for in XXXX, aggregate. $X.XX start about have the approximately share or repurchase shares we Since million $X.X of quarter average competence cash market flow stock in March million share by repurchasing of or $XX to shares price our the share open on opportunistically repurchased the about an in an million. the X.X program $X.XX advantage per at second of of of

financial presentation. our feel provide in is more it details We we her in shareholders. will share when will disciplined and continue to Ali be repurchases to prudent executing beneficial

the the have litigation mutually by patent challenging to with resolved pleased Ruzurgi litigation and settlement a Jacobus agreeable are We approval. to issues the Pharmaceuticals our reaching

Ruzurgi, and its settlement U.S. As we rights part of property the NDAs. have acquired and Mexico certain including agreement, intellectual rights, U.S. for

data useful the their to in data assist knowhow agreement product. included our optimizing in of believe We the manufacturing received license the be approved use existing labeling. the of also for in related may We to addition FIRDAPSE's the to

We and are occurring underway efficiently. transition assets to report pleased that of is the

Ruzurgi the evaluate Mexico. we forward Ruzurgi supplemental ago, With at weeks path LEMS, complexities from our to several the just of with approved the investigator new issues U.S. our of transaction supply been support Ruzurgi approved and of pediatric the would group access use continue limited under said, the on are we this will that time, for age for the to settlement the sponsor drug conditions, same to to patient application repurchased expand year. At treated full this to than needs who being time other of that were for this plan and FDA likely Jacobus drug this the now, to If LEMS the and use concentrate of the later without patients accepted are completed who and our use of the to has resources Having FIRDAPSE continuing for lungs review. FIRDAPSE we focus related an we by approved, As of with supply in neuromuscular community. the patients INDs. addressing those

is to the ensure the U.S. our initiative population of LEMS. treatment that FIRDAPSE part to pediatric While for LEMS of patients is minimal all this patients, number of commitment a have access

portfolio quarter, this efforts growth strategy. towards aligned with a opportunities also in significant building During identify diversified we our made our to progress acquisition patient-centric overarching

due stage through strategy advanced actively opportunities several stage remain spearheading with disciplined these evaluating accomplish products. a of stages product this engaged approved products with portfolio Dr. commercial and for objectives, our with At of Preethi assets to Strategy is on acquire and/or approach broadening collaborative Our therapies. companies Officer, acquisition evaluating acquisitions or front business to to this we development and portfolio To and expansion. Sundaram stringent diversifying of continues Chief commercial assets, rare tasked in diligence and time, partnerships, our companies are disease key priority

our this and this Board, this a agreements on program. the second accomplish or Accounting our increasingly We in updates inaugural forward we is this Web in no exceptional was advancing constitutes now of to We've into site. journey, look to been front. providing While year. forward several permissible. accomplishments In significant time, our stage the of formal we the half the believe Catalyst on have published made progress also for governance, resulting This at cash available path records our in by financial driven environmental, summary, by on and initiative foundation the entered objective and ESG are of to We as Standards which ESG we the set position. recommended milestones performance of progress, our achievement the Sustainability or first building the of recently industry-specific disclosures SASB, look quarter on important strong social our

future Jeff are value positioned performance. to who well to for Officer, continue we Carmen, execute Chief Commercial about the optimistic further now commercial on our growth our and I'll to call are will strategy provide our to Del stakeholders. believe turn our over We deliver long-term highlights

upon good The accomplishing quarter lapse QX. enrollments. commercial were quarter, another growth and delivered year. XX.X% XX.X% growth quarter LEMS two organic momentum which flawless building commercial significant organization. execution demonstrated patients the the QX; patient morning, by everyone. in new adult the main FIRDAPSE transitioning and team QX in the of without of objectives versus Ruzurgi We I'm our net the a were through naïve successful FIRDAPSE and sales remaining seamlessly therapy same entire growth quarter-over-quarter continued strong last commercial Pat, Thanks, from XX million, represents proud in

of from Ruzurgi. patients patients' transition greater and uninterrupted to for that tremendous were over than LEMS LEMS therapy. we of this rates on months, adult next Payer a treated While close approval to a healthcare now did being Ruzurgi team XXX% few FIRDAPSE patients The during the transition to more the LEMS needs adult supporting Ruzurgi adult few may formally professionals XX% process FIRDAPSE. are patient caregivers, services feel patients, Catalyst's deliver job with

growth naïve XXXX QX in with new also since XX% more was the for organic total monthly enrollments March naïve launch. new Our highest June enrollments strong, QX. than in matched

