Good afternoon, and welcome to the Novation Bio First Quarter 2025 Financial Results and Business Update Conference Call. Please be advised that today's conference call is being recorded. At this time, all participants are in a listen-only mode. Following the formal remarks, we will open the call for questions. I would now like to turn the call over to J.R. DeVita, Executive Director of Corporate Development and Investor Relations at Novation Bio. Please go ahead.

Thank you, and good afternoon, everyone. Joining me on today's call are Dr. David Hung, our Founder, President, and Chief Executive Officer, Colleen Sjogren, our Chief Commercial Officer, and Philippe Sauvage, our Chief Financial Officer. Certain statements we make during this call will be forward-looking. These include statements about TAL attractatives, expected FDA approval, U.S. commercial launch, and potential benefit for patients, our commercial team's launch readiness, and our cash runway. Because such statements deal with future events that are subject to many risks and uncertainties, actual results may differ materially from those in the forward-looking statements. For a full discussion of these risks and uncertainties, please review our annual report on Form 10-K and our quarterly reports on Form 10-Q that are filed with the U.S. Securities and Exchange Commission. This afternoon, we released financial results for the quarter ended March 31, 2025 and provided a business update. The press release is available on the investor section of our website at nuvationbio.com. These statements are subject to risks and uncertainties that could cause actual results to differ materially for more information please refer to our filings with the sec now i'll turn the call over to our founder president and chief executive officer dr david hung david thank you jr and thank you all for joining us this afternoon i'll begin with an overview of our company and programs near-term focus and strategic priorities Colleen will then share our commercial preparedness for teletrechnine and Philippe will summarize our financial results and outlook.

