Catalyst Pharmaceuticals (CPRX) 8 Aug 242024 Q2 Earnings call transcript

Greetings, and welcome to the Catalyst Pharmaceuticals' Second 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, Michael Kalb, CFO. Thank you, Michael.

You may begin.

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

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

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

dystrophy, of organic with a XXXX our dive performance, X financial into and revenue results. In second we'll XX.X% underscored by an call. commercial on strategic of increase growth review overview results record achieved performance with total our all, of product the our a XXXX, you, thank corporate solid the for of ongoing regulatory AGAMREE the Mike, Thanks, FIRDAPSE, today's joining individual conclude portfolio comprehensive we update successful XXXX, Today our quarter provide quarter Duchenne's quarter continued a over outstanding performance, FYCOMPA. and commercialization revenues and muscular initiatives, growth deeper second across from $XXX.X million, for and

full reiterating and for continues and earlier year this we guidance to revenue guidance both $XX deliver our updating the full $XX net million we range net million FIRDAPSE strong $XX are to FYCOMPA. to year product to XXXX product are $XX AGAMREE our the AGAMREE from We million XXXX performance year provided million.

we total we achieve revenue year we of during discussion, $XXX a to total the both believe call. and the to AGAMREE, are provide range. Jeff now about As revenue XXXX financials of performance, between and of we uptake that give full financial FIRDAPSE will solid the will the of year at in Due million. our also this the deeper revenue commercial later dive will performance this a into Mike details upper-end further outstanding guidance. a our of our full million result updating $XXX FYCOMPA strong total Previously, guided range and performance to

Now, and review clinical let's development regulatory, our milestones. business

and address approval previous the May, for optimize patient up LEMS, enhances professionals, treatment LEMS XX First the to milligrams. U.S. community. for milestone milligrams we for evolving flexibility In up, the with for patient XXX treating outcomes maximum aligning regulatory. of expanded dose from mission our received This daily FIRDAPSE's healthcare needs

initiation SUMMIT which from the is life to a long-term once deeper QX initiated, regulatory the The to product's the beginning parallel, potential the understanding QX the continues new coming for safety year. In patients daily of for AGAMREE, will study, offering authorities, safety gather the benefit option milestones of quarters. In advance. decision of dosing a data we As and Pharma, for Japanese grows we FIRDAPSE, and as in data, quality quality data life over collect long-term awareness this actively or of and a X-year patient track. FDA on product dosing Annual Japan, to end safety this patients. Site updated patient clinical, collaborate identification with labeling, our analysis are physicians, is DyDo we and to potentially await partner continued the planned, at providing increase patient next gradual the our initiative to expected enhancing latest regulatory furthering of information. NDA of commitment of for submissions and study, anticipate in leading FIRDAPSE among future care

entered AGAMREE of in them we into Moving end QX Canada. a in development. with to July the Pharma agreement Subsequent license XXXX, KYE for business to commercialize to

submit As regulatory holds Canada. for in an early KYE application of Canada XXXX. KYE rights already you to expects Health to approval FIRDAPSE AGAMREE commercial know, in for

potential Our markets. In with ex-U.S. consistent targeted efforts of KYE great example growing access a for our commitment to partners. build partnership from improving is patients in our portfolio, hear our we feedback to

us commercial diverse excellent partner for makes a First, partner. a looking an across companies our execution portfolio U.S. strong for

Second, our trust selling engender potential an and are point. [ attractive with launch capabilities ] partners

sheet negotiator our assets. in makes us new a strong formidable balance acquiring Third,

Our our strategy stakeholders build our remains and focused plan. on to execute buy by delivering continuing value for

the With that capabilities we for providers value continue and ongoing prove of in products integrating to deliver identifying, and payers. AGAMREE, commercialization our patients, launching

growth record stakeholders. diversification; expansion team, positioned that to sustained we and strategy: drive focused are and our remain in execution commitment confident achieve track advancing initiatives while maintaining ideally of partnerships. our summarize, to exemplary we growth delivering leverage further by ex-U.S. and our Underpinned execution; ability unlocking growth care, through patient success. To focused value our are believe our potential the and three-fold to We on strategic dedicated for we outstanding portfolio

First, outstanding let's execution. on focus

serve our to patients delivering lives growing commitment improving the of the Our consistent and to the performance of we on promise continues demonstrate company.

diversification. portfolio Second,

orphan focus yielded fit and increased value. has and evaluating expanded rigorously opportunities is each Our team in assets and our orphan adjacent therapeutics for

and We positioned to remain about opportunistic to accretive on we accretive opportunities. prospects. capitalize on time We in our strong our we continue at deals on well our bring right tireless and sheet are pursuing to are products the near leverage efforts the right balance or new excited

partnerships. Third, targeted ex-U.S.

