Catalyst Pharmaceuticals (CPRX) 10 Nov 222022 Q3 Earnings call transcript

Good day, ladies and gentlemen and welcome to the Catalyst Pharmaceuticals Incorporated Third Quarter 2022 Financial Results Conference Call. All lines have been placed on a listen-only mode, and the floor will be open for questions and comments following the presentation. [Operator Instructions] At this time, it is my pleasure to turn the floor over to your host, Ali Grande, Chief Financial Officer. Ma’am, the floor is yours.

Good morning, everyone and thank you for joining our conference call to discuss Catalyst’s third quarter 2022 financial results and corporate highlights. is Chairman today Officer. Chief call the Patrick and McEnany, Executive Leading

our Further also Miller, will Medical Officer Regulatory Chief Carmen, Steven by also and Officer. Commercial Chief Del We’re Ingenito, Dr. and and have our Dr. joined our session, the for Q&A Operating Gary Officer Jeffrey Chief we Officer. Chief Scientific

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

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

expense to the XXXX quarterly assets the the We million Company. quarter quarter share for a our accounting for increase $XX.X reflects an growth per related of representing of of of charge third which proud financial another Ruzurgi net of of We share, related all-time $X.X net consecutive reported third amortization results, the over $XX.X in revenue million and to basic report per from income XX.X% share, to $X.XX million, inventory, the – the quarter write-down $X.XX revenue third and XXXX. third Pharmaceutical product the which quarter or a incredibly per acquisition the of Jacobus GAAP are quarter high recorded outstanding Firdapse’ diluted also treatment marks and certain

Our third non-GAAP net income share, was for net basic removes diluted million from $X.XX $X.XX per income. our share. net quarter $XX.X per GAAP the income or and Non-GAAP

as Pathways. the on the Our Catalyst treatment right the much Firdapse non-cash new revenue our have depreciation about during guidance stock-based month our acquisition amortization enrollments we to compensation quarter say more XXXX impact of provision. confidence We and $XXX and in the a October, and certain our goals. year income Ali accounting our of result, we’re Jacobus matched further presentation. and as of with month to that and a revising upward, to to result objectives for $XXX the are our P&L assets the million. tax achieving on path will best In fourth full we entered And million her XXXX

of $XX the acquisitions. of remains $XX OpEx million exclude Our intact cash XXXX financial to and any guidance will impact for million strategic

currently repurchase as cash expected to the $XX.X million Also, prior keep Our our initial acquiring mind quarter on in payment development third continued activities. to-date, and for in conserving the this cash million Jacobus paying investments. to we fiscal and their cash hold cash of $XXX largest which that, and quarter. early after discipline. short-term we grow XXXX of XXXX increase entered our is with This over the position the investments quarter is quarterly the program third continues demonstrates Please in just certain quarter the $XX business rights share in for assets to a short-term increase further as [inaudible] million represents is in are third

cell cancer. of small As comorbidity a XX% of suffer you patients approximately LEMS with with lung know,

rollout We These cell of in cancer for soft large to us quality sooner thus our a marketing physician identify have programs their and treat teach commenced oncologists the life. LEMS. thoracic lung to a oncologists on new community represent about opportunity LEMS reach early of small initiative a help gets untapped and hopefully for others drugs to better and patients

Our have acquisition the at these a global in involving minutes. US of of Jacobus in as all Jacobus hit certain Early say ground about settlement speed the targeted full will next year. programs programs part a more we third new of will few beginning oncologist litigation, assets. Pharmaceuticals achieved to the the quarter, Jeff of

involve With the the path completed, In forward actively neuromuscular previously provide who meantime, our assets the under long-term the acquisition Ruzurgi being patients assessing which and for conditions inventory INDs. were of receiving drug we cost, prospects many manufacturing, regulatory, product. the continue related receiving other to issues financial are team complex is existing than LEMS, to for evaluated, existing to for treatment Ruzurgi feasibility. investigator-sponsored the The the Ruzurgi