Additionally, average those per and of operational enrolled including maintained covered Pathways, payers, access foundation XX%. commercial and than excellence to Medicare are than private $X greater an co-pay approximately of assistance, XX% of annual compliance Catalyst discontinuation all contributed in across have month. of an government greater less than who XX% continued accessing favorable Patients insurers, high rate by or

or organic unfortunately yet XXXX, Leading ahead primarily already of new thus are consistent QX positive. that as July low undiagnosed. of enrollments. half driven misdiagnosed diagnosed and steady in FIRDAPSE very not patients indicators new patients of discontinuation significant expect to from enrollments patient on rates of are LEMS forecast second patients far We new were net in due the number well growth as a

from our sales return have data and high robust by continue investment force, educating as sources, promotion, FIRDAPSE. patients XXX non-personal and marketing leads, on conferences. marketing, deliver currently providers, Our insight leads well strategies patient and patient quality stemming to digital approximately as caregivers about LEMS significant healthcare We various sales generating

to these this will on these focus Our patients receive for help treatment the leads for disease. accelerate opportunity

As I in tumor another small typically approaching opportunity cases the lung is for Recent of the that XX% new XX% enrollments have are underlying approximately to cancer, LEMS growth with mentioned LEMS. are cell of organic an associated past, cancer. XX%

show Our focused yielding patients through efforts continue LEMS. even strong treaters with proper cancer more to educate multiple a engagement, of small marketing diagnosis channels cell to lung

Conference LEMS several their the advisory about patients. and In in Academy patient with insights together significant to to ASCO States. members to council closing, ambassadors, in opportunity and and we such performance community. largest United pleased Furthermore, believed ambassadors, patients demonstrate are Cancer In the LEMS as our commitment to brought the our ahead we new continue and about This all Lung LEMS Neurology, opportunity inaugural excited Catalyst interact help training, patients. of patient educate are QX participated patient with is legacy LEMS at national to be LEMS conferences, to of LEMS LEMS American gathering adult We and the and FIRDAPSE. International the the other regional the July, the forum for

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

Jeff. Thanks,

the FIRDAPSE patent intellectual property FIRDAPSE estate the The expanding by property which begin the regulatory discussing for to to LEMS and updates for robustness the recent patent intellectual to of maximize expiry patent intellectual durability. XXXX. property settlement favorable estate and exclusivity, FIRDAPSE's estate and FIRDAPSE. our reinforces its of its recent of to access clinical enhancing litigation resolving has our focus patients will strategy around I certain all to dates relating for demonstrates key Our disputes events commercial treatment continues on

our bolster further of settlement FIRDAPSE. property the intellectual acquired two part patents will As we portfolio agreement, for that

One of patents bring number these XX, property requirements it of two patents FDA This Orange Book total listability listed listing additional filed February XXXX. Orange and to the FDA's Book such, Orange in as was intellectual protection to for will meets the provide should for and six Book. the

it is Book, and products valid and is patent Orange listable not enforceable. amifampridine, therefore is the other still containing the a to While in applicable patent is that

to settlement, As patent of litigation acquired U.S. rights to aligns acquisition Ruzurgi. The asset part this the the patients. we our goals serve all of and with Mexico

the to transition consistent best for IND the And and This and We to if phosphate the time FIRDAPSE, transition the also or goal will that the a feels supply patients. these medical of commercial safe in acquisition, providing interest if existing to our patients. to products therapy amifampridine were holders is continue to assistance all at patients for of on therapy effective patient's offer investigational applicable. LEMS with Ruzurgi their is the of doctor

