Financial Data and Key Metrics Changes - In 2025, XOMA Royalty reported total GAAP income and revenue of $52.1 million, a significant increase from $28.5 million in 2024 [21] - Total cash receipts grew by 9% to $50.5 million, with royalty receipts reaching approximately $34 million, marking a 68% increase compared to 2024 [21] - Full-year GAAP net income was $31.7 million, compared to a GAAP net loss of $13.8 million in 2024 [23] Business Line Data and Key Metrics Changes - The company added 22 assets to its portfolio in 2025, including five in phase II or phase III trials, with a total cash outlay of only $25 million upfront [14] - Royalty receipts came from four programs in 2025, two more than in 2024, and six programs achieved clinical, regulatory, and business development events, leading to approximately $17 million in cash milestone payments [21] Market Data and Key Metrics Changes - The portfolio has expanded significantly, doubling the number of assets in active development from roughly 60 in 2023 to over 120 in 2025 [12] - The company has established a diverse and growing source of recurring receipts, with seven commercially available programs [5] Company Strategy and Development Direction - XOMA Royalty aims to build a diversified portfolio of biotechnology royalty and milestone assets while maintaining disciplined capital allocation [11] - The company is focused on innovative transactions and underappreciated opportunities, positioning itself as a unique source of capital for biotech innovation [20] - The strategy includes a balance between returning capital to shareholders and investing in new portfolio assets to increase breadth [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects for royalty receipts, particularly from VABYSMO, OJEMDA, and MIPLYFFA, which are expected to ramp up significantly [32] - The company is approaching an inflection point where royalty receipts alone could cover operating expenses by 2027 [28] - Management remains optimistic about the potential for future milestone payments and royalty growth from a robust late-stage pipeline [9] Other Important Information - The company maintained a lean operating structure, achieving positive cash flow from operations and returning $16 million of capital through share buybacks [5] - XOMA Royalty ended the year with approximately $83 million in unrestricted cash and cash equivalents, providing ample firepower for future investments [27] Q&A Session Summary Question: Growth prospects for royalty receipts on approved products - Management indicated strong growth prospects, particularly from VABYSMO, which had double-digit growth last year, and positive expectations for OJEMDA and MIPLYFFA [32] Question: Confidence in Tremfya economic opportunity - Management expressed confidence in the breach claim related to Tremfya, citing historical relationships and potential royalty rates [34] Question: Prioritization of capital deployment between share buybacks and new deals - Management emphasized a philosophy of reducing equity base to increase cash flow per share while balancing external opportunities [46] Question: Size of the opportunity for Rezolute's ersodetug program - Management estimated the combined opportunity for the two indications to be approaching $1 billion, with a favorable split between congenital and tumor hyperinsulinism [48]

Financial Data and Key Metrics Changes - In 2025, XOMA Royalty reported total GAAP income and revenue of $52.1 million, a significant increase from $28.5 million in 2024 [21] - Total cash receipts grew by 9% to $50.5 million, with royalty receipts reaching approximately $34 million, marking a 68% increase compared to 2024 [21] - Full-year GAAP net income was $31.7 million, compared to a GAAP net loss of $13.8 million in 2024 [23] Business Line Data and Key Metrics Changes - The company added 22 assets to its portfolio in 2025, including 7 commercially available programs, enhancing its recurring revenue sources [4][5] - The growth in royalty receipts was driven by VABYSMO and OJEMDA, along with contributions from MIPLYFFA following its approval [21] - Six programs achieved clinical, regulatory, and business development events, leading to approximately $17 million in cash milestone payments [21] Market Data and Key Metrics Changes - The company is seeing promising launches from several commercial-stage programs, with potential geographic expansions anticipated [6] - The portfolio includes 14 programs in registrational stage, indicating multiple catalysts for potential top-line royalty growth in the coming years [8] Company Strategy and Development Direction - XOMA Royalty aims to build a diversified portfolio of biotechnology royalty and milestone assets while maintaining disciplined capital allocation [11] - The company executed a strategic revenue share transaction with Takeda, adding potential royalty and milestone payments across 9 programs [10] - The focus remains on innovative transactions and underappreciated opportunities to expand the portfolio without diluting shareholder value [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth prospects for royalty receipts, particularly from VABYSMO, OJEMDA, and MIPLYFFA [32] - The company is approaching an inflection point where royalty receipts alone could cover operating expenses by 2027 [28] - Management remains optimistic about the potential for future cash flow growth from the expanding portfolio and ongoing clinical developments [29] Other Important Information - The unrestricted cash position increased to over $80 million, providing ample resources for future investments [12] - The company maintained a flat share count compared to 2023, avoiding shareholder dilution while achieving positive operating cash flows [13] Q&A Session Summary Question: Growth prospects for royalty receipts on approved products - Management indicated strong growth prospects, particularly from VABYSMO, with double-digit growth and positive expectations for OJEMDA and MIPLYFFA [32] Question: Confidence in Tremfya economic opportunity - Management expressed confidence in the breach claim related to Tremfya, citing historical relationships and potential royalty rates [34] Question: Prioritization of capital deployment between share buybacks and new deals - Management emphasized a balance between returning capital to shareholders and investing in new opportunities, favoring internal investments to enhance cash flow per share [45] Question: Size of the opportunity for Rezolute's program for ersodetug - Management estimated the combined market opportunity for the two indications to be around $1 billion, with a favorable split between congenital and tumor hyperinsulinism [48]

