Catalyst Pharmaceuticals (CPRX) 9 May 242024 Q1 Earnings call transcript

Greetings and welcome to the Catalyst Pharmaceuticals First Quarter 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mike Kalb, Chief Financial Officer. Thank you, sir.

You may begin.

Thank you. thank first joining and quarter and to conference business everyone, Catalyst's discuss XXXX morning, you our for call highlights. Good financial results call Carmen, President and be and presenting. Daly, and will also leading Richard CEO, I will Jeffrey Chief our the Del Commercial Officer, be today;

Additionally, Miller, Operating our Officer Officer, Chief Scientific Dr. be available Steven will for Chief and the Q&A.

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

raise, regulatory execution, total diversification our delve XXXX the XXXX. March on $XXX.X delivery portfolio position, provide continued equity approach, of quarter 'XX, will financial our in with revenues our discuss Catalyst focus strong as Mike. our first clinical update $XX.X our with performance we and Thanks, on into we Welcome as of well excellent substantial the Financial XX, finally, delivered million into our which QX This and an January million. Results Today, totaled another enhanced along QX milestones, cash Call. to quarter of as performance performance, insight discipline. In provide on continued

agility our deliver the our growth FYCOMPA. market enabled execution consistent meet our successfully AGAMREE to I the set and and performance targets to to we quarter, to During in want and for team for respond on the drive launch continued on in for them. opportunities focus FIRDAPSE, team continuing challenging congratulate

tremendous for growth significant promising We the to milestones deliver demonstrated to drive ability more than our the poised the years. for success continues sustained are a achieved. brand by testament as strong X double-digit FIRDAPSE to growth, of

on muscular launched Additionally, for Duchenne's March we successfully or dystrophy, AGAMREE DMD, XX.

we speaks Although just to prior successfully by we experiencing trends. Based AGAMREE on launch over performance very of and X this Catalyst of to excited financials, deal great tremendous physician performance response, AGAMREE's in into market launch ability included we a to when reviewing well as the are AGAMREE's momentum, Pathways QX did potential integrate conditioning services patient the weeks and are uptake infrastructure. are patient and our as our our

significant step-up a the QX product will further about believe in provide for discussion. details his Although AGAMREE during is it's beyond. in early and we positioned launch, Jeff performance

Let's regulatory. transition development product to and

a the safety for and registry preparing low initiation the patients. We the that early. number steroids; the safety two, steroid the patients treating too impact of potential discontinue rebranded patient of long-term data, and of number product's traditional long-term steroids. This to: deeper a challenge effects our long-term to steroid have For fundamental too reported in DMD gather of number launch SUMMIT use AGAMREE, dose to which we study for of is benefits understanding Long-term these aims use we in and use delay to can therapeutic cause AGAMREE, three, long-term previously the study as quality-of-life are offering recognize study. in accrue doctors steroids; benefits one,

We have AGAMREE start in real-world profile with data patients use with patients and physicians may accordance therapy opportunity longer safety offer the the to dose of The potentially goal of for evaluate the benefits the guidance FDA of and sooner, improving SUMMIT on designed to effective AGAMREE. DMD. therapy and care quality-of-life study with optimize the of initiated stay the long-term the

on Moving to FIRDAPSE.

for Japan, from treat FIRDAPSE XXX flexibility the provide seeking approved, we with XX regulatory If We PDUFA XXXX, the Japan our FIRDAPSE milligrams. this year it the to to and New potential them. Internationally, sNDA therapeutic physicians await daily NDA last that Application are they milligrams to as eagerly who late we DyDo work QX end word supplemental of year. continue X, around believe filed with Drug they authorities increased a June that of the maximum increase our expected on in to the Pharma, Japanese our date QX, decision partner and beginning patients the from of is awaiting dose creates

Next, business regarding portfolio and development diversification.

