Financial Data and Key Metrics Changes - For Q3 2025, net sales totaled $287.3 million, representing a 35% increase quarter over quarter [23][24]. - The company ended Q3 2025 with $1.1 billion in cash and marketable securities, reflecting a strong cash position to support ongoing operations [25][26]. Business Line Data and Key Metrics Changes - Rezdiffra's sales are annualizing at over $1 billion within six quarters of launch, with over 29,500 patients currently on the therapy, up from more than 23,000 at the end of Q2 2025 [4][6][7]. - The number of prescribers for Rezdiffra exceeded 10,000, indicating strong physician penetration [8]. Market Data and Key Metrics Changes - The target population for Rezdiffra is 315,000 diagnosed patients, with a significant portion remaining untreated, providing substantial growth potential [7][10]. - The company is expanding its market presence in Europe, having launched in Germany following European approval [4][15]. Company Strategy and Development Direction - The company aims to maximize the value of Rezdiffra while building its pipeline, focusing on first-line access and payer contracting strategies for 2026 [4][12]. - The strategy includes expanding the pipeline with new assets, such as an oral GLP-1, to enhance treatment options for MASH [17][18]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Rezdiffra's growth potential, citing its best-in-class profile and the expected impact of payer agreements starting January 1, 2026 [11][24]. - The management team highlighted the importance of sustained efficacy and tolerability for long-term chronic use of Rezdiffra [72][75]. Other Important Information - R&D expenses for Q3 2025 were $174 million, primarily due to a one-time expense related to the licensing agreement for MGL-2086 [24][25]. - SG&A expenses increased to $209.1 million, reflecting higher commercial investments to support the Rezdiffra launch [25]. Q&A Session Summary Question: How could AASLD data further de-risk Maestro NASH outcomes? - Management expressed excitement about AASLD and noted positive feedback from gastroenterologists regarding Rezdiffra's efficacy, which gives confidence in the Maestro outcomes trial [30][31][34]. Question: Pros and cons of combining Rezdiffra with MGL-2086 versus other GLP-1s? - Management clarified that MGL-2086 is an orforglipron derivative, emphasizing the rationale for combining it with Rezdiffra to enhance efficacy [37][38]. Question: Thoughts on competitive positioning amid recent M&A in the space? - Management viewed recent M&A as validation of the MASH market and expressed confidence in their long-term strategy and market access [45][46]. Question: Feedback on Rezdiffra's adherence rates and net pricing? - Management confirmed strong adherence rates and indicated that gross-to-net dynamics would likely lead to some future decline in pricing, but they remain optimistic about market access [51][53]. Question: Comments on Aetna's formulary coverage decision? - Management stated that Aetna's decision would not significantly impact access, as Rezdiffra would still be available through prior authorization [59]. Question: Observations on Novo's marketing campaign and path to profitability? - Management noted that while it is early to quantify the impact of Novo's campaign, they are optimistic about the potential for increased diagnoses and emphasized a focus on top-line growth [62][68].