the of of we was treat a for seeking review first During this in drug to for pediatric quarter LEMS and quarter the new accepted that year. XXXX, supplemental FIRDAPSE application patients, U.S. filed approval supplement second

expect on agency year, will it this act acceptable we FDA supplement optimistic to and the We and find remain the it. cautiously this approve

supplemental the initiative data the LEMS in litigation providing for if be support acquired Ruzurgi was settlement, recently safety pediatric underway may this the prior NDA, additional to needed. While for beneficial

and recall, the use was six of pediatric may you in patients. would as supplement as LEMS Ruzurgi the access approval previously to well aged this adults. to for expand FIRDAPSE As include approved NDA above And children

small total population mentioned, than with in LEMS XX a group to However, less very estimated as States. is patient United Pat the the a pediatric U.S. be population patient

of and with tool and of yet the worked dose of dose dose. plan We access to milligrams patients supplementary physicians our in plan already patients give pharmacy healthcare at the through also specialty to FIRDAPSE to maximum other per with rights supplement also the XXX dosage to this a increase their day. insurance support patient to Ruzurgi number along justify seeking treatment The will NDA an further the with seek milligrams A us the of per many higher Catalyst data XX maximum from to previously acquisition FIRDAPSE XXX providers being programs. FIRDAPSE providers after will that increase day prescribed the optimize This treated are supports offer safety daily. efficacy FIRDAPSE milligrams another to

approved As reminder, a of and at for patients. an of for treatment safe provide per children. XXX was effective Ruzurgi initiatives to LEMS our are maximum day approved previously a These milligrams dosage ongoing commitment part all

required under other agreement, were patients than the some to Ruzurgi INDs. for patients neuromuscular neuromuscular FDA treatment conditions on at settlement with conditions receiving Moving of LEMS, time investigator-sponsored the these

in early to disclosed observations Japan. related proceeding to an in-person our Pharma schedule supply treatment patients continue ongoing. trial applications these Chief these FIRDAPSE's the INDs. in those trial and Medical the and in the treating Japan patient Officer Ruzurgi The X doing important safety in obligation and meeting so, partner Phase on to sublicensed This completed verifying these progress with are and report to safe is clinical under are of participated anticipate is previously that Ruzurgi able We these are the actively the IND I In the use monitor to our patients to an engagement to with because we our Recently, receiving have is study to XXXX. currently physicians be discuss FDA. DyDo current presently teams physicians

or In is in underway order XXXX. NDA in to addition, early of Catalyst's translation NDA documents XXXX file and in assemble Japanese an to late Japan

front, confident our opportunities strategic long-term right remain strategy with evaluating in the to substantial initiatives in and Finally, We maximize have are efforts making been and on development accelerating resources. our the we we our progress opportunities. capabilities identifying business

highly continue We have our development these with initiatives goals. uniquely strong enterprises we aligned achieve -- as business across to on are execute our teams operations that and our to

ability our I our the time, to strategies. an would ongoing CFO. this have our important in demonstrate further that initiative milestones excellent long-term achievements to turn Grande, like over recent call and growth our position Our manage At achieve successfully to us Ali advance to

second XX.X $X.XX the was of per of XX.X% of FIRDAPSE the product diluted very share. and Steve. our pleased Total quarter million, before share, or $X.XX second of an of revenue revenue year-over-year for quarter of We're the second XX.X quarter of per principally income million. Thanks, increase compared the quarter for net compared quarter XXXX year-over-year taxes XXXX was net with XXXX. of XXXX financial increase million million quarter $X.XX a to per and XXXX, XX.X% basic of income basic for to XX.X% of income million, results GAAP or GAAP from second per before when XX.X XX.X quarter million total to Net for net, XX.X net the XX.X compared increase second revenue second the XXXX. second income a diluted We taxes $X.XX XXXX reported of for income income

