Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $264.6 million, representing a 9% year-over-year increase [5][27] - Debut net product sales were $96.1 million, up 14% year-over-year, with a gross to net adjustment of 23.3% [27] - NUPLAZID net product sales were $168.5 million, up 7% year-over-year, with a gross to net adjustment of 24.6% [27][28] - R&D expenses increased to $78 million from $76.2 million in the previous year, while SG&A expenses rose to $133.5 million from $117.1 million [28] Business Line Data and Key Metrics Changes - Debut saw a patient base increase to 987 unique patients, up from 954 in Q1 2025 and 920 in Q4 2024, indicating strong growth in new patient starts and persistency [9][10] - NUPLAZID referrals increased by 17% year-over-year, with both referrals and new prescriptions rising sequentially from Q1 to Q2 [15][16] Market Data and Key Metrics Changes - The community setting accounted for approximately three-quarters of new referrals for Debut, indicating successful penetration beyond centers of excellence [41] - The company is expanding its reach in the EU, with named patient supply available in multiple countries [13] Company Strategy and Development Direction - The company is focused on accelerating the commercial trajectory of Debut and sustaining long-term growth for NUPLAZID, while advancing a deep pipeline through rigorous clinical development [31] - The company raised the low end of its NUPLAZID guidance for the year, reflecting confidence in business performance [29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the continued growth of Debut and NUPLAZID, supported by direct-to-consumer campaigns and field execution [5][15] - The company anticipates sustained growth through the second half of the year and beyond, with several key milestones in the pipeline [16][19] Other Important Information - The company hosted its first R&D Day, showcasing nine programs in development and five Phase II or Phase III data readouts expected through 2027 [7][19] - The company is progressing through the review process with EMA for trofinetide, with a decision expected in 2026 [21] Q&A Session Summary Question: About ACP101's top line approach and key risks - Management indicated that the focus will be on the primary endpoint and key safety and tolerability overview in the top line announcement, with ongoing monitoring of assessment variability [33][34] Question: Momentum in Debut and community setting penetration - Management reported that approximately three-quarters of new referrals came from non-center of excellence accounts, indicating successful penetration [41] Question: Discontinuations for Debut and inventory changes - Discontinuations remained below 10%, reflecting a stable patient base, and there were no significant inventory changes reported [73][74] Question: Growth perspective for 2026 - Management expects continued growth for both Debut and NUPLAZID, driven by new field force models and ongoing campaigns [96][100]

Core Viewpoint - Yifang Biotech (688382) faces significant operational challenges and financial difficulties, with a reported revenue of 169 million yuan and a net loss of 240 million yuan in 2024, marking a 14.5% increase in losses year-on-year [1] Revenue Structure - In 2024, 96% of the company's revenue came from technology licensing and sales commissions, with milestone revenue from Gexolex (151 million yuan, 89%) and sales commissions from Befotizumab (16.38 million yuan, 9.7%) [2] - The company recognizes revenue based on accounting standards, with significant milestone payments being a major component, leading to a "not applicable" gross margin due to the reliance on one-time payments [2] Accounts Receivable and Bad Debt - The overdue milestone payment of 180 million yuan from Betta Pharmaceuticals accounts for 77% of total accounts receivable, raising concerns about the company's ability to recover these funds [3] - The company has made a provision for bad debts amounting to 18 million yuan (10% of the overdue amount), but the recoverability of older receivables remains uncertain [3] Product Challenges - Befotizumab faces pricing pressure from insurance reductions and competition from six similar products already on the market, despite its superior efficacy [4] - Gexolex, while being the second approved product in its category, is projected to have a modest global market growth of 27% from 2023 to 2032, with competition from domestic products [4] R&D Pipeline - The company has a promising oral SERD drug D-0502 for breast cancer in Phase III trials, expected to be approved by 2026, while the URAT1 inhibitor D-0120 for gout is facing delays in clinical trials [5] - R&D investment has decreased by 13% to 384 million yuan, with a reduction of 36 staff members, raising concerns about the potential impact on R&D capabilities [5] Fund Utilization and Future Outlook - The company's fundraising projects have undergone changes, with the headquarters project being adjusted twice, leading to a reduced funding amount and a low utilization rate of 45.31% for new drug development [6] - The company is under pressure to turn a profit, with risks associated with delayed receivables and increased market competition, particularly if later-stage pipelines do not launch on schedule [6]