Good morning, and welcome to Agios Pharmaceuticals fourth quarter and full year 2025 conference call. At this time, all participants are in a listen-only mode. There will be a question and answer session at the end. Please be advised that this call is being recorded at Agios' request. I would now like to turn the call over to Morgan Sanford, Head of Investor Relations at Agios. Please go ahead.

Thank you, Operator. Good morning, everyone. Thank you for joining us to discuss Agios Pharmaceuticals' fourth quarter and full year 2025 financial results and business highlights. You can access the slides for today's call by going to the Investors section of our website, agios.com. Please note we'll be making certain forward-looking statements today. Actual events and results could differ materially from those expressed or implied by any forward-looking statements because of various risks, uncertainties, and other factors, including those set forth in our most recent filings with the SEC and any other future filings that we may make with the SEC. On the call with me today from Agios are Brian Gough, Chief Executive Officer, Cecilia Jones, Chief Financial Officer, Sveta Milanova, Chief Commercial Officer, and Dr. Sarah Heughan, Chief Medical Officer and Head of Research and Development. Following prepared remarks, we will open the call for questions. With that, I am pleased to turn the call over to Brian.

Thanks, Morgan. Good morning, everyone, and thank you for joining us on today's call. Next slide, please. Just last month, we outlined our 2026 strategic priorities, which are focused on delivering long-term shareholder value. First, we're focused on executing a high-impact launch of ACFESME for the treatment of thalassemia in the U.S. Second, we see meaningful opportunity to expand our PK activation franchise into additional high-value indications, including sickle cell disease and lower-risk myelodysplastic syndrome, with key catalysts this year for both opportunities. Third, through the advancement of our early-stage pipeline with AG236 and AG181, we have the potential to unlock future value in hematologic and other rare diseases. And finally, we remain committed to long-term sustainability, supported by disciplined capital allocation and continued operational efficiency. Building on those priorities, the next slide maps key pipeline catalyst in 2026 across multiple high-value indication opportunities. The Akvesme launch in thalassemia is underway in the U.S., and we look forward to the potential to expand our PK activation franchise into sickle cell disease and lower-risk MDS. These milestones and continued progress in our early-stage pipeline position the portfolio for growth and long-term value creation. Next slide, please. We exited 2025 with solid momentum across the business, commercial execution, pipeline progress, and continued focus on financial discipline, which together provide a strong foundation to deliver on our 2026 strategic priorities. Starting with commercial performance, Piratine delivered $20 million in net revenue in the fourth quarter, bringing full-year 2025 revenue to $54 million, reflecting robust year-on-year In the fourth quarter, we reported top-line data from the RISE-UP Phase III trial and will meet with the FDA this quarter as anticipated for our pre-SNDA meeting to determine the regulatory path forward. Importantly, just before the end of the year, we received FDA approval for Acvesme and the U.S. thalassemia launch is underway. Finally, we recently completed enrollment in the Phase II Sickle Cell Disease Trial of TEVA-PIVED, with top-line results expected in the second half of this year. Importantly, we continue to operate from a position of strength, ending the year with approximately $1.2 billion in cash, providing flexibility to maximize the Akbesne, Thalassiania U.S. launch, pursue the path forward for Minipivac in sickle cell disease, and continue to advance our pipeline programs. Please move to the next slide and I'll turn the call over to Cecilia to provide additional details on our 2025 fourth quarter and full year performance as well as our 2026 outlook.

