Annual General Meeting Transcript - OMER 2026-06-18

Operator

Please stand by.

Operator

We are about to begin. Hello and welcome to the annual meeting of shareholders of O'Maras Corporation. Please note that today's meeting is being recorded. During the meeting, we'll have a question and answer session. Shareholders who registered with their 16-digit control number can submit questions or comments at any time by using the Ask a Question feature at the bottom left corner of the screen. It is now my pleasure to turn the meeting over to Dr. Gregory Dimopoulos, Chairman and CEO of Ameris Corporation. Dr. Dimopoulos, the floor is yours.

Gregory Demopulos, Chairman

Thank you, Operator, and welcome everyone to the 2026 Annual Meeting of Shareholders of Ameris. I'm Greg Dimopoulos, Chairman and CEO of Ameris, and I will be presiding as Chairman for this meeting. Peter Cancelmo our vice president and general counsel and will act as secretary of the meeting also joining us today our members of is also of today's event Erica will be available representative of services is also in attendance Peter please take us thanks Greg the link to the agenda for today's

Peter Cancelmo, General Counsel

meeting is available by clicking on the meeting agenda link under meeting materials on the right side of your screen you will also find under the meeting materials heading a link to the rules of conduct for this meeting to conduct an orderly meeting we ask that participants abide by these rules our agenda for today's event is divided into two parts in the first part we will address the formal business of the meeting the second part will involve a brief management presentation followed by a question-and-answer session should you desire to ask a question during the meeting please use the ask a question feature on the bottom left corner of your screen and submit your question online we will address your questions after the company presentation in order to get to as many questions as possible in the time allotted each question should be succinct and limited to one topic and questions on the same topic may be grouped summarized and answered together similar to our past shareholder meetings and as stated in the rules of conduct we will not engage in questions or discussions that are irrelevant to our business or operations or are substantially repetitious of questions or statements from other shareholders. Thank you in advance for your cooperation. I'd like to remind you that the management presentation and question and answer session will include statements that are forward-looking. These statements are based on management's beliefs and expectations as of today only and are subject to change. All forward-looking statements involve risks and uncertainties that could cause companies actual results to differ materially from expectations. Please refer to the risk factors sections of the company's most recent annual report on Form 10-K and quarterly report on Form 10-Q for a discussion of these risks and uncertainties. We will now proceed with the formal business department.

Gregory Demopulos, Chairman

Thank you, Peter. The Secretary has delivered an affidavit of mailing establishing that notice for this meeting was duly given. All shareholders of record at the close of business on April 17, 2026 are entitled to vote at this meeting to determine whether a quorum for the purpose of transacting business before this meeting is present. Peter, do you have a report?

Peter Cancelmo, General Counsel

Yes. The shareholders list shows that holders of 72,168,330 shares of common stock are entitled to vote at this meeting. We are informed by the inspector of elections that there are represented in person or by proxy at this meeting approximately 58 million shares of common stock or approximately 80% of all of the shares entitled to vote at the meeting.

Gregory Demopulos, Chairman

With a quorum present, I declare this meeting to be duly convened for purposes of transacting such business as may properly come before it. This is a description of the matters to be voted on at today's meeting. The first proposal before the shareholders is the election of three Class II Directors, each to serve until the 2029 Annual Meeting of Shareholders and until their respective successors are duly elected and qualified. The nominees for election as Class II Directors are Thomas Cable, Dr. Peter Dimopoulos, and Dr. Diana Perkinson. No other persons, having been nominated in accordance with the company's bylaws the nominations are now closed the second proposal before the shareholders is the approval of the non-binding advisory resolution on the compensation paid to our executive officers or the say on pay vote the third proposal before the shareholders is the approval of the amended and restated Omeros Corporation omnibus incentive compensation plan to increase the number of authorized shares and extend the term of the plan. The fourth and final proposal before the shareholders today is the ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31 online voting if you have not yet voted or wish to change your vote you may do so now any shareholder who has already voted and who does not want to change their vote does not need to take any further action as briefly for voting to take place will now be closed theater and secretary will you please report the

