Welcome to the Adamas Pharmaceuticals Fourth Quarter and Full Year 2020 Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. Operator instructions were provided. As a reminder, this conference is being recorded. I would now like to turn the call over to Peter Vozzo, Investor Relations Representative for Adamas Pharmaceuticals. Please go ahead.

Thank you, Sachi, and good afternoon, everyone. On the call with me today are Neil McFarlane, Chief Executive Officer; Vijay Shreedhar, Chief Commercial Officer; Chris Prentiss, Chief Financial Officer; and Adrian Quartel, Chief Medical Officer. Before we begin, I would like to remind everyone that this call will contain forward-looking statements, which are subject to risks and uncertainties. Any statements regarding future events, results or expectations are forward-looking statements. Please note that these forward-looking statements reflect our opinions only as of the date of this call. We undertake no obligation to revise or update these forward-looking statements in light of new information or future events, except as required by law. Information concerning factors that could cause actual results to differ materially from those contained in or implied by such forward-looking statements are discussed in greater detail in our Form 10-Q filed today with the SEC, especially under the caption Risk Factors. I'll now turn the call over to Neil McFarlane.

Neil, your line is live. You may go ahead. Unable to hear you. One moment, please. Please go ahead.

Sachi, can you hear us okay? Fantastic. Sorry for the delay. And thank you, Peter. Good afternoon, everyone. Thanks for joining us today. To start, I would like to take a moment to personally express my appreciation to Team Adamas for their professionalism and unwavering dedication to making a positive impact on patients' lives. Our team has worked diligently to advance the business in line with our corporate strategy. Their efforts accelerated our ability to bring our products to a greater number of patients. I'm pleased with the significant progress we achieved in 2020 and have continued into 2021, especially against the backdrop of a challenging macro environment. Let me recap key achievements that strengthened the foundation of our business and outline strategies for continued success. Then I'll turn it over to Vijay to provide more details on our commercial performance. Total revenues for 2020 increased 36% as compared to 2019, primarily driven by a 30% increase in GOCOVRI product sales and the addition of royalty revenue from sales of NAMZARIC beginning in the second quarter of 2020. This strong sales growth reflects the sustained execution of our commercial strategy implemented in late 2019. Turning now to recent progress for GOCOVRI. Earlier this month, we announced FDA approval of our supplemental new drug application for GOCOVRI, adding a second indication as an adjunctive treatment to levodopa-carbidopa in patients with Parkinson's disease experiencing OFF episodes. This is a significant accomplishment, reflecting GOCOVRI's robust clinical data and doubling the size of the population for which GOCOVRI is indicated to approximately 400,000 to 500,000 people with Parkinson's. With this new indication, GOCOVRI is now the first and only medicine approved to treat OFF and dyskinesia motor complications in Parkinson's disease, both of which significantly impact patients' daily lives. Now for key updates around our intellectual property. We've now settled patent litigation with Sandoz and Zydus, resolving the first filer and the challengers for both of GOCOVRI's available strengths. These settlements demonstrate the robustness of our intellectual property and give us the confidence to invest in GOCOVRI's future growth. We removed potential litigation costs and agreed to acquire the global rights to OSMOLEX ER through our settlement with Osmotica Pharmaceuticals. With ownership of the product, we intend to publish the Phase 3 data in 2021 as well as additional post-hoc analysis of the Phase 3 data for GOCOVRI, which we believe will further differentiate these products and clarify their positioning and appropriate patient populations. In conjunction with the close of the acquisition of OSMOLEX ER, we amended certain key terms of our royalty-backed loan agreement with healthcare royalty partners, providing us added financial capacity into 2023. Lastly, to expand our operational strength and industry expertise, we bolstered our senior leadership team and Board of Directors. Looking ahead, we enter 2021 in a position of strength and are excited about the launch of GOCOVRI's new indication and the integration of OSMOLEX ER. Our priority is to build upon our 2020 performance and leverage our operational capabilities to support our long-term growth. I'll now turn the call over to Vijay.

We can hear you now. Thank you very much.