We've entered a transformational period for innovation bio. With the PDUPA date set for June 23 for teletrechnine, our next generation ROS1 inhibitor for non-small cell lung cancer or NSCLC, this quarter serves as a key inflection point as we prepare to become a commercial stage company. We believe the potential approval of talotrechnib could be one of the most significant moments in our company's history. Over the next several weeks, our team will continue executing with discipline and focus, ensuring we are prepared to deliver a meaningful new treatment option to patients living with ROS1-positive lung cancer. From the beginning, Innovation Bio has been driven by a simple but powerful idea to challenge the status quo in cancer treatment, especially in particularly difficult to treat cancers. I always tell my employees our company mission is rooted in the premise that patients don't need more drugs, they need better drugs. Drugs that impact important metrics for patients and doctors like efficacy, safety, and convenience. Rockwood and positive lung cancer represents a well-characterized but particularly aggressive subset of non-small cell lung cancer. The median progression-free survival, or PFS, of this disease prior to the advent of targeted therapies ranged from 6 to 12 months and treated with chemotherapy and or immuno-oncology. The first generation of ROS1 tyrosine kinase inhibitors, or GKIs, crizotinib and intractinib, changed the treatment landscape significantly, providing an overall response rate, or ORR, of approximately 70%, with a median GFS of about 18 months in the first one. Crizotinib, however, does not cross the blood-brain barrier, and intracranial metastases in ROS1 lung cancer are common. About 35% of patients newly diagnosed with metastatic Rossman positive lung cancer have tumors that have already spread to their brain and the brain is the most common site of disease progression with about 50% of patients previously treated developing brain metastases of 79% and a median PFS of 36 months, a significant improvement over first-generation agents. Unfortunately, both in Treknib and Reprotreknib have CNS toxicity that has limited their use in some patients. The CNS toxicity of Reprotreknib in particular is potentially due to the fact that its affinity for ROS1 is similar to its affinity for TREKB, a neurotrophic receptor in the brain that is associated with CNS side effects. We believe telotrectinib has the potential to become best-in-class in a space where patients, physicians, and payers are still struggling. We pooled data from our pivotal trials that we recently published in the Journal of Clinical Oncology. Telotrectinib had a confirmed ORR of 89% in treatment-naive patients and a median PFS of 46 months. We also observed a median duration of response, or DOR, of 44 months. I'd like to put this into context within the broader oncology treatment landscape. In my long career in oncology, I have not seen any approved agents in any cell or tumor, where I have observed response rates and durability like those of teletrectinib. Osimertinib, one of the most successful lung cancer drugs ever, with over $6 billion in annual sales, has an ORR of 77%, median PFS of 19 months, and median DOR of 17 months. Enzalutamide, the most successful prostate cancer drug worldwide, which Pfizer acquired from my prior company Medivation, with over $6 billion in annual sales, has an ORR of 59% and a median PFS of 20 months. Additionally, virtually all cancers eventually escape targeted therapy through the emergence of resistance mutations. Hence, drugs with extremely prolonged PFS and DOR metrics in the metastatic setting must be particularly effective at preventing the emergence of resistance. as 46-month median PFS and 44-month median DOR as reflections of the potential for telotrechnib to delay or prevent the development of ROS1 TKI resistance. Also seeing consistent intracranial activity with telotrechnib, including a 77% confirmed intracranial OLR in treatment-na-yed patients with measurable brain metastases. In the second-line setting, teletrechnib had a confirmed ORR of 56%, even more importantly. In this second-line setting, where brain metastases become particularly prevalent and problematic, teletrechnib demonstrates intracranial ORR. Intracranial response to this disease, since venous progression, has the greatest impact. Most adverse events have been low-grade, transient, and manageable. This includes low rates of significant neurological rate of dizziness in our pivotal studies and 90% is grade 1 in active inhibition, enabling teletracnib as effectiveness. We have recently learned that of the 15 patients dosed in a Phase I study of teletracnib have exceeded 80. As a reminder, the FDA has granted our teletracnib new drug application, currently under priority review is supported by one of the largest data. Our NDA is progressing on time with our level of engagement with the FDA is high and our interactions have been timely and as expected. We are confident in the strength of our data package and that approval will be achieved on or before. Importantly, depositably, these patients are typically younger, non-smoking individuals who unfortunately face an aggressive disease with limited long-term treatment options. To give them not just a new, but a highly durable, efficacious, intolerable option would be profoundly meaningful. We believe the market is ready for new alternatives. With strong and durable efficacy and a favorable safety profile, we believe teletrackinib, if approved, is well positioned to reshape the Ross-Lund landscape, and our commercial team, many of whom have successfully launched leading oncology therapies at Medivation variety, and other success stories is ready to deliver. We're entering this next chapter from the position of strength with a deeply experienced commercial team and a focused market strategy. And with our recently announced $250 million non-diluted financing agreement with CIGAR Healthcare Partners, we expect to have the flexibility and funding to launch tele-tracking them and advance our broader pipeline without the need to raise additional capital to achieve profitability. Just as importantly, we see the same kind of glucidinib, our mutant IDH1 inhibitor, is being developed for diffuse IDH1 mutant glioma, a devastating brain cancer with very few treatment options, and a marked opportunity that is more than the loss when early clinical data suggests to offer deeper response than what's been seen. This includes data that has shown complete responses in high-grade glioma patients lasting years. With this high blood-brain barrier penetrant and a potential immune-based mechanism of action, we're preparing to move this program into pivotal development. In 2015-11, our first clinical candidate from our drug-to-drug conjugate platform represents a completely new modality in targeted cancer therapy. We look forward to providing an update for our Phase I dose escalation study in difficult to treat solid tumors later this year. And NEV868, our BD2 selective BET inhibitor, demonstrated the tolerability and target selectivity we had hoped for. With nearly 1,500 full selectivity for BD2 over BD1, it stands out as the most selective agent. We've completed Phase I dose escalation and are evaluating multiple strategic options, including continued internal development for potential partners. Each of these programs shares the same design principles, deep biological rationale, differentiated profiles, and a commitment to we remain focused, mission-driven, and confident that we have the team strategy to launch talent track them successfully and build lasting value. With that, I'll turn it over to Chief Commercial Officer to walk you through.