US the more of Orange in listed an bringing listed patents XXXX, our As date to acquisition, the patent intellectual in added to the Book Orange the of two additional February part with total Book number six. with an patents we property portfolio, of expiration

the and pediatric supplemental the of new age the also LEMS. US Firdapse, application of third of range announced six age receipt older patients, quarter expanding for the in for of years treatment to approval indicated We the drug the include

serve. community be LEMS this population the that is to than estimated XX to we in US. While our patients demonstrates pediatric This the milestone patient commitment less patient continued

our diversified During a overarching strategy. in aligned portfolio to growth the building patient-centered towards significant opportunities with strides identify third our acquisition we efforts quarter, made

targets business development continues priority assets and portfolio or of front companies. to-date, we an to of be broaden acquisition of on initiatives products launch the a are reached due been to and/or our commercial We governance later our SESG remain hopeful announce assessment topics our transaction diligence in will position this appreciable identify of strategy Currently, companies the and commercial partnerships, that agreements are or sustainability the of in and no advanced in we These we with sustainability key while initial anticipate to half which report, comprehensive collaborative for social be will the advanced the have through activities. acquire we and to first Our as recently foundation stages intention a XXXX. published year. for environmental, to our product diversify ESG stage stage will efforts serve key our

this announced industry. Just the to significant Company life Catalyst of named BioFlorida. for milestones achievement of Florida’s Year science the and by was of we the was This recognition that week, growth

been accomplishments, and is for which to hard testament many the to honored entire Catalyst have recognized a are team work. for We their dedication

Fastest market a for are In a company’s to of S&P ranges SmallCap It the from XXX be three-year that period is stocks, Index. XXth, a during the achieved XXXX, added included SmallCap XXX% The $XXX index, through weighted stock Growing million Fortune This $X.X range covers index, Poor’s. by small recently XXX stock Index cap the of based S&P On XX on to XXXX the total established cap a are Top the capitalization listed market Standard Companies. to roughly have using US a Magazine’s in addition, in must index and in XXth we XXX billion. ranking returns growth we June revenues, profits which is ranked September growth and over number period. stock we that

for As long-term to stakeholders. entered execute positioned fourth momentum, our value into the priorities opportunities sustained growth we quarter to well to the business and our we’re added with with continue strategic translate strengthen that

a performance. by that turn high excited Commercial we’re thank We’re Del and the close Jeff LEMS to our in now all I’d further year highlight note. to like to community Chief as to well direction serve. valued of I’ll Officer team call expect our the Carmen, our we physician which the and on Catalyst headed patients out commercial over members

Pat good morning, Thanks, everyone. and

tremendous in million, I’m We the organic and QX QX, building quarter results with by represents growth. were growth the first the organization. X% strong same which $XX.X growth results of are quarter proud upon delivered reflect flawless momentum from the QX ongoing year. versus half demonstrated the year. XX.X% last net sales the the commercial of quarter-over-quarter, entire execution continued Firdapse’ pleased

than in more New enrollments exceeded XX% in forecasts, QX. net QX patients new resulting

accessing discontinuation in maintain to the and government month. including by than less than Catalyst greater contributed of than or had commercial of private XX% are continued QX. access Operational of Medicare than to assistance, annual than was of an rate covered favorable foundation rate excellence XX%. lower an average QX in ensures all discontinuation per compliance and those payers, $X enrolled reimbursed high Additionally, less Patients who Pathways, across patients greater co-pay XX% XX%

to guidance and have our million we raised revenue mentioned, $XXX Pat As between million. $XXX total

unfortunately Leading that patients were very already number are well of misdiagnosed sustain while undiagnosed. are organic to patient that are than Firdapse, our primarily far in yet not we from as post discontinuations positive. forecast. naive on of lower highest matched moving patient new We patients total continue LEMS new significant the enrollments enrollments October QX driven indicators or will confident launch, thus growth forward, diagnosed as

be patients marketing targeted on for enrollments month, well XXX on Our LEMS XX% diagnosed opportunity accelerates each Firdapse. treated Firdapse caregivers and in Firdapse, appropriate. not to approximately as the healthcare Focus close as of these LEMS enable strategies leads with results educate to about patients leads yet patients us that and providers, are these to LEMS maintain new when and

