Core Viewpoint - 4D Molecular Therapeutics reported advancements in its 4D-150 program, with accelerated timelines for clinical trials and a strong cash position to support operations into 2028 [1][2][8]. Recent Corporate Highlights - The company streamlined operations, reducing workforce by approximately 25%, primarily in early-stage research and development, to save about $15 million annually [7]. - Positive 60-week data from the SPECTRA trial in Diabetic Macular Edema (DME) supports the therapy's tolerability and treatment burden reduction [6][11]. - The 4FRONT-1 trial for wet Age-related Macular Degeneration (AMD) has exceeded initial enrollment projections, with topline data expected in the first half of 2027, accelerated from the second half of 2027 [6][7]. Financial Results - As of June 30, 2025, the company reported cash, cash equivalents, and marketable securities of $417 million, down from $505 million at the end of 2024, primarily due to operational cash usage [8][19]. - Research and development expenses increased to $48.0 million in Q2 2025 from $31.9 million in Q2 2024, driven by the initiation of the Phase 3 clinical trial for 4D-150 [9]. - General and administrative expenses rose to $11.5 million in Q2 2025 from $10.6 million in Q2 2024, mainly due to increased professional services [10]. Expected Milestones - The company anticipates 52-week topline data for the 4FRONT-2 trial in wet AMD in the second half of 2027 [7]. - Data from the PRISM Phase 1/2 clinical trial is expected in Q4 2025 [7]. - The company received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA for 4D-150 for DME, indicating potential expedited development [11].

Financial Data and Key Metrics Changes - Q2 net revenue was $96 million, marking a return to growth due to patients resuming treatment and ongoing sales team expansion [7][8] - Total net revenue for Visovac since launch exceeded $525 million [7] - Net income for the quarter was $38.3 million, representing $1.33 per basic and $1.29 per diluted share, compared to $15.6 million in the prior year's second quarter [30] Business Line Data and Key Metrics Changes - Gross margin remained consistent at 93% in Q2 [29] - Research and development expenses decreased to $14.4 million from $15.6 million in the prior year, while general and administrative expenses increased to $35.2 million from $27.6 million [29] Market Data and Key Metrics Changes - Compliance while on drug was reported at 82%, with expectations of a downward trend as the patient mix shifts [9] - The company secured over 575 reimbursement approvals for patients in the U.S. [8] Company Strategy and Development Direction - The company is focused on the successful launch of Visovac in Europe and Japan, with significant potential for growth in these markets [12][18] - The strategy includes expanding the sales force and enhancing patient support programs to drive adoption [10][15] Management's Comments on Operating Environment and Future Outlook - Management expects Q3 revenues to be below Q2 due to seasonal trends but anticipates a return to growth in Q4 [10] - The company is optimistic about the long-term growth trajectory driven by transformative patient outcomes and global expansion [11][18] Other Important Information - The approval of VYZUVAC in Japan is seen as a significant milestone, with plans for launch before year-end [12] - The company has established dedicated commercial teams in Germany and France for the European launch [14] Q&A Session Summary Question: Was the revenue growth for this quarter impacted by the Salesforce expansion? - Management clarified that part of the increase in Q2 was due to patients resuming treatment, and the full impact of the Salesforce expansion will be felt in the coming quarters [36] Question: Can you provide quantitative commentary on the magnitude of slower growth in the first few weeks of the quarter? - Management refrained from providing specific details, noting that summer vacations typically lead to increased treatment pauses [40] Question: What is the mix of RDEB versus DDEB patients in reimbursement approvals? - The mix was reported to be approximately 64% RDEB and 36% DDEB, with no significant changes noted [42] Question: How do drug holidays factor into the guidance for U.S. patients initiating VYJUVEC? - Management indicated that they are on track but may be a quarter or two behind the original timeline [46] Question: Will patients need to see a healthcare practitioner before initiating VYJUVEC in Japan? - Yes, the process is similar to Europe, requiring an initial visit to a physician [70] Question: What is the compliance rate among patients using different vial counts? - Compliance is defined based on the duration of drug use, with a range of 76% to 84% expected [101] Question: What are the timelines to capture the remaining patient base in the U.S. market? - Management emphasized that the goal is to target the entire 1,200 patient base, with ongoing efforts to reach the remaining patients [92]