Thank you Brian. Next slide please. Our fourth quarter and full year 2025 financial results can be found in the press release issued earlier this morning and additional details can be found in our 10k which will be fired later today fourth quarter worldwide pyrocan revenue was 20 million dollars an increase of 86 percent compared to the fourth quarter of 2024 and a sequential increase of 55 percent compared to 13 million dollars in the third quarter of 2025 in the US fourth quarter revenues of $16 million were driven by continuous commercial focus in PK deficiency ahead of FDA approval for ADVESTME, an additional ordering week in the fourth quarter, and favorable growth to net adjustments. In 2026, we expect U.S. PK deficiency revenues to be in the range of $45 to $50 million. Outside of the U.S., revenue of $4 million in the fourth quarter primarily reflects inventory stocking ahead of demand, driven by PK deficiency patients in Europe transitioning from our global managed access program, where Pyrogyne was provided free of charge, to commercial supply. We anticipate a sequential decline in ex-U.S. revenues into the first quarter of 2026. cost of sales for the fourth quarter was 1.9 million dollars r d expenses were 88.1 million dollars an increase of 5.3 million dollars compared to the fourth quarter of 2024 associated with the advancement of our earlier stage pipeline program sgna expenses were 51.6 million dollars in the fourth quarter and roughly flat year on year We ended the fourth quarter with cash, cash equivalents, and marketable securities of approximately $1.2 billion. As a reminder, in future quarters, we will report MetaPivot revenue as a whole, breaking out U.S. and ex-U.S. performance. Next slide, please. We remain committed to financial discipline as we work toward our goal of becoming a sustainable rare disease company. We anticipate operating expenses in 2026 to be roughly flat with 2025. This guidance assumes investment to maximize launch of agvestmi in telethemia in the U.S., gated investment for sickle cell disease, and operating model refinement. Importantly, we see a clear path to profitability through our existing commercial presence in telethemia and PK deficiency. Please advance to the next slide, and I will turn the call over to Sveta to share commercial highlights for the quarter.

Thank you, Cecilia. Next slide, please. As Cecilia noted, in the fourth quarter, PyroKind delivered $60 million in net revenue in the U.S., up 50% year-over-year, driven by continued demand in PK deficiency, an additional ordering with in the quarter, and certain gross-to-net adjustments. Fourth quarter, ex-US revenue was roughly $4 million, which primarily reflects supply ahead of demand pull-through as PK deficiency patients in Europe transition onto commercial supply. We expect this ordering to moderate in coming quarters. As expected, we continue to see quarterly variability driven by ordering patterns, inventory dynamics, and gross-to-net adjustments. Fourth quarter performance underscores the strength of our commercial model and the foundation we are building for future growth, starting with the recent U.S. approval of AXESME for the treatment of anemia in adults with alpha and beta thalassemia, regardless of transfusion burden. Please move to the next slide. I am pleased to share that, as planned, the final implementation of ESPADME REM was completed in late January to align with the approved FDA label, and we have already begun dispensing products. As of January 30th, we have seen 44 prescriptions written by REMS-certified physicians in the U.S., which reflect strong early recognition of a spasmid clinical value and excellent execution by our field teams. What is especially encouraging is the healthy breadth of early prescribers at this stage of the launch. We see strong geographic distribution and, as expected, predominance of community physicians as early prescribers. We are also seeing, in this early date of launch, emergence of the patient profile we anticipated, largely transfusion-dependent patients, along with a group of highly engaged non-transfusion-dependent patients. This early signal speaks not only to our launch readiness, but importantly, to our deep understanding of this patient's community and their unmet needs. Please move to the next slide. We are very encouraged by the early market response to a PESMI. Physicians consistently view its profile as addressing meaningful gaps in the current treatment landscape for telethemia. Importantly, this aligns with what we heard ahead of FDA approval. We are not seeing the RAMP as a barrier to prescribing, with early experience suggesting the certification process has been straightforward. We are also seeing strong engagement with our patient support program. Initial experience indicates that patients do not view the ramp as burdensome Given the potential for meaningful clinical benefits Including reduction in transfusion burden and improvement in fatigue Taken together, this early feedback reinforces both The significant unmagnetic thalassemia and the value proposition of a KFESME It also reflects the strength of our pre-launch planning. On the next slide, I will take a few moments to discuss how we anticipate these demands will convert into treatment initiation and ultimately revenues in the first few quarters of launch. There are three key steps in the QFESMI RAM certification process. One of those steps, pharmacy education and certification is already completed as we use a single specialty pharmacy to dispense prescriptions and coordinate home delivery. Additionally, physicians are required to be educated and certified on the spasmy ramp. In parallel, once a prescription has been written, patients need to receive insurance authorization and complete a baseline liver test prior to initiating treatment. Our comprehensive patient support service, MyAgeos, has a strong track record assisting patients with the insurance authorization process for PK deficiency, which we expect to continue with telethemia. Once these three components are completed, the pharmacy is authorized to dispense the prescription. Patients will then complete monthly liver tests for the first six months and as clinically indicated thereafter. Initially, we expect the time from prescription to treatment initiation to be on average 10 to 12 weeks. As physicians are onboarded and access expands, we see opportunity to shorten this timeline as launch progresses. Turning to the next slide, the telethymia opportunity presents a major potential growth inflection for Agios. Today, we have received approval of MISAPIVOT for telethymia in two regions. marketed as EXPEZME in the U.S. and PyroKind in Saudi Arabia. Our capital-efficient global commercial model enables us to focus our investment on the U.S., which presents the most significant revenue opportunity. Outside of the U.S., we have executed commercialization and distribution agreements with Avanzanite Bioscience in Europe and New Bridge Pharmaceuticals in the GCC. Given access dynamics, we currently distribute pyrokines in Saudi Arabia on a patient-by-patient basis, with potential to expand access following national procurement agreements. In Europe and UAE, regulatory reviews remain underway. We anticipate a potential easy decision in the coming months, following the positive CHMP opinion received in October 2025. Across these regions, we see real potential to expand access and deliver meaningful growth as we scale the launch globally. Please, move to the next slide, and with that, I will hand the call over to Sarah to cover key R&D highlights from the quarter.

