Cytokinetics Inc (CYTK) Q3 2026 Earnings Call Transcript

Thank you for standing by, and welcome to the Cytokinetics Q3 2026 Earnings Call. This call is being recorded, and all participants are in a listen-only mode. After the speaker's remarks, we will open the call to questions. We will allow for one question per participant. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 1 again. I would now like to turn the call over to Diane Weiser, Cytokinetics Senior Vice President of Corporate Affairs. Please go ahead.

Good afternoon, and thanks for joining us on the call today. The slides accompanying today's webcast can be found on the Investors and Media section of our website at cytokinetics.com, along with today's press release. Robert Blum, President and Chief Executive Officer, will begin with an overview of the quarter and recent developments. Andrew Kalos, EVP and Chief Commercial Officer, will discuss the commercial launch of Micorzo in the U.S. and Europe. Fatty Malik, EVP of R&D, will provide updates related to Affie Campton. Steve Heitner, SVP and Chief Medical Officer, will provide updates related to our ongoing clinical development programs. Sung Lee, EVP and Chief Financial Officer, will provide a financial overview for the quarter, and finally, Robert will make closing remarks. As you can see on this slide, today's discussion will include forward-looking statements which are subject to risks and uncertainties. Please refer to our SEC filings for a discussion of these factors. And now, I will turn the call over to Robert.

Thank you, Diane, and thanks to all for joining us on the call today. The third quarter was another period of strong execution for cytokinetics as we continue to build a leading muscle-focused specialty cardiology company. In Q3, we made progress on each of our priorities underlying that strategy. Nearly nine months in, the launch of MyCorso continues to exceed our expectations. In the third quarter, Mycorso generated $44.5 million in net revenue, up 76% from Q2. As Andrew will describe, the number of prescribers, prescribing per physician, and patients dispensed all increased. We believe these trends reflect the differentiated profile of Mycorso, and we see significant room for continued growth. Outside the United States, our launch in Germany is off to a strong start, and we continue to secure approvals in additional geographies, including recently in Canada and the United Kingdom. We expect to launch in the UK this quarter and in additional countries in 2027. We're also looking forward to the PDUFA date for data relating to MAPLE HCM, which is November 14th. Beyond OHCM, we're working diligently to bring Affecampton to more patients living with HCM. In August, we presented the full results from Acacia HCM in a hotline session at ESC with simultaneous publication in the New England Journal of Medicine. In fact, the presentation was included in the opening plenary session for ESC, a clear sign of enthusiasm from the cardiology community, which today has no approved therapy that addresses the underlying disease for NHCM. We also presented additional results at ESC from pre-specified analyses from Acacia HCM that further underscore the potential of afikampton in N-HCM. These results bring us closer to the potential commercial availability of a treatment for the full spectrum of symptomatic HCM patients. Based on these results, we're on track to submit a supplemental NDA to FDA this quarter and an application to the EMA in early 2027. At the same time, pending regulatory approval, we're preparing for the potential launch in NHCM, building on the commercial foundation we've established with MyCorso in OHCM. Andrew will share more on our commercial readiness in a moment. And beyond Affecampton, we continue to advance our pipeline during the quarter. Our later-stage clinical trials for Omicampton-McClarbo and Eula-Champton continued to make progress, and earlier in our pipeline, we achieved a preclinical milestone in our collaboration with ACUTAR, which is focused on targeted protein degraders for muscle-related diseases. Taken all together, our third-quarter results demonstrate the progress we're making towards our Vision 2030. Looking ahead, our priorities are clear. Submit the SNDA in NHCM, prepare for a potential NHCM launch, expand MyCorso into additional geographies, and, importantly, continue our commercial momentum in OHCM while advancing our pipeline, all while staying disciplined to how we deploy capital. And with that, I'll now turn the call over to Andrew, please.