As we prepare for the potential approval of teletrectinib, our commercial approach is rooted in experience, a tailored strategy, and a relentless focus on patients. Our launch strategy is designed to do two things upon approval. First, ensure that teletrectinib quickly reaches patients. And second, maximize long-term value by leveraging teletrectinib's impressive response rate, durability, and manageable safety profile. ROS1-positive non-small cell lung cancer is estimated to affect approximately 2% of newly diagnosed non-small cell lung cancer patients, or approximately 3,000 new patients each year in the U.S. This population often skews to younger, non-smoking, otherwise healthy individuals facing rapid disease progression and a high likelihood of brain metastases. The average age of these patients is approximately 50 years old. First-generation ROS1 TKIs like crizotinib and intrectinib generate less than $150 million in annual U.S. net sales, a total that we believe is much smaller than the true market potential for ROS1 lung cancer. We believe these approved therapies for ROS1 positive lung cancer are underutilized, and there are important unmet needs still to be addressed. Based on our efficacy and safety profiles, we believe teletrectinib has the potential to meet the needs of patients, differentiate from currently approved agents, and become the standard of care. We intend to grow this underdeveloped market with a strategy focused on early use and long-term persistence. If approved, teletrectinib represents a new option for patients with a potential best-in-class clinical profile. As David previously mentioned, we are not aware of any approved solid tumor agents that have demonstrated an 89% confirmed overall response rate, 46 months medium progression-free survival, and 44 months medium duration of response in clinical trials in the first-line I can also say that I've not seen a drug with this clinical profile in my 25-plus year career launching therapies for patients. We know that identifying ROS1 patients remains a critical barrier. Testing rates, documentation of biomarker results, and action on those results remain inconsistent. Data show that up to 64% of non-small cell lung cancer patients potentially eligible for precision oncology treatments in the U.S. have not yet received a targeted therapy. This is a major but addressable gap in care delivery. Our commercial and medical teams understand this gap and have the experience, relationships, and strategy to address it. We believe we will quickly identify the appropriate patients and can get teletractinib to them efficiently. Historically, targeted therapies with improved durability, like osmartinib and EGFR-mutated lung cancer, have not only expanded their market several-fold, but also captured more than 90% market share. With Talitrex and its differentiated data and our efforts on rapid patient identification, we believe a similar dynamic could unfold. We've been building our commercial infrastructure with that potential in mind. We've assembled a veteran launch team, including leaders from Medivation, Maradi, and other successful precision oncology companies, each with 15 to 20-plus years of experience launching blockbuster therapies and with a track record of building market leaders. Many have successfully introduced oral, biomarker-driven treatments in equally complex spaces. We've right-sized our commercial footprint with 47 oncology account managers, a regional marketing team, and a field access team already in place to remove barriers and drive rapid adoption at launch. With the PDUFA date now just weeks away, our team is advancing critical pre-approval initiatives. These include finalizing our go-to-market plan focused on high-priority accounts and top ROS1 prescribers, continuing medical education to population-based decision makers and HCPs on the recent NCCN guideline update, which highlights preferred utilization of ROS1 TKIs and de-emphasizes IO-Chema, designing a strategy to optimize the patient experience, ensuring timely access, provider engagement, and operational efficiency, and investing in patient support with access and affordability programs to ensure seamless access for patients. We pair a potential best-in-class profile with a seasoned, high-performing commercial team. If approved, Teletrectin offers sustained durability, CNS penetration, and a differentiated and manageable safety profile. Our commercial team is made up of strong leaders with proven success in targeted oncology launches. We are bringing the same focus and passion to this launch, always putting patients first. With that, I'll turn it over now to our Chief Financial Officer, Philippe Sauvage, to walk through our Q1 results and financial outlook. Philippe?