Peter Cancelmo, General Counsel

results of the voting thanks Greg based on the preliminary review of the votes cast Thomas Cable dr. Peter Dimopoulos and dr. Diana Perkinson have each been elected as class 2 directors the proposed say on pay resolution has been approved the amended and restated omnibus incentive compensation plan has been approved and the selection of Ernst & Young as our independent registered public accounting firm for the fiscal year ending December 31 2026 has been ratified thank you Peter and thank you all for attending today this concludes the formal part of our meeting and the annual meeting of shareholders

Gregory Demopulos, Chairman

is now adjourned of a brief let's move on to the shareholder presentation over Over the past year, we've reestablished Omeros as a commercial-stage company, materially strengthened our balance sheet, and advanced a pipeline that continues to reflect the breadth of our science. Today I'll focus on what changed in 2025, why it matters, and how we are positioned in the next phase of growth. The slides are a bit out of order, but before beginning, I just want to remind everyone that today's presentation includes forward-looking statements. Peter mentioned this earlier. With that, let's turn to the three developments that made 2025 transformational for Omeros. The Novo Nordis transitized our clinical stage MASP 3 asset on attractive economics, placed Zaltanobar with a global leader and validated Omeros' MASP 3 science. The structure of this transaction is meaningful. 240 million upfront, 100 million in near-term milestone potential, up to 1.71 billion in additional potential milestones and tiered. Importantly, we retained selected MASP 3 opportunities including our small molecule program and preclinical antibodies unrelated to Zaltenobart so we monetized one asset expanding its potential to access patients across a large number of indications while preserving additional platform opportunity major development was FDA approval of Yartemlia. This was a defining milestone for Omeros and for patients with TATMA. Yartemlia is the first and only FDA approved therapy for this often fatal complication of stem cell transplantation and the first approved inhibitor of the lectin pathway. It is also our second commercial product following Omidria, which generated over $1.1 billion in non-dilutive revenues and was sold as a team for this launch. Yartemlia is approved for adult and pediatric patients two years of age and older with TATMA. To our knowledge, it is the only systemically delivered complex in the U.S. with no boxed warning, no required vaccination. Differentiated label matters in a population that's already severely ill and immunocompromised. Following the Novo Nordisk transaction, we moved quickly, reduced leverage, and strengthened the balance sheet. As shown here, we retired a substantial amount of debt, leaving only the 2029 convertible notes outstanding. This morning, we've entered into an agreement with holders of our 2029 notes to repurchase up to $16 million in principal amount. We also ended the quarter with substantial working capital. The result is a cleaner capital structure, greater operating flexibility, and a stronger foundation for the Artemlia launch and our broader pipeline. We continue to target company-wide positive cash flow by mid a single asset company. We're a company with multiple proprietary platforms rooted in deep internal science, retained MASC 3 programs and TCAT. Beyond complement, we have programs in oncology, addiction, and GPCR based. I'll begin today with Yartemlia, now the commercial anchor of Omeros for TATMA. The opportunity, we should start with the disease, what drives it, why it is so difficult to manage, and why selective MASP-2 inhibition matters. TMA begins with endothelial injury during the transplant journey. Transplant patients are multiple endothelial stressors, conditioning regimens, immunosuppressive agents, infection, graft-versus-host disease, and other inflammatory triggers. That injury collectively activates the lectin pathway. The result is more endothelial damage, platelet activation, microthrombi, and organ injury. The key point here is this. TATMA is a complement mediated endothelial injury syndrome and MASK2 sits at a critical point in that biology. A single organ complication is systemic. It can affect the brain, lungs, heart, kidneys, gastrointestinal tract, and the vasculature. Deteriorate quickly once multiple organs are involved. As shown here mortality risk is estimated to be up to five times higher in patients with TATMA than in those without TATMA who survive also persistent long-term organ damage is the clinical backdrop for Yartemlish clearly making this obvious and it is a severe disease with acute mortality risk and lasting morbidity TATMA patients spend longer in the hospital are more likely to require mechanical ventilation, markedly higher need for renal replacement therapy. In pediatric transplant patients with TATMA, ICU admission, as you see here, is common. The changes the disease trajectory can affect both outcomes and system burden, mean recovery. TATMA survivors have markedly higher rates of chronic issues, kidney disease, hypertension, proteinuria, heart failure, GI bleeding, liver failure, and thrombosis. The treatment objective should not be viewed only as getting patients through the acute transplant period. The goal is of lasting organ injury. That's why timely recognition and targeted treatment really matter. This mechanism is designed for this biology. Narsoplimab blocks MASP2, as you see here, the effector enzyme of the lectin pathway. It inhibits lectin pathway activation upstream of C3 and also affects