Financial Data and Key Metrics Changes - Q2 net revenue was $96 million, marking a return to growth and bringing total net Visovac revenue since launch to over $525 million [6][27] - Net income for the quarter was $38.3 million, representing $1.33 per basic and $1.29 per diluted share, compared to $15.6 million in the prior year's second quarter [29] - Gross margin remained consistent at 93% in Q2 2025, with cost of goods sold at $7.2 million compared to $6 million in the prior year [28] Business Line Data and Key Metrics Changes - The return to growth in Q2 was attributed to patients resuming treatment and the ongoing expansion of the sales team [6] - Reimbursement approvals increased, with over 575 approvals secured by the end of Q2 [6] - Compliance while on drug was reported at 82%, although a decline is expected as the patient mix shifts [7] Market Data and Key Metrics Changes - The company is preparing for launches in Europe and Japan, with the European launch expected to begin this quarter [12][14] - Japan's Ministry of Health approved VYZUVAC, allowing for a broad label that includes all DEP patients from birth [11] - The identified patient pool in Germany and France exceeds 500 patients each, supported by expert centers [13] Company Strategy and Development Direction - The company aims for steady, multiyear growth in Europe and Japan, leveraging broad labels and flexible dosing options [16] - The focus remains on expanding the sales force and enhancing patient support to drive long-term sustainable growth [10] - The company is pursuing opportunities in other global markets through distributors and partners [17] Management's Comments on Operating Environment and Future Outlook - Management expects Q3 revenues to be below Q2 due to seasonal trends but anticipates a return to growth in Q4 [9] - The company is confident in the long-term growth trajectory, driven by a rich pipeline of clinical-stage programs [31] - Management highlighted the unpredictability of patient restarts and the need for ongoing monitoring of treatment patterns [8] Other Important Information - The company reported a strong balance sheet with over $820 million in cash and investments, positioning it well for upcoming launches and R&D objectives [30] - The R&D team is progressing with multiple clinical trials, including those in oncology and aesthetics [18][23] Q&A Session Summary Question: Was the revenue growth in Q2 impacted by the Salesforce expansion? - Management clarified that part of the increase was due to patients resuming treatment, and the full impact of new hires will be felt in the coming quarters [36] Question: Can you provide quantitative commentary on the slower start to Q3? - Management noted that it is early in the quarter and summer vacations typically lead to more treatment pauses, making it difficult to quantify [40] Question: How do drug holidays factor into the guidance for U.S. patients initiating VYJUVEC? - Management indicated they are on track but may be a quarter or two behind the original goal of reaching 720 patients [46] Question: What is the compliance rate among patients using different vial counts? - Management explained that compliance is defined based on the duration of drug use, with a range of 76-84% being consistent across calculations [102] Question: What are the timelines for capturing the remaining patient market in the U.S.? - Management emphasized that the goal is to target the entire 1,200 patient base, with a focus on achieving 60% market share within two years [92]