U.S. leverage bring improved that portfolio can in to are outside and to the alliances with patients providers. our markets companies We care options high-value building

As increasingly we navigated through our portfolio, successfully successfully the we of to business add our second the expanded commercialization dynamic an and presence expect commercial quarter, across global cost-effective we build our these environment the to our portfolio, line partnerships. In delivered footprint. top on drove AGAMREE

deliver work continue portfolio on remainder will year and to delivering strategy, expanding partnerships. We of plan, our diversifying for our the and executing our ex-U.S. to the our

call provide the will Jeff, Now commercial update. who I'll a turn to

good Thanks, Rich, and morning, everyone.

the our These results report that strategic showcase across commercial commercial operational entire We success. are focus incredibly performance quarterly pleased portfolio. our to and excellence our tremendous drive

growth positions million. I of year by organic provided a growth the FIRDAPSE, between quarter upper mentioned, to FYCOMPA stable strong versus $XXX.X now will an breakdown to million, $XXX our Rich Catalyst from commercial the of million revenues of last same of AGAMREE. QX launch revenues had the well As previously and a QX total combination revenue of driven the by $XXX end product. of QX Catalyst total revenues achieve XX.X% provide guidance excellent combined of sustained net XXXX net

forecast year, a rate. the Net forecasted with performance. rate high QX steady private $XX.X patient of historical total of highest an and than XX.X% QX were and were all First, refill in a last or and enrollments, new QX payers, above the FIRDAPSE patients net same XX% QX than a direct represent let below quarter new start greater increase quarterly rates million result of greater XXXX. Prescription norms annual Ordering in insurers. rates or XX% over XX% the me our patterns sales since discontinuation across approval government commercial XX%. of refill

million. expect same or quarter confident growth QX QX and in in to versus FIRDAPSE's year $XXX and the million guidance XX% rates refill We and of XXXX. to We return resulting quarter achieving full the XX% between XXXX greater in remain $XXX

to growth. demonstrated pipeline for strategic FIRDAPSE. maintain drive a growth enrollments patients of LEMS to stages initiatives Our a yet of calcium their treatment growth. Furthermore, LEMS typically antibody not shortening ability programs patients more being organic potential journey, our to the XXX FIRDAPSEE. Half new on to diagnosed our about this healthcare in reason patient from and continue and group, continue diagnostic come patients for prime a journey to various diagnostic XX% of targeting yield with LEMS annual channel We eligible for consistently LEMS patients leading testing, high voltage-gated of deliver XX% education providers level

have institute diagnosed screening patients. before, greater oncology cancer Lastly, resulting key as lung cancer a small patients lung we cancer small lung cell we mentioned thoracic to with are patients, more XX% newly Therefore, of cell than of diagnosis small LEMS institutions for undiagnosed. in are cell working LEMS

fortifies further net Now of diversification. provide update FYCOMPA. million let me QX revenues an our revenue on $XX.X

XXXX, in-line of the expect $XXX $XXX revenue XXXX million. stable net in the continued and revenues of second guidance year half between We full million with net

by As calls I epilepsy voice overlap managers regional account providers. mentioned conducting points of XX% quarter, boosting visibility. last call between secondary leverages in share enhancing FYCOMPA a strategy FIRDAPSE with This FIRDAPSE, and physician FIRDAPSE's are healthcare FIRDAPSE's

tactic seen result of this as direct have is working this several have a early that indicators We enrollments patient initiative. been

for XX, switches believe leading AGAMREE. million. to focus March $X.X new our XXXX which QX launch transitions a the shift of are product we Let's expectations. our is our far, while initial are product from dedicated the Thus we acceptance prednisone, to launch, sign positive of exceeded to up XX% successfully EMFLAZA, enrollments Thanks efforts XX% were net revenues AGAMREE. from