Thanks, Philippe. I'll briefly explain our first quarter financial results and provide an update on our cash position and readiness as we prepare for potential commercial launch. For the first quarter of 2025, we reported R&D expenses of $24.6 million, reflecting continued investment in our LEED assets at Etrectinib and in our clinical stage pipeline, including fatucidinib, NUV1511, and NUV868. SG&A expenses were $35.12 million, primarily driven by our pre-commercial build-up. This includes personal-related expenses tied to commercial hiring efforts, sales, market access, and operations, as well as strategic investments in medical education, payer engagement, and patient support programs. Due to those investments, and as expected, our net loss of the quarter increased compared to the prior year. Discipline spans as we prepare ourselves to successfully launch Electrectinib if approved. We ended the quarter with $461.7 million in cash, cash equivalents, and marketable securities. This figure does not yet include the proceeds from a recently announced financing agreement with Sagard, which provides up to $250,000,000 in non-delucid capital. You might remember we closed this strategic transaction in March, and it includes a $150,000,000 royalty financing, triggered upon FDA approval after affecting it, and a senior securitum loan of up to $100,000,000, with $50,000,000 available immediately upon approval, and an additional $15 million available at all discretion from first U.S. commercial sale until June 30th, 2026. As we stated previously, this transaction solidifies our capital position on wheels. We expect fun operations through profitability, including a full U.S. launch and continued advancement of our pipeline. It also means that the investment we believe is needed to launch chitrectinib is financed up front by the royalty components of the As a nimble biotech, we retain operational flexibility and can stay focused on execution. Our current spend is deliberate and we prioritize our launch and its future revenues in the U.S. without further expansion of our organization. Our cash position, including the SAGAR financing, is incredibly solid and strengthens our capacity to execute our strategy and offer flexibility for further strategy. While we are not providing revenue guidance at this time, I want to share how we are thinking about early commercial metrics. Following approval, our primary KPI will be the number of patients on therapy. In rare, genetically defined markets like ROS1 positive lung cancer, this is a more meaningful and leading indicator of adoption than net revenues, particularly early in launch. It could be challenging to compare launch metrics like net revenue when different organizations at different distribution models. Our distribution models should limit the initial stock buildup, but provide better efficiency and access over the long run. This focus on new patient starts aligns with our expectation of durable treatment duration, and we believe initial patient growth will compound over time to build a sustained revenue base. The real metric of success is the patients we help with our differentiated therapies. In addition, we are convinced that patients today are under-diagnosed and under-treated. Internally, we will therefore be tracking metrics around time-to-treatment initiation, coverage approval rates, and testing-related metrics, all of which will inform our commercial effectiveness and trajectory. We believe we are well positioned, both financially and operationally, to deliver on the near and long-term potential of teletractinib. We build the right infrastructure, secure non-relative capital, and preserve flexibility to grow responsibly. If approved, we are confident in our ability to execute a disciplined high-impact launch while advancing the rest of our pipelines in parallel. With that, I'll hand it back to David.

Thanks, Philippe. As we look ahead to the June 23 PDUFA date for teletractinib, we do so with a strong conviction in the strength of our data and the readiness of our team this milestone has the potential to transform our company and to validate our strategy of building best-in-class therapies around well-understood mechanisms cell attractive leads a broader portfolio of oncology programs designed to tackle some of the most difficult challenges in cancer treatment as i said earlier division bios mission is rooted in the premise that the world is in need of better drugs not more drugs we're aiming to deliver on this mission with patience in mind with that i'll hand it back to the operator

to open the line for questions thank you at this time we will begin the question and answer session to ask a question please press star one on your telephone keypad to withdraw your question please press star 2. Please hold while we compile the Q&A roster. The first question comes from Gregory Renza with RBC Capital Markets. You may proceed.

Great. Good afternoon, David and team, and congrats on the progress. Thanks for the update, and thanks for taking my question. David, you and the team have provided a really helpful color on a potential launch and where you are with respect to the FDA proceedings.

And certainly as you prepare for that launch, I just wanted to ask a little bit on maybe some of those tailwinds that you've been alluding to.

There are several when it comes to the NCCN guidelines, when it comes to the potential differentiation of tally versus what else is out there. And then quite frankly, just that potential longer term duration that you're alluding to. Number one, can you just talk about how you sort of prioritize those as you think about going before patients and providers and physicians? And then number two, maybe just thinking about that value proposition. How are you thinking about maybe pricing for value to sort of harness that longer-term potential? Thanks so much.