Thank you, Neil, and good afternoon, everyone. I will begin my comments with highlights of our performance in Q4, outline our commercialization strategy for the launch of the second indication for GOCOVRI for the treatment of Parkinson's patients with OFF episodes, and provide an update on the ongoing integration of OSMOLEX ER into our product portfolio. Starting with performance. Q4 total GOCOVRI paid prescriptions, or TRx, that exclude product from the free trial program were the highest in 2020 at 8,165. This represented year-over-year growth of 14% versus Q4 of last year and 5% higher versus the prior quarter. Full year TRx for 2020 were 31,070, representing a 21% increase over TRx in 2019. In Q4, patient visits to clinics continued to be significantly impacted by the COVID-19 pandemic. We are therefore very pleased with the strong TRx numbers seen in the quarter. Further, we also saw the highest number of new paid prescriptions or NRx for 2020 in the quarter, 510 NRx representing a 19% increase versus the previous quarter. The growth in numbers of new patients coming after the strong NRx results we reported in Q3 highlights continued momentum for GOCOVRI. We believe our strong performance was the result of disciplined and consistent execution to advance our strategic priorities: raising the urgency to treat, which we advanced through a patient education program featuring our patient ambassadors; effectively differentiating GOCOVRI through our sales force activity and digital campaigns; and improving access and customer satisfaction through services at GOCOVRI Onboard. It is notable that in Q4, our sales force achieved a significant proportion of the pre-pandemic activity level, 50% of which was virtual, highlighting that our team has effectively adapted to drive growth. We enter 2021 with optimism, despite the complex situation with patient appointments remaining disrupted across the country. The resources we've put in place give us confidence in our ability to navigate this environment effectively and to adapt quickly. We are also encouraged by the vaccine rollout, gaining momentum with prescribers and staff, expressing confidence in allowing sales representatives increased in-person access. Switching to the recent FDA approval of a second indication for GOCOVRI to treat OFF episodes, we are excited about the launch of this label expansion as it makes GOCOVRI the first and only product indicated for both the treatment of OFF episodes and dyskinesia, the two extremes of the motor complications spectrum. We estimate that this expanded label more than doubled our addressable patient population for which GOCOVRI is now indicated to include those who experience OFF, dyskinesia or both. To elaborate, of the 1 million patients in the U.S. diagnosed with Parkinson's disease, around 700,000 are treated with levodopa. Of these patients, an estimated 200,000 experience dyskinesia with or without OFF episodes; GOCOVRI, as the only product indicated for the treatment of dyskinesia, has been addressing the unmet need of these patients since approval in 2017. In addition, another 200,000 to 300,000 patients experience OFF episodes only. With its second indication, GOCOVRI will now be able to address the unmet need of this new group of patients, thereby significantly expanding our total addressable population to 400,000 to 500,000 patients. We believe that our opportunity for growth through this launch is significant for two reasons. First, in the absence of an indication for OFF episodes, payers had not evaluated GOCOVRI to treat OFF. Many payers create criteria for utilization directly based on indication. This approval will address prescriber hesitation related to payer coverage and access barriers, allowing them to choose GOCOVRI to treat OFF episodes. Second, identification of patients for GOCOVRI in the past required documentation of dyskinesia, which may not be seen in patients struggling with OFF episodes; this approval offers the opportunity to address these additional patients and use GOCOVRI earlier in the treatment paradigm. While there are other products indicated for OFF, GOCOVRI is now the most differentiated product, a QHS bedtime medication with two indications that could potentially help prescribers avoid the compromises previously necessary in managing their patients with motor complications. Our product positioning and branded campaign are robust and even more relevant with this approval and we are intensifying outreach to rapidly inform and educate prescribers, patients and payers in the first phase of the launch. We are unlocking the significant opportunity for GOCOVRI in a highly cost-efficient manner as the additional addressable patients are treated by the same prescribers in the same clinics that we currently call on with our sales force and reach through our marketing campaigns. Early feedback from prescribers and patients has been uniformly positive, with thought leaders describing this development as an opportunity to change the perception of GOCOVRI from a dyskinesia drug to one that addresses both dyskinesia and OFF, thereby having the potential to become the "adjunctive therapy of choice for patients with motor complications." Transitioning to OSMOLEX ER, the team is integrating OSMOLEX ER into our product portfolio with current patients receiving uninterrupted care. This endeavor demonstrates our ability to integrate and commercialize new products and is an important indicator for us. We are currently maintaining the level of prior promotional efforts for OSMOLEX ER through a tele-detail team, with its indication for drug-induced extrapyramidal reactions in adult patients. We believe OSMOLEX ER can address patient needs beyond Parkinson’s disease while amantadine immediate release is currently used in many of these areas. OSMOLEX ER is differentiated as an immediate release/extended release formulation providing high doses directly upon ingestion followed by a more continuous extended release. We are conducting a comprehensive assessment of the appropriate therapeutic areas we could efficiently target to grow the brand. Simultaneously, we’re evaluating organizational synergies as we complete the integration from distribution and patient services to digital promotion and our free trial program. We intend to provide more color on our plans for OSMOLEX ER on the first quarter call. 2020 was notable for its challenging circumstances and we are incredibly proud of our team for adapting seamlessly to this fluid environment and remaining focused on our mission to serve patients. I will now turn it over to Chris to provide an overview of our financial performance.