XX% than addition, submitted In reimbursed than and of healthcare days one DMD centers less excellence patients Around providers XX our enrollment XXX to top XX% current at have the and approval. average are least of approximately patients form. of greater AGAMREE

summary, revising to policies We time next as sustained our payer and guidance are confident strides to over ability expect significant net promising months. $XX we finalize commitment million growth. on the revenue. In are product couple with $XX landscape, reflecting our in demand encouraging we organic AGAMREE decrease and the trend full between Based continue the FIRDAPSE are the we of to their approval million XXXX our payers year to to making

with achieve revenue for to AGAMREE. We projections continue revenues are FYCOMPA surpassing and our net stable

emphasis of entire performance. I our maintaining turn to second and team back at while will optimize patients Catalyst XXXX. I Our forward to thank half to commercial strategically the over now on to our unwavering to execution remains commitment the want for leveraging excellence call Michael. in a their capabilities successful look

Thanks, Jeff.

another for second solid pace financial us strong performance XXXX performance set strong year quarter during the on execution. and our Our by driven has of

launch AGAMREE and successful of to year foundation in the established the continued in revenue breaking record have another FYCOMPA, the achieve of we with mid-March, performance FIRDAPSE along With XXXX.

amortization diluted QX GAAP the diluted per million, provision performance. per As assets million quarter $X.X diluted or the net income taxes FYCOMPA you $XX.X depreciation and ] product non-GAAP was per to of increase acquisitions per income to increase which $XX.X or growth the diluted million compensation income Coupled from with the compares of income of $X.XX income second income is management, the $XX net of revenue cost share, share. increase income from quarter of $XX,XXX. This XXXX of stock-based In of $XX.X of net X% of before FYCOMPA, to provision expense intangible of intangible of by and income quarter [ XX% and related net the second had we million, $XX,XXX. $X.XX compensation for Jeff, our of excludes an million FYCOMPA depreciation million, or of organic of net $XX.X assets $X.X was for and which tax excludes year-over-year stock-based of RUZURGI to compared income FIRDAPSE $XX.X million, of $X.XX second million, income quarter in share, an GAAP to XXXX in of acquisitions driven million, in $X.X million of of AGAMREE XXXX. We and outstanding $X.X compared related second share, $X.XX heard quarter $XX.X this or a of from million net tax our $XX.X GAAP addition XXXX, to reported AGAMREE. Non-GAAP of our approach of the RUZURGI XXXX amortization and of expense million, disciplined net

any of to and of compared tax XXXX. is half XX.X% quarter first $XX The including of second period to likely of second sales in Our XX.X% number through was rate the the options XXXX stock of the effective in effective tax expense fluctuate the of of the by many $XX.X consisted principally first half approximately royalties. and in compared given in XXXX periods. Cost through exercised future factors, affected million to XXXX quarter is million was rate

the net surpassed reminder, XXXX. during increased X% any a for second As $XXX royalties was which million exceed FIRDAPSE by calendar year, product of when quarter in sales

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

Further second $XX.X revenue, in in due within difference of quarter million the QX million a XXXX XXXX. for million, $X the expenses of in percent our low net $XX.X launch totaled within a AGAMREE to upon XXXX, depending are second million sales SG&A in royalty QX AGAMREE slightly second of in expenses operating the Additionally, The as down for expenses and support in was of XXXX. on XX-Q the of mid-XXs quarter calendar second development from of the year. SG&A $X and XXXX quarter disclosed are carries the XXXX the on to range our overall of the in compared in principally incremental of AGAMREE. obligations MD&A achievements to quarter expenses section. Research double-digits royalty expanded details were Form

programs. More and The underscores of compared in in of XXXX cash XXXX. was by cash current I and Investor found at half January second is continue to analysis $XXX.X driven the in our for like would provide the for Securities business. I ended to our we million X, our which www.catalystpharma.com. At effective part over primarily this by financial first note Report of in in net cash operations $XX.X This at our be the our we cash $XXX.X benefit. We for on meet to and support back call August $XXX.X strategic half performance development potential XXXX and cash and reported, the of and business page increase resulted believe our sustain As was of more filed that generated driving the from X, XX-Q, company's incremental to remaining including can R&D on generated XXXX. initiatives, equivalents to December turn financial million with second flexibility operations with cash strategic did XX, our of detailed Exchange portfolio Quarterly Form cash time, we on million Commission obligations funds yesterday, XXXX raise may $XXX.X from in $XX.X approximately be the proceeds. capital expansion, contractual and The in the capital quarter flows Rich? million the Relations driven of website quarter million and that information the the utilization, Rich. first XXXX than increase our found will commercial million

half FIRDAPSE the our in due to start deliver incredible momentum advocacy team. We epilepsy The Mike. Thanks, exciting. to the our relentless field market grow of commercial this to we as teams our look focus teams. to a to continues the robust strong and between partnership predicted portfolio is competitive due FYCOMPA because of highly focus and our is ] forward of to and patient to continues AGAMREE a XXXX. had year [ off second in in medical, launch a strong great the