the of channel XXXX, to data validates shorten in patients in analysis least calcium is Laboratories a our XXXX at XX% from working. antibody which Additionally, for further increase tests voltage-gated National LEMS versus efforts journey diagnostic indicate

allocated United growth LEMS X,XXX non-personal LEMS cancer, have associated of cell engagement. estimate patients organic XX% about for underlying with cell oncologist the Firdapse of are that year through small opportunity and been thoracic that cancer. conference Another small We in there States. approximately resources lung the this educate the to Significant lung an LEMS and is promotion approximately cancer are typically cases

opportunity. of enrollments lung with participation. we small the cell XX% our month. for that cancer each are estimate account oncologist lung significant of data of cell addition XXXX, undiagnosed, suggests LEMS increase However, share thought than liaisons, patients of representing LEMS a small XX% thoracic we new greater cancer oncology patients more along lung almost Currently, to through In with conference voice leader will cancer

programs LEMS engagement. this believed patient of and This that live patient the that about access Pharma to virtual partner LEMS offers and In strengthen looking from gathering cancer patients support liaisons, Recently for we we for earlier to relationships PMXXX great our the addition, was patients resources institutions was award patient and lung LEMS are and nomination year one-on-one advocacy educational small largest diagnosed. Catalyst patient more to in nominated cell be recognizes clinicians patients with to forum US. and Award get with both to Catalyst Choice patients help cancer the educate to lung of screened programs the held the continue

growth activities. now to turn the forward. commitment for the efforts which to update and pleased remain have Scientific want We our In this an our LEMS continued unwavering with organic and industry QX to Officer potential at recognized LEMS Miller, performance are for resources pleased I been Firdapse optimistic the on underscores to call nomination, to journey. thank help Officer team assist R&D over Steven Catalyst valuable are patients in them I’ll providing their in to about for treatment we the for Dr. very Chief with closing, moving Operating Chief entire their community. our

Thanks, Jeff.

seeking patients on focus pediatric supplemental Our for begin to new LEMs life. approval Firdapse of and our clinical for patent its recent and the strategy expanding to drug all commercial the maximize access to treatment continues application estate by of regulatory Firdapse will I the discussing LEMS treat to for patients. enhancing Firdapse

supplemental to During this I we by filed of the pleased report September first that of quarter XXXX, FDA am was it the this on approved NDA XXth and year.

the supplemental access in an and and patients NDA, adults FDA treat six LEMS US. will aged of pediatric the Firdapse all approval to have approved now all the to as their With above product

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

to we from Next, that patents acquired XXXX. property new July our bolster year, Pharmaceutical portfolio two for out further potentially this intellectual Firdapse, extending IP of in Jacobus our

brings of XXXX, February listed been in to those patents FDA’s has of of six. which Book Orange number patents total an date with the listed One XXth, Orange expiration the Book

is The patent listing. eligible for but enforceable, other not

settled intellectual the part confidence our of As Jacobus. our Firdapse. us in of acquisition we demonstrates of the In review, Jacobus, further against settlement from its commercial durability assets the property of reinforces exclusivity robustness litigation our patent estate gives and our Firdapse

we one initiatives, XXXX listed management to XXXX to Catalyst’s portfolio amend six Orange IP ongoing Xth, of patents for from and May Trademark with our worked of of the exclusivity. part as additional Additionally, April Book expiration Patent weeks Office the US an of date XXth,

a all LEMS of part in States Mexico. of our Ruzurgi Jacobus, This from our strategic assets and acquisition with United to serve aligns the license acquisition As patients. we acquired goal for

