Financial Data and Key Metrics Changes - The company continues to be profitable even through the transition from legacy products to new growth products [4] - KELBRE has shown a 25% growth in prescriptions year-over-year and a 23% growth in the first half of the current year [16] - GOCOVRI has seen a significant increase in patient retention due to Medicare redesign, with 97% of patients having less than $25 co-pay by June [24] Business Line Data and Key Metrics Changes - KELBRE has grown to 35% of the business, with an 80% satisfaction rate among adult users, significantly higher than Strattera's 53% [13] - ZERZUVEY, the first oral treatment for postpartum depression, is expected to set the standard of care, with 80% of women receiving it as a first-line treatment [7] - Anapco, the new infusion device for Parkinson's, is performing well, with demand matching that of AbbVie's product [30] Market Data and Key Metrics Changes - The back-to-school season has shown a 26% growth in the last four-week rolling average for KELBRE, indicating strong momentum [17] - The company has seen a 36% growth in unit shipments of ZERZUVEY quarter-over-quarter, reflecting a healthy brand performance [36] Company Strategy and Development Direction - The acquisition of Sage allows the company to enter women's health while maintaining its CNS focus, indicating a strategic expansion [5] - The company is prioritizing M&A to fill its portfolio with post-Phase II assets, aiming for launches between 2026 and 2030 [58][59] - The company is taking a pause to reevaluate the Sage pipeline while integrating it with its own discovery programs [40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential of ZERZUVEY to become the standard of care for postpartum depression [8] - The company anticipates a strong second half of the year, driven by back-to-school momentum and continued growth in its product portfolio [19] - Management is confident that the increased demand from Medicare redesign will offset the mandatory rebates on manufacturers [26] Other Important Information - The company is exploring the potential of its pipeline, particularly focusing on SPN-817 for seizures, which has shown promising results [41] - The company is also considering the future of XERZUVEY and its potential new indications in collaboration with Biogen [39] Q&A Session Summary Question: Can you discuss the acquisition rationale for Sage? - The acquisition allows entry into women's health while maintaining CNS focus, addressing a significant unmet need in postpartum depression [5] Question: What are the expectations for the collaboration with Biogen? - The collaboration is expected to be mutually beneficial, with both companies learning from each other across various functions [10] Question: How is KELBRE performing in the adult ADHD market? - KELBRE has achieved 35% of the business in adults, with an 80% satisfaction rate, indicating strong market acceptance [13] Question: What is the outlook for GOCOVRI following Medicare redesign? - The redesign has improved patient retention, with 97% of patients having low co-pays, which is expected to continue [24] Question: How is Anapco performing compared to AbbVie's product? - Anapco's performance is in line with AbbVie's product, with both addressing a significant need in the market for advanced Parkinson's treatment [30] Question: What is the company's approach to M&A? - The company remains focused on acquiring post-Phase II assets to enhance its portfolio and ensure future growth [58][59]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $165 million, a decrease from $168 million in the same quarter last year [17] - Net product sales were $158 million, with royalty, licensing, and other revenues at $7 million; excluding Trokendi XR and Oxtellar XR, total revenues increased by 17% compared to the same quarter last year [17] - GAAP net earnings were $22 million or $0.40 per diluted share, compared to $20 million or $0.36 per diluted share in the same quarter last year [18] - As of June 30, 2025, the company had approximately $523 million in cash, cash equivalents, and marketable securities, up from $454 million as of December 31, 2024 [21] Business Line Data and Key Metrics Changes - KELBY experienced 31% growth in net sales and 23% growth in prescriptions, with approximately 36,000 prescribers, a 23% increase year-over-year [8][9] - GOCOVRI saw a 16% increase in net sales and a 14% increase in prescriptions, reaching approximately 1,900 prescribers [10] - ONAPCO launched successfully with over 750 patient enrollment forms submitted by more than 300 prescribers [11] - ZERZUVE reported Q2 2025 net revenues of $23.2 million, a 68% increase from $13.8 million in Q2 2024 [12] Market Data and Key Metrics Changes - KELBY's adult prescriptions grew by 29%, while pediatric prescriptions grew by 20% [30] - GOCOVRI's Medicare copay decreased significantly, with 97% of prescriptions having a copay of less than $25, down from 77% in 2024 [10] Company Strategy and Development Direction - The company is transitioning from legacy products to a new growth phase, focusing on KELBY, GOCOVRI, ONAPCO, and ZERZUVE as core growth drivers [7][70] - The acquisition of Sage Therapeutics is expected to accelerate mid to long-term revenue growth and cash flow [12] - Corporate development will prioritize revenue-generating products and opportunities