Vijay, and good afternoon, everyone. Please refer to our press release issued earlier today for a summary of our financial results for the fourth quarter and full year 2020. Total revenues for the fourth quarter of 2020 were $21 million, which includes GOCOVRI product sales of $19.8 million and royalty revenue earned from NAMZARIC of approximately $1.2 million. Product sales of GOCOVRI in the fourth quarter increased 21% over the same quarter last year. This was driven by approximately 14% volume growth year-over-year. R&D expenses for the fourth quarter of 2020 were $2.4 million compared to $5.2 million for the prior year quarter, as we progressed through the final stages of closing out the ADS-5102 multiple sclerosis program. SG&A expenses for the fourth quarter of 2020 represent the execution of our commercialization strategy for GOCOVRI in a fluid environment. Current quarter SG&A expenses were $33 million, compared to $30.3 million in the prior year quarter. The fourth quarter of 2020 includes approximately $5 million related to one-time charges for the settlement of patent litigation associated with the acquisition of the global rights to OSMOLEX ER. Cash and investments as of December 31, 2020 were approximately $83.4 million. Subsequent to year-end, we closed our $7.5 million acquisition of OSMOLEX ER, as well as raised approximately $7.2 million through an aftermarket common stock sale. Net operating cash burn for the fourth quarter was $10.3 million, a decrease from the approximately $10.9 million in the third quarter of 2020 and $18.3 million from the prior year quarter. This decrease marked six consecutive quarters of reduced net operating cash burn, which demonstrates continued progress on the top line as well as thoughtful expense management. Now, let me turn to our outlook for 2021. Consistent with our experience in previous years and typical for specialty products, we anticipate an impact on first quarter product sales due to benefit plan resets impacting the Medicare Part D coverage gap as well as commercial co-pay deductibles. We expect the gross-to-net percentage in the low-to-mid 20s for the first half of the year and for gross-to-net percentage to decline over the second half of the year to the mid-teens. As we announced in our press release, we expect R&D expenses for 2021 to be in the range of $5 million to $10 million as we focus on maximizing the opportunity for our commercial products. We expect SG&A expenses for 2021 to be $110 million to $120 million. This investment reflects the team’s ability to leverage our existing commercial infrastructure as we seek to help patients who could benefit from the launch of GOCOVRI’s new expanded label. As it relates to our litigation settlement with Osmotica and the acquisition of OSMOLEX ER, we will make modest and gated investments to promote the brand with the objective of making the product accretive in the near term. Maintaining our SG&A expense range consistent with prior year spend while capitalizing on the expanded indication for GOCOVRI and commercializing a new product in OSMOLEX ER demonstrates the team’s continued discipline and thoughtful approach to investing in the business. In summary, we expect total operating expenses for 2021 to be in the range of $115 million to $130 million with $9 million of the spend related to stock compensation. This is in line with 2020 operating expenses of $117 million, of which $6 million was stock compensation. That concludes our prepared remarks. With that, I will now open the line for questions.

Thank you. Operator instructions were provided. The first question is from Marc Goodman from SVB Leerink. Please go ahead.

Yes. Good afternoon. A couple of questions. Number one is, can you talk about the breadth of prescribing doctors, just how that’s changed over the past few quarters? Second, any feedback that you’ve gotten from your sales force with regard to the new indication yet? Anything, just curious if there’s been any feedback whatsoever. And then third, just talk about the additional SG&A from year-to-year, are you talking about just an additional $10 million of spend for the new indication and everything else is the same, or maybe you could just give us a little bit of push and pulls, Chris? Thanks.

Thanks, Marc. It’s Neil. I’m going to hand over to Vijay for the first few questions, and then I’ll ask Chris to address the SG&A question as well. Vijay?