Hi, Greg. Thanks for the question. So, you know, in our market research, it's pretty clear that the most meaningful metric to patients and for prescribing physicians is the duration of response. Progression-free survival and DOR are really at the top of the list of many considerations. We think that our 46-month PFS and 44-month DOR in the first-line setting is robust. We think it compares very favorably historically with all oncology agents, and we think that we should be well positioned with that. On top of that, as Colleen mentioned, we think that our tolerability profile is differentiated, and we think that it also positions the drug well. So we feel that we're in a good position to launch that. The question about NCCN guidelines is a tailwind. I think that's something that we didn't really expect. As you know, until the end of 2024, or many ROS1 patients were not receiving ROS1 agents. And the reason for that was because of kind of a little bit of logistics in the way this cancer is found and diagnosed and then treated. So, you know, let's say you get a biopsy on a Monday, you could get your pathology back as quickly as Tuesday or Wednesday, but if it takes two to three weeks for your NGS test to come back, because these patients are particularly young, 50-year-old on average. They've got families. They've got careers. They're really nervous, and they want to be on something, and the old standard of care was to put them on IO chemo, and you might think that two to three weeks later when their ROS1 test comes back positive, they might switch. The issue has been that if you look at historical NCCN guidelines, The old guidelines said that if you were found to subsequently have a Ross 1 infusion after starting a systemic therapy like IL chemo, you had two choices. Choice number one was to continue that therapy, including maintenance, and choice number two was to switch to a Ross 1 agent. Because of choice number one, a lot of patients continued on their IL chemo and then were either lost to follow up or progressed or elected not to pursue other therapy. And we think that that is going to be changed now with the 2025 new guidelines which state not only that if ROS1 fusion is found after systemic therapy is started, the recommendation now is singular. It is to stop that therapy and to start a ROS1 therapy. Another additional benefit, I think, to us of the new NCCN guidelines is that for the first time, the identification of a Ross infusion now is a contraindication to IL use. So I think that that's clearly, I think that's the right thing to do for patients. If you look at the PFS of IL chemo, which we've said at 6 to 12 months, and if you're talking about a potential PFS of up to 46 months at the median, we think that that is the right thing to do for patients. So we think that's an important tailwind for us. You know, we did not anticipate that. We feel lucky that that change was instituted, but we think it's the right thing to do for patients. With regard to your third question about pricing, we're not really at liberty to discuss it at this point. We certainly have some ideas about where that will be. Looking at our data, we've tested multiple scenarios, and in a relatively short order, we anticipate approval, as we said, either on or before the PDUFA date. So that's only a few more weeks. So, you know, we'll be announcing at that point what the price will be.

That's really helpful. Appreciate the caller. And then just maybe I'll sneak a quick one in on sapocitinib. As you've talked about giving an update in the second half of 25, certainly a lot of interest in this asset in this area. Just would like you to just elaborate. What should we be looking for when it comes to the study design and the details that you'll be disclosing for that update? Thanks and congrats again, guys.

Yeah. So, one of the important updates will be, first of all, the rationale for why we're moving forward. And so, we're going to be announcing later this year the second saclucitinib study, which is an important study because this is a study of only low-grade glioma and only one dose of saclucitinib. So, we believe these data will be particularly clear, and we're going to show response rates, which we think will be of great interest to investors, patients, and physicians. And we also think we're going to show, for the first time, progression-free survival. You might recall that lorositinib's approval, based on the INDIGO study, showed a low-grade response rate of 11 percent and an improvement in PFS from 11 to 27 months, so a 16-month improvement in PFS. We're going to show later this year, for the first time, not only a second study with an ORR, which we think really speaks to the differentiation of Saffucitinib over Borosyntinib, but for the first time, we'll give you a glimpse at the PFS difference, and we think that's exciting. So based on that data, we are in discussions with FDA about a pivotal study for Saffucitinib, and we are contemplating both a low-grade and a high-grade study. but depending on our discussions, we'll give you more information on the design of those studies once we reach agreement with the agency.

Thank you. The next question comes from Carberry Paulman with Clear Street. You may proceed.

