Financial Data and Key Metrics Changes - In Q4 2025, the company generated $41.9 million in total revenue, bringing the total revenue for 2025 to $62.9 million, which includes $15.7 million in IBTROZI net U.S. product revenue for Q4 and $24.7 million for the full year [40][41] - The gross net revenue is currently around 25%, expected to slightly increase before stabilizing long term [42] Business Line Data and Key Metrics Changes - By the end of 2025, 432 new patients started treatment with IBTROZI, with 216 new patient starts occurring in Q4, reflecting a significant increase from 204 in Q3 [5][7] - The company noted that a significant share of product revenue was driven by patients treated with IBTROZI as a third-line plus option, which typically has a shorter duration of therapy [40] Market Data and Key Metrics Changes - The launch of IBTROZI is reported to be six times faster than the two prior ROS1 TKI launches over their first two full quarters following approval [6][30] - Approximately 70% of new patient starts came from academic centers or integrated delivery networks (IDNs), with 30% from community centers, indicating a shift towards community settings expected to support prescription growth [37] Company Strategy and Development Direction - The company aims to increase its prescriber base and identify more newly diagnosed first-line patients to treat with IBTROZI, which is expected to significantly increase the duration of therapy for active patients [9] - The company is also focused on expanding the use of IBTROZI into earlier stages of lung cancer and has initiated a phase III study for taletrectinib as an adjuvant therapy for resected ROS1-positive early-stage non-small cell lung cancer [17][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of new patient starts and the potential for growth in first-line use, emphasizing the importance of IBTROZI's durability and tolerability profile [63][64] - The company does not anticipate the need for additional external financing to reach profitability, indicating a strong cash position and disciplined expense management [47] Other Important Information - The company received a milestone payment of $25 million from its partner in Japan following regulatory approval and reimbursement in November [43] - The company has a robust capital position with $529.2 million in cash equivalents and marketable securities at the end of 2025, which has increased by approximately $60 million following a recent upfront payment [46][47] Q&A Session Summary Question: What are the expectations for revenue guidance in 2026? - Management noted that while they are not providing specific revenue guidance, they see a robust trajectory in new patient starts and expect growth towards the first-line setting over time [50][53] Question: Can you provide an update on the enrollment trajectory for the phase III study of safusidenib? - Management expressed confidence in the enrollment for the phase III study, indicating that patients are available and that the trial will enroll on target, with results expected by 2029 [54][56] Question: How should we think about the seasonal bounce back in Q1 2026? - Management acknowledged that while there was lower use in Q4, they believe the patient population is present and that new patient diagnoses will continue to occur, although the impact of seasonality is uncertain [58][60] Question: What is the competitive landscape for IBTROZI with potential competitors entering the market? - Management highlighted that they have captured a significant number of later-line patients and are focusing on first-line growth, emphasizing IBTROZI's unmatched durability and tolerability profile as key competitive advantages [62][64]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated $13.1 million in total revenue, including $7.7 million in net product revenue from ATROSY, marking a strong performance for the first full quarter as a commercial stage company [36][40]. - The gross-to-net ratio is approximately 20%, with expectations for slight increases over time as the payer mix stabilizes [50]. Business Line Data and Key Metrics Changes - The launch of ATROSY has seen 204 new patients starting treatment in Q3, averaging over 15 new patient starts per week, significantly higher than previous benchmarks [5][26]. - The company reported a median duration of response (DOR) of 50 months for TKI-naive patients, indicating strong efficacy [9][30]. Market Data and Key Metrics Changes - ATROSY is now covered by payers representing over 80% of covered lives, up from 58% two months prior, reflecting effective market access efforts [28][37]. - The company anticipates an increase in the annual addressable population for ROS1-positive non-small cell lung cancer patients due to the shift towards RNA-based testing, potentially expanding from 3,000 to 4,000 patients annually in the U.S. [32][58]. Company Strategy and Development Direction - The company is focused on deepening adoption of ATROSY in the U.S. and raising awareness of oncogenic driver testing, which is crucial for identifying eligible patients [31][34]. - The initiation of the TRUST-4 study aims to evaluate ATROSY as an adjuvant therapy for early-stage non-small cell lung cancer, addressing a significant unmet need [15][33]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong early adoption of ATROSY and its potential to become the new standard of care for ROS1-positive non-small cell lung cancer [44]. - The company is optimistic about the future growth trajectory, supported by a robust cash balance and a disciplined approach to resource allocation [41][43]. Other Important Information - The company has received regulatory approval for ATROSY in Japan, expanding its market reach [16]. - The company plans to submit a supplemental NDA to update the label for ATROSY by the end of the week [50]. Q&A Session Summary Question: Guidance on sales for this year and trends in usage between treatment lines - The company is not providing specific sales guidance but is comfortable with current consensus estimates, noting strong Q3 performance [46]. Question: Expanded access program details - Only six patients were converted from the expanded access program to commercial ATROSY, with expectations for more patients to generate full commercial revenue soon [47]. Question: Gross-to-net and payer mix insights - The gross-to-net ratio is around 20%, with a payer mix expected to stabilize over time [50]. Question: First line versus second line patient usage - The company expects to capture a significant number of treatment-naive patients and is already seeing switches from other therapies due to ATROSY's superior efficacy [58]. Question: European partnership timeline - Advanced discussions are ongoing, with expectations to finalize details in Q4 [55].