Thank you, Robert. Mycorso delivered another quarter of strong growth, and the launch continues to exceed our expectations. In Q3, we are pleased to see growth across prescribing, patient demand, and market access, all while the CMI category itself continued to expand. These trends show that Mycorso is on a strong trajectory in the first year, and we're focused on building that momentum into 2027. As we committed at launch, we continue to measure performance using three key metrics. Breath of prescribing, depth of prescribing, and patient volume. In the third quarter, we saw continued growth across all three, driven by an expanding prescriber base. By the end of the third quarter, nearly 1,100 unique healthcare providers in the U.S. had prescribed Mycorso, up from more than 700 at the end of Q2. On average, these HCPs have prescribed Mycorso to nearly four of their patients, up from three last quarter. Among high-volume CMI writers, the figure is seven patients, up from five in the second quarter. We believe this increase in prescribing reflects growing physician confidence in Micorzo. Turning to patient demand by the end of the third quarter, Micorzo had been dispensed to more than 2,800 patients, up approximately 86% from 1,500 at the end of Q2. While syndicated data has limitations, our internal analysis suggests that new-to-brand exit share for Mycorso in the CMI category is continuing to grow and approaching 45% in the third quarter, up from approximately 40% in the second quarter. Our launch strategy was to focus on high-volume CMI prescribers, and our NBRX share is highest among these HCPs approaching 50%, a leading indicator of future growth. We remain committed to our goal of achieving greater than 50% new-to-brand exit share by year-end, which would represent a strong result for the second entrant in less than a year of launch. Beyond capturing new-to-brand share, my Corzo is also helping to expand the CMI category. Q326 versus Q325 new-to-brand prescription grew. 56%. When comparing year-to-date growth for the same period in 25, the CMI market has grown 45% since the introduction of mycorso, and there is still significant room to grow. Of approximately 120,000 eligible OHCM patients in the U.S., only about 28,000 are treated with a CMI today. That leaves over 75 of CMI-eligible patients who could benefit from therapy, and that's where our launch continues to be focused. As we said, prior to our launch, prescribing was concentrated among high-volume CMI prescribers who historically accounted for approximately 80% of CMI volume. By the end of Q3, our sales team had reached more than 95% of these HCPs. Since launch, as we've continued to grow share among high-volume prescribers, adoption has also broadened beyond this core group. Specifically, low-volume CMI prescribers now represent 30% of all Mycorzo prescribers, while prescribers naive to CMI represents another 35%. Importantly, in Q3, we estimate that the CMI naive prescriber segment accounted for approximately 70% of total CMI growth since Q2. We continue to expand access and end of the third quarter with over 60% of commercial lives covered, up from 50% of lives covered at the end of Q2, while continuing to maintain a consistent level of Medicare coverage throughout 2026. In Q3, we continue to achieve over 80% of paid prescriptions, showing continued success in access and our ability to manage payer appeal process. Outside the United States, our launch in Germany is continuing to gain traction. By the end of August, Mycorso had already captured more than 50% of new CMI patient starts. We also recently received approval in Canada, and we expect to launch in the UK this quarter, and in additional countries in 2027. As a result, we expect Mycorso to be available in all key European markets in 2027. At the same time, as we move towards our planned SNDA submission for NHCM this quarter, we're preparing for a potential commercial launch in that indication in 2027. Our field force was designed from the start to reach the physicians who treat both obstructive and non-obstructive patients, so the infrastructure is already in place. We're also building disease awareness to run branded education, and our payer account teams are preparing to engage payers in compliant pre-approval information exchange in preparation for coverage discussions. In the U.S., we estimate that over 200,000 patients have been diagnosed with NHCM, and over 120,000 are symptomatic and eligible for treatment. Recent market research reacting to Acacia HCM suggests that if mycorso is approved for the treatment of symptomatic patients with an HCM, physicians see a meaningful role for their therapy, particularly among patients with greater symptom burden or persistent functional limitations where unmet need is highest. Importantly, physicians indicated that patients with the greatest symptom burden may be the most likely to receive treatment, potentially driving higher utilization within this segment. Moreover, a dual indication label could further strengthen Micorzo's position in OHCM as physicians gain broader experience and confidence with Micorzo across both obstructive and non-obstructive HCM. Ultimately, we hope Micorzo will be approved to address this important unmet need. Overall, we are very encouraged by the performance in our launch markets. It reflects a differentiated profile of Micorzo and the execution of our colleagues across the U.S. and Europe. Together, this progress is building a strong foundation for continued growth. And with that, I'll turn the call over to Fadi.

Thanks, Andrew. The third quarter was an important period for further differentiating the clinical profile of apicampus. In August, we presented the full results from Acacia HCM, our pivotal phase 3 clinical trial of africanpsin in patients with symptomatic NACM, in a hotline session at the European Society of Cardiology. These results were published at the same time in the New England Journal of Medicine. As we've previously reported, Affie Kempton met both dual primary endpoints, with statistically significant improvements versus placebo in patient-reported health status, as measured by KCCQ, and in exercise capacity, as measured by peak VO2. Affie Kempton also achieved significance on three of five key secondary endpoints, including NYHA-CLASS and NT-ProBNP. Importantly, the treatment effect was consistent across all pre-specified subgroups, including patients on beta blockers, those with intercavitary obstruction, and across genotype positive and negative patients. The response from the cardiology community at ESC was quite positive. Leading HCM experts called the results a transformative moment for patients with non-obstructive HCM, a population where there are currently no approved treatments. Since ESC, we've seen strong engagement from the HCM community, including centers of excellence, patient advocacy groups, and physicians who treat these patients every day. With no approved therapies that address the underlying disease in NACM, we believe these results have the potential to meaningfully change how HCM is treated. We also presented additional analyses from Acacia HCM at ESC and HFSA that further characterized the treatment effect and safety of africanthin and NACM. At ESC, we presented data showing that africanthin significantly improved diastolic function, meaning how well the heart relaxes and fills, and reduced left ventricular wall thickness, effects that strengthen with longer treatment. These findings related to the mechanism of aftecamptin help elucidate the underlying effects on the heart that lead to improvements in symptoms and exercise capacity. At the Heart Failure Society of America meeting in October, we presented data showing that aftecamptin improved global exercise performance across multiple domains of the cardiopulinary exercise test in addition to peak VO2. In a second presentation of a responder analysis, 53% of patients on apicampin achieve a clinical meaningful response in three or more domains, compared with 13% on placebo, which puts the mean treatment effect in a clinical context. With respect to safety, an analysis from Acacia's HCM showed that heart failure events occurred early, during titration, often after a triggering event, such as atrial fibrillation or infection, and generally resolved with standard therapy. Importantly, in an open-label extension, forced HCM, where patient judgment guides dose titration or more closely reflect clinical practice, these events have been rare. The view of leading HCM experts see these events as manageable in clinical practice, and it gives us confidence in how apicampin can be used in the real world. On the regulatory front, our supplemental NDA, based on Acacia HCM, remains on track for submission to FDA this quarter. As Robert mentioned, we're also preparing to submit to the European Medicines Agency in early 2027. In O-HCM, Our SNDA based on MAPLE HCM remains under review with a Vidufa date of November 14th. We continue to engage constructively with FDA and look forward to its decision. Taken together, this progress reinforces our conviction in the potential of apicampin to become the first cardiac myosin inhibitor to treat the full spectrum of HCM. With MyCorso available for adults with symptomatic OHCM and Acacia HCM supporting a potential expansion into N-HCM, we see a substantial opportunity to reach a broader population of patients in the U.S. and around the world. And with that, I'll hand it over to Steve.