MASP2-mediated coagulation-related processes, complement system, and the coagulation. The other key point here is what it preserves. Narsoplimab doesn't block the classical pathway's lytic arm, an important component of host Transplant patients, that distinction matters. These patients are already immunocompromised, and the next slide shows why the site of complement inhibition is clinically important. Independent studies evaluating eculizumab, a C5 inhibitor, and TATMA. The adult retrospective study is shown on the left. In that study, the eculizumab exposed cohort had decreased survival, and mortality was largely driven by infections. Stroll study is shown on the right. In that study, eculizumab exposed significantly higher infection rates than matched controls, and one-year infection-related mortality was six-fold higher, 39% versus, as you see here, 6.6%. Together, the adult and pediatric data point in the same direction. Eculizumab exposure was associated with increased infection burden and infection-related mortality in TATMA. That finding is consistent with the mechanism of C5 inhibition, which blocks the lytic arm of the classical pathway, an important component of adaptive immunity and host defense. The key point really here is simple, this distills down to where complement is inhibited matters, especially in an immunocompromised TATMA population. DR-TMLIA, the point of the preceding data, is not simply that C5 inhibition has limitations in TATMA. The broader point is that in complement inhibition, the choice of target yartemlia selectively inhibits, which is implicated in TATMA, and it does this while preserving the form of the classical pathway and the terminal pathway. The approved label is also broad and practical. Yartemlia is approved for adult and pediatric patients two years of age and older with TATMA. It is not limited to high-risk disease. As you see here, no box warning, no required vaccinations. Dosing is straightforward for patients over 50 kilograms and weight-based dosing for smaller patients. For transplant centers, that combination is important. Clear eligibility, practical use, and a differentiated mechanism and label in a critically ill patient population. YAR-TAMLIA is consistent across multiple data sources. The pivotal trial showed a 61% complete response rate and 73% 100-day overall survival from TATMA diagnosis. The expanded ACCESS program showed similar response and survival outcomes in adults and pediatric patients. The external control analysis showed a three- to four-fold lower mortality risk with Yartemlia treatment. Together, the evidence supported approval and provides a strong foundation. In the third week of January, we've built a focused commercial organization size appropriately for this market with direct engagement across U.S. transplant centers. The first quarter numbers, during which time Yartemlia became cash flow positive. Reimbursement infrastructure is also advancing, with the J-code effective July 1, expected October 1. The takeaway from this slide is straightforward. Early demand, focused execution, and improving reimbursements, company-wide positive cash flow by mid-2027, the Yartemlia opportunity together. The product has the elements of a strong commercial opportunity. It's practical outcomes and a concentrated prescriber base. The market is meaningful today and should expand as awareness and diagnostic consistency. The EU MAA under review, orphan designation granted by EMA, and centralized review eligibility confirmed. So the opportunity here is not defined only by the early U.S. launch. Yartemlia has the potential to become the foundation of a durable MASP II commercial franchise. The approved product to the broader complement inhibitor pipeline. The goal here is to extend diseases, treatment settings, and delivery modalities. Opportunity. Yartemlia gives us an approved product in TATMA, but the underlying biology is not limited to TATMA. mask to inhibition may be relevant in a broad range of other diseases involving endothelial injury lectin pathway activation and thrombo-inflammation those opportunities deliberately through investigator initiated studies case reports and series and clinical trials where appropriate the franchise also has meaningful patent duration with protection expected to extend to at least 2042 exclusive of potential patent term extension is measure expand where the biology and data support it flexibility and evaluate XUS partnering where it can increase antibody in the mask to franchise completed phase one single and multiple ascending dose studies and was well tolerated with no safety signal of concern. The intended profile is low-volume, long-acting quarterly administration, so once every three months, either subcutaneously or intravenously. A profile well-suited, as you would imagine, to chronic indications. To begin Phase II evaluation, we're currently finalizing indication selection, MASC-II franchise. In oral, once-daily MASC-II inhibitor would be also well-suited for chronic diseases where long-term administration and patient convenience are central. Its selection is underway, and the next step following that would be IND-enabling studies. Potential indication space overlaps with the broader MASP-2 biology, neurodegenerative disorders involving endothelial injury, lectin pathway activation, and again, thrombo-inflammation. Shows the breadth of potential MASP-2 franchise expansion. Here you see only some of the acute and chronic opportunities. The strategic point is clear. Yartemlia establishes the franchise. OMS 1029 can extend it into long-acting chronic treatment, and small molecules may extend it further into oral chronic therapy through the Novo Nordis