Savara (NasdaqGS:SVRA) FY Conference December 02, 2025 02:30 PM ET Company ParticipantsBraden Parker - Chief Commercial OfficerMatt Pauls - CEOConference Call ParticipantsYasmeen Rahimi - Senior Biotech AnalystYasmeen RahimiPiper Sandler Healthcare Conference. My name is Yasmeen Rahimi. I'm a Senior Biotech Analyst at Piper. This is our five-year anniversary, Matt, as we're both at this healthcare conference, and I get to host you for a fireside chat. What can I say? An incredible journey over the five year ...

Core Insights - Merck is nearing an agreement to acquire biotech company Cidara Therapeutics, with the deal likely valuing Cidara above its current market cap of $3.3 billion, potentially announced as early as this Friday [1] - The acquisition is driven by Cidara's promising drug CD388, which recently received "Breakthrough Therapy" designation from the FDA, highlighting its clinical value in preventing influenza in high-risk populations [2] Company Summary - Merck is competing with another pharmaceutical company for the acquisition of Cidara, with the final decision favoring Merck's proposal [1] - The specific price of the acquisition has not been disclosed, but it is expected to involve a combination of cash and milestone payments linked to clinical trial achievements of Cidara's drugs [1] - Cidara has not commented on the acquisition rumors, and Merck has not responded to inquiries regarding the matter [1] Industry Summary - The "Breakthrough Therapy" designation by the FDA is designed to expedite the development and review of drugs for serious diseases or unmet medical needs, underscoring the significance of CD388 in the influenza prevention market [2] - If the acquisition is successful, it will enhance Merck's pipeline in the anti-infective space, while Cidara's innovative drug development capabilities will benefit from Merck's resources, potentially leading to faster market introduction of new treatment options for influenza prevention [2]

Axsome Therapeutics FY Conference Summary Company Overview - **Company**: Axsome Therapeutics (NasdaqGM:AXSM) - **Event**: FY Conference held on November 10, 2025 Key Points Industry and Market Performance - Axsome Therapeutics operates in the biotechnology sector, focusing on treatments for mental health and neurological disorders [1] - The company reported a strong Q3 performance with total net sales of **$171 million**, driven by their leading product for Major Depressive Disorder (MDD) which generated **$136 million**, reflecting a **69% year-over-year growth** and **14% quarter-over-quarter growth** [4][5] Product Pipeline and Development - Axsome has several products in various stages of development: - **AXS-05** for MDD - **AXS-12** for narcolepsy - Ongoing Phase III programs for other indications [3] - The company is expanding its earlier stage pipeline and has launched a direct-to-consumer (DTC) campaign to enhance product visibility [3][5] Direct-to-Consumer Campaign - The DTC campaign launched in early September has already shown positive early metrics, including increased Google searches and new prescriptions (NBRxs) [8][10] - NBRxs increased from **2,000 per week** to **2,800**, attributed largely to the DTC efforts [9][10] - The company is taking a disciplined approach to DTC spending, ensuring that sales in Q4 will meet or exceed the additional DTC expenditures [11][12] Market Access and Sales Force Expansion - Axsome has improved its gross-to-net dynamics, achieving a discount in the high **40s%** and covering **85% of total lives** [18][19] - The sales force currently consists of **300 representatives**, with plans for expansion upon receiving approval for additional indications [20][21] Regulatory and Approval Process - Axsome is preparing for an NDA submission for Alzheimer's Disease Agitation (ADA), with a robust package that includes three positive controlled trials and a standalone safety database [24][25] - The company has received breakthrough therapy designation and is eligible for priority review, although they are modeling a standard review timeline [32][33] Competitive Landscape - The market for Alzheimer's Disease treatments is evolving, with competitors like Rexulti showing growth rates of **20% to 25%** [39][40] - Despite the presence of approved products, a significant portion of patients are still treated off-label, indicating room for growth in formalized treatment protocols [42][43] Financial Outlook - Axsome achieved cash flow positivity for the first time, with approximately **$1 million** positive cash flow from operations in Q3 [60] - The company anticipates operating leverage moving into Q4 and next year, with revenue growth of **14%** and operating expenses growing at **5.5%** [61] Future Projections - Axsome projects peak sales for its products, including **$500 million to $1 billion** for Cymbravo and **$300 million to $500 million** for Sunosi [51][57] - The company is focused on maintaining a disciplined approach to its investments while preparing for potential growth in the ADA market [58][61] Conclusion - Axsome Therapeutics is positioned for significant growth with a strong product pipeline, effective marketing strategies, and a disciplined financial approach. The upcoming regulatory submissions and market expansions are critical to the company's future success.