Thank you, Fadi. In the third quarter, we made meaningful progress across our clinical development programs. Starting with African-Campson, we continue to strengthen its evidence base. We recently began Aspen HCM, a real-world study of mycorso in obstructive HCM. We believe that this data will help us better understand real-world safety, clinical effectiveness, and healthcare resource impact of mycorso in routine clinical practice, and will help inform future discussions with regulators, particularly with respect to the REMS. We also completed the adolescent cohort of CEDAR-HCM, a Phase III clinical trial evaluating the efficacy, pharmacokinetics, and safety of africampton in the pediatric population with symptomatic obstructive hypertrophic cardiomyopathy. And we expect to share the top-line results in early 2027. Additionally, our partner, Bayer, completed the main study treatment period of Melia HCM, a Phase III clinical trial of Epicampton in Japanese patients with obstructive HCM. And we recently completed the conduct of the Japan cohort of Acacia HCM. Beyond Epicampton, we continue to advance our late-stage cardiovascular pipeline. For omicantumacabal, enrollment continued in COMET-HF, a confirmatory Phase III clinical trial in patients with heart failure with severely reduced ejection factors. Enrollment has now accelerated as expected now that all sites are active, and we expect enrollment to continue through 2027. Even on standard of care, these patients remain poorly served. With about 35% re-hospitalized rate within a year. In galactic HF, the benefit of omicamptomacabal was greatest in patients with the most severely reduced ejection fraction, and comet HF is specifically designed to enroll exactly those patients. The baseline characteristics we've collected so far indicate that we are matching the patient population we intended to enroll. This gives us confidence in the trial and the potential to address the significant unmet need with Omicampton-McCabel. For Eulocampton, enrollment continued in Cohort 1 of AMBER-HESPET, a Phase II study in patients with heart failure with preserved ejection fracture. We remain on track to complete enrollment this quarter. With this trial's focus. We're generating data to help define the potential role of a cardiac myosin inhibitor in HEFTA. We're pleased with our execution across a promising later stage pipeline, and we look forward to several important milestones ahead. With that, I'll turn it over to Sun.

Thanks, Steve. Beginning with revenue, total revenues for the third quarter were $47.6 million. Compared with $1.9 million in the same period in 2025. Net product revenues for Mycorso were $44.5 million, representing 76% growth quarter over quarter. U.S. net product revenues were $43.1 million, driven by robust demand. Europe contributed $1.4 million to net product revenues in the third quarter, following the launch in the second quarter, which was comprised of initial inventory build in Germany. Collaboration revenue was $3.1 million in the third quarter, compared with $1.9 million in the same period in 2025. Turning to operating expenses. R&D expenses for the third quarter were $99.3 million, compared with $97.3 million in the same period in 2025. The increase was primarily driven by higher clinical trial activity and personnel-related costs. SG&A expenses for the third quarter were $113.1 million, compared with $69.5 million in the same period in 2025. The increase was primarily driven by external costs associated with the commercial launch of Mycorzo, as well as higher personnel-related costs, including stock-based compensation. Costs of goods sold for Mycorzo in the third quarter was a credit of $0.5 million, primarily reflecting a credit related to drug supply optimization activities. Collaboration cost of revenues, which primarily reflects partner costs for which the company is reimbursed, was $2.7 million in the third quarter, compared with $1.9 million in the same period in 2025. Net loss for the third quarter was $190.1 million, or $1.37 per share. Compared with a net loss of $306.2 million, or $2.55 per share, in the same period in 2025. Turning to the balance sheet, we ended the third quarter with approximately $1.6 billion in cash and investments, compared with $1.7 billion at the end of the second quarter of 2026. Turning to financial guidance, we are reaffirming our full-year 2026 GAAP combined R&D and SG&A expense guidance of $860 million to $890 million. Our expectation for stock-based compensation, which is included in our GAAP combined R&D and SG&A expense guidance, is also unchanged at $130 million to $140 million. With that, I'll turn the call back over to Robert.

Thank you, Sun. Before we open up the call to questions, I'd like to highlight how far we've come this year and what's ahead. Since launching MyCorzo, we've built a strong commercial foundation with nearly 1,100 U.S. prescribers, a growing presence in Europe, and approvals across four additional regions. Acacia HCM became the first positive Phase III clinical trial in non-obstructive HCM, and we continue to advance our later-stage pipeline, which we expect to drive longer-term growth beyond Affecampton. Now, we're focused on finishing the year strong, with several significant milestones ahead. Next week, we expect an FDA decision relating to Maple HCM. Before year-end, we plan to submit our SNDA relating to results from Acacia HCM. We expect to launch MyCorso in the UK in this quarter and complete enrollment in Cohort 1 of AMBER FPEP. And in early 2027, we expect to submit our application relating to the results of Acacia HCM in the EU. And launch in additional countries in 2027, as well as share top-line results from the adolescent cohort of CEDAR HCM. We're pursuing all of this from a position of financial strength, with a strong balance sheet that supports our launch activities, as well as our pipeline advancement and our longer-term value creation. We believe we're well-positioned to drive continued growth and to execute on our priorities, as guided by our Vision 2030. And with that, operator, we'd like to now open up the call to questions, please.

We will now begin the question and answer session. A reminder that we are only taking one question per participant. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Carter Gold with Cantor Fitzgerald. Your line is open. Please go ahead.

Great. Good afternoon. Thanks. Hey, Robert. Good afternoon. Thanks for taking the question. Robert and Andrew, appreciate all the metrics. Trying to square some of the implied sequential growth at the market level with some of your commentary there, it seems to sort of indicate a step up of around 400 to 500 incremental patients at the CMI level quarter on quarter. I guess, to some extent, I'm asking you to bless that math, but also maybe comment if you think that sort of is a sustainable step up as we think about the quarters going forward, or are there governors at the site level that may tamp down the ability for that to step up sequentially? Thank you.

Sure. I'll ask Andrew to comment, please.