CORPORATE PRESENTATION NASDAQ COMMON: XOMA NASDAQ PERPETUAL PREFERRED SHARES: XOMAP, XOMAO THE ROYALTY AGGREGATOR FOR BIOTECH COMPANIES Q1 2026 DISCLAIMERS Certain statements in this presentation are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding: future potential monetization opportunities, active transactions with significant financial implications, collaborations poised for s ...

Neurocrine Biosciences Conference Call Summary Company Overview - **Company**: Neurocrine Biosciences (NasdaqGS:NBIX) - **Date**: March 09, 2026 - **Key Products**: INGREZZA and CRENESSITY Core Industry Insights - **Market Position**: Neurocrine has two approved products, INGREZZA and CRENESSITY, with a revenue guidance of $2.7 billion to $2.8 billion for INGREZZA in 2026, reflecting significant growth potential [8][11] - **Sales Force Expansion**: A recent expansion of the sales force is expected to enhance patient outreach and support for tardive dyskinesia treatment [8][10] Product Performance - **INGREZZA**: - Launched 9 years ago, still experiencing double-digit growth [8] - Expected to achieve nearly 10% growth in 2026, with volume growth projected at 14%-15% after accounting for price declines [61] - Currently, only 10% of the 800,000 patients with tardive dyskinesia are on VMAT2 inhibitors, indicating substantial market potential [61] - **CRENESSITY**: - First new treatment for congenital adrenal hyperplasia (CAH) in over 70 years, generating over $300 million in sales in its first year [9] - Targeting a patient population of approximately 20,000 with classic CAH, with an additional 60,000 to 80,000 with non-classic CAH [17] - The launch is considered one of the top 10% of rare disease launches historically [9] Financial Health - **Cash Position**: Neurocrine holds over $2.5 billion in cash with no debt, indicating strong financial stability [11] - **R&D Investment**: The company allocates around 35% of its revenue back into research and development, supporting a robust pipeline [10][86] Growth Strategies - **Patient Acquisition**: - Less than 50% of the initial 2,000 patients for CRENESSITY came from Centers of Excellence, indicating room for growth in this area [20] - The company is optimistic about increasing patient access through ongoing efforts and clinician engagement [20][28] - **Reimbursement Success**: - Over 80% of prescriptions for CRENESSITY are being reimbursed, with a strong foundation laid for reimbursement processes prior to launch [30][28] - The reimbursement landscape is favorable, with a manageable process for obtaining authorizations [28] Future Prospects - **Clinical Trials**: Two late-stage Phase 3 trials are underway, focusing on schizophrenia and depression, with results expected in 2027 and 2028 [10] - **Obesity Market Entry**: Neurocrine is exploring opportunities in the obesity space, leveraging its existing expertise and planning to initiate trials soon [86][82] Key Challenges - **Market Competition**: The company acknowledges the competitive landscape in obesity and is focused on differentiating its offerings [85] - **Investment Scrutiny**: There are concerns regarding high spending levels, but the company emphasizes long-term growth over short-term profitability [87][89] Conclusion Neurocrine Biosciences is positioned for significant growth with its innovative products and strong financial foundation. The company is actively expanding its market presence while investing in research and development to sustain its pipeline and address unmet medical needs.