Thank you, Sveta. Next slide, please. Since we reported third quarter results, we have continued to make progress advancing our robust rare disease pipeline. We received the FDA approval of Agvesme for alpha and beta-thalassemia, regardless of transfusion burden, on December 23rd of last year. And as you heard from Sveta, the U.S. launch is underway with strong reception from physicians. Following the rise of phase 3 top-line data of metapivatin sickle cell disease, we will have our pre-SNDA meeting this quarter to inform the regulatory path forward. We continue to advance our more potent PK activator, TevaPiva, in two Phase II trials and anticipate results in lower-risk MDS in the first half of this year and in sickle cell disease in the second half. We continue to advance our early-stage pipeline to important decision points this year and are on track to initiate a Phase I-B proof-of-mechanism trial of AJ181, our phenylalanine hydroxylase stabilizer in PKU patients in the coming months, and report top-line data from the Phase I healthy volunteer study of AG236, our siRNA targeting TEMPR6 for polycythemia vera in the first half. Please move to the next slide. Turning to TEVA-PIVAT, we look forward to understanding more about the potential role of this more potent PK activator in low-risk MDS and sickle cell disease this year. We remain on track in low-risk MDS, where top-line data from the Phase IIb trial are expected in the first half of this year. This study will provide important insights into dose optimization, as well as the potential role of SEBA pivot in different patient subgroups, including low and high transfusion burden patients, as well as potential applications in later lines of treatment. In sickle cell disease, enrollment in the phase 2 trial is now complete, an important milestone that reflects the growing enthusiasm for PK activation following the rise of phase 3 results of metapivab in this debilitating and deadly disease. This 12-week double-blind trial is designed to further explore tebapivab's potential to deliver meaningful improvements in hemoglobin, as well as broader markers of hemolysis. In turn, we see potential for higher hemoglobin response, building on the strength of the data established with METAPIVAT. Together, these programs underscore the potential for TEBAPIVAT to expand our leadership in hematology and address multiple high-value populations where unmet need remains significant. We have an exciting year ahead of us, and we look forward to updating you on our pipeline progress throughout the year. With that, please move to the next slide, and I will hand the call back to Brian for closing remarks.

Thank you, Sarah. Next slide. In closing, we have another pivotal catalyst-rich year ahead of us. In line with our 2026 strategic priorities, we're focused on executing a high-value ACFESME U.S. launch in thalassemia. In sickle cell disease, we're preparing for our pre-SMDA meeting for MidiPib at this quarter, an important step toward defining our regulatory path. We also expect phase 2 top line data for TEPA-PIVET in sickle cell disease later this year, which will give us deeper insight into the potential of higher potency PK activation in this population. In lower risk MDS, phase 2B top line data for TEPA-PIVET remain on track for the first half of 2026 and will be a key readout as we assessed its ability to drive transfusion independence and broader improvements in anemia. We also anticipate phase 1 top line data for AG236 in polycythemia vera and phase 1b proof of mechanism data for AG1A1 in PKU, two important early stage programs that expand our reach across hematologic and other rare diseases. Please move to the next slide. As we look beyond Around 2026, our opportunity set continues to expand. The combined global market potential across our current pipeline indications exceeds $10 billion, reflecting both the breadth of unmet needs and potential to deliver transformative medicines to patients. Beginning in 2026, we're focused on delivering a high-impact U.S. launch of Acfesia and Thalassemia, which we believe has the potential to establish a strong foundation for our leadership more broadly in rare hematology. Our combination of near-term catalysts, discipline investment, and a maturing pipeline creates a clear pathway to deliver long-term value. Agios is well-positioned for the next chapter of growth while advancing the next wave of innovation across our rare disease portfolio. help. Before we move into Q&A, I'd like to acknowledge the dedication of our employees whose unwavering focus and commitment continue to make a meaningful difference for patients with rare diseases. With that, I'd like to open the call for questions. Operator, please open the line.

