Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $200 million, and for the full year 2025, it was $1 billion, which included a one-time $275 million upfront payment from the Sobi royalty repurchase agreement [20] - Syfovre net product revenue for Q4 was $155 million and $587 million for the full year 2025, with total injections growing approximately 17% year-over-year despite a modest decline in revenue due to elevated use of free goods [11][20] - Empaveli reported U.S. net product revenue of $35 million for Q4 and $102 million for the full year 2025, with a market penetration of over 5% after its first full quarter [22][9] Business Line Data and Key Metrics Changes - Syfovre continues to lead the geographic atrophy (GA) market, with strong physician and patient demand, and is expected to remain a stable revenue stream through 2026 [7][11] - Empaveli's launch trajectory is progressing well, with strong early market receptivity and a growing patient pipeline, particularly in C3G and primary IC-MPGN [8][12] - The company is advancing pivotal trials in nephrology for focal segmental glomerulosclerosis and delayed graft function, expanding the Empaveli franchise [10][18] Market Data and Key Metrics Changes - The company expects to strengthen Syfovre's leadership in geographic atrophy and drive growth with Empaveli across rare kidney diseases [7] - Empaveli's strong efficacy and safety profile are driving adoption, with expectations that it could ultimately be used by up to 50% of the estimated 5,000 U.S. patient population for C3G and primary IC-MPGN [9][15] Company Strategy and Development Direction - The company is focused on three strategic pillars: strengthening Syfovre's leadership, driving growth with Empaveli, and advancing an innovative pipeline [7] - The introduction of a best-in-class prefilled syringe and an AI-enabled approach for Syfovre is aimed at improving treatment accessibility and workflow efficiency [8][10] - The company aims to self-fund its pipeline and drive long-term value through disciplined financial execution [10][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value creation potential of the company, emphasizing a strong balance sheet and disciplined execution [5][25] - The management highlighted the importance of patient access and the evolving dynamics of free goods utilization as third-party programs resume activity [21][57] - The company anticipates modest inventory reduction in Q1 2026 alongside typical seasonal dynamics, with a focus on maintaining a stable net price through the year [21][64] Other Important Information - The company ended 2025 with $466 million in cash and cash equivalents, providing substantial flexibility to fund operations [23] - A $25 million milestone payment was triggered by Sobi's European Commission approval for Aspaveli in C3G and primary IC-MPGN [23] Q&A Session Summary Question: Empaveli launch and growth potential - Management noted that Empaveli is on a clear path to blockbuster status, with a focus on broadening accounts and improving patient identification [29][30] Question: Syfovre five-year data significance - The five-year GALE data shows significant benefits in delaying progression of geographic atrophy, which may lead to earlier treatment for patients [34][36] Question: Empaveli penetration timeline - Management expects a steady ramp in penetration, with a focus on pediatric and post-transplant patients as key growth areas [39][40] Question: Prefilled syringe impact - The prefilled syringe is expected to enhance practice efficiency and support broader adoption of Syfovre [50][52] Question: Free goods dynamics - Management emphasized the commitment to patient access through free goods, which may impact new patient onboarding [97][98]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $200 million, and for the full year 2025, it was $1 billion, which included a one-time $275 million upfront payment from the Sobi royalty repurchase agreement [20][21] - Syfovre net product revenue for Q4 was $155 million and $587 million for the full year 2025, with total injections growing approximately 17% year-over-year despite a modest revenue decline due to elevated use of free goods [11][21] - Empaveli reported U.S. net product revenue of $35 million for Q4 and $102 million for the full year 2025, with a market penetration of over 5% after its first full quarter [23][9] Business Line Data and Key Metrics Changes - Syfovre remains a stable revenue stream with strong underlying demand, leading the geographic atrophy market, while Empaveli is positioned as a near-term growth engine with strong early market receptivity [7][12] - Syfovre's total injections grew approximately 17% year-over-year, while Empaveli's launch trajectory reflects strong execution and early market receptivity [11][9] - The company is advancing pivotal trials for Empaveli in focal segmental glomerulosclerosis and delayed graft function, expanding its franchise into new indications [10][19] Market Data and Key Metrics Changes - Empaveli's launch has achieved more than 5% market penetration in the U.S. nephrology market, significantly outpacing other rare nephrology launches [9][12] - Payer coverage for Empaveli is favorable, with 95% of published policies reimbursing to label or with minimal restrictions, supporting strong demand [13][14] - Syfovre continues to lead the geographic atrophy market, supported by extensive clinical and real-world evidence [11][12] Company Strategy and Development Direction - The company focuses on three strategic pillars: strengthening Syfovre's leadership in geographic atrophy, driving growth with Empaveli across rare kidney diseases, and advancing an innovative pipeline [7][10] - The company