Core Insights - Relay Therapeutics is a clinical-stage company focused on developing small molecule precision medicine for cancer and genetic diseases [2] - The company will report its fourth quarter and full year 2025 financial results on February 26, 2026 [1] Company Overview - Relay Therapeutics utilizes its Dynamo® platform, which combines advanced computational and experimental methods to target previously difficult-to-drug proteins [2] - The lead clinical asset, zovegalisib, is the first pan-mutant selective PI3Kα inhibitor in clinical development, currently in Phase 3 trials for HR+/HER2- metastatic breast cancer [2] - Zovegalisib is also being studied for PI3Kα-driven vascular anomalies and the company has additional programs targeting NRAS-driven solid tumors and Fabry disease [2]

On February 17, 2026, Connecticut-based Braidwell disclosed a new position in Kodiak Sciences (NASDAQ:KOD), acquiring 2,072,788 shares in a trade estimated at $57.96 million. What happened Braidwell LP reported a new holding in Kodiak Sciences, acquiring 2,072,788 shares during the fourth quarter of 2025, according to an SEC filing dated February 17, 2026. The quarter-end position value stood at $57.96 million, capturing both share purchases and price movements. What else to know This new position acc ...

Financial Data and Key Metrics Changes - In Q4 2025, total net product and royalty revenue was $263 million, with full-year 2025 total net product and royalty revenue reaching $831 million, exceeding guidance of $750 million-$800 million [5][17] - Non-GAAP R&D and SG&A operating expenses for 2025 were $728 million, below the guidance of $730 million-$760 million [6] - Cash, cash equivalents, and marketable securities totaled $1.95 billion as of December 31, 2025, compared to $1.14 billion as of December 31, 2024 [21] Business Line Data and Key Metrics Changes - Sephience generated $92 million in revenue in Q4 2025 and $111 million since its launch in 2025 [5][12] - The DMD franchise revenue for Q4 2025 was $66 million, with Translarna contributing $39 million and Emflaza $27 million [17] - Evrysdi royalty revenue for full-year 2025 was $244 million [18] Market Data and Key Metrics Changes - Sephience has seen broad uptake across all patient segments, with 946 patients on commercial therapy worldwide by the end of 2025 [13] - In the U.S., 80% of PKU Centers of Excellence have written prescriptions for Sephience [13] - The company expects to have patients on commercial drug in 20-30 countries by the end of 2026, with Japan's launch anticipated soon [8][15] Company Strategy and Development Direction - The main focus for 2026 will be to continue the momentum of the Sephience launch, with expectations for revenue growth through increased market penetration and geographic expansion [7][8] - The company aims to reach cash flow break-even in 2026, a significant milestone [7][20] - The R&D pipeline includes advancing programs from RNA splicing and ferroptosis inflammation platforms, with several early-stage programs expected to progress [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Sephience's potential, citing a multi-billion dollar global revenue opportunity due to its differentiated profile and unmet need in the PKU market [8][15] - The management highlighted the importance of social media in driving awareness and engagement among patients, particularly those previously lost to follow-up [30][31] - The company remains optimistic about the future, with a robust commercial engine and innovative R&D programs [10] Other Important Information - The company sold the remainder of its Evrysdi royalty for $240 million in December 2025, which will not generate cash proceeds for PTC but maintains the right to receive a $150 million milestone from Roche [19][20] - The company is preparing for pricing and reimbursement negotiations in key markets, including Japan and Brazil, with expectations for meaningful revenue contributions from these regions [15][70] Q&A Session Summary Question: What is included in the guidance for Sephience sales this year? - The revenue guidance of $700 million-$800 million is primarily from Sephience, with contributions expected from mature products as well [22][23] Question: How are lost to follow-up patients becoming aware of Sephience? - Engagement through social media has played a significant role in raising awareness among patients who were previously lost to follow-up [30][31] Question: Can you provide details on the additional study requested by the FDA for vatiquinone? - The FDA suggested an open-label or single-arm study with a natural history comparator group, and the company plans to meet with the FDA to finalize the protocol [39][40] Question: What are the expectations for Sephience's discontinuation rate? - The company is seeing very low discontinuation rates, with high prescription renewal rates, which is encouraging for future growth [46][47] Question: How will pricing and reimbursement dynamics evolve in Europe? - The company is in the process of negotiating pricing and reimbursement in Germany, with expectations for a favorable outcome based on strong clinical data [52][53]