on We opportunities. increase fronts X are working our to BD

expanding First, portfolio. our

adjacent and exploring We opportunities orphan spaces. in our portfolio are aggressively to orphan this expand CNS

approach decision-making, for our vision. and with We long-term a alignment comprehensive success are ensuring optimal to taking strategy our overarching

are to working partnerships. we expand Second, our

We LEMS both expand looking for in the recognized like agreements a Lat treatment is enter are for regions. Am. options actively need FIRDAPSE APAC in opportunities and region to to the beyond There partnerships FIRDAPSE pursuing in Japan

we partners AGAMREE are for North with ex-U.S. in America. pursuing partnerships Additionally,

and life the Third, we exploring use our expand are cycle existing through management. of opportunities products to diversify

this to the update developing this new AGAMREE fully of project teams provide year. growth are we in this half for up open an avenues Our seeking plan, life for second an and cycle during to product, immersed on expect

promising with the strength reflect Our financial performance launch, further to product adding growth. quarter our revenue a steady product our driving first strong contributions and our in and accomplishments

over us additional formidable Del XXXX, total to our of groundwork our provide to our in with now details performance. excellent this journey the XXXX call we we further provide will who to We year grateful financial are forward range gives an momentum, million will performance We today. Since Jeff? Carmen, discussion guidance remain confidence surged our the team solid $XXX down about short- his laying delivering $XXX as of commercial Jeff the to turn million. on results excited Mike drive reaffirm overview of quarter, long-term full value. revenue which the for and ahead. I'll have outset during

Thanks, quarter Rich, and first good successful growth the execution everyone. performance. morning, commercial across strategic Fueled with exceedingly entire our pleased we of our by are our initiatives XXXX portfolio,

strong start $XX.X well million XXXX excellent As AGAMREE. XXXX Catalyst achieve Catalyst FIRDAPSE, our of to revenues an organic combination revenues QX the driven revenue total mentioned, commercial launch positions year growth of total stable Rich had sustained of and full product the by initial net FYCOMPA from guidance. of to

increase start in insurers. that all over new consistent same let the net starts, these business demonstrate commercial rates. line new XXXX me high approval FIRDAPSE. Net quarter a highest cadence our facts representing private is were low payers, a underlying discontinuation patient solid. compliance QX First, than that with with million, sustained QX year, Prescription forecasted FIRDAPSE XXXX. We $XX.X government in of patients XXXX our rates believe XX% across or projections, greater and of total were the QX growth a result sales last direct XX% since were

and As reset QX expected, reflected the the deductibles net seasonality and first typical of product revenues the the quarter the beginning at co-pays in year. of

Healthcare prescription were particularly cyberattack, refill and temporarily patient Change new by the some adjudications impacted in February. addition, In

also patients we not no-patient-left-behind the to of of exercised am in the of bridge and February, temporarily end drug for in reimbursement FIRDAPSE The norms. intensely could rebound report continuity prescriptions rapid care but glad commitment. I is to patient and day, we provided. believe refill rate Given FIRDAPSE what LEMS, March the at nature Catalyst's did the mission subsequently we X-day provided symptomatic their prescription. approach saw affected to of we historic to free in filled ensure the we that supports that back It days we any X who fill for that received was all our serve, a prescriptions

typically calcium treatment yet forward. education targeting initiatives strategic consistently XXX XX% journey resulted on care our organic from in programs deliver for voltage health and continue providers already not eligible moving pipeline approximately LEMS LEMS drive new stages growth that enrollments maintain patients channel are in reason is Tracking antibody of FIRDAPSE. a annual diagnostic Our of a LEMS for for consistently the come patients more to their ability gated to diagnostic LEMS rates, will will XX% various testing being half patients prime as this higher We our journey these group. Furthermore, have shorten lead growth with growth to patient to which patients FIRDAPSE.

our update solid further Now We FYCOMPA. let diversification. million, of me on revenues revenue QX $XX.X net an fortifying provide achieved

And FIRDAPSE's LEMS. epilepsy all the have We FIRDAPSE expect managers secondary XX% providers the rest and that continued calls in of FIRDAPSE on call overlap will FYCOMPA further Further, new the forward, net of health stable conduct and with been increasing for revenues account identify voice physician these ability share RAMs trained to regional LEMS XXXX. patients. moving care and for account points,

have strong positive the turn making revenues organic centers for our who written than at a we for believe our approval to believe on This launched XX. EMFLAZA patient Early very to for XX%, that acceptance over doctors Since DMD XX% on least experience FYCOMPA time. Further, primarily enrolled DMD by FIRDAPSE, most to the we initial indicators to this than expectations and our commercially improve approval. March in exceeding is are we prednisone of are FIRDAPSE, AGAMREE of continuing the We meaningful on excellence XX enrollments of are these of X net date, Based Payer the sustained practice stable generate greater averaging this rates AGAMREE. segments. less summary, exceeding for of expect the patient days with penetration of excellence, Let's of patient AGAMREE. AGAMREE. both progress interest, AGAMREE. In revenues we to successfully on patients due new and for is for sign show expectations. growth prescriptions centers to

strategies Catalyst continuing capabilities. I turn our patients want and with and the highly are to the focused call to now on will a successful demonstrated XXXX. I for unwavering their at our Mike. entire to forward execution thank We over commitment commercial maximize excellence to to look continued leveraging back team