effective on tax rate was first annualized XXXX of Our XX.X% of an to the XXXX. half XX% half for for the compared first basis

income year-over-year approximately Cost This losses stock-based million, from operating of expect subject primarily of we second which of are income costs and and assets, million, limitations XX.X% an when net of represents for from million. of basic excludes and and XXXX, or compensation share, costs resulting of above the XX.X XXXX to income X compensation was tax provision that XX.X million the income excludes of This Non-GAAP expense Florida drug a tax our X.X XX.X% normalized X.X or increase The State's the benefit $X.XX of GAAP stock-based depreciation the $X.XX non-GAAP million, diluted of net compares those second orphan quarter an of XX.X For to net diluted the and which XX,XXX will non-GAAP of from use although for compared million income the expense tax to quarter deferred for revision per income. million. per X.X of represents QX XXXX of certain for XX.X% income 'XX, rate. quarter in million X.X the for quarter increased net credit, XXXX. of operating tax per more we per second continue total total X.X XXXX, million of second of to XX,XXX quarter sales XX.X GAAP XXXX. up an of net tax operating of million, basic from $X.XX $X.XX second depreciation net share, was for the

quarters was and product revenue XXXX and For approximately both principally net XX% consisted of sales second of of XXXX, the cost royalties. of

on year. FIRDAPSE in by net X% As exceeding million a XXX product sales royalties reminder, sales increases net for calendar incremental any

total year. expect sales to of product and SG&A the to remaining million XX.X% the XXXX totaled total expenses second quarter of second X.X decreased of quarter percentage XX.X the to second compared the XX.X million to the second in XX.X% of expect quarters higher and of of R&D SG&A for compared quarter XXXX quarter a operating million from quarter net cost quarter the million the QX expenses for XX.X% XX.X% to XXXX. for for quarter percentage expenses second for for of quarter XXXX. second the expenses expenses 'XX in the sales second consequently development XXXX. of as of to the decreased We XXXX operating 'XX XXXX. two trend expenses to Research exceed as XXX for third were in X compared of a during of of million the

and our enable to we R&D investments initiative, and opportunities acquiring cash our and support quarter innovative funded no strategic reported, enable believe ended programs the us debt, As of growth to advance value and and which million creation. we technologies XXX.X with while will

XXXX, July, agreement into a was it a a impact with XXXX settlement during As reminder, entered Jacobus we second on our XX, third to subsequent June Since had quarter XXXX this results. no mid quarter Pharmaceuticals. transaction,

Securities that accounting detailed currently is and the analysis to Once However, our if of of complete, assessing financial found which this tax the at page material. we was on to this will can in the are is impact found guidance we of Web More I'll And impact XX-Q, Relations X, the determined Investor and on and is the market Pat. it provide our information performance be of Form be our transaction. over may and analysis with call August yesterday, transaction quarterly Exchange that, filed Commission with our www.catalystpharma.com. 'XX report QX site the turn

In increased to community is performance to anticipate I'd be execution unwavering deliver positioned to commitment strategic an innovative XXXX Catalyst a our our transformative and closing continue potential enhancing Ali. in and Thanks, the a for look like prepared with for stakeholders. well forward the our diseases. remarks, diversify that rare long-term objectives position to from to and opportunities year We momentum strength company of priorities. invest of growth add for LEMS value We our will that these sustained with and to approach

impacting the to would employees all call questions. like Operator, we for dedication open commitment to positively their thank continued valued patients' I'd Finally, and to like now for our lives. of

And a you. question-and-answer we this at [Operator be time, session. Thank Instructions]. will conducting

Fitzgerald. with questions. the your comes with Please question Duncan from of Our Cantor Charles first line proceed

you taking Good questions. for morning, Congratulations really quarter. our team. and Pat nice Thank a on