We our are ahead. the on to confident capitalize in opportunities ability

now We medicines turn for our and innovative delivering dedicated and track at back Catalyst, forefront providing your the and look remains growth team unlocking you care, our success. At commitment commitment and to drive to are exemplary thank for Thank team, look to diseases. all potential unwavering pioneer patient positioned growth by rare continued over with ideally We our record efforts. the Supported further answering of forward mission achieve to your updates their orphan advancing our our to our for patients and sustained support. We is we our of value on Our resolute, to Catalyst to you. we stakeholders our questions. call operator. progress forward

[Operator instructions].

with Our from Duncan is Fitzgerald. first Cantor question Charles

a nice XQ. couple. really I on Congratulations had

this And have would prescriber know any in was in were terms or patient but for any sales bolus you you with secondarily, patients I Do First AGAMREE. of don't will? caregivers for summer of experience then yet if attendance, what in you approved you first quarter because believe that to this market, anticipate all, be and of drug waiting there the the on launched? and

is year. about, to will last in of and queued for beginning patients Jeff. a the answer. thought going -- This December I'm we give as question. the it thanks the to you something turn we lot Jeff in Charles, especially up

was commercial leading the up Thanks for There to had launch your significant in question. that up March. demand we pent

answer to see to your QX. did but we the interest first launch helped that, question, late yes, -- part prior helped the So, of QX, significant it which late also

So again, there. strong pent up demand

patient. a on I We call, lot interest of mentioned for volume [ we are and ] forward. one What the seeing, at sites, of DMD see again, is it least significant the have of XX% high centers our excellence -- enrolled demand the moving

healthcare So an AGAMREE. XXX enrollment -- we've and submit for seen or than prescribe greater providers

Now, interest into physicians from increase are in QX. what those the QX the in centers expect we and the moving move forward depth we as of

and about demand excited to are expect continue. we so So that we the far,

So, any the see question you do Jeff, regarding as Charles' upward? far summer, downward trend far as or any the cyclicity so in summer,

see We Charles. interest, strong continued

launch the So the expect trajectory stay to same. we

the so first this part we then, first to saw, to call -- And the referred question, in bolus step-up. of quarter as a think your we Charles, this I we

So had we first very only because X had we a quarter light weeks.

and is have the step We what question. we're we I for this think [indiscernible] a continued curve, to experiencing. and up, Thanks expected what that's nice traditional then

use? more will that your for due that tolerability? efficacy how new terms the due you higher of of discontinuations it in if new go and on higher Quick dose that increased discontinuations, on the or to dose. Will FIRDAPSE. to question less impact will What's about Congratulations dose approval a continued or for adoption persistency, adoption the of satisfaction either sense fewer future perhaps question I discontinuations will, result the of had patients. in

rate is that, can on and is, months of discontinuation I Charles, within FIRDAPSE. initiating our we the the therapy discontinuations see XX%. again, X prescribing what And under you happen within tell majority annual of or question, Good

discontinuation So flexibility of or to that XXX at in more this to because the the increase time, milligrams. we don't change going up expect dose

Okay. party goal -- are other in to rare terms on Last or of, about the quick for have of And epilepsy neuromuscular do picture what question Rich. yet focused you neuro areas more you year? innovation? you some of the strategy, thinking perhaps for this or bring it to a call in-licensing, Bigger have

Charles. question, Great

that to We're business our same. at orphan So accretive, differentiated diversity. strategy in income bring and orphan. -- want nearly things development we the looking remains accretive We're at or looking and are

the like feel we're have. not infrastructure footprint because the in sales great we neuro ourselves that advocacy we We're have orphan that opportunities believe we So just the would we there, organization, outward facing organization, neuro just the behind we really any that because but supports isolating organization, like not a condition to stopping. have we about the patient