Sure, Carter. So yeah, we are seeing sequential growth to your point. The number is probably more like the 300 range in terms of prescriptions. If you factor in free drug, you might get up to a higher number, but I think the math is probably closer to a little over 3,000 patients for the category, which is up around 300 from the second quarter. In terms of sustained growth, I certainly, you know, as we mentioned in the call and the remarks earlier, that there's nearly 80% of the market still available. If we continue to see these, what we called naive, meaning they didn't prescribe a CMI before our launch, if we continue to see the good growth of new prescribers for the category, that certainly is what fueled most of the growth, as I mentioned, in Q3. And our expectation is we will continue to see that. So you'll continue to see growth in the category. Thank you.

Carter, I might add a comment. What's especially encouraging is where that growth is coming from. It's coming not just simply from the velocity accounts, but also from a broader foundation of new to the category prescribing. So not only should we expect sequentially sustained growth, but at some point that may hopefully translate into a higher velocity growth as well.

Your next question comes from the line of Tess Romero with J.P. Morgan. Your line is open. Please go ahead.

Hi, Robert and team. Thanks so much for taking our question. Will you be providing longer-term guidance for mycorso at our small conference in January, or is that something that will be farther out for cytokinetics? And then just to double-click on Carter's question. Andrew, is north of 3,000 ads the right way to think about the run rate for this category? Thanks.

So regarding your first question, I'll mention we're still discussing how we're going to approach 2027 and what we're going to speak to in the way of guidance. And certainly over the longer term, you can expect that we'll speak to where we see this ultimately going for the benefit of the company. But it's premature, I think, to comment on that today. Andrew, do you want to address the comment about $3,000?

Sure. So if you look at kind of year-to-date factoring in, you know, an estimate for free drugs, we're close to around 9,000 patients in our estimate for the category through the end of the third quarter, you know, with that growth factored in. So yeah, I certainly feel that 3,000 plus per quarter moving on. And obviously when NHCM comes on board, the HCM category should certainly grow even more than that.

Thank you.

Put that in context of where we were a year ago, substantial growth in the category year over year.

Thank you both. Your next question comes from the line of Akash Tawari with Jeffries. Your line is open. Please go ahead.

Hey, thanks so much. So, I wonder if you were to comment on, you know, Edgewise is proposing kind of a phase-free design without echo-guided dose adjustments, more of a kind of symptomatic paradigm. You know, how much have you engaged with the FDA on improving the REMS you have with your titration, with mycorso? So could we get into a symptomatic paradigm for your drug? I know only about, I think, 1.3% of your patients even had a LEVF mandated. Change in your titration during Sequoia, so it seems like it's at least possible to do. And what long-term data do you have to submit to the FDA to get that done? Thank you.

Thanks, Akash. So before I turn it over to Fadi, I'll just make the following comment. There's nothing that any fast follower is contemplating that we haven't been discussing here at cytokinetics already for quite some time, and we do believe that it'll be incumbent upon us with real-world evidence to demonstrate where we can go with a potentially relaxed or even removed REMS over time. But that does require, based on our intuitions and communications with regulatory authorities, some evidence of real-world evidence that will come with what will ultimately be thousands of patients, but certainly within line of sight to what we expect to be able to accomplish here over a period of time. I'll ask Fatty to comment on where we could go with these potential strategies.

Thanks, Robert. You know, I think, first of all, there's certainly the ability to simplify the titration protocol, and there are things that we can do. I'm not going to lay out any specifics at the moment that can enable more flexible use of echoes during titration or different starting doses, things like that. I think Robert's point is a strong one, which is that any new drug in the market is not likely going to have its safety profile informed by a few hundred patients treated for a couple dozen weeks. In fact, it's clear the FDA wants to see real-world data from thousands of patients treated over many, many months or years even. So, I would anticipate in the, you know, Two to three-year time frame as we see data coming out of the REMS, out of our real-world evidence experiences that will reinforce the safety we've already observed with African-Campson and enable us strategies by which to simplify the REMS. I might also add that even our real-world experience now suggests that the majority of patients are entering the maintenance phase with a treatment of 5 or 10 milligrams of apicampin. You know, that suggests that physicians and patients feel those doses are effective in reducing their symptoms. You know, that's for them to judge as they integrate both symptom assessment as well as biomarkers and LVOT. Um, assessments and, and ultimately, uh, you know, the question of simplifying dose titration may frankly take care of itself if patients are doing fine on the starting dose or one dose later.

And hopefully to underscore, cytokinetics, uh, believes very strongly in the credibility and integrity of how we engage around these matters, and we believe the best way to enable Achieving those outcomes, including a relaxed removal of a REMS, is to do what we've already been doing, pioneer and lead in this space, and that speaks to what will come from real-world evidence as we already have a strategy in place.

Your next question comes from the line of Corey Kasimov with Evercore ISI. Your line is open. Please go ahead.

Hi, this is Josh on for Corey. Can you help characterize the size of the EU opportunity in relation to the U.S.? And when do you expect to see a significant step up here? Thanks.

Sure. So I'm going to ask both Andrew and Sung to speak to that question, starting with Andrew, please.

Sure. So thanks for the question. You know, as mentioned, you know, we've launched Germany. Germany is the largest market. Overall, we're expecting Europe to be around 15% of revenue, you know, when Europe's mature, when the U.S. is mature. Europe does take a little longer to get going. Germany, you can launch at approval while you're negotiating price. The other major markets you need to, after you get regulatory approval, submit to a health technology assessment body to get reimbursement, which generally takes, say, 12 to 18 months after the approval. So you'll see more meaningful revenue probably in the 2028-2029 time frame. And I'll turn over to Sung if he has any additional comments.

Yeah, Josh, and I'll just simply add, when you look at Europe, it's not just for us, but across our industry. It's generally characterized with long, gradual, steady launches, right? Especially as you go through the HTA process for each country, you have staggered launches. So I think you have to keep that in perspective. And in the end, this is a long game for us, and we expect meaningful contributions from Europe. As Andrew said, it could be 15% of our total Micorzo net product sales. Thank you. Thank you.

Your next question comes from the line of Maxwell Score with Morgan Stanley. Your line is open. Please go ahead.