Thank you. To ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. And our first question comes from Gregory Renza with Truist. Your line is open.

Great. Thanks. Good morning, Brian and team. Congrats on the quarter and, of course, another eventful year. Maybe two questions from us on Equisme and then on Sickle Cell. First, just on the Equisme launch, we appreciate all the color you are sharing early and getting patients engaged and prescriptions written. Just on that translation, perhaps, on the prescription updates that we are seeing, how do you see that not only translating to treatment initiation, but also to revenue recognition? Maybe not asking for guidance on early quarters, but any color you can provide on the first quarter and even subsequent early days of the launch with respect to how it pulls through to revenue. And then I have a follow-up. Thanks.

Yeah, thanks, Greg. Very happy to talk about the launch. And before Sveta gets going here, I just want to say I'm really proud of the way the team has executed its early days. But Sveta is excited to finally have a chance to begin talking about the AgFESME launch.

Absolutely. Definitely excited. And Greg, as I mentioned in my prepared remarks, we are really encouraged by the early demand that we're seeing with ACFESME. As you mentioned, we reported that we had 44 prescriptions from REMS-certified physicians up to January 30th, which is the first five weeks of the launch, and that is fantastic to see. With regards to your questions, what we expect is to see in the initial quarters prescriptions and demand to grow ahead of revenues. And the main reason for that is that it takes about 10 to 12 weeks for us to convert prescriptions to treatment initiations and ultimately revenues. So we anticipate in Q1 the majority of the prescriptions to turn into treatment initiations. And as the year progresses, we'll expect to see revenues and demand to start tracking more closely. We get a lot of questions about potential analogs. So when I think about another product which also has a liver rems that still sparring, so that's a good analog for you to look at of how the actual revenue trajectory throughout the first year of the launch actually evolved. It's a very different disease, of course, but from a shape of the curve of the revenue, I think it's a good one to look at.

Great. Thank you. That's very helpful. And maybe just moving on to Sickle Cell and Tebepivan. And, of course, not to overlook the MDS readout in the first half, but with enrollment complete in the Phase 2 and Sickle Cell, and Sarah, the color that you've provided, maybe, if I may, just ask a bit about how you're pegging expectations for what you want to see to get excited about about the phase two data and sickle cell coming later later this year you've spoken about the potency and the higher hemoglobin response potential but any color of that would help to get you excited and how that kind of fits into the larger portfolio relative to mid a pivot and the larger sickle cell space even thanks so much and congrats again guys thanks Greg so yes thanks for the question Greg so the phase two step up

pivot trial that we've just indeed announced full enrollment is a dose finding trial so we are looking indeed to explore the doses we are looking at the hemoglobin response it is a standalone phase two trial so our VOCs are included as safety assessments it's which is different than how the phase two three seamless operational design was for rise up but obviously we're now in a position that we can leverage data across PK activation franchise basically and we're able to use the rise of data to also model what we anticipate a hemoglobin response can lead to for clinical benefit so we're very excited about the trial we think actually the fact that we can announce the enrollment completion also reflects the excitement of the community you know The rise-up data announcement really led to a faster enrollment in the TEBA-PIVOT Phase 2 trial, so we are very excited about that.

Thank you. Our next question comes from Samantha Simenko with Citi. Your line is open.