Neurocrine Biosciences Conference Call Summary Company Overview - **Company**: Neurocrine Biosciences (NasdaqGS:NBIX) - **Date**: March 09, 2026 - **Key Products**: INGREZZA and CRENESSITY Core Industry Insights - **Market Position**: Neurocrine has two approved products, INGREZZA and CRENESSITY, with a revenue guidance of $2.7 billion to $2.8 billion for INGREZZA in 2026, indicating significant growth potential in the biopharma sector [5][8] - **Sales Force Expansion**: A recent expansion of the sales force is expected to enhance patient outreach and support for tardive dyskinesia treatment [5][8] Product Performance INGREZZA - **Market Presence**: INGREZZA has been on the market for 9 years, showing double-digit growth [5] - **Revenue Growth**: Expected to achieve approximately 10% growth, with volume growth projected at 14%-15% after accounting for a 4%-5% decrease in net price [60][63] - **Patient Access**: Only 10% of the estimated 800,000 patients with tardive dyskinesia are currently receiving VMAT2 inhibitors, indicating a substantial market opportunity [63] CRENESSITY - **Launch Success**: CRENESSITY generated over $300 million in sales in its first year, helping 2,000 patients with congenital adrenal hyperplasia (CAH) [6][10] - **Patient Population**: There are approximately 20,000 patients with classic CAH and an additional 60,000-80,000 with non-classic CAH [15] - **Growth Potential**: The company believes that 80% of classic CAH patients could benefit from CRENESSITY, suggesting a significant market opportunity [23] Financial Health - **Cash Reserves**: Neurocrine has over $2.5 billion in cash and no debt, allowing for continued investment in R&D [8][9] - **R&D Investment**: The company allocates around 35% of its revenue back into R&D, supporting its long-term growth strategy [7][88] Reimbursement and Market Access - **Reimbursement Success**: Over 80% of prescriptions for CRENESSITY are being reimbursed, with a strong foundation laid for patient access through prior engagement with payers [31][29] - **Patient Enrollment**: The company has seen fluctuations in patient enrollment, which is typical for rare disease launches, but remains optimistic about future growth [21][22] Strategic Focus - **Obesity Market Entry**: Neurocrine is exploring opportunities in the obesity market, leveraging its existing expertise in endocrinology [82][87] - **Business Development**: The company has engaged in several smaller business development transactions to enhance its pipeline, focusing on early-stage assets [92][96] Key Takeaways - **Long-term Vision**: Neurocrine aims to build a market cap of $30 billion to $50 billion by sustaining a robust R&D pipeline and commercializing effective products [8] - **Patient-Centric Approach**: The company emphasizes the importance of patient outcomes and safety, particularly in pediatric populations, to drive adoption of its therapies [19][20] This summary encapsulates the key points discussed during the Neurocrine Biosciences conference call, highlighting the company's strategic direction, product performance, and market opportunities.