aims to enhance Syfovre's efficacy and patient experience through next-generation strategies, including a combination with APL-3007 and the development of a prefilled syringe [10][18] - The company is committed to disciplined execution and long-term value creation, supported by a strong balance sheet [5][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Empaveli's trajectory towards blockbuster status, with expectations of continued growth in 2026 [16][26] - The company anticipates a modest inventory reduction in Q1 2026 alongside typical seasonal dynamics, while maintaining a stable net price for Syfovre [22][24] - Management highlighted the importance of patient access and the resumption of co-pay assistance programs, which are expected to improve treatment access for patients [8][57] Other Important Information - The company ended 2025 with $466 million in cash and cash equivalents, providing substantial flexibility to fund operations [24] - The company is actively evaluating alternatives to address approximately $94 million of convertible debt maturing in September 2026 [25] Q&A Session Summary Question: Empaveli launch and growth potential - Management noted that Empaveli is on a clear path to blockbuster status, with a focus on broadening accounts and improving patient identification [29][30] Question: Syfovre's five-year GALE data - Management emphasized the significant benefits of Syfovre, including delaying progression of geographic atrophy by approximately 1.5 years [34][36] Question: Empaveli penetration timeline - Management expects a steady ramp in patient onboarding, with a focus on pediatric and post-transplant patients [39][40] Question: Prefilled syringe impact - Management indicated that the prefilled syringe will enhance practice efficiency and support renewed growth for Syfovre [50][52] Question: Free goods dynamics - Management highlighted the commitment to support patients unable to afford treatment, emphasizing the importance of patient access [97][98] Question: Enrollment expectations for new trials - Management expressed excitement about the upcoming phase 3 trials for Empaveli, noting strong interest from the nephrology community [59][60]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $200 million, and for the full year 2025, it was $1 billion, which included a one-time $275 million upfront payment from the Sobi royalty repurchase agreement [17] - Syfovre net product revenue for Q4 was $155 million and $587 million for the full year 2025, with total injections growing approximately 17% year-over-year [8][17] - Empaveli reported U.S. net product revenue of $35 million for Q4 and $102 million for the full year 2025, indicating strong early market receptivity [19] Business Line Data and Key Metrics Changes - Syfovre experienced a modest decline in full-year revenue compared to 2024, primarily due to elevated use of free goods, but underlying demand remains strong [8] - Empaveli achieved over 5% market penetration after its first full quarter, significantly outpacing other rare nephrology launches [6][10] - The company is advancing pivotal trials in nephrology for Empaveli, targeting focal segmental glomerulosclerosis and delayed graft function [7] Market Data and Key Metrics Changes - Syfovre continues to lead the geographic atrophy market, with strong physician and patient preference due to its differentiated profile [8] - Empaveli's launch has been supported by favorable payer access, with 95% of published policies reimbursing to label or with minimal restrictions [10] Company Strategy and Development Direction - The company focuses on three strategic pillars: strengthening Syfovre's leadership in geographic atrophy, driving growth with Empaveli across rare kidney diseases, and advancing an innovative pipeline [4] - The introduction of a best-in-class prefilled syringe and an AI-enabled approach for Syfovre is expected to enhance treatment accessibility and workflow efficiency [5][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term value creation and the ability to self-fund the pipeline due to a strong balance sheet and growing commercial revenue base [7][23] - The company anticipates a modest inventory reduction in Q1 2026 alongside typical seasonal dynamics, indicating a disciplined approach to inventory management [18] Other Important Information - The company ended 2025 with $466 million in cash and cash equivalents, providing substantial flexibility to fund operations [20] - A milestone payment of $25 million was triggered by Sobi's European Commission approval for Aspaveli in C3G and primary IC-MPGN [21] Q&A Session Summary Question: Empaveli launch and growth potential - Management highlighted that Empaveli is on a clear path to blockbuster status, with a focus on broadening accounts and improving patient identification [25] - The epidemiology for C3G and IC-MPGN is approximately 5,000 patients in the U.S., with expectations of reaching up to 50% penetration [26][27] Question: Syfovre's five-year GALE data - The five-year data shows that Syfovre can delay progression of geographic atrophy by approximately 1.5 years, which is significant for patients [31][32] Question: Empaveli penetration and competitive dynamics - Management expects steady growth in Empaveli's adoption, with a clear differentiation in the pediatric segment and IC-MPGN [36][38] Question: Prefilled syringe impact on practice dynamics - The prefilled syringe is expected to enhance practice efficiency and patient treatment, providing a competitive advantage [48][50] Question: Free goods and patient assistance dynamics - The company remains committed to supporting patients who cannot afford copays, which has been integral to their strategy [98][99]