We existing settlement. had patients to are myasthenic These the syndromes congenital about treating than intend settlement. these receiving patients the is IND tablets amifampridine Firdapse CMS, to tablets amifampridine other INDs for to IND tablets not conditions are time continuing this to at holders supply access supply XXX amifampridine those At with that to time we of the that at LEMS, approved. continue which or to treatment currently were time, under predominantly neuromuscular of holders

engagement with physicians is that patient verified applications these We IND have ongoing. are current and these

in on the these longer-term. also manufacturing initiatives to tablet drug investigational requests We’re for new service amifampridine order working application

patients. treated maximum dose Finally, dose from already the after milligrams XXX per day to justify through providers a supplementary per patients need worked – increase Firdapse their to the Other XX day. indicated the and of Firdapse to described milligrams and and dosage help optimize the expressed milligrams to will to pharmacy of previously if this this approved have XXX indicated treatment the to physicians on and indicated supplement their insurance of current daily seek to NDA dose increase we’re milligrams, data The of patients planning being access day. the are per higher with And that at XX maximum number acquisition Firdapse per increase XXX dose. believe may Ruzurgi dosage efficacy to the day physician maximum and indicated us milligrams gives the seeking any rights to bolster we safety filing future the those of to

dosage for Ruzurgi of day a children. previously milligrams per a was at maximum As reminder, approved XXX

the has Our of just in in and NDA US to Collection safety XXXX. for approval sub-licensee data enrollment to follow-up the NDA and Japan early Phase Firdapse completed Japanese Japanese X Japan to required partner, in translation seek DyDo Catalyst order underway trial, an for documents is file Pharma clinical in their is which ongoing assemble is market. of

in business have front, key that development we significant strategic evaluating long-term the diligence, in And on opportunities. should efforts stages been we’re patients. therapeutic we benefit of progress these Finally, opportunities our initiatives. strategy to substantial are a accelerating A the of element advanced due candidate our in and is with provide making evaluation opportunities

identifying While and opportunities, capabilities we of haven’t yet opportunities the reached our agreement on any right maximize these we remain resources. confident in to

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

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

Thanks, Steve.

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

rate tax exercises our option in due basis XX.X% of in basis. for a in We an increase of the quarterly a effective increase on rate Our quarter to is tax price. third for on XXXX. due rate third XXXX sharp XX.X% effective anticipate an our annualized decrease The stock of the to XXXX was quarter third the for quarter stock to in quarter the in XXXX, of variability third tax compared

a However, third XX%. $XX.X rate third to XXXX the QX was Pharmaceuticals income of income. acquisition operating for million $X.X to an from QX $X.XX $X.XX year normalized asset more effective million. net stock-based $XX.X range of This represents net $X.X $XX.X Non-GAAP total or quarter of of of quarter from from $X.X an million compares ‘XX net expense of million, of basic stock-based of operating basic approximately share, increased license of $X.XX compensation $X.X we depreciation quarter of of of tax net or This diluted XX% and income excludes for $XXX,XXX XXXX $X.X XX.X% related income tax the net million, amortization GAAP XX.X% the toward Cost from Jacobus million income XXXX. for per of sales expect non-GAAP the $X.XX provision XX.X% per costs for The for in non-GAAP million and $XX.X ‘XX. of share, quarter excludes per XXXX costs expense the compared of provision and of of of million which year-over-year depreciation per and income the and million, increase an above compensation of third to when third represents ‘XX, $XX,XXX, diluted QX $X.X GAAP tax for total for which $XX,XXX, million. income up

product licensors. XX% of XX% consisted royalties sales Firdapse’s quarters approximately due of principally of to net, and the of For XXXX and respectively third cost our was to revenue XXXX,

of SG&A were sales for product XXXX. trend million XXXX, total to million sales we of Firdapse’ we increased Since million product quarters our quarter two to when expect totaled the XXXX, of million $X.X SG&A expenses to for operating the in due in XXXX. inventory quarter principally for ‘XX. in of $X.X QX for the This will the expenses was percentage quarter third from the XXXX exceeded expenses of for in ‘XX in third $XXX QX compared any early R&D as total royalties and for XXXX cost with XX.X% $X.X in to licensors of sales $XX.X inventory quarter, ‘XX. development acquired net of the Ruzurgi write-off third third XX.X% million by quarter As that year. exceeds acquisition. QX $XXX of of for increased a third we And percentage decreased expenses last mentioned ‘XX compared from XX.X% a expenses QX connection calendar net million, the of million higher last quarter XXXX. to the $XX.X quarter the for in compared third Research to operating the expenses XX.X% to recording X%