Good morning, and thanks very much for taking the questions, and congratulations on all the commercial progress. Just one follow-up on ACVAS May. I'm wondering if you could speak to a bit of the cadence of scripts that have come in since approval. And particularly, are you seeing an increase in the scripts written since January 30th after the REMS has become fully operational? And then just a second question. I'm wondering if you could speak to the potential outcomes from the planned SNDA meeting with FDA on the sickle cell disease. What are the outcomes that could come out of that meeting? Thanks very much.

Thanks, Sam. And so we're going to stick with the 44 that we have so far for ACKVAS-ME, but I think Sveta could continue to provide color on, you know, the early days of the launch. And so I'll have Sveta start on that, and then Sarah can speak to the pre-SNDA meeting.

Absolutely, Tom. And a reminder, we started basically engaging and educating physicians and generating demand as soon as the product was approved. So within the first five weeks of the launch, we've been educating physicians on the value proposition of a QFESMI and the REMS itself. So we are very encouraged with what we see in terms of demand in the early stages of the launch. A lot of the things that are happening, and I'm really, really pleased with the execution of the team, are happening as we expected. So we are seeing prescriptions coming from the transfusion-dependent patients and the very engaged symptomatic non-transfusion-dependent patients who have frequent interactions with the healthcare system, which is fantastic, and we see a very healthy dynamics of the launch in terms of the physicians prescribing. We see prescriptions coming from across the country, and a lot of them are in the community setting where the majority of the patients are treated, and I'm really pleased with the progress that the team is making.

Great. And then, Sarah, the pre-SNDA meeting and Sam's question about the potential outcomes.

Yes, thanks, Sam. So, we've guided to the pre-SNDA meeting in the first quarter of this year. The goal for that meeting is, of course, to gain insights in the regulatory pathways that we can use for MIT-TAPIVAT. As stated, we are, of course, going in with a data package that we would like to present for full approval based on the data that was generated in RISEUP with, you know, the strong anti-hemolytic profile that is now confirming again the anti-hemolytic profile of metapivate now in a third hemolytic anemia with additional strong clinical benefit observed in those hemoglobin responders. And once we have that meeting, we are planning to give an update when we have the meeting minutes to you guys.

Thanks very much.

Thank you. And our next question comes from Alex Stranahan with Bank of America. Your line is open.

Hey, guys. Thanks for taking our questions. Great to see the continued progress for both the commercial and the clinical stage portfolios. Two questions from us. I guess first, what is sort of the main bottleneck in forming that 10 to 12-week prescription to treatment initiation? Is it getting the patient in for their baseline liver test or maybe something else? And how do you anticipate this shortening over the course of this year? And then second, for Tebapiva and MDS, what does good look like on transfusion independence in this lower risk population? And I guess given what you learned from the phase 2A, do you expect you could see activity at the 10-mig dose based on sort of the emerging PK data, or is this maybe more likely at the 15 and 20-mig doses? Thank you.

Thanks, Alex. So, we're going to follow the same sequence here. Spada gets to talk about the ECVAS being launched, and then Sarah, thankfully, we have a robust pipeline so she can discuss the MDS trial with Teva Pivot.

Absolutely. So, the 10 to 12 weeks is driven by two things. The first aspect is the insurance authorization, which is very standard for any specialty rare disease drug that's not unique to Quesme. And most of the patients would need to go through prior authorization, which can take, you know, an average a month. And for some patients, it happens faster. For some patients, it takes longer, but that's one of the main drivers. The second aspect is the requirement for a liver test ahead of the treatment initiation. So when we combine both of these factors, we anticipate the conversion from prescription to treatment initiation to be on average 10 to 12 weeks. As I said, we'll see kind of patients falling on either end of that time frame. And over time, we will, of course, look to shorten the time from prescription to treatment initiation on both fronts. We have an excellent market access team that will be engaging with payers. So, as some of the payers actually put the product on formulary, that can be an opportunity for us to move faster through some of the prior authorizations and supporting patients, as well as we'll be learning throughout the launch and identify areas to support patients to have an efficiency in their liver testing initially as well.

Great. And Sarah, for TEMPA-PIVAT and MDS, just some of the, you know, what are we expecting and then the different dosing.

