Financial Data and Key Metrics Changes - Total revenues grew by 26% year-on-year in Q2 2025, reaching $80,400,000, with a significant operating profit of $12,900,000 compared to a loss in the previous year [3][29] - Gross profit increased by 27% to $84,200,000, primarily driven by revenue growth [29] - For the first half of 2025, total revenues increased by 33% and gross profit increased by 37% compared to the same period in 2024 [30] Business Line Data and Key Metrics Changes - Reconnect revenue grew by 28% year-on-year, contributing significantly to the overall revenue growth [4][8] - Joenja achieved a revenue of $12,800,000 in Q2 2025, with a 15% quarter-on-quarter growth and a notable increase in patient uptake [13][14] Market Data and Key Metrics Changes - The U.S. market saw a 27% increase in new patient enrollments for Reconnect, driven by the addition of new prescribers [10] - Joenja's patient base is expanding, with 185 patients identified globally, including a launch in the UK [14][18] Company Strategy and Development Direction - The company aims to build a leading global rare disease platform, leveraging its strong capabilities and pipeline [7] - The focus is on expanding the patient base for Joenja through reclassification of VUS patients and geographic expansion [15][34] - The company is raising its 2025 total revenue guidance to between $335 million and $350 million, reflecting confidence in continued growth [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential of both Reconnect and Joenja, highlighting the unique value propositions of their products [33][34] - The company is committed to optimizing capital allocation and reducing G&A expenses by 15% to support growth [32] Other Important Information - The company has a high-value late-stage pipeline with two assets, each with over $1 billion potential [4][6] - The acquisition of Abliva is expected to enhance the company's pipeline and market position [29] Q&A Session Summary Question: How will the VUS patient reclassification translate to new patients on paid therapy? - Management expects about 20% of the 1,400 identified VUS patients to be reclassified as APDS, which will take time as diagnostic labs process the data [39][41] Question: Can you comment on the revenue growth for Joenja? - The revenue growth for Joenja was impacted by increased stock inventory in Q2 last year, not a change in conversion rates [47] Question: Are there segments of the Reconnect patient population at risk from the launch of sevitralstat? - The majority of Reconnect patients are those who have failed other treatments, and the patient populations targeted by both drugs are different [48][52] Question: Does the OpEx forecast include milestones on leniolumab? - Yes, the forecast includes a $5 million milestone related to leniolumab [68]