Thank you, Neil. To your first question, Marc, in terms of our breadth of prescribers, one of the highlights of our performance in 2020 and our disciplined execution of our strategy is that we’ve continued to see new prescribers to the brand every quarter of the year. So, we continue to expand our footprint in terms of prescribers choosing GOCOVRI for their patients and that continues to remain a focus; both breadth and depth of prescription are an important strategic focus for us. In terms of the feedback on the new indication, the uniformly positive feedback comes in through the sales force as well in terms of the interactions with physicians. GOCOVRI, perceived as a dyskinesia-only drug, is now expanding in physicians' mindset to include OFF time. It is seen as a highly differentiated product, now being able to address OFF without worsening dyskinesia, and we get that feedback as well and we have started to see evidence of prescriptions in the early phase of the launch. So, we’re excited about what we see.

From an SG&A expense standpoint, the range that we disclosed today is $110 million to $120 million, which is consistent with the same range that we were disclosing a year ago at this time. So, we feel really good that we’ve added the acquisition as well as the integration and the commercialization of OSMOLEX ER, and still stayed within that range. Actual expenses in 2020 ended up a little bit lower than that range as obviously we were all impacted by COVID and lower travel, etc. So, we’re certainly being optimistic that we’re going to get back to normal on those aspects and then add OFF as well as OSMOLEX and stay in that range.

Thanks, guys.

Thanks, Marc.

The next question is from Stacy Ku from Cowen and Company. Please go ahead.

Hey, congratulations on the progress and thanks for taking my questions. I have a few. So, my first question is on the GOCOVRI commentary you provided, wondering if you would at all feel comfortable commenting on 2021 consensus of roughly $80 million to $90 million for the product, any potential pushes and pulls to getting to that number or alternatively, when you might be comfortable getting guidance. And then my second question is for Vijay, if you could provide some updated commentary on the fulfillment rate and maybe some expectations of getting drug to this broader set of clinicians. What are some of the commercialization strategies that you and your team could implement? Thank you.

Thanks, Stacy. I’ll ask Chris to talk a little bit about our guidance and when we might feel comfortable moving forward then we can switch over to Vijay. Chris?

Thanks, Stacy. As we think about guidance, what’s important for us is that patients have the ability to see their physicians on the cadence that they want to. And obviously, that has been impaired as we’ve commented previously on surveys that showed care disruptions; that’s a real challenge in this environment. So, as we’re able to see a little bit more consistency there, we’re going to feel more comfortable to provide guidance at a later date.

And switching to the other two questions, Stacy, I would say with respect to your second question, in terms of a broader physician base as we launch in the OFF indication, I want to clarify that we see the bulk of our additional addressable patient population being treated in the same clinics by the same physicians. And we have a sales force that is designed to address this opportunity in a highly efficient manner. So we don't see us needing to reach a broader physician population. In terms of the fulfillment rate, we are pleased with the changes we have made over the year. As you know, one of our top three strategic priorities has been to improve access and customer experience. So the changes we've made at GOCOVRI Onboard have paid off in spades with our increased fulfillment rate, and we have maintained that stability at the end of 2020.

Thank you so much.

The next question is from Jason Butler from JMP Securities. Please go ahead.

Hi, thanks for taking the questions. Obviously, it's still early, but any feedback you can provide on your payer interactions since you've got the expanded label? And then second question, you talked last quarter about the progress you've made with the in-office free-trial program and e-prescribing platforms. Can you give us an update there? And then just lastly, I understand you said you'd give more updates on the OSMOLEX ER integration on the 1Q call. Can you just give us any color about—to what extent have you trained your current reps detailing GOCOVRI about OSMOLEX ER and its relative positioning versus GOCOVRI in the near-term?

Thank you, Jason. Let me begin with the feedback on the payer interactions. These have been interactions we've initiated towards the end of last year and they tend to be highly positive. They're focused on our articulation of the highly differentiated clinical profile of GOCOVRI and thereby highlighting the value proposition that GOCOVRI brings to their patients and to their prescribers. And it has been well received and the conversations are happening. At this stage, it's still early, and it's focused on the timing of 2022. As you know, that's the cycle that we're in right now. So we will keep you updated on how those conversations go. To your second question in terms of the e-prescribing and what we have seen with the new ways of prescribing that we've made available, we see a marked increase in physicians utilizing those new ways of prescribing GOCOVRI. To just give you an idea, these methodologies: the vast majority of our prescriptions in the early part of 2020 before the pandemic were coming in through a faxed prescription form. Now 30% to 40% of our prescriptions are coming in electronically or through the phone. So I would say that in-office samples that you asked about have also been extremely well received and have been a critical element of our increasing our breadth of prescribing with our physicians, which is a strategic focus. To OSMOLEX ER, we are keeping OSMOLEX ER promoted through the prior regime. We are maintaining that promotion through our tele-detail team and not through our sales force. And we are focused through our sales force on articulating the differentiated clinical profile of GOCOVRI and launching the OFF indication.