Thanks, Alec. And so to your point, we indeed are testing higher doses than the dose that we tested in the Phase 2a. So we have a 10 milligram, a 15 milligram, and a 20 milligram dose. So indeed, we are looking to explore the doses here in this Phase 2 to see which dose would be best. And then in addition, we are, because it's a heterogeneous patient population, this trial will also allow us to further define patient population. So we have low and high transfusion burden plus additional lines of therapy that have been used. So it will really give us a lot of insights on where this drug can play a role. Obviously, it's an oral therapy, which of course can be very meaningful for a patient population like this because if patients would have treatment response, it allows them to be really unfettered of the clinic.

Yeah, it's going to be, it's an exciting year for Teva Pivot in 2026. We have two catalysts, as we noted. We have the MDS phase 2b trial in the first half of the year, and then, as we've already discussed, for sickle cell disease, the second half of this year, we look forward to that phase 2 result.

Thanks for the color, and congrats on the continued progress, guys. Thank you.

Thank you. And our next question will come from Mark Fromm with T.D. Cohen. Your line's open.

Hi, thanks for taking my questions. Maybe just start on ECVASME with the REMS certified physicians. Just can you maybe talk about kind of where that is from a quantitative perspective, you know, within these first few months? And what do you think that trajectory looks like in terms of number and breadth of certified physicians over the next quarter or two as that part of the ramp really happens? And then I'll have a follow-up on the pipeline. So I can start.

When it comes to the ramps, in this initial stage of the launch, I'm really pleased with what we are seeing. And things are happening exactly as we anticipated. Physicians don't see the RAMS as barrier to prescribing, and the patients that we've engaged with, they basically don't see it as burdensome given the strong value proposition of a quesme and their willingness to consider and initiate therapy. What is happening with the RAMS? Initially, a lot of the bigger academic centers and care wells are getting certified, and when it comes to the community physicians, actual certification happens almost simultaneous with the first prescription, and we will see in a way the certification and REMS progressing simultaneously over time. But as I said, REMS hasn't been a reason or a reason for not to prescribe is the opposite. When physicians have patients that they want to initiate, they're more than willing to start to complete the REMS, which can actually take one visit. It's a very quick process.

Great. Thanks. That's helpful. And then maybe just following up on Sarah's comments about the pre-SNDA meeting and that the package is really aimed for supporting full approval. I think at other times you've also mentioned possibilities of an outcome of accelerated approval. Is that still something you think is a reasonable outcome or are you more confident in a full approval than maybe you have been as you've gotten a little deeper into the data and conversations?

And then assuming accelerated is on the table, what's your latest thoughts on kind of what a confirmatory trial might look like under that scenario yeah so thanks mark so for us the data package really the benefit risk profile generated in rise of confirms that strong anti-hemolytic profile as I mentioned and we really see those clinically meaningful changes in the hemoglobin responder so our view is that benefit risk here is is you know seen in It's trial, and it's a supplemental NDA. Now, as you also know, at ASH recently, the FDA highlighted that hemoglobin can be a surrogate endpoint for sickle cell disease, so either one of those pathways for us allows us to discuss the data and have that meaningful conversation with the agency under any of those circumstances, then there's always the normal filing procedures that one would have to go through. but we're very very excited about the data as it stands then in regards to your question on confirmatory trials obviously we have several options that we can can discuss in which some of these options have endpoints that have

been used before some of them are novel endpoints as well so we're ready to discuss as needed okay thank you thank you and our next question will come from Eric Schmidt with Cantor your lines open hey guys sorry for any background noise but Celia mentioned a direct path or clear path to profitability I was hoping you could get a little bit more detail on thinking around the breakeven point of revenue to hit that and maybe timelines to profitability and And then were there any sales at all in the GCC countries in Q4?

Thanks, Eric. We gave the guidance on profitability with PKD and thalassemia, regardless of the path forward for sickle cell. Some of us are based case there. We haven't given specific timing of when that will happen. We believe thalassemia is a meaningful opportunity. We're excited about the initial stages of the launch. We also have, as you mentioned, XUS being part of that opportunity as well. And then part of that profitability path also requires us to proactively manage our OPEX as we navigate the multiple catalysts on the pipeline. We talked about Teva, but we also have other earlier programs. So we haven't given specific timing on that. And then for GCC, what we've seen, the XUS revenue we saw in Q4 is mostly driven by Europe, and that is in anticipation of demand, so that's what we guided to an expected decrease, Q4 to Q1. GCC, as a reminder, today is on an equivalent of a name patient, like case-by-case, so you'll see some consistency quarter-over-quarter until we get to the point where we have more broad access negotiated over the next 12 to 18 months or so.