Great. Thank you very much for taking my question. Could you expand a bit more on the profile of potentially eligible NHCM patients? For example, what share of those diagnosed would meet Acacia's entry criteria, and is that kind of the right starting point for sizing the market? Thank you. Thank you.

I'll ask Steve to comment on that, please.

Hi, Max. Thanks for the question. So, you know, the criteria that we implemented in Acacia really simply put our patients with symptomatic nonobstructive HCM. And the data that we presented at the ESC with particular reference to that forest plot did not show any heterogeneity of the treatment effect according to the pre-specified subgroups that we looked at. So age and, you know, sex and whether they had a particular ejection fraction or pre-existent atrial fibrillation, none of those seemed to impact. In fact, the way we would foresee this being implemented, should we... One of the things that would achieve regulatory approval would be that patients would come in, and if they had any symptoms and a diagnosis of non-obstructive HCM and an ejection fraction above, you know, 55 or 60 percent, those patients would be eligible for a treatment trial, at least, of epicampus.

Great. Thank you. Thank you.

Your next question comes from the line of Salim Saeed with Mizuho. Your line is open. Please go ahead.

Great. Good afternoon, Salim. Good afternoon, Robert. Thanks for the question. Congrats on the progress, guys. One from us, actually, I know, came to McCarbell. So I think of the commentary on the call, you mentioned you've accelerated enrollment. But the press release now lists continuing enrollment through 2027. If I'm not mistaken, versus in the 2Q, it was through 2026. So I'm just wondering if you could just square those dynamics. What exactly is happening with enrollment for you to change the language on when you expect enrollment to go through in 2027 versus 2026? Thank you. Sure.

I'm going to ask Maddie to comment on that, please.

Yeah. Hi, Selene. You know, the language in the prior release is just referred to what was happening in 2026. You know, if you look through our milestones, it basically says, what is we planning for 2026 and enrollment was continuing through 2027 rather through 2026. We didn't expect enrollment to include in 2026. Otherwise, we would have said that in that guidance. Obviously enrollment will conclude in 2026 will conclude sometime in 2027. And we'll get guidance to that matter when we get back to the rest of 2027.

Okay, got it. Thanks so much.

Yeah, sorry.

Your next question comes from the line of Rowana Ruiz with Lee rank partners. Your line is open. Please go ahead.

Hey, everyone. Good afternoon. I was curious about the Mycorzo Naive prescribers. Are they more in the community hospitals rather than large academic centers or more of a mix? And in terms of greater penetration into that group, how are you thinking about driving breadth and depth and maybe converting some of them to high-volume prescribers?

Andrew, can you take that please?

Sure. So thanks for the Yes, they are. The majority of those, the best majority of those are community cardiologists. The depth of those, you know, prescribers right now, it's, you know, one that generally you would see with each. I think what, you know, one, they do have less patients that they see as compared to the academic centers. So we're not expecting that same level of, you know, demand driven. But as they get more experience, I mean, what we're learning. Is when a physician's treating three or four patients, they've got experience with the REM, they've got experience with mycorso, they have experience with the market access. That they generally then, you know, get on board, but it does take a little bit of time and we are expecting depth of prescribing in that group and continued expansion. You know, one of the things that I mentioned around NHCM, you know, on average, you're really doubling the patient population for every one of those prescribers if NHCM is approved. And, you know, there's certainly the ability to leverage OHCM and NHCM as kind of the dual indication to give you even more opportunity for that experience to increase depth.

Got it. Thanks.

Sure. Thanks for the question.

Your next question comes from the line of Eric Joseph with City. Your line is open. Please go ahead.

Good evening. Thanks for taking the questions. Just from your discussions with the cardiology community with the full ACASIA data, can you talk a little bit about the feedback you may have received regarding the titration scheme in the study? I'm just wondering, kind of going into your planned S&DA submission, whether, you know, you might be proposing a scheme that varies a bit from the protocol, focused, you know, more on positive symptom or symptom improvement rather than, you know, safety-driven stopping rules. Thanks.

Sure. As you know, we're both looking at the data from Acacia HCM as well as Forest HCM, and I'll ask both Fadi and Steve to comment, please.

Eric, yeah, thanks for the question. So... As Robert kind of alluded, if you think back to how we approached the obstructive HCM attrition schedule, we used data from both the randomized clinical trials Sequoia and complemented that with the experience from forest HCM. And, you know, that's part of the plan that we're implementing for the SNDA for the non-obstructive cohorts. And the feedback that we've gotten so far, and it's more than feedback, it's evidence that it's been generated, and actually we showed this at the investor meeting that we had after the presentation of the data in Munich, was that... The implementation of the dosing schedule that was designed in Forrest appeared to be easier, firstly, for physicians and patients due to the flexibility, and also associated with fewer adverse events than has been seen in the clinical trial. So I think the feedback that we're getting is... Please, can we do our very best to get that sort of titration regimen implemented in the real world, which also would actually harmonize nicely with what's already in the real world for obstructive HCM. I hope that answers your question.

It does. Thanks for taking it, and congrats on a good quarter. Thank you.

Your next question comes from the line of Ashwani Verma with UBS. Your line is open. Please go ahead.

Great. Thanks for taking your question. So maybe just wanted to get your thoughts on the competitive assertions here that not having an echo. Monitoring requirement during titration can create a significant advantage in OHCM, and it seems like Edgewise has talked about this publicly, that they proposed one baseline and one end-of-study echo. Just to hear your perspective, if you think that this can actually change favorably to when we see the finalized phase 3 trial design in the near term. Thanks.