Thank you, Jeff.

commitment execution. portfolio net for XXXX. To proceeds the January to Catalyst XX of unissued purposes but our in sold and continue general stock grow raise corporate million common for authorized to partnerships financial and objective, first our intend throughout on commitment quarter of through We its million future in expanding capitalize strong of acquisitions us performance during support opportunities We has funding pace $XXX.X driven our shares of to financial this strong and XXXX, strategic to on approximately discipline expansion remain in year our noted, potential Rich leveraging purposes. partnerships another year. the driving solid steadfast emerging portfolio set strategic the XXXX for and by our performance, to growth, As

the the first quarter which of FYCOMPA in Product revenue XXXX million of rights total to QX Our to were to lead year-over-year January of when quarter of the following revenues to compared XXXX $XX.X million million, total revenue XX% portion XX% product, late the XXXX. XXXX. for for of $XX.X for for XXXX million first in in increased first compared a million $XX.X for revenues recognized compared an first quarter quarter our the million, for were the Product $XX.X we $XX.X our of net acquisition revenue increase product $XX.X FIRDAPSE, XXXX. increase approximate net of of

compared by arrangements distributors anticipate these which are differences agencies. X of XXXX are FYCOMPA be booked and affected distributors XXXX between January As when and and size-cost government company those agencies, to a we higher. to revenues arrangements costs tied a reminder, consideration with revenue that in were Effective the year, variable for under this will

of consisted programs In quarter in the first support related commercially to and that Finally, of during was AGAMREE million are companies by in quarter net first in XXXX quarter insurance our the commitment the charitable our quarter year, the compared foundations deductibles. expenses And the Further, contributions mid-March. was year. Cost make product product the in the we of to revenue $XX.X in $X.X like the of launched million XXXX approximately was million. impacted we sales of fund many we available, that the LEMS calendar XXXX, of to first reset to throughout industry, the principally royalties. $X.X reported for first short patient quarter annual time first patient of

million $XXX As year. for X% royalties reminder, FIRDAPSE in exceed net by increased when a sales calendar any product

to As we a sales result, of trend this as higher expect progresses. year cost

Further QX on $X.X Additionally, quarter sales are digits QX I obligations details also of $X.X noncash note would XX-Q. Research calendar on compensation based to and AGAMREE quarter expenses depending 'XX XXXX due for XXXX as compared development in like expenses of and to royalty charges marketing their the separation carries this was of the million XXXX. The G&A XXXX, to in first QX compared terms to relating XXXX. SG&A achievements noted in of operating the moderately Form to on in $X.X to in well million SG&A for the agreements the expense percentage the as for believe year, XXXX expenses company's as a that the our was being CFO XX% slightly in support this a selling QX principally when year. AGAMREE expenses mid-XX%, expense within low similar former increased quarter a guidance to million overall first range CEO of reported in our XXXX the operating double expenses of royalty in launch the million we difference to AGAMREE R&D down QX as for first At XXXX provided FYCOMPA total totaled quarter company. XXXX for million with $XX.X XXXX the a and X/X point, of QX in retirement of XXXX. $XX.X of from XXXX be the XX% expenses we of incremental present quarter as earlier the and for for compared approximately to the full stock-based will of first to that respective

for for the of quarter XX% to rate the XXXX. first was Our compared quarter effective XX.X% XXXX of tax first

lower the expect XXXX year the quarter in effective to tax be in our slightly XX.X%. effective rate higher XXXX, rate annual Although of still we annualized than first tax full of