Financial Performance - The company reported $96.0 million in net product revenue for the second quarter of 2025, a significant increase from $70.3 million in the same quarter of 2024, representing a growth of approximately 36% [20][38] - For the six months ended June 30, 2025, net product revenue totaled $184.2 million, compared to $115.5 million for the same period in 2024, indicating a year-over-year increase of about 61% [18][39] - The gross margin for the second quarter was 93%, reflecting strong profitability [6] - The company ended the quarter with a robust balance sheet, holding $820.8 million in cash and investments [20][37] Product Developments - VYJUVEK, the company's gene therapy product, has been approved in Japan for the treatment of dystrophic epidermolysis bullosa (DEB) patients from birth, with plans to launch before the end of 2025 [6][23] - The company has secured over 575 reimbursement approvals for VYJUVEK in the U.S., maintaining strong access nationwide [6] - VYJUVEK is also set for its first European launch in Germany in the third quarter of 2025 and in France in the fourth quarter of 2025 [6][34] Clinical Trials and Pipeline - The company is actively enrolling patients in various clinical trials, including KB407 for cystic fibrosis and KB408 for alpha-1 antitrypsin deficiency lung disease, with interim data expected before year-end [5][7] - The company has initiated a Phase 3 study for KB803, aimed at treating and preventing corneal abrasions in DEB patients, with ongoing enrollment [13] - In oncology, the company continues to evaluate inhaled KB707 in patients with solid tumors, with promising safety and efficacy data reported [11][19] Management Commentary - The CEO highlighted the company's global expansion plans following VYJUVEK's approvals in Europe and Japan, which are expected to enhance access for DEB patients worldwide [2] - The company is approaching key readouts in both lung and eye treatments, which could have transformative implications for its platform and patient care [2]

Core Insights - VYJUVEK has received marketing authorization in Japan for the treatment of dystrophic epidermolysis bullosa (DEB) starting from birth, marking it as the first genetic medicine approved for this condition in the country [1][5] - The approval allows for flexible administration options, including home dosing and administration by patients or their family members, which is a significant advancement in treatment accessibility [1][3] - The company anticipates launching VYJUVEK in Japan by the end of 2025, pending the completion of reimbursement procedures [4][7] Company Overview - Krystal Biotech, Inc. is a global biotechnology company focused on developing genetic medicines for diseases with high unmet medical needs, with VYJUVEK being its first commercial product [8][9] - The company has a robust pipeline of investigational genetic medicines across various therapeutic areas, including respiratory, oncology, dermatology, ophthalmology, and aesthetics [8][9] Regulatory and Clinical Insights - The approval by Japan's Ministry of Health, Labour and Welfare (MHLW) was based on a comprehensive clinical dataset, including results from an open-label extension study in Japanese patients, which showed that all four patients achieved full wound closure at six months [5][6] - VYJUVEK was previously approved by the FDA in the United States in May 2023 and by the European Commission in April 2025, indicating a growing recognition of its therapeutic potential [7]

Core Insights - Jeune Aesthetics, Inc. announced positive safety and efficacy results for KB304, a treatment aimed at restoring skin by delivering collagen and elastin, with significant improvements in skin attributes such as wrinkles and elasticity [1][7][9] Study Results - The PEARL-2 study was a randomized, double-blind, placebo-controlled Phase 1 trial involving 19 subjects, with 12 receiving KB304 and 7 receiving placebo [4][13] - At three months post-treatment, 100% of KB304 subjects reported at least a one-point improvement in wrinkles, compared to 28.6% in the placebo group [5] - Subject Satisfaction Questionnaire (SSQ) indicated that 81.8% of KB304 subjects reported improved satisfaction with their wrinkles' appearance, versus 14.3% for placebo [5] Additional Findings - Improvements were also noted in other skin attributes such as elasticity, crepiness, hydration, and radiance, with 100% of KB304 subjects showing at least a one-point improvement across these metrics at all assessment points [6] - The safety profile of KB304 was consistent with previous studies, with mild-to-moderate adverse events reported, primarily after the first dose, and no severe drug-related adverse events [8] Future Development - Based on the positive results, KB304 will progress to Phase 2 development for treating wrinkles in the décolleté, a site with no FDA-approved injectable products [9] - Jeune plans to meet with the FDA to discuss the Phase 2 study protocol, aiming to initiate the study in the first half of 2026 [9]