in women's health, particularly in the OBGYN space [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, highlighting strong performance in the first half of 2025 and the positive impact of the Sage acquisition [22] - The company expects total revenues for 2025 to range from $670 million to $700 million, up from a previous range of $600 million to $630 million [22] - Operating loss for the full year 2025 is expected to be between $70 million and $80 million, primarily due to acquisition-related costs [23] Other Important Information - The company is on track to initiate a phase 2b trial for SPN-820 in adults with major depressive disorder [13] - The company completed a pharmacokinetic study for SPN-443, a new product candidate for ADHD and other CNS disorders [14] Q&A Session Summary Question: Pricing dynamics for KELBY and adult segment update - Management indicated that net pricing for KELBY remains above $300 per prescription, with adult prescriptions growing significantly [26][28] Question: Enrollment forms and sales for ONAPCO - Management reported over 750 enrollment forms submitted and approximately 200 patients currently receiving the product, with reimbursement processes going smoothly [27][32] Question: Sales growth for ZERZUVE - Management noted a 36% growth in prescriptions for ZERZUVE, attributing it to strong sales force expansion and investment [37][39] Question: KELBY launch initiatives and prescriber interest - Management highlighted the importance of new label changes and educational efforts for physicians, contributing to strong performance [45][46] Question: Future M&A focus and cash position post-Sage acquisition - Management confirmed a strong cash position of approximately $240 million to $260 million post-acquisition, with a focus on revenue-generating products in CNS and women's health [48][51]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $165 million, a slight decrease from $168 million in the same quarter last year [15] - Excluding net product sales of Trokendi XR and Oxtellar XR, total revenues for Q2 2025 increased by 17% compared to the same quarter last year [15] - GAAP net earnings for Q2 2025 were $22 million or $0.40 per diluted share, compared to $20 million or $0.36 per diluted share in the same quarter last year [16] - As of June 30, 2025, the company had approximately $523 million in cash, cash equivalents, and marketable securities, up from $454 million as of December 31, 2024 [20] Business Line Data and Key Metrics Changes - KELBY had a robust performance with a 23% growth in prescriptions and a 31% growth in net sales [7] - GOCOVRI saw a 14% increase in prescriptions and a 16% increase in net sales compared to the same quarter last year [9] - ONAPCO launched successfully with over 750 patient enrollment forms submitted by more than 300 prescribers [10] - ZERZUVEY reported net revenues of $23.2 million in Q2 2025, up from $13.8 million in Q2 2024, representing a 68% increase [11] Market Data and Key Metrics Changes - KELBY's adult business prescriptions increased by 29% in Q2 2025 compared to the same period last year, reaching 35% of total KELBY prescriptions [8] - GOCOVRI's Medicare prescriptions had a copay of less than $25 for 97% of cases, up from 77% in 2024 [9] Company Strategy and Development Direction - The company is transitioning from legacy products to a new growth phase with the addition of ZERZUVEY and the launch of ONAPCO [6][11] - Corporate development will focus on revenue-generating products and potential M&A opportunities, particularly in the women's health sector [12][50] Management's Comments on Operating Environment and Future Outlook - Management expects 2025 to be a turning point for accelerated growth, with total revenue guidance updated to $670 million to $700 million [21] - The company anticipates an operating loss of $70 million to $80 million for the full year 2025, primarily due to acquisition-related costs [22] Other Important Information - The acquisition of Sage Therapeutics was completed on July 31, 2025, which is expected to enhance mid to long-term revenue growth [11] - The company maintains a strong balance sheet with no debt, providing financial flexibility for future growth opportunities [20] Q&A Session Summary Question: Can you discuss the net pricing dynamics for KELBY and the adult segment's launch progress? - Management indicated that net pricing remains above $300 per prescription, with adult prescriptions growing by 29% [28][30] Question: What is the status of ONAPCO's enrollment and reimbursement? - Management reported over 750 enrollment forms submitted and smooth reimbursement processes, with over 200 patients currently receiving the product [31][35] Question: Were there any one-time events driving ZERZUVEY's sales growth? - Management noted a 36% growth in prescriptions for ZERZUVEY, attributing it to strong brand momentum and sales force expansion [39] Question: How does the company plan to balance investments in OBGYN and psychiatry? - Management stated that 70% to 80% of prescriptions are generated by OBGYNs, and they will explore opportunities in both areas with Biogen [56] Question: What is the commercial infrastructure for ZERZUVEY in postpartum depression? - Management refrained from providing specific details about the sales force and infrastructure until discussions with Biogen are completed [66]