depreciation income to the in statutory driven is The quarter number first first options of million; million diluted income a income periods. Net of Ruzurgi of XXXX. of income non-GAAP $X.X stock-based difference tax rate For GAAP by differences. quarter in XXXX of million; depreciation to per taxes XXXX permanent income and anticipated year-over-year expense and $XX.X the $XX.X I the to GAAP net We XXXX factors, intangible decrease -- for $X.XX any stock-based was related and basic million of and first basic $X.X per income the first was compared $X.XX which incremental compared the our of launch many net the provision $X.XX XX% primarily diluted $X.XX reported period of XX% $X.X from assets decrease quarter federal the share, was rate tax for of basic income; million, XXXX XXXX, income stock expense affected $X.X in Ruzurgi pertaining taxes of million net that of of net or well fluctuate XX% operating to state It first intangible $XX.X related per of compensation the million, substantial of amortization future and of as and the tax FYCOMPA, AGAMREE. of effective AGAMREE decrease assets compensation per share, a of of stock-based $X.X per quarter compensation the XXXX which quarter by expense and and expenses expenses $X.XX million is per includes FYCOMPA to income million before including for taxes and annual or or as amortization of of was GAAP operating exercised driven million; net given $XX,XXX. likely from income to acquisitions first to prepare a acquisitions income year-over-year for for excludes of $XX.X noncash compares $X.XX million, onetime our $XX,XXX. This in before $X.X FYCOMPA also income per per the of net both excludes the for mentioned net or $XX.X GAAP GAAP $X.XX income, net income of of million, $XX.X and of quarter provision to reflects income share, diluted $X.XX basic diluted tax earlier. Non-GAAP and share. The quarter full primarily to of

cash generated cash in As which $XXX.X $XXX.X fund remaining primarily net The with to and in meet which cash compared value added is million first from report by website call to and XX-Q, $XXX.X our leading existing was was cash business Form by business found programs, flexibility and million page increase that, approximately the quarterly X, of and current quarter XX, information previously allow driven R&D with XXXX believe our driven XXXX. in initiatives, on at December January be financial in proceeds. ended be at The XXXX us potential may capital growth the to raise, our obligations strategic million to over portfolio Commission of million first and the I million can with contractual in reported, our Securities quarter cash our back $XX.X of development Investor creation. More operations. We cash increase efforts, XXXX and to long-term equivalents of we Rich. yesterday, and found support our $XXX.X largely performance May funds Exchange our financial expansion Relations filed turn our will analysis continue the our on in www.catalystpharma.com. And detailed

Thanks, call for the to products therapies innovative providing we we medicines updates Thank rare is difficult-to-treat patients with time, diseases. questions. delivering market. and pioneer expanding our you. success forward With of Catalyst, We an mission turn and in to this I'll look to progress. At forward your back to the operator, answering the on transformative continued look excellence, a over to Mike. resolute: record are At commercial for track and ongoing of first-in-class our primed portfolio operational

comes with Securities. line Instructions] Truist Joon Our Lee [Operator the first of from question

the doc And Can there then any BD you such targeting, just on updates share you epilepsy? a And specific your plans? therapeutic AGAMREE is area How on as any patient are that feedback is experience? This further along far Joon. or on in search? Jeremy for you're specific

for part? question. do the Jeff, Thanks to the first you handle want

It's What the efficacy the we are get can on a and specific the early get patients tell with drugged. AGAMREE is Sure. that about little are to their get process happy the feedback and AGAMREE. to physicians to patients extremely seeing with and you some physicians

foremost. feedback shortly. So that's anticipate first patients we here do But about and their

Great.

orphan part the the As of second pursuing call opportunities, the mentioned the are on we we question, orphan-adjacent. to we in and so aggressively call, what the as space

infrastructure care. really we So that supports our one patient is believe

think quarter you we making patients when think did to really a So had what advantage have that about it as our really in the I we the and company. uninterrupted sure speaks care, strategic

any So essentially we supports opportunity. believe that our orphan infrastructure

And success we're FIRDAPSE opportunities continued -- success space. We our our our that. -- out success, we aggressively so the with AGAMREE and seeking success orphan ongoing supports seeing burgeoning are across what believe our really with

orphan the are we far So in and pretty space. looking wide

So opportunity. say would essentially infrastructure we're agnostic I about our any -- support would pretty that believe because just we're we orphan

And from question of Cantor with our next Duncan Fitzgerald. the comes Charles line

a one the AGAMREE, congratulations quarter couple Rich FIRDAPSE on I one on on and of them, one start team, a year. nice BD. had to and then

new you're SUMMIT And patients information study? it color Or from So Can more of prednisone? to is give you that any on on you pacing taking the where new AGAMREE, from? Is mentioned color some as more enrollments, it hear. well very on good as patient us EMFLAZA?

