Joining us now is Marley Kaden for a closer look. It is the focus of the morning trade. So Barclay's upgrading Southwest to overweight this morning.What stands out about this analyst note. What are they actually saying that's behind the call. Marley, good morning to you. >> Good morning, Sam.Yeah, I think the thing that stands out most is some of this market action that we're seeing. You mentioned hitting a three-year high for Southwest shares. Still up two and a third percent this morning on this positive ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $12.7 million, a significant increase from $5.2 million in Q2 2024, primarily driven by an $8 million milestone payment from Torii and net YCANT revenue of $4.5 million [22][24] - GAAP net income for Q2 2025 was $200,000 or $0.02 per share, compared to a net loss of $17.2 million or $3.7 per share in Q2 2024 [24] - Non-GAAP net income for Q2 2025 was $2.4 million or $0.25 per share, compared to a net loss of $14.4 million or $3.11 per share in Q2 2024 [24][26] Business Line Data and Key Metrics Changes - The YCANT business reported a record 13,434 dispensed applicator units in Q2 2025, representing a sequential growth of 32.8% over the prior quarter [6][22] - Net YCANT revenue in Q2 2025 was $4.5 million, reflecting shipments to distribution partners, offset by standard gross to net adjustments [22][23] Market Data and Key Metrics Changes - The company is experiencing strong demand for YCANT, particularly in territories with high prevalence of molluscum contagiosum and robust medical and pharmacy benefit coverage [8][12] - Over 1.6 million patients in Japan contract molluscum annually, representing a significant market opportunity for YCANT [19] Company Strategy and Development Direction - The company is focused on expanding its commercial strategy for YCANT, targeting high-value territories and enhancing relationships with healthcare professionals [10][12] - An amended agreement with Torii Pharmaceutical is expected to provide up to $18 million in non-dilutive capital in 2025, strengthening the company's balance sheet [14][15] - The company plans to initiate a global Phase III program for YCANT for the treatment of common warts, with the first patient expected to be dosed in the U.S. in 2025 [18][19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in generating strong and sustainable growth driven by YCANT's unique product attributes and the relationships built with the medical community [28] - The company anticipates continued growth in the second half of 2025, supported by the ongoing expansion of its sales force and improved access to YCANT [28][44] Other Important Information - The company executed a reverse stock split at a ratio of one for ten shares, impacting the share price [24] - As of June 30, 2025, the company had cash and cash equivalents of $15.4 million, which may not be sufficient to fund operations for the next year without additional capital [26] Q&A Session Summary Question: Expansion of the sales force and reasons for increased YCANT adoption - Management expects to add 5 to 10 more sales representatives in the near term, attributing success to the tenacity of sales reps and strong support from the medical community [32][34] Question: Growth expectations for Q3 and patient access updates - Management noted that molluscum is often diagnosed year-round, and they are seeing increased adoption among pediatricians and dermatologists [43][44] Question: Increase in receivables and gross to net (GTN) changes - The increase in receivables is partly due to collection terms of sixty days, and management has not changed the WACC since launch [47][51]