accounted asset per in into was approximately As tangibles quarter. agreement a amortization next and Jacobus agreement in a be Mexico. related US XX.X early rights July previously as forward intangible acquired the License purchase of license, and XXXX. license This noted. his in will Ruzurgi acquisition was for The and over to R&D manufactured and years, inventory a going develop resulting with inventory reminder the Jacobus. license enter totaling we third quarter the with $X.X million. expensed we connection and acquired in commercialize by with asset during basis $XX.X acquired XXXX, of the to million as Pharmaceuticals In straight-line amortized an a $XXX,XXX in for value acquired The

and of million anniversary with at Jacobus in During closing. second we we’ll $XX acquisition, third paid the $XX license the pay July connection million on asset XXXX, the and closing and

filed performance the on yesterday, Exchange the in minimums expire, quarterly single-digit defined certain of November which will may of royalty our Commission in can In in Securities as amifampridine and agreement on detailed circumstances. certain reduced information website with a on may at XX-Q, ‘XX found and Form patents small Xth, related page our we financial product be be QX www.catalystpharma.com. US, sales until Investor report which eliminated addition, with or More the analysis and was pay found the Relations the be under a

As million, further of strategic support call cash believe R&D advance will our programs growth our the I to we initiatives that, Pat. ended diversify we reported, investments and portfolio. our quarter the us and will And with $XXX.X which with over turn enable to to

I’d and that fourth patient near-term strategy. shared impact we to again, is our a our positive dedicated say closing deliver strong community Operator, Thanks, the prepared our delivered and attaining successful proud quarter, have the we’re once Catalyst achieve fueled strength milestones, by we’d a like lives, call of having the team to our and how outlook are third we performance patients’ are now tremendous serve. performing With and questions. that value our our and of execution quarter Ali. teams like goals long-term to Catalyst’s In commitment our reflecting for employees that remarks, the and I’m on the financial who many to positive year-to-date for which well our positioned performance, operational open the stakeholders. to business’s

Thank for first questions. ahead, is now Joon floor our comes you. And open from Truist. from question Instructions] June. Lee [Operator Go The

Les questions on from had for Yes, just on few a I me questions good my and is This congrats here. the for Joon. progress. taking Thank morning. you

can many those And are are small offered currently what – cell cancer comment how you the on many patients? first, So Firdapse on patients lung how of to-date?

the Good I’ll that for morning, Del Les. Thanks turn Carmen. Jeff question. over to

some the you the What that I lung of historically. know for month you haven’t cell strategies LEMS LEMS mentioned. tell mentioned numbers cell enrollments XX% We’d lung patients. small to recent our that thanks are new I cancer question. I of can like small And provided grow number cancer is we as patient about continue will that implement Yeah, in

the of, potentially can course I could comments over targeting to and cell target this on the throughout drug it. lung appreciate that, progress how Well of the these we patients as got guess, how X,XXX year? and you starting Okay, you on you of next expand throughout but made build the on population you are and cancer small up kind year, year get many earlier,

know say we You up in about XX% what that we hard number seeing you XXXX. to expect XX% know, know, to as XX% far currently we’re move to you it’s as from expect, that but to

that’s expecting next growth of type So the year. we’re that

the that will As we’re for, leader test, cancer to create of programs hopefully some around allow to out. the that working we’re And that lung key small far really the liaisons with as patients tested budgeting thought individuals think of for place, in patients help volume and country. those programs institutions cell be high partnership that putting cancer as sooner, those, the with be to to and with VGCC diagnosed a fluid identified these be the

diagnosed, our approach are there. are a be oncologists and we neurologist referred or their neuromuscular a or either – then typically So patients neuromuscular that own. there once on or And will also, specialist some they to oncologist, that’s thoracic neurology these diagnose will treat

to that’s is So liaisons. our available efforts treatment these have And that the the leader already disease – as which LEMS, we channels physicians educating that about out that’s whole state, the as well multiple with thought strategy supplement we’re through the Firdapse. there, to

