Financial Data and Key Metrics Changes - The company achieved net product sales of over $58 million, representing a 76% year-over-year increase, marking the best quarter ever [4][31] - Total revenue for the second quarter was $101.7 million, which included $42.7 million in contract revenues from collaborations [4][31] - The company reported net income of $59.6 million for the second quarter, compared to a net loss of $1 million in the same period in 2024 [32] Business Line Data and Key Metrics Changes - TAVALISSE generated $40.1 million in net product sales, a 52% increase compared to 2024 [31] - GAVRETO net product sales reached $11.8 million, up from $1.9 million in 2024, reflecting a 32% sequential growth [31][12] - Reslidia reported $7 million in net product sales, a 36% increase year-over-year [31] Market Data and Key Metrics Changes - The company raised its total revenue guidance for 2025 to between $270 million and $280 million, up from the previous range of $200 million to $210 million [8][33] - The updated guidance reflects anticipated growth of 45% to 52% compared to 2024, exceeding the roughly 30% growth rate delivered over the last few years [8][34] Company Strategy and Development Direction - The company focuses on growing its hematology and oncology business through commercial execution, advancing its pipeline, and maintaining financial discipline [4][6] - The company is committed to pursuing additional in-licensing deals or acquisitions that fit its commercial capabilities and product focus [6][20] - The development pipeline includes R289, a dual IRAK1 and IRAK4 inhibitor, currently in a Phase Ib clinical study for lower risk MDS [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue growth, citing improved patient affordability and a strong commercial execution strategy [42][51] - The company anticipates continued positive net income for the full year 2025 while funding existing and new clinical development programs [33][34] Other Important Information - The company recognized $40 million in non-cash revenue related to its collaboration with Lilly, following the decision not to exercise its right to share in future development expenses for okaducerptib [5][30] - The company ended the quarter with a cash balance of over $108 million, compared to $77.3 million as of the same period in 2024 [33] Q&A Session Summary Question: Can you split up the percentages contribution to TAVALISSE's growth? - The growth was driven by a higher percentage of new patient starts, accelerated by improved patient affordability in 2025 [41] Question: Is the 32% CAGR from 2021 to 2024 expected to continue into 2026 and beyond? - The company has not provided guidance beyond this year but expects continued growth and confidence in the product's value [50][51] Question: How does the IRA impact shape guidance going forward? - The company expects continued growth in revenues, projecting double-digit growth at the midpoint of guidance [65]