Summary of Praxis Precision Medicines Fireside Chat Company Overview - **Company**: Praxis Precision Medicines (NasdaqGS:PRAX) - **Focus**: Development of treatments for epilepsy, specifically targeting SCN2A and SCN8A disorders Key Points and Arguments 1. Relutrigine Development - **Overlooked Asset**: Relutrigine is considered significantly undervalued by the market, with potential to justify the company's valuation [2][19] - **Accelerated Pathway**: The company is exploring an accelerated pathway for Relutrigine, with Breakthrough Therapy Designation from the FDA [2][4] - **Cohort Design**: The design of the Evolve study has been robust, showing strong effects and leading to FDA engagement for potential acceleration [5][6][24] - **Interim Analysis**: The interim analysis is designed to maximize the chance of success, allowing for a quicker NDA submission [8][25] 2. Market Opportunity - **Multi-Billion Dollar Potential**: The market opportunity for SCN2A and SCN8A is projected to be multi-billion dollars, with accelerated timelines for approval [9][12][26] - **Pediatric Review Voucher**: The potential for a pediatric review voucher is acknowledged as a non-dilutive capital opportunity, although its importance is debated [8][26] 3. Emerald Study - **Emerald Population**: The strategy for the Emerald study is to finalize it in conjunction with the Evolve study, which is expected to accelerate the overall approval timeline [12][28] - **Enrollment Timeline**: Enrollment for the Emerald study is on track, with expectations to file for SNDA by early 2027 [59] 4. Statistical Analysis - **P-Value Significance**: The updated data from the first cohort showed a small P-value, indicating strong statistical significance in seizure reduction [30][34] - **ANCOVA Model**: The analysis will utilize an ANCOVA model to account for baseline seizure counts and other covariates [36][34] 5. Competitive Landscape - **Faster Enrollment**: Praxis is experiencing faster enrollment compared to competitors, attributed to targeted recruitment strategies and understanding patient needs [61][64] - **Commercial Launch Preparation**: Insights gained during clinical trials are expected to enhance the commercial launch strategy [66] 6. Pricing Strategy - **Pricing Philosophy**: The company plans to price Relutrigine based on its initial indication (SCN2A and SCN8A) rather than future broader indications [69][70] - **Market Justification**: The potential market for SCN2A is estimated to be between $500 million to $1 billion, with a clear rationale for pricing in the rare disease space [71][72] 7. Ulixacaltamide Update - **Pre-NDA Meeting**: The upcoming pre-NDA meeting is seen as a critical step in confirming the appropriateness of the filing package [75][78] - **Breakthrough Designation Consideration**: The company is open to applying for breakthrough designation if it aligns with their strategic goals [79] Additional Important Insights - **Patient Need**: There is a strong emphasis on the unmet need for effective treatments in the targeted patient populations, which drives the urgency for market entry [45][57] - **Regulatory Engagement**: Continuous dialogue with the FDA is highlighted as essential for navigating the approval process effectively [24][40] This summary encapsulates the critical discussions and insights from the Praxis Precision Medicines fireside chat, focusing on the development of Relutrigine and the broader strategic direction of the company.