transaction. The transaction validated the science while allowing us to retain selected platform rights to our MASP-3 small molecule program and preclinical MASP-3 antibodies unrelated to Zoltanobar. The third focus is selecting a small molecule drug development candidate and advancing it toward IND enabling studies. We have no intention of competing with Novo Nordisk. That's not the objective. The plan, instead, is to pursue indications that don't fall into Novo Nordisk longstanding areas. I'm an inhibitor section. Let me now turn to oncology platform, and that really starts with our Oncotox AML program. Oncotox AML is our lead oncology program and the first major application of our broader oncology platform. The premise is straightforward, but differentiated. Selectively target dividing cancer cells with a large molecule therapeutic while limiting damage to normal cells. We've selected AML as the lead indication because the disease remains so difficult to treat, outcomes are still poor in key patient groups, and our preclinical data support pursuing this indication. Important, I think, at this stage is the convergence of signals. Activity in AML models support a growing intellectual property estate and guidance from leading external oncology experts. That combination supports our decision to continue advancing Oncotox AML toward clinical development. AML is the right first indication for our Oncotox program in aggressive and often fatal hematologic malignancy, even with currently available treatment options, outcomes of many patients. There has been progress. Intensive chemotherapy, venetoclax plus azacitidine, gene, genotype-specific inhibitors, and transplant, all have important roles. But the limitations, despite all of this progress, those limitations are still substantial. Many patients are not eligible for transplant. Many relapse after treatment. And patients with relapsed or refractory disease, particularly TP53 mutant AML, continues to face very poor outcomes. So the opportunity is not simply another AML therapy. The opportunity is to bring forward a differentiated mechanism that may address patient populations where current approaches remain inadequate. This slide explains why Oncatox AML is mechanistically differentiated. The construct is designed to combine targeted delivery with a DNA damaging payload. In that sense, it borrows important attributes from two established oncology modalities, ADC-like targeting and radiotherapy-like DNA damage. This is not a conventional ADC because it does not require chemical conjugation. And it's not radiotherapy because it doesn't involve radioisotopes or specialized handling. The goal, instead, is to deliver a toxic protein payload selectively to AML cells, particularly dividing cells, while using a targeting element directed to surface proteins highly expressed in AML. That combination, targeted delivery, intracellular access, and DNA damage in dividing cancer cells is the rationale for starting in AML and potentially expanding from AML into related myeloid malignancies over time. This graphic here shows the intended intracellular sequence for Oncotox AML. The construct is designed first to bind surface receptors on AML cells and then to be internalized by the cancer cell. Once internalized, the delivery domain enables release of the toxic protein payload into the cytosol. From there, the payload is designed to enter the nucleus and induce DNA damage leading to cell cycle arrest and cancer cell death. The strategic point of all of this is that this is not a nonspecific cytotoxic approach. The program is built around targeted binding, intracellular delivery, and payload activity in dividing cancer cells, the mechanistic rationale behind the survival data shown on the next slides. This model is particularly important because TP53 mutant AML, as I mentioned earlier, is among really the most difficult AML populations. In this animal model, Oncotox AML monotherapy improved survival compared both with vehicle and standard of care comparators. Combination arms showed prolonged survival with 100% survival through the study endpoint in the data shown. Now shows the survival signal in an AML animal model using only a short five-day treatment course after engraftment. Oncotox AML achieved 100% survival through the study endpoint with the vehicle is a cytidine and venetoclax plus is a cytidine comparator group substantially point here is not only the magnitude of the survival separation but that it was achieved at a low dose and against standard of care again support continued advancement of Oncotox AML toward the clinic slide summarizes why oncotox AML is ready to keep moving toward the clinic of the recent primate data are important one treatment course produced a marked selective reversible reduction in myeloid progenitor cells with no observed safety signals or meaningful blood chemistry changes that are often seen with current AML treatments. The program also has shown activity across multiple AML models, including models with TP53, NPM1, KMT2A, and patients, all associated with increased mortality. IND enabling studies and manufacturing development are ongoing, and we continue to target clinical trial initiation in late 2027 the takeaway is that the program has moved beyond concept we have activity translational support and a defined path toward first in human evaluation TCAT is our targeted complement activation platform for infectious disease. It stands for targeted complement activation therapies. Unlike our inhibitor programs, TCAT reverses what we do with inhibitors. TCAT is designed instead to activate complement locally where it is needed and in this case on the pathogen surface extends our complement