Financial Data and Key Metrics Changes - The company reported a significant year-over-year total revenue growth of 22%, with full-year 2025 revenues of $407.3 million, compared to $333.6 million in 2024 [32] - XPHOZAH revenues grew to $274.2 million, an increase of 73% compared to the full year of 2024 [33] - The net loss for 2025 was $61.6 million, or $0.26 per share, compared to a net loss of $39.1 million, or $0.17 per share, for 2024 [36] Business Line Data and Key Metrics Changes - IBSRELA achieved a remarkable revenue growth of 73% compared to 2024, with a 61% year-over-year growth in the fourth quarter [7][11] - XPHOZAH experienced a 9% increase in total dispenses and a 41% increase in paid dispenses when excluding Medicare compared to 2024 [18][34] Market Data and Key Metrics Changes - The IBS-C market continues to grow in double digits, with nearly 7 million prescriptions written in 2025, an increase of 11% compared to 2024 [13] - 77% of patients on a secretagogue report continuing to experience symptoms despite treatment, indicating a significant unmet need in the market [12] Company Strategy and Development Direction - The company aims to significantly grow IBSRELA and maintain XPHOZAH's momentum, with IBSRELA projected to deliver $1 billion in revenue by 2029 [10][39] - A new patent for the commercial formulations of IBSRELA and XPHOZAH, expiring in 2042, is part of the strategy to create valuable intellectual property [8] - The company is focused on expanding its pipeline with new development programs, including a phase III program for IBSRELA to include chronic idiopathic constipation (CIC) [9][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory and the ability to capitalize on opportunities ahead, emphasizing a patient-first strategy [10][19] - The company is positioned for long-term growth and value creation, with disciplined cash management and execution [9][32] Other Important Information - Research and development expenses for 2025 were $71.5 million, reflecting ongoing pediatric trials and the ACCEL trial for CIC [35] - The company finished 2025 with $264.7 million in total cash, an increase from $250.1 million at the end of 2024, and has generated positive cash flow for two consecutive quarters [37][42] Q&A Session Summary Question: Confidence in IBSRELA volume growth to reach $430 million guidance - Management expressed strong confidence in reaching the guidance, citing the large patient population needing alternatives to current treatments [46][47] Question: Cadence of expenses and path to sustained cash flow positivity - The company plans to increase operating expenses by 25% while expecting top-line growth of over 38%, indicating a disciplined approach to investments [55][56] Question: Details on the CIC trial and dose testing - The trial includes multiple doses to evaluate efficacy, with expectations that the middle dose will perform well based on previous data [65][66] Question: Distinctions in the CIC market compared to other treatments - Management highlighted the need for different mechanisms of action in treating CIC, emphasizing the potential utility of tenapanor [72][74] Question: Focus of prescribers in the phase III study for CIC - The primary endpoint will focus on achieving durable responses in bowel movements, with secondary endpoints including quality of life [79][81] Question: Future patent strategies and long-term growth for XPHOZAH - The company is actively working on strengthening its intellectual property position and is focused on ensuring patient access to XPHOZAH [87][88]

Travere Therapeutics (NasdaqGM:TVTX) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Company ParticipantsBill Rote - Chief Research OfficerChris Cline - CFOEric Dube - President and CEOGavin Clark-Gartner - Managing Director of Biotechnology Equity ResearchJason Zemansky - Managing DirectorJula Inrig - Chief Medical OfficerNivi Nehra - VP of Corporate Communications and Investor RelationsPeter Heerma - Chief Commercial OfficerConference Call ParticipantsAlex Thompson - Managing Director and Senior Equit ...

Travere Therapeutics (NasdaqGM:TVTX) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Company ParticipantsBill Rote - Chief Research OfficerChris Cline - CFOEric Dube - President and CEOGavin Clark-Gartner - Managing Director of Biotechnology Equity ResearchJason Zemansky - Managing DirectorJula Inrig - Chief Medical OfficerNivi Nehra - VP of Corporate Communications and Investor RelationsPeter Heerma - Chief Commercial OfficerConference Call ParticipantsAlex Thompson - Managing Director and Senior Equit ...

PTC Therapeutics (NasdaqGS:PTCT) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Company ParticipantsEllen Cavaleri - Head of Investor RelationsEric Pauwels - Chief Business OfficerJarwei Fang - VP of Large-Cap Biotechnology and Pharma Equity ResearchJoe Heidt - Equity Research AssociateMatthew Klein - CEOPierre Gravier - CFOTazeen Ahmad - Managing DirectorConference Call ParticipantsBen Burnett - Executive Director and Senior Equity AnalystBrian Cheng - Executive Director and Senior Biotech AnalystElli ...

Travere Therapeutics (NasdaqGM:TVTX) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Speaker3Good afternoon, and welcome to the Travere Therapeutics fourth quarter and full year 2025 financial results conference call. Today's call is being recorded. At this time, I would like to turn the conference call over to Nivi Nehra, Vice President, Corporate Communications and Investor Relations. Please go ahead, Nivi.Speaker4Thank you, operator. Good afternoon, and welcome to Travere Therapeutics' fourth quarter ...

PTC Therapeutics (NasdaqGS:PTCT) Q4 2025 Earnings call February 19, 2026 04:30 PM ET Speaker12Ladies and gentlemen, thank you for standing by. Welcome to PTC Therapeutics' fourth quarter and full year 2025 earnings conference call. All participants are in a listen-only mode. After the presentation, there will be a question-and-answer session. Today's conference is being recorded. I would now like to turn the conference over to Ellen Cavaleri, Head of Investor Relations. Please, please go ahead.Speaker2Good ...

On February 17, 2026, Connecticut-based Braidwell disclosed a new position in Centessa Pharmaceuticals (NASDAQ:CNTA), acquiring 2,188,320 shares in an estimated $54.73 million trade. What happened In a new U.S. Securities and Exchange Commission (SEC) filing released February 17, 2026 (link), Braidwell disclosed the purchase of 2,188,320 shares of Centessa. The net position change for the quarter was $54.73 million, reflecting the new holding’s quarter-end valuation. What else to know The new stake re ...