Financial Data and Key Metrics Changes - For Q2 2025, the company reported net product revenue of $33.6 million, representing a 10% increase over Q1 2025 [7][21] - The cumulative net revenue for the last twelve months reached $113.1 million, exceeding initial expectations [6][14] - The company provided full-year 2025 net product revenue guidance of $140 million to $150 million, indicating approximately 150% year-over-year growth [22] Business Line Data and Key Metrics Changes - The company achieved over 1,000 prescriptions in Q2 for the first time, with a 15% quarter-over-quarter growth in prescriptions [7][13] - The growth in prescriptions was driven by both the number of prescribing accounts and the number of patients per account [13][19] - The company noted that over 60% of prescribing accounts have initiated multiple patients on Ogenda, indicating strong physician confidence [19] Market Data and Key Metrics Changes - The company reported that over 95% of patients on Ogenda are covered by payers, with less than 5% receiving free drug [14] - Approximately 90% of patients received approval upon initial submission, which helps reduce administrative burdens [14] Company Strategy and Development Direction - The company aims to establish Ogenda as the standard of care in second-line plus PLGG and is focused on expanding its commercial presence [8][11] - The company is advancing its PTK7 targeted ADC Day 301 through the dose escalation portion of its Phase 1a trial [11][57] - The company has discontinued investment in the VRK1 program to focus on more promising opportunities [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued adoption of Ogenda, citing predictable trends in new patient starts and persistence on therapy [30] - The company remains well-capitalized with $453 million in cash and no debt, allowing it to execute its plans without reliance on capital markets [24] Other Important Information - The company welcomed a new Head of Research and Development, Mike Baskinsells, who brings extensive experience in oncology [10] - The company is actively generating additional data and publications to enhance the Ogenda value proposition [20] Q&A Session Summary Question: What levers will you focus on to increase growth rate given the 2025 guidance? - Management highlighted continued adoption through new patient starts and persistence on therapy as critical variables for achieving revenue guidance [30] Question: What proportion of Q2 scripts are new versus continuing patients? - Management noted that the two-year data has positively impacted growth, leading to an uptick in new patient starts [34][35] Question: What are you seeing regarding durability or persistence now that you are one year into launch? - Management indicated that physician intent is to keep patients on treatment for two years, and the three-year data will provide more insights [40][42] Question: Is the distribution of total scripts attributed to repeat versus new prescriptions holding constant? - Management stated that while they haven't calculated the exact ratio, they continue to focus on driving new patient starts [44][46] Question: Can you provide additional color on your guidance in terms of new additions versus discontinuations? - Management emphasized the importance of continued persistence and new patient starts in meeting their guidance range [53]

Summary of Conference Call Company and Industry Overview - The conference call discusses the performance and commercialization of **Ogemda**, a drug recently launched by the company, which has generated approximately **$90 million** in revenue within the first **11 months** of its launch [1][2] - The company is optimistic about achieving **double-digit growth** moving forward [2] Key Performance Metrics - The company reported **$54 million** in revenue for Ogemda in **2024**, significantly exceeding the initial consensus estimate of **$12 million** [3] - In **Q1**, net product sales reached over **$30 million**, indicating a potential annual run rate of **$120 million** if growth remains stable [4] Market Dynamics and Growth Potential - The company is focusing on expanding the use of Ogemda among prescribers, particularly in earlier lines of therapy, as many have initially used it in later line patients [5][6] - There is a significant opportunity to increase the number of patients treated with Ogemda, especially among healthier patients who are likely to stay on the drug longer [6] - The company has identified **200 centers** in the U.S. where **90%** of PLGG patients are treated, allowing for an efficient commercial model [11] Prescriber Engagement - The company has categorized prescriber accounts into three priority levels based on volume, with **100%** of priority one accounts having tried Ogemda, **75%** of priority two, and **35%** of priority three [11][12] - The focus is on deepening the engagement with prescribers to increase the number of patients treated and to educate them on the appropriate use of Ogemda [14] Compliance and Treatment Duration - Compliance with Ogemda has been reported as excellent, with high rates of on-time refills and minimal drug holidays observed [24][25] - The anticipated treatment duration in the commercial setting is expected to differ from clinical trials, with ongoing monitoring of patient experiences [22][23] Regulatory and Market Expansion - The company has filed for regulatory approval in the EU, with an anticipated decision by mid-2026, and expects a similar patient population in Europe as in the U.S. [40][41] - Pricing in Europe is expected to be lower than in the U.S., but the company sees this as a significant opportunity for market expansion [42] Business Development Strategy - The company is actively pursuing business development opportunities, particularly in oncology, and is interested in acquiring early clinical assets that align with its strategic focus [66][67] - The recent acquisition of **Day Three Zero One**, a PTK7 targeted ADC, exemplifies the company's strategy to invest in promising assets with clinical validation [56][63] Conclusion - The company is in a strong financial position and is focused on expanding the market for Ogemda while also exploring new business development opportunities in oncology [1][66] - The ongoing clinical trials and regulatory filings are expected to enhance the company's growth prospects and market presence in the coming years [48][49]