Okay. Great. Maybe just as a follow-up, Vijay, what are your reps communicating to physicians when they're asked now about the fact that you have both OSMOLEX ER and GOCOVRI? Or are you getting questions from physicians about the use of the two products yet?

We do. And the answer is based on what we've communicated before: we see these two as distinct products with a distinct clinical profile, distinct indications and distinct potential for use in patient populations that are different. So we have articulated and addressed that question in a similar manner and we direct their questions to our tele-detail team for more assistance.

Okay, great. That's helpful. Thanks for taking the questions.

Next question is from David Amsellem from Piper Sandler. Please go ahead.

Hey guys, thanks. Just a couple. So first, I know I've asked this before, but wanted to get your latest thoughts here on contracting and specifically, your thinking on the need for it, or whether you're going to be opportunistic regarding payer contracting, just help me understand your latest thinking on that and the payer landscape. That's number one. And then secondly, Neil, you've talked about ultimately getting the company to profitability, but I have to ask, are you looking at assets that you can tuck into the commercial infrastructure with business development in mind? Would you even take on some R&D, how are you thinking about all that philosophically? Thanks.

Great. Thanks, David. Let me ask Vijay to tackle the payer question. And hopefully, we provided you with a little bit of macro lens to look at what our gross-to-net guidance is, but Vijay, I want you to talk a little bit about our payers.

Sure. David, I will say, we are committed to making GOCOVRI as broadly available to patients as possible. And our focus is to remain engaged actively with the payers even through this COVID environment, to ensure that GOCOVRI is as broadly available to patients as possible. We have focused our conversations on the differentiation of GOCOVRI, the value proposition of GOCOVRI, and the unique profile that GOCOVRI has with these two indications. And we're having positive conversations so far and we'll keep you posted on how those conversations progress.

So David, great question. In regards to cash flow breakeven and our ability to continue to be capital efficient in what we do, we plan to continue to be capital efficient. I will say to you that we're now in a process of launching a second indication for GOCOVRI. We've just acquired a new product in OSMOLEX ER. We've integrated that product and kept our focus on what we do and our mission around taking care of patients. No patient has been left behind. That was a great learning for us as an organization. Can we effectively integrate new products? I think as we look at our current focus it's around GOCOVRI and the launch of GOCOVRI, integrating OSMOLEX ER, and executing on that. We'll be opportunistic in the future. Now knowing that we can check the box of acquiring products, integrating them and making sure we focus on patients. So stay tuned for the rest, but it's about GOCOVRI—the launch of GOCOVRI—and OSMOLEX integration at this point.

Okay, great. Thank you.

The next question is from Tim Lugo from William Blair. Please go ahead.

Thanks for the question. Given the GTN dynamics that Chris outlined, shall we expect Q1 to be down versus Q4? I know that historically been kind of a pace of GOCOVRI and a lot of similar therapies. I'm just wondering if that should again be expected given that 2020 was a bit of an off year in terms of broadly not for GOCOVRI?

Thanks for the question, Tim. I have to say that we made tremendous progress against our strategy in 2020; without a doubt, strong execution is synonymous with what we talk to each other about here in the organization. When we think about how we're coming out of Q4 with our highest NRx of the year in 2020, that momentum is coming into 2021. And we're feeling good about that. I'll ask Chris to talk a little bit about the dynamics, but our gross-to-net guidance is not too dissimilar from previous years. Chris, do you want to talk a little bit about that?

Yes. Tim, we do expect the dynamics to be similar in terms of that transition from Q4 to Q1. And it really is having a close to low double-digit gross-to-net in Q4, and then you pop up to something in the low to mid-20s in Q1. So for that reason, because we're so heavily Part D you have the reset of the coverage gap. You have commercial co-pay deductibles; those new plan year dynamics are at play here.