Financial Data and Key Metrics Changes - Neurocrine's total product sales grew to over $2.8 billion, representing a 22% year-over-year growth, driven by INGREZZA and the successful launch of CRENESSITY [11][12] - INGREZZA generated just over $2.5 billion in revenue, up 9% year-over-year, with expectations of sales in the range of $2.7 billion to $2.8 billion in 2026, indicating approximately 10% growth [11][12] - The company's cash position increased by approximately $700 million, from $1.8 billion at the end of 2024 to $2.5 billion at the end of 2025, reflecting strong operating performance [14] Business Line Data and Key Metrics Changes - INGREZZA's performance continues to impress, with record levels of new and total prescriptions, supported by strategic investments in access and sales force expansion [5][11] - CRENESSITY achieved over $300 million in net product sales in its first full year, with prescriptions covering over 10% of the classic congenital adrenal hyperplasia patient population [12][13] - The company expects double-digit volume-driven growth for INGREZZA, supported by continued demand from patients not currently taking a VMAT2 inhibitor [6][11] Market Data and Key Metrics Changes - Approximately 10% of the classic CAH population in the U.S. has been prescribed CRENESSITY, with the potential for further growth as the company expands its reach beyond endocrinologists [22][82] - The market for VMAT2 inhibitors, including INGREZZA, remains underpenetrated, with only about 10% of the prevalent TD population currently taking a VMAT2 inhibitor [23] Company Strategy and Development Direction - Neurocrine aims to lead the VMAT2 category by leveraging its experience with INGREZZA to advance next-generation VMAT2 inhibitors [8] - The company is focused on expanding its pipeline, with late-stage programs in neuropsychiatry and ongoing investments in R&D to support future growth [9][27] - The strategy includes expanding the CRENESSITY sales force and leveraging technology to identify and engage potential prescribers [21][83] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong foundation and momentum entering 2026, with expectations for continued growth and successful execution of its strategies [10][16] - The management team highlighted the importance of ongoing education for prescribers and patients regarding the benefits of CRENESSITY and the limitations of existing treatments [88] Other Important Information - The company achieved its phase I through phase III objectives for the first time in 2025, marking it as the most productive clinical year in its history [9] - Neurocrine's R&D expenses are expected to increase in 2026 due to investments in phase III programs, with a focus on delivering one new medicine every two years at steady state [15][47] Q&A Session Summary Question: Insights on CRENESSITY's early performance and patient dynamics - Management noted that while they are not providing specific guidance for CRENESSITY, they anticipate steady new patient additions and a strong growth year based on positive feedback and demand dynamics [34][51] Question: Impact of receptor occupancy data on future VMAT2 inhibitors - The management highlighted that INGREZZA demonstrated nearly double the VMAT2 target occupancy compared to Austedo XR, indicating superior efficacy, which will inform the development of next-generation VMAT2 inhibitors [38] Question: Barriers to further adoption of CRENESSITY - Management identified lack of knowledge among endocrinologists as a barrier and emphasized the importance of educational efforts to inform prescribers about the benefits of CRENESSITY over traditional glucocorticoid treatments [86]

Advancing Life-Changing Discoveries in Neuroscience Neurocrine Biosciences (Nasdaq: NBIX) Q4 and Year-End 2025 Earnings Presentation February 1 1, 2026 Safe Harbor and Forward-Looking Statements In addition to historical facts, this presentation contains forward-looking statements that involve a number of risks and uncertainties. These statements include, but are not limited to, statements related to: our business strategy, objectives, and future development plans; the benefits to be derived from our produc ...

Core Insights - XOMA Royalty Corporation has amended its collaboration with Takeda, regaining a majority of the royalty interest in mezagitamab while diversifying its portfolio through a strategic royalty share transaction [1][2] Summary by Relevant Sections Collaboration with Takeda - The collaboration, originally established in 2006, has been amended to reduce Takeda's royalty and milestone payment obligations related to mezagitamab [1] - XOMA Royalty will now receive low to mid-single-digit royalties and milestone payments across nine development-stage assets in Takeda's externalized assets portfolio [1][2] Financial Implications - Prior to the amendment, XOMA Royalty held a mid-single-digit royalty and $16.25 million in potential milestones for mezagitamab [3] - Post-amendment, XOMA Royalty will retain a low single-digit royalty entitlement and up to $13.0 million in milestones for mezagitamab [3] Development-Stage Assets - The nine development-stage assets include: - **Osavampator**: Developed by Neurocrine Biosciences for major depressive disorder [4] - **Volixibat**: Developed by Mirum Pharmaceuticals for primary sclerosing cholangitis and primary biliary cholangitis [5] - **OHB-607**: A recombinant human IGF-1/IGFBP-3 for preventing bronchopulmonary dysplasia in premature infants, along with other early-stage assets from Oak Hill Bio [6] - **REC-4881**: An investigational MEK1/2 inhibitor for familial adenomatous polyposis, affecting approximately 50,000 people in the U.S. and Europe [7]