And would tries something seasonality Great, flat imply of down bit XQ Is or little guidance, or at it I that a that else your is helpful. your with would do XQ. to this? versus be guess midpoint looking on

we, year, know, guidance. No, get first time you always we’ve remain know been We, Les. Pat. this you you for we as just to conservative, We the know we’re This – conservative. going is

not sitting and we’re with range. on our here providing down comfortable this way we’re that would for the through to working have a I today say start I So to this quarter, based you a we’re quarter. going –

in I’ll that you. helpful. queue. jump back it, is the Got Thank

you. Thank

Thank you.

Duncan Go Charles Fitzgerald. Charles. from comes ahead, Cantor question next Our from

morning. questions. good the for on It’s the Hi, for our taking Charles, thanks congratulations [inaudible] on line And quarter.

follow-up. a commercial I have end couple have the a on and then I So

persistence So growth you could you hoping from between two could the a or if naïve whether the wondering as difference Ruzurgi. well Thanks. there’s And start characterizing was by versus distinction also the treatment discuss groups? breadth as base? I depth in reviews user from then patients those been I I was you’ve was in prescriber guess And seen a if switches patient if the between

Jeff? question the then. for Thanks Good.

Sure.

the a as truly one-time our center may when of – of of significant LEMS. not that’s you area as far have only be not there’s throughout handful that are – riders, So indicative there patient and riders base excellence but and the XX% for these you orphan one treats LEMS, of therapeutic prescriber depth the case breadth part diseases, a that other know that’s but our or are, the areas again, know country they a therapeutic of or the that centers

see of patients. higher So we’re that neuromuscular is volume broader XX% future it, a that, a specialists potential at you the – enrollments our of seeing a when and look a in base is LEMS in about volume will QX potential know wider prescribers. know And you we were from specialists, neuromuscular

their will too. So Firdapse gain appropriate Firdapse that with know prescribing patients to in for physicians we additional know what look they for, and opportunity future hopefully identify you LEMS and that within are as to practice there’s seeing think experience patients the LEMS look

the product the in over difference difference therapy patients works, Firdapse, That versus were any seeing that transition we’re to the any patients These did questions? when not always on they the that just patients, the over patients subset not transitioned rate we’re persistence. patients for as were that discontinuation not far your and higher answer seeing of transitioned Ruzurgi lapse in As these between in Firdapse.

a Yeah, I quick have follow-up. And absolutely. Thank you.

think non-LEMs caught – I neuromuscular heard that on disorders during comments patients I there the So with are I Ruzurgi. who are still

characterize choose for you with from you disease Ruzurgi choose And other you route be a to states may of could those know – was what you Firdapse? pool go if to the indications if or wondering that from Thanks. to choose patients, pursue would you So clinical development? that I you would and would, which if pursue

Yes, I’ll ask great. question. to answer Great Dr. Miller that.

Thank you, Paul. That’s compound question. actually a

syndromes. discussion, me and the myasthenic questions. meant disease The of hit have, all our earlier that these is part – mentioned most of patients remind I congenital So I – our don’t if in the part of INDs. different not consists about of being currently are over disorders. The XXX under that Ruzurgi genetic with a investigator collection monolithic disease, of XX actually And disease treated patients but is single it’s a

by We have this reality FDA discussions subtype. design the we clinical studied about that are the and that, clinical it in trials trial see the is disease for the with had agency stratified wants have to past, genetic

an with And indication right trial And specific those continue at the so difficult. And time. indication myasthenic makes to this And provide to go we because plans any we after syndromes. patients design a initiatives have try pursue don’t congenital for longer-term. underway syndromes now have enough But we evaluating, we if that are have to pursue provide to patients will patience order the used to we with drug clinical quite manufacturing to. that’s currently for what they’re Ruzurgi, the to for in congenital myasthenic

– for very the helpful. all that’s me. much. Congratulations quarter. you Thank that’s Wonderful yeah, think And I very on

Thank you.

