Financial Data and Key Metrics Changes - The company is in phase 3 for two products, with the first phase 3 readout expected by the end of the year and the second in the first half of 2026 [2] - The prophylaxis market is anticipated to grow significantly, with 60% of patients currently on prophylaxis representing 80% of the market value [4][5] Business Line Data and Key Metrics Changes - The on-demand market is expected to grow due to the introduction of oral products, which could lead to more attacks being treated [4] - The prophylaxis market is viewed as a blue ocean for oral treatments, with the company aiming to capture a significant share of new patients transitioning from injectables [5][6] Market Data and Key Metrics Changes - The U.S. market currently has about 150 to 250 new HAE patients each year, with a significant portion expected to transition to prophylaxis [5] - The company expects the overall prophylactic market to grow to 70% to 80% over time, which may impact the on-demand market [35] Company Strategy and Development Direction - The company aims to position its oral product as a leading option in the prophylaxis market, leveraging its efficacy and tolerability compared to injectables [20][21] - The strategy includes building relationships within the HAE community to facilitate product adoption and trust [51][52] Management's Comments on Operating Environment and Future Outlook - Management noted that 65% of patients on prophylaxis are dissatisfied with their current treatment, indicating a potential market opportunity for their oral product [10] - The company is optimistic about the upcoming phase 3 data and believes it will confirm the efficacy seen in phase 2 trials [12][19] Other Important Information - The company is exploring opportunities in the acquired angioedema segment, which could unlock additional patient populations [36][39] - The management is focused on building a strong organizational infrastructure in preparation for product launches [52] Q&A Session Summary Question: How likely is the company to translate phase 2 data into competitive phase 3 results? - Management expressed confidence in the consistency of trial designs and endpoints, suggesting that the phase 3 results should align with phase 2 findings [13][19] Question: What drives the stickiness of current treatments among patients? - Management indicated that patient satisfaction and the availability of alternatives are key factors, with many patients expressing a desire for better options [9][10] Question: How does the company plan to differentiate its on-demand product? - The company believes that the rapid onset of symptom relief and the ability to achieve complete resolution with a single dose will set its product apart [28][29] Question: What is the expected impact of payers on market share? - Currently, payers have not significantly influenced the prophylaxis market, but a broader label could lead to preferential treatment from payers [25][26] Question: How does the company plan to prepare for the launch of its products? - The company is focused on hiring experienced personnel and building relationships within the HAE community to support the launch [51][52]