So I don't want to spend too much time talking about speculation relating to another company's development program, but what I will say is that FDA can be permitting of you to do any sort of thing in a clinical trial, and ultimately it'll be post-availability of data and upon review of an NDA that the FDA may consider what ultimately it wants to see in a potential approval and labeling. We've experienced that firsthand. As you may recall, in Sequoia HCM, we saw no dose terminations relating to EF excursions. And it would not have been thought necessary to even have the kinds of regulatory restrictions on dose titration and echoes based on those data. But for the fact that FDA, upon review, thought it prudent until such time as it had real-world evidence to put in place the REMS requirements, we complied, and that's what we have now for mycorso. I might ask Fatty to comment on, in the course of a regulatory review, who gets involved in making these decisions, because it may not always be obvious to those on this call.

Yeah, in assessing these things, there are more than one division of the FDA that's involved, not just the cardiorenal division, which generally reviews protocols and, you know, efficacy and safety of clinical trials, but also if a question about whether REMS or not is necessary, the division of risk management gets involved. They can often have a very different view than the vision of cardiology, in fact. You can read our publicly released documents around the approval of AFI-CAPTID and see such a discussion between the division and the division risk management. So it's hard to know what you'll see from a protocol and how that ultimately translates into a REMS or not a REMS and what the structure of it will be. I think, you know, we probably should wait until we see data before we have a discussion

Yeah, I might ask Steve also to weigh in here.

I just wanted to add from a clinician's perspective, it's not that ECHOs are, in themselves, necessarily burdens them or not indicated in these patients. In fact, in the setting of obstructive HCM, If you speak to cardiologists, that's the tool that they go to in order to evaluate the effectiveness of any treatment. So I think that it is presumptuous to assume that, you know, you're going to take a patient with obstructive HCM and never get another echo on. It's the ability to be flexible as to when you need that echo and ultimately how many echoes that patient is going to require. And as Fadi alluded to earlier on, what we're seeing... In the clinic is that many patients are seeing their providers and exiting the titration phase with just 5 or 10 milligrams being sufficient. That's in the real world, and that's a similar story to what was seen with the Explorer HCM clinical trial and what subsequently, you know, occurred with Kenzias. In the real world, where lower doses were actually seen as being the required ultimate dose for patients. So you might imagine that patients in the current environment only need one or two echoes on an annual basis with mycorrhizal. And it's hard to beat that, especially when you put in context the fact that those echoes are already... You know, flexible in their requirements based on the REMS program that we have.

Hopefully that helps. I think, put succinctly, we do believe, again, as a pioneer and a leader in this space, as we will leverage real-world evidence, we're in a good position to ensure we continue to be the innovator in this space, even as it may relate to frequency of echoes.

Your next question comes from the line of James Condulis with Stiefel. Your line is open. Please go ahead.

Hey, thanks for taking our question. It's Mark on for James. A quick one from us on the NHCM launch. So, you know, do you think the kinetics or cadence of the NHCM rollout will follow the obstructive launch? You know, basically, is OHCM the right analog here for how we should be thinking about the overall NHCM uptake or trajectory? And then in general, do you expect anything with respect to the REMS or monitoring to change with the label expansion? Thanks.

So before I turn it over to Andrew, I'll just underscore, if approved in NHCM, my CORSA will be the first and only. And in that regard, there needs to be some education awareness, market development, and other activities to occur, even as we will be building on the base of already a strong business and launch momentum in OHCM. But then, Andrew, do you want to add anything to that?

Sure, so we've actually, you know, thought about this a good bit, done some research, and I guess the key finding is we do expect faster uptake for existing Mycorso writers because they're familiar with Mycorso, they've used it, they're familiar with the REMS, they're familiar with the dosing and the echo requirements, so. You know, we will expect faster uptake with a subset, and that subset is those that are kind of experienced CMI users.

You also asked about REMS, and maybe I'll ask Fatih to comment on how we may be approaching REMS for the SNDA relating to NHCM.

Right. So, I mean, the things that you monitor in NHCM are the same things that you monitor for in OHCM. And as the patients have gone into forest, they essentially follow the same timing, the same cutoffs for whether they down titrate or they have to interrupt drug and things like that. We would hope that there would be minimum changes to the way the REMS is currently implemented, but, of course, that will require some discussion and negotiation with FDA.

Thanks. Your next question comes from the line of Kripa Devaraconda with Truist Securities. Your line is open. Please go ahead.

Hi, thanks for taking our question. This is Alex on for CRIPA. We wanted to know, ahead of the launches and the additional ex-U.S. markets next year, can you provide any color on the discussions that you've had with prescribers, and how would you classify the physician appetite for Mycorso versus how much additional physician education may be needed to drive growth in the market? Thanks.

Your question relates to Europe specifically?

Yes. Yeah.

Okay. Andrew, do you want to take that on as we are approaching launches sequentially country by country?

Certainly. So we've submitted every dossier in all the major countries in Europe. We're expecting, as we said, to launch in every major market. We've spent more time on the major markets. You know, think Italy, Spain, France, UK, Germany, although we've certainly spent time on the Western European markets. We have teams in place in Europe. That, you know, medical colleagues that are field-based. We have our general management teams, our marketing teams. We've done market research. So we're expecting uptake similar to what we see in Germany. You know, Germany in five or six months for new to brand are market leaders and doing very well. You have to also remember that in Europe, there is not a REMS program associated with launch. There's not patient support. Once you get payer access, there generally isn't that much of a barrier from an access point of view. That's why you do negotiation. So it is a country-by-country launch. The price is lower, but we are expecting good uptake, and we are seeing from our research physicians seeing a clear differentiator like we're seeing in Germany.

Hopefully that answers your question. Thanks for all the additional calls.

Your next question comes from the line of Alethea Young with William Blair. Your line is open. Please go ahead.

Hey, guys. Thanks for taking my question. I think that's on all the progress, you know, with my Corsa. I just wanted to dig a little bit more into how, when we're thinking about kind of the opportunity, how broad it can be for perhaps in the second half of the year, the benefit of potential first line use and having that label. Just talk a little bit about how you think that will frame for doctors and also just ultimately when you get to a broader label, potentially non-obstructive. I mean, do you think that's kind of what doctors are looking for as a one-stop shop answer perhaps?