Yeah, good evening. Congrats on the progress and thanks for the updates. Going from your commercialization efforts, what is your targeted account strategy for ROS1 patients, what quantity and types of community centers will you prioritize, your top targets, like you mentioned on the call, considering the concentration of patient populations, and what percentage of total addressable patient base do you anticipate reaching through your initial launch and marketing initiatives? And I have a follow-up.

You know, Kaveri, we're in a competitive situation here, and we have a team that's very experienced. We put together a strategy that we have a great deal of confidence in, but we're going to not make a lot of comments on exactly what our strategy is for this launch. But that said, we think that in any case, no matter how we look at it, this is a show me story from the street, and we intend to show the street what we can do, and that's what we're going to do. So, we can't really comment on the specifics, but I think that over time, you'll see the results of our efforts and our strategy, and we're confident that they'll be positive.

And I would really appreciate, you know, additional color on the comments you made about the CNS disease. You know, you mentioned that the early-gen, first-gen drugs don't really cross the blood-brain barrier effectively. And the CNS disease occurs at higher rates in late-line patients. So, do you expect teletrectinib with CNS activity to be mostly used in late-line patients where it's more needed? And how much data is there to support that teletrectinib can prevent the CNS disease? Thanks for taking my question.

Well, first of all, yeah, sure. Thanks, Barry. So, first of all, our intention is to primarily push teletrectinib with the first-line setting, where our PFS is 46 months and DOR is 44 months. And we think that, you know, the best way to not have to deal with a brain med is to use a good drug up front and not have it developed. We think that our high CNS penetrance, our strong activity, our strong intracranial response rates in both the first and second line setting, we think position us well to be an upfront agent. Now, our second line data are also very strong. As you know, our response rate is 56%. Our intracranial response rate is 66%. So, we have robust data in a second-line setting, but the market is really a first-line market, and that's where we really intend to see our drug use. We think that the trend in oncology now has been for some time now that if you have a bad disease, you want to treat it as hard as you can right up front, and we think that's the right position for canal tractors to be in. We do think that the CNS profile of some drugs, we know that chrysanthemum doesn't cross the blood-brain barrier, and clearly that's not a, you know, that probably doesn't position it well for preventing CNS meds. But if you look at progression or the development of CNS meds, some of that is subsumed within a progression-free survival. When you have a long PFS, Thus, by definition, you're not progressing either systemically or intracranially. And while, you know, we cannot speak specifically to whether or not that is due to a drug treating those, you know, those nascent tumors or preventing them, we can't really speak that specifically. The fact that the DLR and PFS are as long as they are, by definition, must mean that the cancer is having a more difficult time finding resistance pathways through which they can grow and so we think that our data are strong and suggest that our drugs should be used early and up front and that's what we intend to push it hardest.

I appreciate the color.

Thank you. The next question comes from Sumit Roy with Jones Research. You may proceed.

Good afternoon, everyone, and congratulations, David, and the team on the progress. During your market research with the physicians, anything, trying to understand how much physician education is needed in terms of features of tele-direction that needs to stand out, how, or how the adverse events will be managed, if you can provide any color on that.

