Financial Data and Key Metrics Changes - The company reported Q2 revenues of $77 million, a 6% increase over 2024, and year-to-date revenues of $155 million, reflecting a 12% increase over 2024 [6][18] - The balance sheet remains strong with $201 million in cash and access to $500 million in non-dilutive capital from Blackstone [7][22] - Total revenues over the trailing four quarters exceeded $300 million, with expectations for continued growth [18] Business Line Data and Key Metrics Changes - The endocrine business unit generated $18.3 million in revenue, representing a 13% growth over 2024 [6] - Afrezza net revenues for Q2 were $18 million, a 13% increase year-over-year, while V Go net revenue was approximately $4 million, an 8% decrease [19][20] - Tyvaso DPI royalties contributed $31 million in Q2, marking a 22% increase from the same quarter last year [18] Market Data and Key Metrics Changes - The company targets about 25% of all rapid-acting scripts, with 1% of the rapid-acting market estimated at a $300 million run rate for Afrezza [4] - The NTM market is expected to exceed $1 billion by the end of the decade, with a focus on the US and Japan [7] Company Strategy and Development Direction - The company is focused on creating shareholder value, minimizing dilution, and enhancing flexibility for future growth [3] - Upcoming trials include the launch of the inflow trial for NTM by the end of 2025 and the pediatric indications for Afrezza [6][14] - The company aims to enhance its commercial infrastructure and expand its sales force in preparation for the pediatric launch of Afrezza [16][73] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the upcoming TETON-two results and their potential impact on business plans [3][14] - The company anticipates continued growth in royalty revenue driven by Tyvaso DPI sales and expects Afrezza to maintain its growth trajectory [20][21] - Management highlighted the importance of the Blackstone deal in providing the necessary capital for growth and innovation [25][22] Other Important Information - The company has entered into a strategic financing arrangement with Blackstone, providing access to up to $500 million in non-dilutive funding [22] - The company is preparing for a new marketing campaign called "insulin in the moment" to enhance awareness and adoption of Afrezza [15] Q&A Session Summary Question: Can you walk us through the timeline for a potential bridging study in IPF? - Management indicated that the timeline could be faster than previous studies, depending on the results of TETON-two and TETON-one [30][31] Question: How is the intended DPI program positioned in the current treatment landscape? - Management noted that the program is designed to be used in combination with existing therapies and is focused on patients intolerant to current treatments [34][40] Question: What is the typical Afrezza patient profile today? - The breakdown of patients is approximately 45% Type 1 and 55% Type 2, with a growing focus on Type 1 patients [66][67] Question: What are the conditions for drawing additional capital from the Blackstone agreement? - The company can draw funds at its discretion without specific sales or development milestones [98]