Core Insights - Neurocrine Biosciences announced that its investigational depression drug NBI-1070770 failed to meet its primary endpoint in a Phase II clinical trial, adding challenges to its collaboration with Takeda Pharmaceuticals [1][2] Group 1: Drug Information - NBI-1070770 is a selective oral NMDA receptor negative allosteric modulator developed for adults with major depressive disorder (MDD) who have insufficient response to at least one antidepressant [2] - The drug's development rights originated from a 2020 collaboration between Neurocrine and Takeda, where Takeda granted exclusive rights to seven investigational drugs, with NBI-1070770 being a key asset for depression [2] Group 2: Clinical Trial Details - The Phase II clinical trial started in March of the previous year, designed as a randomized, multi-center, double-blind, placebo-controlled study, enrolling 73 eligible MDD patients [2] - Patients were allocated in a 1:1:1:3 ratio to three different dosage groups of NBI-1070770 and a placebo group, with a treatment duration of four weeks [2] - The primary endpoint was assessed on day five of treatment using the Montgomery-Åsberg Depression Rating Scale (MADRS) to evaluate changes in depression severity from baseline [2] Group 3: Trial Results and Future Directions - Neurocrine stated that NBI-1070770 was generally well-tolerated during the trial, with no serious adverse events reported, but none of the dosage groups showed statistically significant differences compared to the placebo on the primary endpoint [2] - The Chief Medical Officer expressed disappointment over the results but noted that there are still aspects of the data worth further investigation, and the team will continue to analyze to determine future directions [2] - Despite the Phase II study not meeting its primary endpoint, Neurocrine has other ongoing projects in the depression field, including another drug, osavampator, which showed positive Phase II data and has entered Phase III clinical trials as of January 2025 [2]

Financial Data and Key Metrics Changes - The company reported $790 million in net product sales for Q3 2025, reflecting a 28% year-over-year growth driven by INGREZZA and CRENESSITY [8][10] - CRENESSITY sales grew from $53 million in Q2 to $98 million in Q3, indicating strong early adoption [8][10] - INGREZZA achieved net sales of $687 million, marking the third consecutive quarter of record new patient additions [8][10] Business Line Data and Key Metrics Changes - INGREZZA's performance has been exceptional, with a prescriber base 30% larger than two years ago, and only about 10% of the estimated 800,000 patients with tardive dyskinesia currently treated with a VMAT2 inhibitor [11][12] - CRENESSITY has seen 540 new patients initiate therapy in Q3, bringing the total to over 1,600 since launch, with 80% of dispensed prescriptions now reimbursed [8][15] Market Data and Key Metrics Changes - The company estimates that only half of the patients living with tardive dyskinesia have received a diagnosis, indicating significant growth potential in the market [11][12] - The pediatric population has shown modestly higher demand for CRENESSITY compared to adults, with strong reimbursement rates observed [15] Company Strategy and Development Direction - The company plans to expand its sales force for both INGREZZA and CRENESSITY to accelerate growth and maximize patient share [9][16] - The capital allocation priorities include driving revenue growth, advancing R&D programs, enabling business development, and returning capital to shareholders [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing momentum for both INGREZZA and CRENESSITY, with expectations for continued growth into 2026 and beyond [6][10] - The company is on track to achieve its R&D productivity goals, with multiple Phase I and II study initiations planned [6][10] Other Important Information - The company is fully cooperating with a Department of Justice investigation related to the sales and marketing of INGREZZA, maintaining a robust compliance program [49][50] - The company has $2.1 billion in cash with no debt, allowing for flexibility in capital allocation [94] Q&A Session Summary Question: Insights on patient dynamics and starts for CRENESSITY - Management noted that the adoption of CRENESSITY has been strong, with 540 new treatment forms in Q3, and they do not see significant seasonality affecting the launch [23][24] Question: Implications of the Inflation Reduction Act (IRA) on pricing - Management is awaiting pricing information for Oscado and is preparing to maximize patient numbers on INGREZZA before the IRA impacts begin [31][33] Question: Reimbursement requirements for CRENESSITY - Reimbursement has been smooth, with no specific steroid tapering required for coverage, focusing instead on the underlying disease [39] Question: Sales force expansion details - The sales force expansion is expected to increase overall coverage by about 30%, primarily targeting psychiatry and neurology [58][60] Question: Persistence and compliance of CRENESSITY - Persistence and compliance for CRENESSITY have been strong, with positive feedback on disease control and androgen reduction from healthcare providers [77][78] Question: Future product launches and sales force readiness - The expanded sales force is positioned to support potential launches of new products in the pipeline, including osavampator and Directlidine [109]