Charles. Thank you. morning, Good

Good Pat. morning,

quickly for perhaps each you. of for couple had kind -- So of of a I questions

think already would seems happen raise what seeing wondering front. it or on is guess be first achieve it? most for but range keyed revenue, that in upper Jeff you With the that you to would the for is new patients, possibly you switches? it I'm commercial are about The as be It guidance like persistence I most and on? the are done, end what latter in interested

indicators good and sustained Charles. thing for metrics you. consistent hear the Thanks is to pointing that to all Sure. growth. and leading question, from we've are The had Good

discontinuation We QX well as strong are looking rates. already patient early as seeing in low at new enrollments

we're where I And continue earlier, like that's -- we we our in where patient there going have order from. to and to we focusing leads is leads still patients it growth, a there those are we get So lot significant and job that's mentioned for a great can out those the on And that our doing help. have treaters know patients. field force of

help So to were to we be patients come those QX. able and we hope QX hopeful or should in, here those in

ability question, end to So to higher answer of hit guidance. our that's your where see the the we

comments, Okay. Thank had provided a lot nice prepared you. of And questions. your fewer I so detail you in

mentioned the a that's to a about it not FDA for secondarily, it? from prudent words an Steve, pediatric the LEMS the But information review how the you're good Moving FDA that had in application, used you think large FDA? statement a on or kind Steve. just of application that I realize what initiative. very provide you the standpoint, And supplemental of a I one, in optimistic. see optics terms to market you -- I'm is opportunity. cautiously is it's able kind what of you will something I information were guess if question or there wondering wondering is good the

Thank you the Charles. for questions,

would about of to us the prudent very me a It's statement any a is your make presumptuous be FDA first. question of what second to Let do. think statement. that answer just It going we

them do have to the their We to job application. and respect review

unaware the is not the FDA remind of can question, the again, to So But to acceptable. me And that up application. in it's I Charles? anything deficient us. that's am of think We decide first you

Yes, you not that granular? information provided, the obviously

treatment. of We data program That's but that The Ruzurgi didn't. Yes. wanted same get some we because was of expanded bottom the approval pediatric pediatric was pediatric patients. approach line Jacobus application continue patients product approved how with approved to approval for switch to to them years, took and had an adult pediatric encouraged for to the data had, that after before we access to either for our the in translates that Obviously, Ruzurgi simulation for it exactly safety patients. to that what patients submitted seek is the continued all that we along LEMS,

business Okay, end make last Pat, anticipate of something the my something completing development if sense. color the goal and one I would Appreciate guess the regarding year. activities. all And then by question on the back that you question to is, you of of that end infrastructure? cash could established year the of accretive the year? that for revenue or the by be to a look future leverage finally, transaction? Would have And in next happened stock do commercial you some opportunities preference use to you

Yes. Great questions, think could Charles. our the point. call Obviously, to we would leverage same love with force we sales

a that's think to at came I spend of opportunities. be going looking We really, neuromuscular difficult. lot And empty. time up we

look our access, And we, other about year. products. to things we marketed therapeutic that, a But year back some our oncology. that expanded know months synergy ago, revenues six terms ago Again, will we it there in next office, with of about categories not other be nevertheless or reach but than that patient So as market therapeutic shifted expect you to services, be like to accretive we the focus would field approved force. anticipate into

stock, With grow is quarter-by-quarter. we now continues we're -- to strong, our cash are that's where or So a in cash position think that regard position to focused. I

take We there's want plenty debt have available the to market. know into not tapped we that it on. debt We if of

deal cash that questions. the your and needs the I or or good combination. we're a think I come Hope of a stock target answers deal position think do into a desires a and in play So to equally

your of Joe with Please comes questions. Piper Catanzaro line from next the question proceed Our Sandler. with

have the pace where patient light Hi, expectations the are on the new pace, relative in you to for enrollments in of or you same first sort what guys. in the the first my half in two. of steady you I seems up and Maybe saw year taking back continue XQ you half? like of naïve that Thanks some expect Would follow what or Thanks. questions And one here. accelerate good of the your and the growth. temper nice terms saw the in at second year? for of to perhaps half saw quarter of congrats in guidance a It the

turn Joe, Thanks, I'll Jeff. over to question. the for that

expect the leading based pace I And do to continue. of Yes. we on Joe, the indicators, the mentioned, growth like

enrollments New steady. Discontinuation remain very strong. are rates

still there. excited the growth that's So we're remaining about potential out

And then go Jeff Okay, got it. -- Pat, ahead, sorry.