Clinical Pipeline and Regulatory Milestones - The company has 3 late-stage clinical programs in pivotal/Phase 3 trials for prevalent non-inherited indications[4,7,30,36,42,90] - Potential global filings are anticipated in 2025, 2026, and 2027[7,30,36,42,90] - The company has a deep pre-IND pipeline targeting conditions like ALS, MC4R obesity, and metabolic disease[7,8,32,38,45,93] Manufacturing and Technology - The company operates 2 GMP facilities at commercial scale[5,9,33,39,46,94] - Proprietary vectorization technology increases potency by 2-10x from the same promoter[5,9,34,40,47,95] - AI-driven improvements are based on over 20 vectors and more than 50 GMP runs[5,9,33,39,46,94] Partnerships and Financials - MeiraGTx will receive up to $415 million from Janssen through an asset purchase agreement[11] - Sanofi made a $30 million strategic investment through the sale of 4 million ordinary shares at $7.50 per share[11] AAV-AQP1 for Radiation Induced Xerostomia - There are 170,000 Grade 2/3 RIX patients in the US[13] - There are 15,000 new cases of grade 2/3 RIX annually in the US[13] AAV-GAD for Parkinson's Disease - There are 10 million Parkinson's patients worldwide[18,28] - The estimated economic burden of Parkinson's Disease in the US is $52 billion[19]

Core Insights - 4D Molecular Therapeutics is accelerating the 4D-150 4FRONT Phase 3 program for wet age-related macular degeneration (wet AMD) and has streamlined operations to manage increased expenses, ensuring cash runway into 2028 [1][6] - The company anticipates topline data for the 4FRONT-1 trial in the first half of 2027, an acceleration from the previous guidance of the second half of 2027 [3][6] - A workforce reduction of approximately 25% is being implemented to achieve annual cash compensation savings of about $15 million, supporting the accelerated clinical trial timelines [6] Company Overview - 4D-150 is designed as a backbone therapy for retinal vascular diseases, providing multi-year sustained delivery of anti-VEGF through a single intravitreal injection [5][9] - The company has a strong cash position with $458 million in cash, cash equivalents, and marketable securities as of March 31, 2025, sufficient to support ongoing clinical trials and preparations [6] - The company is transitioning towards becoming a commercial entity, focusing on delivering transformative genetic medicines to patients [4][9] Clinical Development - Initial enrollment and site activation for the 4FRONT-1 trial have exceeded projections, indicating strong engagement from investigators and patients [6] - The 4FRONT-2 trial has been initiated ahead of schedule, with topline data expected in the second half of 2027 [5][6] - Wet AMD is a prevalent disease, with over 4 million individuals expected to be affected in major markets within the next five years [8]

Core Insights - BridgeBio Pharma, Inc. is hosting an investor webinar on July 11, 2025, focusing on limb-girdle muscular dystrophy (LGMD) and its unmet needs [1][2] - Dr. Matthew Wicklund will present on LGMD, particularly LGMD2I/R9, and discuss the disease burden and standard of care [2] - The webinar will also cover the progress of BBP-418 and expectations for the Phase 3 interim analysis results in the second half of 2025 [3] Company Overview - BridgeBio Pharma is a biopharmaceutical company established to develop transformative medicines for genetic diseases, with a pipeline that includes early science to advanced clinical trials [5] - Founded in 2015, the company aims to leverage advances in genetic medicine to expedite patient treatment [5]

Company Participation - Krystal Biotech, Inc. will participate in the Goldman Sachs 46th Annual Global Healthcare Conference on June 10, 2025, in Miami [1] - Krish S. Krishnan, Chairman and CEO, will engage in a fireside chat at 2:00 pm ET and host investor meetings throughout the day [1] Webcast Information - A webcast of the presentation will be available starting at 2:00 pm ET on June 10, 2025, and will be posted on the Investors section of the Company's website [2] Company Overview - Krystal Biotech, Inc. is a fully integrated, commercial-stage global biotechnology company focused on genetic medicines for diseases with high unmet medical needs [3] - The Company's first commercial product, VYJUVEK, is the first-ever redosable gene therapy and the first genetic medicine approved by the FDA and EMA for treating dystrophic epidermolysis bullosa [3] - The Company is advancing a robust pipeline of investigational genetic medicines in various fields including respiratory, oncology, dermatology, ophthalmology, and aesthetics [3]