Financial Data and Key Metrics Changes - The company ended Q3 2025 with $328.6 million in cash, cash equivalents, and marketable securities, and raised an additional $48.7 million post-quarter through an ATM [20][21] - Total revenue for the quarter was $10.6 million, up from $4.9 million in Q3 2024, primarily due to a $6.7 million increase from collaboration with Biogen [20][21] - Net loss for Q3 was $38.3 million, or $0.65 per share, compared to a net loss of $26.4 million, or $0.47 per share, in the prior year, driven by increased operating expenses [20][21] Business Line Data and Key Metrics Changes - The company has made significant progress in the clinical development of zorevunersen, with over 200 patients identified for the phase 3 study, an increase from 150 previously reported [5][18] - R&D expenses rose to $37.7 million from $22.2 million a year ago, reflecting spending on the phase 3 study and early-stage pipeline advancements [20][21] - SG&A expenses increased to $16 million from $12.7 million, indicating investment in commercial capabilities [20][21] Market Data and Key Metrics Changes - The company is preparing for a meeting with the FDA to discuss expedited regulatory pathways for zorevunersen, which has received breakthrough therapy designation [6][19] - The market opportunity for zorevunersen is growing due to increased awareness of Dravet syndrome and the potential disease-modifying effects of the drug [6][19] Company Strategy and Development Direction - The company aims to rapidly scale its business to reach as many patients as possible with zorevunersen, focusing on medical affairs and commercial leadership [7][8] - There is a strategic emphasis on developing additional disease-modifying medicines, particularly in haploinsufficient disease areas [8][9] - The company is also launching a disease awareness campaign to improve diagnosis rates of Dravet syndrome through genetic testing [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth trajectory and the potential impact of zorevunersen on patients with Dravet syndrome [3][22] - The company is committed to educating the medical community and increasing awareness of Dravet syndrome [22] - Management highlighted the importance of the upcoming FDA meeting and the potential for expedited pathways to bring zorevunersen to market [19][22] Other Important Information - The company is actively recruiting for the phase 3 Emperor study, with 30 sites in the U.S., U.K., and Japan [17][18] - The first patient was randomized in August, and over 20 patients have been randomized so far [18] - The company anticipates completing enrollment in the second half of 2026, with data expected in late 2027 [39] Q&A Session Summary Question: What potential scenarios might be anticipated based on the PDD meeting with the FDA? - The company is preparing to present extensive data, including four-year safety data, to the FDA, which could lead to expedited pathways or a request to continue with the phase 3 study [26][27] Question: How clinically meaningful are the cognitive and behavioral improvements on the VABS-III data? - A change of one to three points on the VABS-III scale is considered clinically meaningful, with significant improvements observed in communication skills [31][33] Question: Can the company pursue early approval based solely on seizure reduction? - Yes, the company could seek approval based on seizure reduction, but it intends to pursue a label that reflects the disease-modifying potential of zorevunersen [37] Question: What are the common reasons for screen failure in the Emperor study? - Common reasons include not meeting the minimum seizure count required for enrollment, illness during the screening period, or family commitments [78] Question: How does the company plan to handle the differences in dosing schedules between phase 1/2 and phase 3 studies? - The company acknowledges the differences but believes the data from phase 1/2 and the open-label extension supports the dosing regimen planned for phase 3 [66]

Core Points - Viridian Therapeutics has successfully submitted a Biologics License Application (BLA) for its investigational therapy, veligrotug, to the U.S. FDA for the treatment of thyroid eye disease (TED) [1][2] - The BLA submission is supported by data from two pivotal phase 3 clinical trials, THRIVE and THRIVE-2, which met all primary and secondary endpoints [2][5] - Veligrotug has received Breakthrough Therapy Designation, which may support eligibility for Priority Review by the FDA [1][3] Company Overview - Viridian Therapeutics is a biotechnology company focused on developing potentially best-in-class medicines for serious and rare diseases [1][6] - The company is advancing multiple candidates for TED, including veligrotug and VRDN-003, with ongoing global phase 3 clinical trials [7] - Viridian's expertise in antibody discovery and protein engineering enables the development of differentiated therapeutic candidates [6][8] Clinical Development - Veligrotug is an intravenously delivered anti-insulin-like growth factor-1 receptor (IGF-1R) antibody in phase 3 development for TED [4] - The pivotal trials THRIVE and THRIVE-2 demonstrated a rapid onset of clinical benefit and statistically significant effects on multiple diplopia endpoints [5][7] - The BLA submission aims for a potential commercial launch of veligrotug in mid-2026, contingent on FDA approval [3]

Core Insights - Corning Jereh Pharmaceutical-B (09966) announced that JSKN003 has received Fast Track Designation (FTD) from the U.S. Food and Drug Administration (FDA) for the treatment of platinum-resistant recurrent epithelial ovarian cancer, primary peritoneal cancer, or fallopian tube cancer (collectively referred to as PROC) regardless of HER2 expression levels [1] Group 1 - JSKN003 has been approved by the FDA to conduct a Phase II clinical trial for treating PROC with no restrictions on HER2 expression levels [1] - The drug has also received Breakthrough Therapy Designation from the National Medical Products Administration (NMPA) for both PROC and colorectal cancer (CRC) [1] - Additionally, JSKN003 has been granted Orphan Drug Designation by the FDA for gastric/gastroesophageal junction cancer (GC/GEJ) [1] Group 2 - The Phase III clinical trial for JSKN003 in treating PROC is currently progressing smoothly in China [1] - The FTD designation further underscores the confidence of international regulatory bodies in the clinical potential of JSKN003 and its significance as a novel therapeutic candidate [1]