Okay. Understood. And given—this is a similar question with what I've asked before, but maybe a slightly different perspective—can you just describe maybe some of the initial physician experience for those who are writing GOCOVRI for the OFF indication versus the late indication for so many prior quarters, has that changed at all for those physicians, if they are prescribing it specifically for OFF?

We are still in the early days of the launch and we are tracking that quite carefully. What we are excited about is that physicians are starting to recognize that this is a large opportunity for GOCOVRI to address patients' needs within their clinics. As we have estimated it has doubled our total addressable market and it is being seen as a differentiated option. In terms of their experience in prescribing for OFF episodes versus dyskinesia, we are starting to see the prescriptions. We're tracking them and we'll continue to monitor and keep you posted on this front.

I understand. Thank you for that.

The next question is from Tazeen Ahmad from Bank of America. Please go ahead.

Hi, good afternoon. Thanks for taking my questions. No one's really asked about NAMZARIC on the call. I just wanted to get an updated guide from you guys on how to think about royalties there and then talk about OSMOLEX ER, in terms of detailing. Are there any learnings from what you've applied to GOCOVRI that you think could make the promotion of OSMOLEX easier or have uptake faster in the situation of it—you kind of have done this once before with another drug. Thanks.

Thanks, Tazeen. Great questions. I'll ask Chris to talk a little bit about our NAMZARIC business. And I will tell you that there are a lot of learnings that we can take from our GOCOVRI experience. As we were on our listening tour in late 2019 and establishing our strategy, a lot of those learnings I think can be applied here too. Chris, you want to talk about NAMZARIC, and then Vijay will comment?

Sure. From a NAMZARIC perspective, I think it's important to keep in mind it's a mature brand. We started earning royalties in mid-May of this year. So Q3 and Q4 were our only full quarters and they were both at approximately $1.2 million. So I would say that that's probably the best run rate I can give one to think about going forward.

Thank you, Chris. Tazeen, I think in terms of the learning, now that we have OSMOLEX and GOCOVRI both in the portfolio, the major learning is around the articulation of the differentiation of these products. At first glance, everybody seems to think, 'oh, the active ingredient is amantadine, why would these products be different than amantadine immediate release?' And there is a big difference between OSMOLEX and GOCOVRI. I think the FDA recognized that with our unique indication and our indication statements, and so articulating that differentiation and articulating the patient types that are appropriate for these products has been the biggest learning that we’re applying every day.

The next question is from Serge Belanger from Needham & Company. Please go ahead.

Good afternoon. Just a couple of questions from me. First, can you talk a little bit about the persistence rates for GOCOVRI? Have they remained stable during the pandemic relative to the pre-pandemic period and do you expect them to move at all as your TAM increases with a label expansion? And then secondly, on OSMOLEX, I think when this product launched back in early 2019, it was kind of seen as a potential competitor to GOCOVRI, but maybe one that could lead to some confusion since it wasn’t another amantadine product. Just curious if you think that now that it’s in your hands, whether GOCOVRI consistency benefits?

Thanks, Serge. Vijay, can you comment on persistence and how you see OSMOLEX impacting GOCOVRI?

Thank you, Serge. I would say persistence rates have been remarkably consistent ever since our launch and through GOCOVRI Onboard; it has been a large area of focus for us, particularly during the pandemic. We do not want our patients to struggle through getting refills and physicians and their offices to find any additional challenges. So, we have seen persistence rates consistent throughout 2020, which we’re very pleased about. With respect to OSMOLEX being a potential competitor, I would say the launch of OSMOLEX has seen limited impact in Parkinson’s to date. Any confusion that might have existed is being actively addressed with our differentiation message, which is why it has been a central pillar of our commercialization strategy for the last year and a half to articulate the clinical profile and the efficacy data for GOCOVRI. So, we see that as resolving itself as we continue to commercialize both products.

Thank you, Serge.

We have reached the end of the question-and-answer session, and I would like to turn the call back to Neil McFarlane for closing remarks.

Thank you, Sachi. So in summary, I’m incredibly pleased with the tremendous progress we’ve made to deliver strong growth, expand our neurology portfolio and strengthen the company’s foundation. We enter 2021 in a strong position, and I remain confident that our continued momentum will drive long-term value. I want to thank you for joining the call. I appreciate your time and I look forward to updating you on future calls.

This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.