expertise in a very different direction as I said rather than inhibiting complement TCAT really designed to activate complement locally on the pathogen surface the goal is to create a differentiated anti-infective approach for life threatening multi-drug resistant infections one that works aided pathogen killing rather than a conventional antibiotic mechanism the platform is advancing toward IND in the recent publication in science translational medicine really provides the important external validation for the technology. Here the strategic point is again TCAT is not an incremental antibiotic program. It's a proprietary pathogen targeting platform that uses complement biology to attack serious infections in a wholly different way. It It applies not only on the screen mechanistically, PCAT combines a targeting antibody with a complement activating C1S domain. So the antibody directs the molecule to the pathogen surface, the C1S domain, then initiates local complement activation. That local activation is designed to promote pathogen killing to activation of the complement system. The strategy is intended to bypass pathogen immune evasion mechanisms by initiating that complement activation directly at the pathogen surface. The slide that really turns TCAT from a platform concept into biological proof of principle. In a lethal Pseudomonas pneumonia model, the Pseudomonas TCAT improved survival, drove bacterial clearance in both blood and lung, and reduced lung injury. That's the right profile for a serious infection therapy. It's not just reducing bacterial counts in one compartment. It's affecting survival, systemic spread, pulmonary burden, and tissue damage. The control antibodies did not reproduce that effect, as you see here. That's important. The TCAT construct is doing something mechanistically distinct. It's directing complement activation to the pathogen surface and converting binding into That's why we view TCAT as a differentiated anti-infective platform. It's not just another antibiotic, but it's a way to use complement biology to attack pathogens that are increasing. I'll close the pipeline review today with OMS-527, which is our D7 inhibitor targeting cocaine use disorder as the lead indication. This program is different from our other programs I've discussed today, but it still fits Omeros's model. It's novel biology. It's a serious unmet need and a development path that's being advanced with substantial external support. Cocaine use disorder remains approved medication that reliably changes the course of the disease and relapse a major problem almost five to seven is designed to address the biology of addiction rather than substitute one addictive agent for another it's intended to leave the reward system unaffected which would be a tremendous advance in the addiction treatment the The program has continued to receive support from NIDA. We've completed the animal-cocaine interaction studies needed to support the planned inpatient clinical evaluation in cocaine users. FDA requested additional non-clinical information before that study begins, and we're working with the agency to move the program quickly into that inpatient study. Our target remains to initiate that trial, that inpatient clinical trial, by year-end 2026, so by the end of this year. So the takeaway here is simple. OMS 527 is a capital-efficient, externally-supported program with a truly novel mechanism in an area where patients and physicians concludes the management presentation 2026 as we've discussed as as a really materially different company re-established ourselves as a commercial entity through Yartemlia we are financially stronger supported by a broad proprietary pipeline We have the Artemelia launched in TATMA as our second commercial product. We have full ownership of our MASP II franchise. We've retained MASP III opportunities. OMS 1029 is ready for Phase II evaluation. The Oncatox AML program is advancing rapidly toward the clinic, and our TCAT program moving to an IND and OMS 527 advancing toward that inpatient trial in cocaine use disorder so across all of these programs you see a number of near and midterm milestones we'll stop there we'll now take questions submitted through the virtual meeting platform as a reminder shareholders who registered to attend this meeting may submit questions through the platform using the 16-digit control number included with your proxy materials and using the ask a question feature on the bottom left corner of your screen. We'll read each question out loud as Peter had mentioned earlier. we may paraphrase longer questions or combine multiple questions on the same topic to get as many questions answered as we can I'll take the questions I may ask members of the team to address specific points where appropriate at this time we would like to take any questions you might have for us today to ask a question, type your question under ask a question and click on the submit button to submit your question. The question is, for the narsoplimab MAA at EMA, can you confirm whether an oral explanation with CHMP has been scheduled or held and whether you have been formally notified which CHMP meeting is planned for discussion and opinion on the application also can you confirm whether you previously communicated expectations for timing of that opinion remain unchanged or if there has been any material changes to the status or expected timing compared with your previously communicated guidance to that we expect that an oral explanation will take place during the June meeting of the CHMP which is the core medicinal products for human use and that June meeting week is scheduled for next week so our meeting we expect will take place.