Yeah, and Eric, I'll just add, we're pleased with the partner we have in place in GCC with New Bridge. Sveta and I spent some time in Saudi Arabia late last year and really got a kind of a street-level sense about how the team is doing, the enthusiasm from clinicians, as well as even at the Minister of Health level. And, you know, that's going to take some time to build traction, but I think in the early days, we feel quite good about the opportunity.

Thank you.

You bet.

Thank you. And our next question comes from Emily Bodner with H.C. Wainwright. Your line's open.

Hi. Good morning. Thanks for taking the questions, and congrats on all the progress. I guess for the first one, can you give some color on the type of physicians who are initially prescribing Equestme, and whether they're mainly physicians who've used pyrocrine in the past, or are you getting physicians who are more new to drugs? And then on sickle cell disease, assuming you achieve alignment with the FDA, are you expecting potential approval in 2026, and can you maybe discuss some of the launch press that you're planning to do this year ahead of approval?

Thanks, Emily. Sveva, do you want to start with ECFESB and the types of physicians in the early days?

Absolutely. As I said, a lot of the early launch dynamics are playing as expected. The team did a fantastic job ahead of the launch. Profiling and prioritizing accounts, so the initial prescriptions are actually coming from the physicians we anticipated to see prescribing. As I mentioned, Emily, they're primarily the community hemongs where a majority of the patients are, and these are physicians we've engaged with previously. We don't see that much overlap between PK deficiency and telosemia, and that's because PK deficiency is an ultra-rare disease. So there are very few physicians who actually have experience with pyrokyne through PK deficiency. And as I said, I'm very pleased with the start of the launch. It is a very healthy breath of prescribing that we see across the country. Different physicians are engaged and really trying the product in the patients that they think will benefit the most initially.

Great. And Sarah, for sickle cell disease and potential timing.

So, Emily, we haven't guided to potential approval dates yet. We are now, the first guidance we have given in this process is our pre-SNDA meeting anticipated Q1. And then in regards to the launch prep, I will ask Cecilia to comment.

So, as a reminder, we didn't, very similar to how we did thalassemia, we didn't bend for sickle cell until we saw the data. And that's what we refer to when we talk about the gated sickle cell investments. We will look into that timeline and understand the path to start building investment there accordingly.

Thank you. And our next question will come from Salveen Richter with Goldman Sachs. Your line is open.

Good morning. This is Lydia on for Salveen. Thanks so much for taking our questions and congrats on the updates. Is there any additional color you can provide on the split between the non-transfusion and transfusion-dependent patients amongst these 44 scripts that have been written? And then given scripts will be the key metric to watch, do you anticipate third-party services like IQVIA to accurately capture these scripts? Thanks so much.

So the initial prescriptions, as I said, very much as we anticipated, come from a combination of transfusion-dependent patients. Obviously, a large proportion is transfusion-dependent patients, and a very engaged, symptomatic, non-transfusion-dependent patients who are in active interaction with the healthcare system. So, when you think about the evolution over time, as anticipated, I think we'll see initially more transfusion-dependent patients, but the scale-up of the launch will come from the non-transfusion-dependent patients later on. When you think about AQVIA, we have a single specialty pharmacy that distributes the products, so AQVIA will not be the right source for you to look at, it's just the information will not be available. And this is the reason that we're looking to provide you initially with prescriptions, revenue, as well as we gave you the guidance on PK deficiency so you can see where the growth of thalassemia will be coming throughout the year.

Thanks so much. thank you and our next question will come from tess romero with jp morgan your line is open hey guys thanks so much for taking our questions this morning so first one is just on uh agvez me just can you just quickly touch on initial payer dynamics over the first couple of quarters here and remind us of payer mix. Just want to make sure that we're thinking about potential free drug the right way. And then second question, a bit of a housekeeping question here. If you are indeed improved in sickle cell disease, how does your SG&A line change? Just trying to think through what you might need to successfully launch a drug in sickle cell from an expense perspective. Thanks so much.