Financial Data and Key Metrics Changes - For Q1 2025, the company reported R&D expenses of $24.6 million, reflecting continued investments in lead assets and clinical stage pipeline [31] - SG&A expenses were $35.4 million, primarily driven by pre-commercial build-out, including personnel-related expenses tied to commercial hiring [31] - The net loss for the quarter increased compared to the prior year, with a cash position of $461.7 million at the end of the quarter, not including proceeds from a recent financing agreement [32][34] Business Line Data and Key Metrics Changes - The company is preparing for the potential approval of telotrectinib, a next-generation ROS1 inhibitor for non-small cell lung cancer, with a PDUFA date set for June 23, 2025 [6][18] - Telotrectinib has demonstrated a confirmed overall response rate (ORR) of 89% in treatment-naive patients and a median progression-free survival (PFS) of 46 months [10][12] - The drug's safety profile is favorable, with a low discontinuation rate of 6.5% due to treatment-emergent adverse events [16] Market Data and Key Metrics Changes - ROS1 positive non-small cell lung cancer is estimated to affect approximately 2% of newly diagnosed non-small cell lung cancer patients, translating to about 3,000 new patients each year in the U.S. [24] - First-generation ROS1 TKIs like crizotinib and entrectinib generate less than $150 million in annual U.S. net sales, indicating significant unmet needs in the market [25] Company Strategy and Development Direction - The company aims to challenge the status quo in cancer treatment by providing better drugs that impact efficacy, safety, and convenience [7] - The commercial strategy focuses on ensuring quick access to telotrectinib for patients and maximizing long-term value through its impressive clinical profile [24][30] - The company has secured a $250 million non-dilutive financing agreement to support the launch of telotrectinib and advance its broader pipeline [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the data supporting telotrectinib and the readiness of the team for the upcoming launch [39] - The new NCCN guidelines are expected to serve as a tailwind for the drug, emphasizing the need for ROS1 therapies over traditional IO chemotherapy [49] - The company believes that the market is ready for new alternatives, with telotrectinib positioned to reshape the ROS1 landscape if approved [19] Other Important Information - The company is also developing saclucitanib for diffuse IDH1 mutant glioma, with early clinical data suggesting deeper responses than other agents in this class [20][21] - The company is preparing to move saclucitanib into pivotal development this year, indicating a strong pipeline beyond telotrectinib [21] Q&A Session Summary Question: Can you discuss the tailwinds for the launch and how you prioritize them? - Management highlighted that duration of response and progression-free survival are key metrics for patients and physicians, positioning telotrectinib favorably against historical oncology agents [44] Question: What is the pricing strategy for telotrectinib? - Management indicated that pricing discussions are ongoing, with plans to announce the price shortly after the anticipated approval [50] Question: What is the targeted account strategy for ROS1 patients? - Management refrained from disclosing specific strategies but expressed confidence in their approach and the team's experience [58] Question: How does the company plan to address physician education regarding telotrectinib? - Management acknowledged the importance of physician education and emphasized that the drug's compelling data will incentivize prescriptions [70] Question: What are the expectations for the expanded access program (EAP)? - Management does not expect a large bolus from the EAP but remains confident in the overall launch strategy [85]