Financial Data and Key Metrics Changes - Total revenue grew 9% year over year to $110 million in the second quarter, primarily driven by higher sales of VIBGART and ZACTURA [32][33] - Operating loss improved by 28% to $54.9 million, while adjusted loss from operations was reduced by 37% to $34.2 million, keeping the company on track to achieve profitability in the fourth quarter [15][33] Business Line Data and Key Metrics Changes - VIBGART saw record levels of patient utilization, with a meaningful shift toward maintenance use, reflecting growing physician confidence [10][11] - Zejula had a softer quarter due to evolving competitive dynamics but is expected to stabilize and grow in the second half of the year [13][47] - Zakduro continues to see robust demand, although supply constraints may limit near-term growth [14] Market Data and Key Metrics Changes - VIBGART penetration in gMG is currently at 10%, indicating significant room for growth [11] - The new national guidelines for gMG in China elevate VIBGART's positioning, recognizing its ability to achieve minimal symptom expression rapidly [11] Company Strategy and Development Direction - The company aims to become a leading global biopharma, focusing on commercial business growth and advancing its global pipeline [5][6] - The strategy includes leveraging AI to optimize clinical trials and enhance commercial analytics [8] - Business development remains a priority, focusing on strengthening the global pipeline and expanding the China portfolio [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the full-year revenue guidance of $560 million to $590 million, with expectations for accelerating growth in the second half of the year [6][34] - The company is on track to achieve profitability on an adjusted basis by the fourth quarter, supported by disciplined spending and strategic investments [15][33] Other Important Information - The company is preparing for submissions for several late-stage assets, including Bimetuzumab for gastric cancer and tumor treating fields for pancreatic cancer [6][16] - The cash position at the end of the quarter was $832.3 million, indicating a strong financial position [34] Q&A Session Summary Question: Can you help us understand the potential opportunity for bema in frontline gastric cancer? - Management highlighted a significant patient population in China, estimating over 450,000 gastric cancer patients, with about a third overexpressing FGFR2b, indicating a billion-dollar sales potential [36][39] Question: Can you discuss your confidence levels in achieving your 2025 revenue guidance and profitability goal by year-end? - Management reaffirmed confidence in the revenue guidance and profitability goals, expecting accelerating growth driven by VIBGART and other products [44][46] Question: What is the strategy in China between subcutaneous and IV formulation for VIBGART? - Management expects a shift from almost exclusively IV use to significant subcutaneous use as the product gains traction in the market [80] Question: Are you still actively looking for a partner for clinical development of DLL3? - The company plans to initiate the pivotal trial independently but remains open to partnerships [83] Question: What steps are left to file in China for bema? - The focus is on expediting the submission process and aligning with regulatory feedback for a timely approval [87][89]