Group 1 - Taysha Gene Therapies (NASDAQ:TSHA) experienced a ~39% increase in stock price following the U.S. FDA's granting of Breakthrough Therapy designation for its lead candidate TSHA-102, aimed at treating Rett syndrome, a rare neurodevelopmental disorder [4]

Core Viewpoint - A Chinese innovative drug, iza-bren, has received breakthrough therapy designations from both the FDA and the Chinese drug regulatory authority, showcasing significant potential in lung cancer treatment, particularly highlighted by a 100% objective response rate (ORR) at the WCLC 2025 conference [2][3][4]. Group 1: Clinical Data and Breakthroughs - The Phase II clinical trial of iza-bren combined with Osimertinib for treating EGFR-mutant non-small cell lung cancer (NSCLC) reported a 100% ORR, the highest recorded for first-line treatments in this category [3][5]. - The trial included 40 patients at a specific dosage of 2.5 mg/kg, which is now the recommended dose for subsequent Phase III studies [3][7]. - The treatment demonstrated a significant tumor reduction, with a median tumor shrinkage of nearly 57% from baseline, indicating a strong potential for long-term control of the disease [5][6]. Group 2: Future Research and Development - The ongoing Phase III study aims to compare the efficacy and safety of the combination therapy against Osimertinib alone, with primary endpoints focusing on progression-free survival (PFS) and secondary endpoints on overall survival (OS) [7][8]. - The study has received regulatory approval and is actively enrolling patients, with the first patient enrolled in February 2023 [7][9]. Group 3: Market Position and Global Collaboration - The collaboration with BMS (Bristol-Myers Squibb) is structured as a long-term joint development, retaining Chinese rights and supply chain control, which enhances the global clinical trial execution [9][10]. - Iza-bren is positioned as a leading antibody-drug conjugate (ADC) with unique dual-targeting capabilities, potentially setting a new direction in cancer combination therapies [10][11]. Group 4: Regulatory Recognition and Market Potential - Iza-bren has received multiple breakthrough therapy designations, which expedite its development and review process, allowing for faster patient access upon approval [13][14]. - The drug is expected to redefine treatment standards for EGFR-TKI resistant patients, with a median PFS of 12.5 months reported, significantly higher than existing therapies [11][12]. Group 5: Industry Impact - The advancements of iza-bren signify that Chinese innovative drug companies are now competing at the global forefront, with the potential to reshape treatment paradigms across various cancer types [14].

Core Viewpoint - The FDA has granted Breakthrough Therapy Designation to izalontamab brengitecan (iza-bren) for the treatment of locally advanced or metastatic non-small cell lung cancer (NSCLC) patients who have progressed after EGFR-TKI and platinum-based chemotherapy, indicating significant clinical benefits over existing therapies [1][2]. Group 1: FDA Breakthrough Therapy Designation - The designation is based on clinical research data from multiple studies, including BL-B01D1-101, BL-B01D1-203, and BL-B01D1-LUNG-101 [2]. - This recognition validates the reliability of existing data and highlights the unmet clinical needs faced by patients after EGFR-TKI and platinum-based chemotherapy [2][4]. Group 2: Clinical Context and Market Need - NSCLC accounts for approximately 80% of all lung cancer cases and remains a leading cause of cancer-related deaths globally [3]. - In Western populations, 10% to 15% of NSCLC patients have EGFR mutations, while in Asian populations, this figure can be as high as 50% [3]. Group 3: Drug Development and Clinical Trials - Iza-bren is a globally innovative EGFR×HER3 dual antibody ADC that has entered Phase III clinical trials [4]. - The drug is currently involved in over 40 clinical trials across various tumor types in China and the U.S., with several Phase III trials ongoing for NSCLC, small cell lung cancer, breast cancer, and nasopharyngeal carcinoma [5].