Sure. So I think physician education is always needed. You know, no matter how you look at any field in oncology and no matter how you look at any drug launch, you know, it's always harder to convert physicians to become prescribers than you would think. and so you know we we are not going to underestimate the importance of physician education and that's a huge focus of our efforts um and in fact our you know our medical affairs people are even not in the field talking about the rossland landscape to increase awareness in general about rossland agents it is a rare tumor people don't always see it a lot so um we're well aware of the importance of that uh but i think that uh it's pretty clear though that you know Now, the way oncologists look at diseases is what's treatable, and what's really interesting about the lung cancer space is if you look at EGFR, ALK, RET, and ROS1, with the new precision oncology agents that are out there, these have suddenly become one of the most treatable cancers out there. You know, lung cancer used to be perceived as a, you know, a death sentence, but with these specific mutation-driven lung cancers and the agents that have been targeted against those mutations, these cancers have become eminently treatable. And that's a really important point for physicians and patients to realize. And we think that our data demonstrates how treatable raw lung cancer is with talotrechnib. 89% response rate, 46-month PFS, 44-month DLR. Those are numbers that indicate that this is a highly treatable type of cancer and that we believe that knowing that will incentivize doctors to prescribe it and patients to seek it, and that's our strategy. With regard to safety, we think our safety profile speaks for itself. You know, our drug discontinuation rate is low. So, in terms of, you mentioned management, our most common adverse event is elevation of LFTs, liver function tests, and fortunately, oncologists have been using TKIs for decades, and the management of LFTs with TKIs is well-known by oncologists, and we believe that we probably don't need a lot of training in that area because it's been done with so many other So, we think this is going to be a pretty easy drug to prescribe and a pretty easy drug for patients to take. But the most important thing of all, independent of any safety issue, we've always said that the greatest safety issue facing any patient is disease progression. And to address that, you want a drug that has a high response rate and a long durability of response. We think Talentractive offers that. So, that's the platform upon which we are educating physicians and patients.

That's really helpful. One question on how are you internally modeling the adoption rate? Should we look at it as a rare disease drug type where the decision-making events are a little bit infrequent than other tumor types? So, it's a steady ramp or should we think of it as a initial bolus of physicians would be quickly adopting it and then it will the growth rate will slow meter out.

Well, I've been through enough drug launches to know that nothing is as quick as you want in the early stages. So I would say that, you know, we've always said that physician adoption is always slower than you'd like. It takes education. And but we think that, you know, the drugs and good drugs always, you know, always declare themselves. And I think it's going to be apparent that child protective offers potential benefits to patients and physicians that we think will be very attractive to them. So, you know, I'm not going to say that we think this is going to be necessarily a rapid launch. It's hard to predict that. It's hard to convince patients and doctors or doctors especially to switch a therapy but we do think that our profile is compelling enough that we are confident in the uh prospects of our of our commercial launch um but i can't say that it's going to be all up front clear enough and i appreciate your candid and so uh congratulations again and good luck uh with your approval thanks thank you as a quick reminder if you'd like to ask a question please press star one the following comes from michael with Jeffries.

You may proceed.

Hey, guys. Great. Thanks. And congrats on all the progress. Looking forward to an exciting year. Two questions, maybe just on assuming approval. Can you tell us a little bit about the expanded access program, whether or not there could be at least an initial bolus from people who could swap over, whether you think that there's quick formulary access, maybe just some of the things in the first six months that I know Wall Street will be hyper-focused on to suggest that, yeah, we think we're going to get a bunch of patients on, whether that's expanded access or even Ebola swappers. And then number two is on IDH1, we're really excited about the potential for that drug. I know that you were in dialogue with trying to get an agreement to present some more data, as well as sort of meet with the FDA, and that's all sort of in the minds of Wall Street, a bit confusing these days. so maybe just talk a little about what we should expect there in terms of the next step and how confident you are about the next data set. Thank you.

Sure. So, with regard to EAP, you know, while we publicize that we have an EAP, clearly because we're in the preapproval period, we cannot really push that. I would not expect a large bolus from EAP, but we think that this launch will go well and we are confident in it, but I wouldn't say that it's going to come from, I wouldn't expect a large bolus from the EAP. With regard to stock licentonib, I would say that we really like the data we've seen. You know, we've stated that our intention is to go into a pivotal study. We wouldn't have made that decision if it weren't for a very sound rationale. know. We think the data are compelling. We think they're differentiated. We believe the right thing to do is try to bring this drug to patients as quickly as possible. So we're trying to explore with the agency what the fastest pathway is. So once we have some clarity on that, we'll be happy to share that. And then you'll, of course, have timelines and budgets and all the things that you guys need to figure out. But we do think that that drug is really interesting and compelling. and we think that the data are impressive. So, we're really looking forward to sharing that sometime this year, hopefully in a larger than smaller forum. I can't tell when that will be.

Thanks, Wayne. Thank you. The next question comes from Yaren Warbur with TD Cowan. You may proceed.