So we like strength really we can feel anything. that bring to

to we neuro within but -- or really So space, space the does want -- neuro like opportunity if move presents itself, when outside. neuro to the we it itself, the present

looking we're those advantage come that our want opportunities of very So way. take broadly. to We

from Our with is next Semenkow question Samantha Citibank.

strong on and nice quarter. really Congratulations a

the what and while the And for you a then I'm AGAMREE, as well? quarter. the several really thus seems EMFLAZA steady wondering the Prednisone wondering quarters? are next the far holding early into launch from over follow-up. will generic coming still I'm I the is have shared steroid fitting first from landscape overall And EMFLAZA So percentages how really on patient in evolve that think mix how you about It

questions. right great over turn it I'll to for Jeff are Those that.

we the -- what segment. to just the as flat adoption it and far patients mix that similar it of on As you not and pretty we strong it's in it's are early the said, same. in saw on carried steroids, forward. across launch, were about because Like specific to expect moving remain shows interest that We're a the that very AGAMREE all the excited forward,

adoption about AGAMREE over, far an that, EMFLAZA as not patients. of the excited far so those seen coming as have for entrance So impact we on generic for and

on. impact early no So

just updates Paragraph And any then ongoing of if just timing the the wonder litigation? could FIRDAPSE on process IV or FIRDAPSE. share I on the you

to want you that? take do Steve,

bad Well, tell I litigation. Catalyst. that can practice to the possible we as comment a diligently Samantha, as to are manner ongoing know it's bring favorable [indiscernible] you the to on a Sure. generally for working -- you cases

Our Jason of next with question Bank is America. from Gerberry

success-based Are after Maybe deals just and some leverage about funded to milestones on [ some appetite generally take talk more transformational? on do or more ]. with go that inclined could to maybe first dev you biz be to larger cash targets backend

Great question, Jason.

for right looking income opportunities to So look opportunity. and we now would that the for add be to statement

we and look I product would I the to We we look X income think the cash at company. think then of step and that's any of transformational we Mike, the deal building -- into I be think sheet transformational forward this as that could that a looking the us. like We the opportunity. for we more that build think balance I and at opportunity. up path with point our dip for to of handle or strength function a mix point, the of a we looking at more statement would best leverage income have, want and the diversity the After to wise build probably think comments? a that to continue opportunity. We for like in time,

it. covered you think I

a yes. We ready, balance have sheet. We're strong

deals? like would that after right involved where deals other or in -- maybe Is that improve it? sounds leverage then flow the of of you'd it consider more your So deals way larger something think sequencing maybe cash about to transformational your a profitability base, be that

strong. like we're know so, way do of we And as you what feel company, in feel I of about to to work a We company. back We really right in yes. want the the great we pipeline. is long-term like When our the strength strong. up now. we're position think think then build we're we're trying We the the think about

strong future opportunity. cash to that have that So flow, build company, to take be we transformational able to strong sheet as of that on orientation the want balance we

maybe you're question small price FIRDAPSE, I X/X seeing, is don't a just that patients that component it's mostly volume I their then as X/X growth the about volume, looks like lung mix. a if disease. that, it of cell And assume ask maybe that can have

that growth? is of driving this kind mix to you're in the what of seeing XX% So kind of and terms what's XX%

accurate pretty there. It's

patients, We seen as low small are total as LEMS non-small of about from cancer steady, seeing XX% far mix LEMS we've -- the have our cell cell. that lung goes our patients

expect we opportunity forward it's So that that our increase moving help to share.

As on lung XX% the of those I mentioned time. patients call, patients, this LEMS at cell undiagnosed are small cancer about there -- undiagnosed are

a So those get we're applying lot towards of sooner. patients diagnosed helping resources

But that's So will you're growth. the our from. far about where up growth today, coming that you accurate be as how dividing as -- described

from question Truist Joon with Lee next Our Securities. is

for switch the soon milligrams Joon. explain of This expect on XXX was the norms prepared remarks you did quarter? on historical of and mentioned dose, the what quarters? led to also why to on And the higher to do is approval were after in from quarter. had that how FIRDAPSE, FIRDAPSE. back seeing for the impact you than that an in much rates dose higher patients return refill XX% you they the think then It in start following how Can [indiscernible] Congrats you and

Jeff, that? do take to you want

Sure.