Okay, thanks, Tess. And Sveta can start on the payer aspects, and maybe we could also just remind our gross-to-net assumptions, too. I don't think we...

Yep, absolutely. So, Tess, I will start here. So, the payer mix into leucemia is quite similar to peaking deficiency with the majority of the patients being under the commercial payer bucket. Very similar to PK deficiency in any other drug. Initially, the actual market access and payer authorization will happen through medical exceptions because payers would take time, about six months, six to nine months, to actually start putting the product on formulary. We have a very experienced market access team that is very familiar of how to navigate the medical exceptions process. And so far, in these early stages of the launch, I must say, as expected, we haven't seen any payer hurdles at all. I think the value proposition of a QFESME speaks to itself, and the team is doing a great job in terms of those interactions. Brian asked to comment on the gross-to-net assumptions. given that we don't expect that to be a managed category, very similar payer mix to PK deficiency or gross to net assumptions for thalassemia similar to PK deficiency 10 to 20%.

And then on the SG&A question test, as we think about it, so as I mentioned, we're going to gate and manage our spend based on the regulatory discussions and the timing, but if you want to think about it, we have an infrastructure that we have built for PKD and saracenia that we would obviously leverage but the scale of signal is much bigger so we would have to scale up those functions that we build but we have a really nice foundation to bid from thank you thank you thank you and our last question it will come from luca izi with rbc capital markets your line is open oh great hi team this is shelby on for luca and

thanks for taking the question. Could you remind us what's the rationale for dosing higher in lower risk MDS versus the phase two for sickle cell disease? And then maybe one more. Now that we have the label and REMS program for thalassemia, do you expect any read-through to sickle cell, and has it changed any internal expectations on the commercial opportunity there? Any colors, much appreciated. Thanks.

Yeah, I think we could start with MDS and the rationale for all three of the doses being higher than what we tested in the 2A, and then we'll talk a little bit about REMS and sickle.

Yes, so for the rationale of higher doses, so we originally had a phase 2A with the 5 milligram dose based on modeling from the healthy volunteer trials, but we learned in that trial that MDS patients metabolize it faster, the drug, and so we push the dose higher in the phase 2b to do further dose exploration versus sickle cell disease patients who are exactly the same as healthy volunteers. So that is why we have those differences between those two indications.

And then, and Sarah, you can start on the sickle cell, the question about REMS, and read through, and Sveta can certainly comment on how we see it commercially.

Yes. So as you know, in the sickle cell disease program, we did not have the same observations as we had in thalassemia. So it's much more like the pyruvate kinase deficiency program where we do not have a REMS, as you know, versus thalassemia where we do have a REMS. So So all of this actually does give us optionality. So our going in position based on the data observed is that that would not be needed and we would propose something more like the pyruvate kinase deficiency path. Now, a read-through, if it would turn out to be a REMS, I'll hand that one over to Sveta. Absolutely.

Obviously, sickle cell disease is a devastating disease with high morbidity and mortality. No treatment options, so we see a meaningful commercial opportunity, assuming we have a label in the U.S., and the team will be ready to execute on it. We got ready and executing successfully on the ramps for telosemia. It gives us a very solid foundation to continue to execute if we were to have something similar in sickle cell disease as well.

Yeah, and I'll just take a moment to say, so Sveta's team has continued to navigate through PKD as a launch, which is ultra rare and certainly not the easiest of launches that began back in 2022. And now we have ACVESME and off to a really good start in the first month of January. So I feel very confident the team in any scenario will be very well prepared. So I think that's our last question.

Yes.

Okay, then I will go ahead and close it down. First, I just want to thank everyone for joining us this morning. It's an exciting time for Agios. As you heard throughout the call, we're entering 2026 with quite strong momentum and really pleased that we're already seeing strong initial progress with the ACVSB launch in the U.S. We have meaningful clinical and regulatory catalysts ahead, as we've talked about, and will continue to operate with financial discipline. These near-term drivers combined with our advancing pipeline position agios to deliver sustained growth and long-term value, and we very much appreciate your continued engagement and look forward to updating you on our progress throughout the year. Thanks a lot.

Thank you. This does conclude today's conference call. Thank you for participating, and you may now disconnect.