to Yes. XX% had to But for earlier we the XX% year. anticipate what reiterate be growth that said still Jeff range in the to organic just the

we're there of patients that confident can are help. out there so that a And number naïve we

Okay. wanted I you on that LEMS. Jeff I of from something just enrollments to XX% follow were about new up quarter naïve said the the in tumor think

wondering that there, capturing sort much target number would if opportunity you're you have possible? Just of a mean as that as as

We number established is. what haven't the quite target

treatment Our cell tools to FIRDAPSE. for out really small is XXXX there there's treaters goal help or to some educational lung to physicians a LEMS cancer implement out learn about there and then that

about and those increase. happy learn and of here, -- previously the new were programs enrollments XX% LEMS then was those tumor channels patients. return the next were return about that goal I to mentioned initial implement see see whole the so is of to or our the this to more to We're So XX% had that year year.

Now potentially we're to XX%-ish, about XXXX. we're accelerate we to but XX%, put to that hopeful starting that see next hoping see in that a year haven't what will place we're final to really in target

you one you that one some around covers. patent me, I'm that what from to Jacobus And received details one that Okay. patent you have last provide mentioned explicitly could if maybe listed. intend wondering from Steve, you

in and impurity unknown a novel for appears new claims that that contain contains patent previously all amifampridine. products That

quarter. it. Thanks got so on Okay, much for again taking and questions congrats my the

Joe. you, Thank

from of with your proceed questions. line the next Lee question with Securities. our Joon comes Please And Truist

thank Les I just on is for want This patent follow the guys. taking you Joon. morning, questions. Good on question. for to my up And

six to acquiring have the now prevent now protection approved? generic So out a a additional chance a And any for this Is aware question have Jacobus, being My essentially, from strong IP potential XXXX. to fall? filer? there IP will patents a to potential and Book version ANDA of coming you. after are is, a generic filers in you how for potential Thank your any two amifampridine you filers Orange of be there is

the Well, answer let question me -- second

we've I'll that, Les. of IV. or we point an remiss file generic take think We would growth would paragraph And ANDA competition that or the first companies didn't nice said be as generic we the very product not at if some anticipate part long for term.

So we're that. prepared for

we yet, know be So but ready. about Steve, strength to IP? the talk of don't you the of any we'll want

say of generally on It's actually Sure. There's level. we patents I strategies. potential very and enforceable. believe talk little good you it about just they tell counsel. a very patents can regarding strength bad practice future are advice can that that is they're high the litigation to I Basically, of the

Thank the that Thank Then still are you. patients me the Ruzurgi. FIRDAPSE? do expect on IND more you to you that on conclude for patients transition that and When one color. for to to

want you you, me or that to take Pat? Do

Yes, go ahead, Steve. take Please that.

the assets transferring of of in assets. to from midst inventory all We're assets regard of the purchase Ruzurgi. Jacobus the those with existing of Part include Ruzurgi the

are what ongoing currently Ruzurgi supply receiving duration the who can evaluating we which are and provide to continue the long-term for plans to still are We that to the Ruzurgi. patients for

myasthenic of those not to congenital And that, Steve, LEMS other neuromuscular conditions I'll INDs are investigator most like Most patients patients. add that are under syndrome.

of at So this not to label point, patients discuss appropriate use it's Les. probably those off for FIRDAPSE

I guys. Great. it. Thank for you appreciate that color,

you. Thank

back now to over the reached have Pat McEnany remarks. session. for of closing call question-and-answer turn we the the And end I'll

everyone Have look to our forward day. Thanks call. corporate great a next our We update. joining for

concludes today's This conference.

at lines time. You Thank your participation. this you may disconnect for your