Thank you.

Go Thank Scott our from question ROTH Capital. Henry Scott. you. comes And next from ahead,

for I team success and I and congratulations, Pat the to Thank you’ve guess had such did a have tremendous couple Ali. Firdapse. questions. on whole you, with of

little I for a million expense a First, you think quarter? the you in – payment? one-time Ruzurgi out bit looked $X did? like I did don’t the that pull it

a inventory Jacobus. be the will our related this for acquisition it we to It’s Yes, to in – quarter. from one-time expense expense related that

included was GAAP income. And our net Scott that in

our In Yes. caption. R&D

Yep.

non-GAAP correct? too, was it in believe included I the And

We not it did non-GAAP. exclude Correct. from

you become thank interest income I Ali caught starting meaningful you. a is number. there, And to Perfect, since

get You cash on know approximately rate you that balance? what do

all part Scott, depending this rates we, X very course, days, earlier And, them. around you those Today, year bills. t basis right for rates And up of yeah, getting XX you were nicely. X our investments we’re you buying most have to moved X.X points. are the on know when XX-day the conservative, know buy

So for in larger significant increase investment income. potential

Yeah, a a have lot then it’s a of question. in picture just I good time bigger cash. to And guess,

getting. But know do a non-small growth this asked would You lung the boost how organic of currently, particularly you’re lot cell I on you categorize question that? the calls. cancer the you kind Where with view

over again. that turn Scott Jeff I’ll to

Scott. Hi, Yeah.

the that several sustain we very last organic about to over years will we that and growth. growth confident XX% are organic XX% is Our this to demonstrated continue annually. we’ve And

And Okay. question. a then final

patents. a You’ve got position a Orange listed good in – place, multiple you’ve got Book patent strong

Just someone I or that part be if with on these, think Would I the of regards typically business we you expectations. someone mean expect thoughts of just should surprised as challenge challenges that? Any to to cycle?

Yeah, Scott, you’re right. exactly

excess didn’t to You million. part $XXX it’s point challenged, the in know Again, of some if it’s be the doing would of expect just with be that’s remiss, we at business. – we drug

we prepared. and you know So I be will anticipated it’s can tell that you

you Thank great. taking for questions. Okay, the

Yep.

question And Joe Piper ahead. our from next Catanzaro Sandler. from comes Go

I is This comments was tests. antibody first [Albert] how and everyone. your quantify than on of there could, maybe tests a congratulations [ph] Hi, XX% on rather nice was really channel calcium in interested for the a many quarter. if maybe wondering done? I was And off, just more increase Joe. on were in insight you these

just looked that at six of to versus that XXXX. the we was it’s has and you with can the don’t in And delayed Laboratories me, National been know getting when number and obtain, you on we number tell we just greater at when partnered can that at the raw that I hard because but it, is pandemic. have raw available. I data XX% number, we What is months looked is, say What information. least very in That data the XXXX

that what So LEMS, that tests were in and are able to now efforts to into for what symptoms there. diagnostic that for working, unable hospitals get tested, patients it signifies these get to is now to get test how and our patients are understand it’s

addressable. sooner. also get get help VGCC and these can on patients now we should patients positive And that be Firdapse more will now tests those So

that was that’s what really signify. meant So to number

Thanks. great. are kind just more milligrams maximum one was daily dosage it Okay, Maybe of a quick pushing already I one a day? significant of this XX that patients portion of is wondering

at or When our our higher. XX% we of are look patients, patients about XX at milligrams

base. patient that’s So our look yeah, we in current what at

All very right. That’s Thank great. you. Okay, helpful.

you. Thank

to And for closing remarks. appears it any be would to this turn now I that at time. Pat last like back question to the McEnany

our Thank our everyone Thanks, have update. call. great next corporate forward for you. a day. joining look We to And

conclude Thank your you participation. conference. We you. for thank This today’s does

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