Yeah, so Andrew can comment on some of the market research that he's done in and around this area and what the addition of NHCM may mean both across O and NHCM. Andrew, please.

Sure. So you're saying the second half, are you referring to the fourth quarter, or are you talking about next year? I just want to make sure I'm clear on your question.

Next year, I'm not obstructed. Fourth quarter, first line.

I see. Okay, so if we're not obstructive, you know, as I mentioned, it's the same size of market overall as OHCM, although obviously there's two. Players in the market today for a non-obstructive, if we're approved, we would be the first and only. And, you know, from our research, yes, especially in the community, physicians are looking for more of a one-stop shop. They did talk about Fester uptake. They did talk about having experience and with a dual indication both for O and N to drive share. On the maple side of things, we're not looking for a monotherapy or a first-line therapy. We're really looking to generate evidence from what is in the guidelines today and what most community cardiologists consider that. Metoprolol specific beta blocker really has been the standard of care and showing them the difference in data as well as educating patients that are taking metoprolol that there's, you know, potentially something better assuming we get our, you know, that in the label and everything this year. So I think both of those are going to be a lift. Obviously, the NHM is a much broader lift from a revenue opportunity. You know, Maple, the direct really just extends our differentiation and I think gives us some good data to educate community cardiologists on. Thanks for the question.

Great. Thank you. Your next question comes from the line of Yasmeen Rahimi with Piper Sandler. Your line is open. Please go ahead.

Hi, team. Thank you so much for all the updates. Maybe you would love to understand with Maple coming onto the label, how soon it could actually change the pair's views on Actually, removing the requirement of being on a beta blocker and making my course that is the first choice and therefore could increase the potential time of patients and uptake would appreciate your color.

Sure. So, certainly, as we hope the MAPLE data will be reflected in an expanded label, that's one step towards the objective that you mentioned. But payers may have their own agenda, and I'll ask Andrew to comment on what may factor into payer decisions, including as ultimately may be enabled by changes and guidelines.

Sure. So we're not, thanks for the question, you guys. We're not expecting, nor are we pushing first line. You know, beta blockers are going to have a place. I think every crier-off criteria I'm aware of from a payer point of view, a beta blocker use or prior beta blocker use is required. So we're not looking to change that. We're really looking to accelerate use of mycorso. We're looking to help inform guidelines. I think that'll have a bigger influence both on community cardiology and perhaps payers over time. But it really just adds to the body of evidence. It really adds to rationale for a community cardiologist to better understand the use of a CMI as compared to something they've been doing a long time. It helps inform guidelines, which then creates this greater demand. And that's really what we're after from a Maple point of view. Maple also allows us to then We can communicate to patients, which we don't do today about, you know, maybe what they're taking is a beta blocker today and there could be something better for them. So I think they're the kinds of things we think about strategically from a commercial point of view, but looking at first-line therapy is probably not a realistic thing in the next couple of years.

The parents still have a meaningful voice in this conversation, of course, but what it may translate into is faster step edits, time through beta blockers. That's perhaps more practical in the near term.

Your next question comes from the line of Josh Brewer with RBC Capital Market. Your line is open. Please go ahead.

Hey, Josh, Sean for Leo Timoshev here. Thanks for taking my question, guys. I was wondering, how should we think about expectations for the HEPF data for Ulla Kempton in 27? And how do you plan to share those data across the cohorts? Thanks so much.

Certainly. So, obviously, this is early in a development program for Eula-Campton and FPEP, and we're very interested in understanding in this first Phase II study what that might look like from a PK and PD standpoint. Maybe I'll turn it over to Patty to speak about Cohort I and what we may be communicating.

Yeah, I think in 2027, we will have data from Cohort 1. You know, Cohort 1 is really a dose-finding exercise and understanding safety and tolerability. So the data from that may just be summarized. One of our calls, as we describe progress, ultimately, you know, we always try to get those data out into the public domain, but we don't have a specific timeline or plan for that.

All right, thanks.

Thank you.

Your next question comes from the line of Yanan Ju with Wells Fargo. Your line is open. Please go ahead.

Great. Thanks for taking. Oh. The OHCM launch, now that you are getting close to the 50% goal for year-end in terms of new-to-brand share, I was wondering, looking into 2027, is there any expectations for this metric? And is there any reason why this couldn't be further increased substantially? And then, so that's on the new brand side of things. In terms of switching, could you give any color in terms of the percentage of prescriptions this quarter that are switching patients? Thank you.

Sure. So I'll start and turn it over to Andrew. Obviously, it was an already very bold statement we made earlier this year that we would be committing to a goal of north of 50% of due to brand share and at the same time experiencing such significant category growth. Andrew, do you want to comment on what may be our objectives from this point forward?

Sure. So, I mean, we're very focused on the new to brand share of, you know, greater than 50%. I think a good leading indicator, our share, if you look at the different segments, our share among the highest writers, what we call Velocity accounts, you know, that was historically 80% of the business. We're pretty close to 50 already with that group. So, I think that's a good leading indicator, given that's a majority of the volume. So, when you look into 2027, I think we're really going to be looking at establishing a stronger foothold, growing that 50 to, you know, beyond 50, but at the same time, that expanded prescriber base leveraging Maple. You know, before Acacia would come on, assuming Acacia gets approved, that's really what we'll be focusing. We'll focus on continuing to build share in that core velocity accounts while expanding the markets to these naive prescribers, those that have started to prescribe increased depth, those that haven't, you know, leverage Maple, leverage Sequoia to start to get experience. And then assuming Acacia gets on board, you know, then as I mentioned earlier, that kind of doubles the patient base for each one of these groups. And we will continue to look to expand prescribing there. So that's really kind of how we're thinking about 2027 beyond, you know, the successful launch we've had to date.