Great.

Jeff, have we'll the questions. of handle handle And first to the So Steve Thanks And second want do part. the the question? for great. you Charles, part

on were a for from Sure. were that percentage enrollments that were any a so enrollments on just far of currently are patients XX% prednisone. to from When we're are look of patients our there naive that new And handful were smaller or patients we EMFLAZA. coming our at patients corticosteroid. XX% getting that the AGAMREE,

your pacing Charles, is correct? I And study, from the question, believe then, of you second SUMMIT information said the that

Yes.

Steve, you Yes. want to do handle that?

for anticipate nature and a course you, Thank year, information analysis that will it be study but study. the is we the guidance information of the its approximately least, will available staff. a and very be made Charles. observe FDA the scheduled once to during Sure. thank real-world At SUMMIT under and product depend most, doing And to findings study. and We the the you, Rich, The the labeling. use published significance at FDA's data X-year it updating to submitted the medical on the would of be for

looking decision, expand what Okay. you to us to Could forward That's dose are quickly it percentage might maximum that expansion. it, if positive the possible demand helpful. impact is And date, roughly FIRDAPSE? PDUFA of, for then And dose? on call remind dosing, at of FIRDAPSE, patients how

on XX on patients currently daily which -- get is another patients to dose directly of the pharmacy than XX% a that active FIRDAPSE the patients specialty of which So FIRDAPSE of There they greater a XX are are dose are milligrams, that Charles, approved. X% maximum. work with milligrams,

we think time. average there That significant over XX is which approximately that to go their up find to time, dose. XX milligrams milligrams. to upside So is dose, milligrams XX over daily And the optimal do patients day, we or around for there's a expect at currently

We -- label get expect post the that dose the daily increase. months to XX expansion average the for maybe following to next of

goal question, with despite on Final 'XX? is dependent BD, prior assets, back seems a AGAMREE -- it. to Or the is interest busy for in guess, question. the It is I doing set? like additional opportunity going in that really there launch. that the you're Got

question, great a It's Charles.

do and come think -- would great franchise. take I opportunities those doing want want continue We advantage I we we the the right build way. opportunities leadership of But sure that right have to our to number it launchpad, a under a on say And opportunity. off to CNS right We we're the consider in want where see time. the to be get want job are the is We at to primary which we will deal launchpad. sure the look getting that be the to of Preethi's off continue opportunities. the marketplace and we AGAMREE to we

and the be to right the do for can we us. think right deal additional timing deals, but has I

in it shareholders. So talent organization, benefit the of smart obviously, take to we're advantage to and the patients, play the benefit going the

from And with Bank our Jason Gerberry the question of line next comes of America.

question. for question one me and BD One AGAMREE then

Just cycle in on longer-term, little management you that surprised within regulatory second be of that the AGAMREE a just beneficial sales you'll hear I'm deliver if of and launch. just in that's of of terms and profit in IT-extending IP outcomes size to an that the comment or front, you discussion AGAMREE, then this there's exclusivity how FIRDAPSE shape or could look BD general approach? asset life in Would to update sort on that, at. early wouldn't bring the short deal stage profile of development would If term? of be a your maybe M&A willing you something that curious a Is litigation this kind range And something be aperture? And the that on the great. window half can AGAMREE window in

questions. Thank for the you. Thanks

things are about we and would point for on sheet things the accretive. accretive call. our size company's that want balance cycle at this talked Mike of for BD in so would that We to immediately opportunity, immediately look advantage take in life So the the nearly or

think We thoughtful. want we to want would at So things be to could that sheet add size opportunity, and look immediately. company's the when balance really we to about

ourselves, within a size stay this to commit would we if point to want don't at will. I our think in time. you within I So

to build look what larger continue build in in can on continue breadth And buy-and-build we at are the a close to future the to We the we our looking things I those that are presence build market. at to think that opportunities do. that's our want again, we company, want very or of assess capabilities really and to to again, market. so but as market would,