refill As quarter that some change earnings call, the QX, the XX%. in we February. impact the the had Overall impacted for I QX we on were at in healthcare mentioned from about rate saw

norm are up that. historical saw norms rate, than because of In XX% recovery refill saw April historical XX% to and our higher we it a and and the XX%. we actually there, so went May, And traditionally,

that patients their filled impacted in prescriptions rates -- QX filled that So in were their QX. by more

growth XX% normalize delivering to and QX QX the FIRDAPSE. to XX% still that or the greater return and expect and We for for

expansion, prior XXX providers. and patients also as just treat milligram them label We immediately. really label those step LEMS thing a the of on back, by since their quick expansion the healthcare X.X symptoms. And It flexibility not expansion. does do it's were daily dose and XX% patients went As a manage XX milligram X did to milligram, great about far not just the for milligrams. that bolus happen expect give to expect average the up that patients And to or LEMS

its We expect in quarters. dose that reach increase to of impact full daily average the the subsequent

just I to a statement XX% ] to growth is want QX The made. growth clarify. Jeff XX% [ So ] over XXXX, [ clarify just

comparison QX So growth we [ is to versus ] at [ sorry, growth see QX QX It's XXXX. ] versus XXXX. -- -- [ ] and we QX that ]. QX The look XX% we've we'll turned -- do a as come [ --

is next Oppenheimer question with Our from & Leland Co. Gershell

the on quarter congrats My well. as strong

Just on question, medically if you've specialists their change just if sometimes there. with have AGAMREE. seeing once it's sort are patients sort an AGAMREE steroids? to These often because you again not Duchenne of now maybe X patients are to months. frequently a in question if available, they're to any perspective that I'm every for stable, every once been coming observational seeing X months, wondering or switch deployment they of waiting their Just scheduled next

available. over earlier, it DMD discussion. patients soon demand, and pent where center there's outreach It's other come And had will in to for going excellence on up They were really in to switching. some And to ready and go commercially wait then as became boys the have sites like that about time, that cases, mentioned they of -- their living other caregivers with as specific. I they

is really want place. the to that dependent staff they go, specific. the it It's in put how physicians on they So the process and

Sandler. question next Piper Joe is with Catanzaro Our from

depth you to expect that, then of have at you those I Maybe bit things. which That'd level follow-up. maybe I cited maybe which what curious. And you know of sort fade, Jeff, on honing ], a and one couple one if speak first a you just helpful. super could the be X? for the highest to of quarter of [ attribute do sort more starts Maybe in new in quick patient continue, all? factors

As we XXX ultra it's And LEMS various patients over that mention, and are maintain of we think I journey. that in to that in do. constantly pipeline stages very always that's is important orphan disease, their

between enrollments XX% XX% conversations the providers where with about field success. of ongoing those the have we so patients. our the most new we from And have those That's to And leads. healthcare and come

by a we on patients testing, the are VGCC always continue then enrollments. are of and antibody future we robust are So patients increasing sources, always giving tested we the will for when ensure to help if new we sources those on And as we're try to have they how what and where usually to through our those leads that are [indiscernible]. we voltage-gated identify to antibody lead do we find those patients search constantly a team, the additional -- and focus But those then leads. can we and that's that positive, testing, pipeline

my into then quick you're [ characterize read you some what of could inbound I that diligencing to percent follow-up, sort -- inbound portfolio you I originated if guess, expansion. of inquiries? projects there Wondering outbound being guys. ], your on inquiries how maybe comments And of many those as as the Rich, versus inquiries is current

we're We're the we in way That's is because an at think want we've that Joe. of the seeing inquiries We're uptick now now products. -- the their a could I to getting guess because of question, the we're seen see. people inbound that performance I looking best inquiries a is Really, the execution. great place it what performance characterize and place company that these I

products about and you talk saying, are are XX%, the to like I say about "Hey, we'd of inbound, we're where exciting. we're would a of talking to sorry, probably I -- inquiries and really calling XX% think that's that So at opportunity", us the an people

for critical to are that the diligently months, go from to have We're our we to and and about that product emphasize are products. I space in who new us differentiated, with can really that. in want working fit. hustle fit products you're for X us companies continue are bring we products XX on X excited to we and that about and which is are hustling approach for space products to You products of

I'd say XX%, about So XX%.

this This at There are does no further today's conference. questions time. conclude

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