Operator

We continue to expect a decision mid-year.

Gregory Demopulos, Chairman

The sudden plunge in Omer's share price the morning of Friday, June 12, 2026. Look, we generally don't comment on day-to-day or short-term movements in our stock price. Respect to the drop observed on, We don't know how many particular factors really drove that drop in the price. We've heard various theories on this that are more plausible than others, including relationship to option trading and exercise. For example, the upcoming quadruple witching. We've heard derivative trading activity on Yartemlia revenue sourced from third parties, as well as potential news in the TATMA therapeutic space. Other than that, I don't think there's much we can say. Does Omeros remain confident in the Yartemlia launch and its trajectory? Is the company continuing to see positive commercial trends, such as growth in adoption accounts, patient starts, or revenue, even if individual months fluctuate due to the market? Should investors view month-to-month variability as normal launch dynamics with stronger months offsetting softer months and supporting growth over the course of a queue? or has management observed any meaningful change in the trajectory since the 1Q 2026 call? A lot in that question. But look, we're early in the launch. In fact, we've not yet even reported a full quarter of sales. Say that it is reasonable to expect some variability in day-to-day, week-to-week, and even month-to-month sales. That's why we've made clear that we really don't intend to provide guidance on your Temlia sales or the expectations around those sales until we have a better understanding of the sales patterns. and obtaining that understanding of those patterns is going to require some time. Yeah, we've stated in our last earnings call that we were pleased with our progress. We remain confident in the long-term adoption of Yartemlia.

Operator

We certainly remain focused on growing Yartemlia sales.