Great. Thanks so much for doing the call. We appreciate it. So, a couple of questions for David, and then maybe a couple of financial questions. Maybe, David, just remind us how many patients in the trust studies were in the U.S., so at least we can start thinking about those converting over. And then secondly, on the launch metrics, the time to treatment initiation or testing rates, the COVID reimbursement rates, how would you show sort of those as a barometer for kind of future demand? And then maybe just two financial questions. The $3 million, the $3.1 million in revenues, what was those from? And then just want to double check your $339,840 is the share count that we should use. Thank you.

We haven't broken out specifically the U.S. versus Asian patients, but we believe that this you know this uh the full data are well balanced um we mentioned that the trust one study is 100 chinese but the trust two study is uh 90 non-chinese uh and includes you know u.s canada western europe so we we believe that the package is um you know far more robust than necessary to get approval and we have been in discussions with the agency for some time now been pretty consistent that we're confident in approval. So I can't give you specific numbers there, but I think that the bottom line is we feel that we have a well-balanced population over across multiple demographics that we think should get this drug approved in pretty majority jurisdictions. Felipe?

Yeah, for the revenue, I mean, you do have product revenue for the revenue especially we share of course the product we ships to our partners for which we charge them for cartons that give us some product revenues and the and the big chunk of it is also just uh r&d charging again to our partner and even kayaku and inovance and that's those are two of these signs actually what drives the premium um and so maybe just a quick follow on and satisitinib in terms of that phase two data from the he in in the low-grade setting We noticed, I don't think there's an abstract at ASCO, is there any sense which medical

meeting, is that going to come at a medical meeting, is that going to come as a publication? Maybe help us understand.

So we're still in discussions with Daiichi on getting their full approval to release that data. So depending on when they agree to that, you know, we'll try to put it out at the nearest meeting to that. But until – because they haven't given us their full approval yet, it's hard for me to predict which meeting it's going to be. Well, clearly, we'd love it to be at a bigger meeting. It's not going to be at ASCO, unfortunately, but hopefully it could be at another, you know, big meeting in the second half of the year. We would love to put it out, you know, as soon as possible.

And Yaron, I'm sorry, I forgot to switch to – Yeah, that's – I assume we could use the Series A plus Series B together, right? 339.840. That would be the diluted share count. Yeah, more or less at 340.262. So yeah, same. Great. Thank you.

Thanks, Aaron.

Thank you. The next question comes from Sylvain Tavrakhan with Citizens. You may proceed.

Thanks, Aaron. Good afternoon and thanks for taking my questions and congrats on the progress. I just want to know if there's any learnings from you're launched by a partner in China that you have to date and that will be appropriate for your launch here in the U.S. And then with respect to expanding the market, obviously, was great expanding the market. As you mentioned, you have a Mirati sales course, KRAS was less good. Obviously, you have the benefit of an outsized duration here. It's just how exactly, what are your very initial steps to expand the market in West One? Thanks.

Yeah, I think to your question, obviously, China and U.S. are very different markets. So we don't consider that one market will be different. What is clear when we talk to our partner in Ireland, as we did recently in our discussion together in our steering committee, is that there is a lot of excitement in the community in China about the drug and what it brings to the patients. This being said, the drug is not yet on the NRDL, so the dynamic of the market here is not of a reimbursed product, which obviously makes it not very comparable. But, you know, it's exciting to learn that doctors in China are very interested by the product.

And thank you for your question on expanding the market. And, you know, we think about this all the time, and I'll say three points that we're very confident on. You know, number one, that we have a different drug. Number two, we have a different team, and we absolutely have a different strategy. And you mentioned our team. And when we look at this team and their experience, this is not a team who hasn't been here before. Their track record of success is repeated success in equally complex markets. I spoke to that previously. So we are absolutely confident in this team and our ability to execute on the strategy that we've put together.

Thank you for taking my question.

Thank you. There are currently no other questions queued at this time. I'll turn it back over for closing remarks.

Thank you all for joining us today. We look forward to updating you with more progress. Thanks so much.