-- to can a that. On colors we're and FIRDAPSE right the timing runway we with But that how sales. ligation now, significant Steve FIRDAPSE have thought that, assume on FIRDAPSE to going the the our speak of

that the can And that build so an can as for of and we to advantage we -- time opportunity portfolio, take being. we do we're going full to our have

management, require Regarding build of looking past, is the rare I've for to portfolio typically, those We conditions for steroid. the think wait about product worked choice. And time life at cycle the want in that to we that in now believe to the at be companies to be orphan things. in AGAMREE opportunities a companies long and applications too steroid of a

your applicable within something the we're to trying point it is to so point. that's that identify we opportunities, then and the AGAMREE, the studies well. value done can get of for and going and create studies of for get to IP exactly That's patients it the for sure about is window And done, advantage as shareholders those value be create what make do take

And question our Semenkow line the of comes Citi. Samantha with from next

is see evolving as Sam. percentage early the This prednisone think this you [ progresses? Eric driving high do that for on you switching of ] What do patients from is how in your launch? And

they over of do the or more profile. of the -- AGAMREE And the prednisone over from they're transitioned AGAMREE We time many to positive to been of And looking conversion from to amount question. have basically that Thanks benefit significant profile. to a is effects. for side and for seen on think safety patients prednisone because those your experienced have these safety

this or do being patients to forecasting, mix So the be from and what which Initially, patients be EMFLAZA to corticosteroid. on branded the primarily is expect today, time, initial expected those about that used to a very over we it we during we're is encouraging. planning launch

with boys that's And entire to seeing now expect market by because we're what for are We we're the what encouraged that's living and up now opened -- moving corticosteroid DMD. we this forward.

Sandler. Our Catanzaro with next question comes from line of Piper Joe the

current you could of significant sort sort indication cadence your the intake Wondering of in patients rate If there the correctly, sort was about current forms, to XX maybe pent-up then of were where patients a recall able I percent few think on speak you said a of I AGAMREE. been have to to just there if also you you those transition reimbursed commercial demand. of drug. And to Have how maybe if EAP of could experience, speak to indicated compares what had the program. prelaunch

intake have to And So that wondering of maybe pent-up demand. forms if cadence sort to point current one I follow-up. continues of

you do Jeff, Sure. want that? to take

Sure.

the We enrollments December, started So pent-up of about and pre-commercial can in to, point I launch accepting the demand. first, cadence enrollments. saw we significant

We were official centers also of time commercial of at excellence the an for there were announcement -- waiting that launch date. that that knew the

So increase encouraging. steady do higher enrollments And until Joe, level, validated that than since see are in the launch, a question enrollments of remind AGAMREE? me announcement. Post steady some we high started you that volume is continue at they we the announcement, we -- launch. were confidence which your releasing our can And commercial what very holding that first you had about to forecasted,

Yes. about sort drug. the commercial EAP of transition to It's been reimbursed able what have Sure. patients, to percent

Correct. XX, over process. reimbursed half on now, the still are Of patients and right those the are rest shipments of in

maybe And AGAMREE. on Great. Okay. then on my follow-up -- still

in a patient a a already of X mentioned you're versus had drug full guys could starts? bit. contextualize on expectations How help around months patients You little that by seeing XQ driven new of Maybe expecting. that step-up treatment just you will much be that

Sure.

great. launch, with launch, curve start this saw the enrollment, just of to off, So increased did to announcement we waiting. the prior we was nice as see physicians were patients of an And which and then Jeff enrolling mentioned,

So we these from as his about expect to currently taking weeks X enrollment this about reimburse. it rollover comments, Jeff patients happen. And to convert in to -- mentioned takes

quarter. roll So the over that's into going second to

obviously, Jeff, about see for we're to excited to And second the take impact rest really -- that it? physicians we're the now do going that. in But these launch, the waiting to of want you quarter. So

add expect more well payer current improve even on over that, stated, positive Rich. do to and said Well to we landscape time. to just the And

So within about to months. it complete enrollment mentioned, that balanced expect that shipment. is continue the do from X to reimburse We weeks that volume That's weeks see. then other see we potentially to enrollments X part by And we Rich to reduce of that time X expectation. significant a X to our of

why have So QX. on step-up is ends both confidence -- have where in that we we in

question-and-answer concludes And [Operator with Instructions] the teleconference. our reached of end We that, have today's session. this

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