Gregory Demopulos, Chairman

It, I think, is competition from Ultimeris, Ravulizumab, its generic name, off-label, still affecting sales of Yartemlia, even though insurance shouldn't be covering it. The fact that Ravulizumab is not approved to treat TATMA, we don't see Ravulizumab as a meaningful competitor to Yartemlia. Beyond Yartemlia's attributes, the fact that our drug is approved, it is an important factor, I think, as you note, for insurance companies and for real estate, is, again, somewhat related. I talked about it. I expect that Alexion relationships are tough to crack. I understand the transplant center Alexion and tough to dislodge. are you expecting to be a second-line treatment for some patients? We believe, and I'm sure you know, that physicians will make a choice as to which drug to use based on what they determine is best for their patients. Our belief strongly is that Yartemlia is that drug. So, for that reason, we're focused on educating the entire transplant team, the physicians, the pharmacists, the nursing staff. All of those are important in this process. But our objective here is clearly not to be second line. Our objective is to make Yartemlia the first-line standard of care for treatment of TATMA. And it really is that simple. The CMO and CCO, who has assumed these responsibilities? Thank you. So we appreciate that. Questions about why press releases weren't issued around those. And the reason for that is that their departures were not material to our business. We've not missed a beat. With respect to will we replace, of course, we'll hire these positions. But to the extent possible that we bring on the right candidates for Omeros for our people and for our business, our search process has been deliberate. And we expect to complete at least one in the very near future. And, Andreas, we appreciate their contributions, and we wish them well in their endeavors. 15, Omeros Novo Nordisk for OMS 906. The deal closed on December 1st. As part of that deal, Omeros is eligible to receive $100 million in near-term milestone payments with plural payments. It has now been over eight months since what has meant. This may be frustrating to some of you, but the disclosure regarding the timing of potential milestone events are confidentiality obligations under our agreement with NOVO. So we are permitted to characterize the aggregate $100 million in milestones that we've referenced publicly, only as we did at the announcement. I understand that that might be unsatisfying to some shareholders, but we're just not permitted to provide more color. And, frankly, a breach of confidentiality on our part really carries meaningful potential financial consequences for us. So we've said what we're able to say. We really can say no more about that. here's another are you able to share information about how many patients are being treated with Yartemlia this information we just don't have for medical legal reasons medical centers are rightfully protective of patient privacy and patient related information is just not generally shared so we don't have the information on specific patient numbers and we will not in the future have that information provide an update on early launch metrics for the artemlia including the number of transplant centers that have added it to formulary the pace of patient starts and any color on gross to net dynamics to the first part, we've commented publicly as recently as I'm going to direct you. Many of you know and understand gross-to-net adjustments are made up of a number of things. It includes chargebacks, meaning governmental programs like the 340B program. We're not planning to discount, which I think might be part of your question we're not planning to discount the drug and we don't expect returned product to be a significant factor so we expect that the bulk of the gross to net adjustment will continue to be composed of those two things I mentioned the chargebacks and the fees over time that 340 be participation will increase and that our gross to net adjustment accordingly would go up somewhat we last reported that our gross to net was 11% which is quite low that was the gross to net for q1 and as I'm saying now we would expect that to move somewhat upward from from that benchmark but we certainly expect that it will remain in the team in the teens even even long term share count in mind congratulations on retiring 16 million worth of your convertible debt Is the company continuing to actively buy back stock, or has this had that opportunity? Yeah, thank you for the recognition of really how we are very focused on shareholder value. And part of that is minimizing our outstanding share count. And we'll not speak today about our plans to use or not to use our stock buyback program. These two programs, the stock buyback program and this bond repurchase that we announced today, are not so tightly tied. The repurchase today was undertaken as part of our broader capital management strategy. I mean, as you noted, the stock price has been down, so we identified an opportunity to retire a meaningful portion of our outstanding 2029 notes. choose to replace those dollars spent. There are many options for us to do this. Primarily, we could bring on replacement debt or some portion of that, which would be unsecured or minimally secured and at much more favorable terms for the company, should we choose to do that. regularly evaluate all of our alternatives to optimize our capital structure while supporting our operating and our strategic pipelines. To be clear, though, we always look to strengthen that is part of or what we have done is part of that strategy. Given the new diagnostic protocols and your on-demand distribution system that your family of patients will be treated much sooner in the course of their disease clinical trials and even more so in relation to patients have you seen evidence or expect that earlier treatment that experienced in the pivotal trial and the diagnosis rate of TATMA will increase there is now a treatment for this disorder as you understand a treatment as an effective treatment for a disorder will often drive the recognition of that disorder more broadly so yes we do expect that With respect to the temporarily upstream use of Yartemlia, we do hear anecdotally that physicians recognize that the earlier you jump on this, really, the more likely you are to have an outcome that you want, meaning saving the patient. So I think your question is, it makes sense. There would be a desire on the physicians to begin treatment. They are catching a falling. ...partnering Artemlia in the EU and or rest of the world. What are you currently envisioning makes the most sense on these assets, and what is the current status? We don't speak directly to our partnering plans, but what we can say generally about that is that multiple options to partner outside the U.S. That could be Yartemlia-specific and Yartemlia TMA-specific. It could be broader around Yartemlia and related indications, inclusive of TATMA. There's also the potential, obviously, to look at mask to the target partnering ex-US. We've not made any decisions yet that we would like to discuss around that, but obviously we're constantly evaluating our options and looking at what makes again the most sense for the company and the most sense for our shareholders and on the art Emily a launch in relation to the Alexion TMA 313 trial is there any indication surgical centers are waiting for these trial results before utilizing Yartemlia. Thank you. We, I think, have already addressed the issue of Yartemlia. I think this reference is to the Yartemlia adult study. The pediatric study, which was open-label, already released those results which which were not favorable for for the drug for raviolizumab but with respect we're not when raviolizumab releases when Alexion releases those raviolizumab data and will be interested in those as

Operator

I'm sure you are as well.

Operator

That concludes our 2026 annual shareholder meeting. You may now disconnect.

Gregory Demopulos, Chairman

So thank you everyone for joining us today and for your continued support. Have a good day.