Great. Any comments on the switching?

Oh, the switching, sorry. Yeah, switching is a mid-single digits, so it's not a major factor. It's not something we promote. It's not something we discuss. That's really between a physician and a patient, and it's not a major driver for us. It's, you know, again, mid-single digit percent of our overall patients came from switches.

Yeah, and in terms of growing the category, you can expect more publications from more patients longer in the open-label extension study forest, and as it relates to switching, there is a study underway that is an investigator-initiated study that may inform switching down the road.

Great. Thanks for all the color.

Your next question comes from a line of Jason Zemansky with Bank of America. Your line is open. Please go ahead.

Good evening. Congrats on a strong quarter and appreciate you taking our question. Maybe to connect a few dots here, you framed category growth at 3,000 new patients a quarter today. I guess what do you see as the main hurdle to expanding the patient funnel before NHCM? Is it primarily expanding the prescriber base? Is it access? Is it patient activation? And when could we see the run rate inflect? Is this a 2027 event or is it NHCM the real catalyst? Thanks.

Sure. So this is four years into this category. As you know, Kamsayos preceded us, and now with MyCorso in this market, it's a reasonable ask, when might we see an exponential inflection in that growth? So, Andrew, do you want to comment on those things?

Sure. So I think in terms of uptake, I don't really see an impediment at launch. You know, there's a pretty good prescriber base now. There's several thousand prescribers in the CMI category. You know, we have over a thousand prescribers and growing. We're growing, you know, we grow about 400 or so quarter to quarter. I think those groups were telling us, especially the centers of excellence, what we call these velocity accounts, that they're kind of, quote, unquote, warehousing patients and there's patients that they have in mind. So I think you'll see, you know, several months of. Of growth from that group. And when you think about an inflection point, the inflection point is really going to be driven by this prescriber base. I think we've said this even before we launched, where if you have, I think historically there were 700 physicians who were 80% of the market, and you're not going to get to a multi-billion dollar market because that few physicians can't treat enough patients to get to those levels of revenue. So we really need to continue as a category to expand those prescribers. Acacia, you know, again, as I've mentioned, doubles their patient population. So I don't want to put a date on it, but I think that is the inflection point where you get enough of these expanded prescribers that have three or four patients each, they've gained enough experience, and they're at the point now where they feel comfortable having that conversation sooner with a patient and having that conversation and getting and treating themselves as compared to referring the referring slows things down as well. So, I think we'll do more work on when we see a change in the inflection point, but as Robert mentioned, the category has been in the market for four-plus years, and it's been, as cardiology launches often go for several years, linear, but I do think we will see an inflection point. Hopefully, that answers your question.

But also, to your question, in terms of headwinds and impediments, We've come a long way from the types of conversations we would have on these calls relating to REMS and differentiated REMS and whether that would itself be a major impediment. And what we're seeing already, just in these relatively short few quarters since MyCorso has been available, is a significant expansion of the prescriber base, both those that were low-volume prescribers as well as those that were never prescribers. And I do think that's underscoring how our positioning in this category has driven category growth and movement towards what could be preferential share of new scripts. So we're very encouraged by that, and that should hopefully continue.

Your next question comes from the line of Amin Chaherly with B. Riley Securities. Your line is open. Please go ahead.

Good afternoon, team. Congratulations on the quarter. This is Aminan for Meg Mamtani. I had a question for Fadi. Acacia showed the strongest effects in patients with, I guess, higher NT-pro-BMP and preserves-filling pressure physiology. You also put some real numbers behind that, you know, on the diastolic side. I guess, how has that informed patient selection and dosing in AMBER-HFPEF? And, you know, with cohort one completing enrollment this quarter, how should we think about, you know, what you would need to move Ulla Campton into a pivotal? Thank you so much.

Yeah, I think that when you look at the forest plots for Keisha HCM, I wouldn't say there's any strong driver. I'd have to go back and look specifically at the NC-Pro difference, but I don't think it's maybe as strong as you're stating. Of course, we know that higher NC-Pro BMPs generally imply greater filling pressures. Larger left atrial size, those things are positively impacted by, you know, cardiac myosin inhibitors and NHCM and certainly inform our patient selection for a trial like AMBER. So, you know, we've had NT, PRO, BMP criteria in AMBER that we have employed. So, um... I think, you know, figuring out the right patient population and HEPPEF is one of our goals, and you may see the Co-Work 1 data are pointing us in the same or different direction. We'll adapt as we begin to hone in on where we think the MOA may be useful.

But it is to a competitive advantage as we think about how best to design a study in HF-PEF that we have the benefit of the Acacia results, given where there is a blurring of the lines in some respects between some of the patients who have N-HCM and where we're pointing to with Eula Kempton in HF-PEF.

Your next question comes from the line of Serge Belanche with Needham. Your line is open. Please go ahead.

Hi, good evening. Thanks for squeezing me in. Maybe a question for Andrew. I may have missed this in your prepared comments, but just the level of switching that you saw this quarter from Camzaios to Macorzo, you know, whether it was stable and whether it's behind the downtick that they reported in Camzaios sales in the third quarter in the U.S. last week. Thanks.

Sure, yeah, the switching was not a significant part of the overall growth. It's mid-single digit, so, you know, for every thousand patients or so, you know, maybe we're getting 40, 50, 60 switches that range, so it's not very many. It's not something we're going after strategically. We're not messaging it. It's completely between a physician and a doctor. And I can't comment, obviously, on BMS's earnings.

We have reached the end of the Q&A session. I will now turn the call back to Robert Blum, CEO, for closing remarks.

Thank you, operator, and many thanks to all the participants on our call today. We thank you for your continued support and your interest in what we're doing. Obviously, we feel very strongly about a good quarter, Q3, and we're encouraged as to where this points us in the future. Operator, with that, we can now conclude the call.

This concludes today's call. Thank you for attending. You may now disconnect.