Greetings, and welcome to the TG Therapeutics Second Quarter 2023 Financial Results and Business Update Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jenna Bosco. Thank you, Ms. Bosco, you may begin.

Thank you. Welcome, everyone, and thanks for joining us this morning. I am Jenna Bosco, and with me today to discuss this morning's news of our ex-U.S. commercialization partner as well as the results for the second quarter of 2023 are Michael Weiss, our Chairman and Chief Executive Officer; Adam Waldman, our Chief Commercialization Officer; and Sean Power, our Chief Financial Officer. Following our safe harbor statement, Mike will provide an overview of today's news as well as our corporate development. Adam will give an update on our commercialization efforts and Sean will provide a brief overview of our financial results before turning the call over to the operator to begin the Q&A session. Before we begin, I'd like to remind everyone that we will be making forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about our anticipated future operating and financial performance, including sales performance, projected milestones and expectations for our marketed and pipeline products. TG cautions that these forward-looking statements are subject to risks that may cause our actual results to differ materially from those indicated. Factors that may affect TG Therapeutics' operations include various risk factors that can be found in our SEC filings. In addition, any forward-looking statements made on this call represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update or revise any forward-looking statements. Today's conference call is being recorded for audio rebroadcast on TG's website, www.tgtherapeutics.com, where it will be available for the next 30 days. Now I would like to turn the call over to Mike Weiss, our CEO.

Thanks, Jenna, and good morning, everyone, and thanks for joining us on today's call. We are excited to present to you our second quarter 2023 financial results, representing the first full quarter of Briumvi sales, which, like the first quarter of 2023, exceeded our expectations. But before I do, I want to kick off today's call by highlighting this morning's news relating to our agreement for ex-U.S. commercialization of Briumvi. As you may recall, in June, Briumvi was approved in the European Union to treat adult patients with relapsing forms of MS who have active disease defined by clinical or imaging features. Today, we are very happy to announce that we've entered into an ex-U.S. commercialization agreement for Briumvi with Neuraxpharm, a leading European specialty pharmaceutical company focused on the treatment of central nervous system disorders. We are very excited to be partnering with them to launch Briumvi in Europe. The neurology-focused approach, broad European platform, and entrepreneurial organization really resonated with us as an attractive partner for Briumvi and TG. Neuraxpharm has over 35 years of experience in the CNS space, a direct presence in 20 European countries, and an extensive commercial CNS team. In addition, they have committed to add over 100 additional field-based commercial and medical MS specialists dedicated to Briumvi. Moreover, they have the backing of one of the preeminent global private equity firms, Permira. For all of these reasons, we are confident in their ability to succeed and make Briumvi a leading treatment for patients with RMS worldwide. From a deal perspective, the terms provide us with many important benefits that we were seeking when evaluating potential ex-U.S. partnerships, including a meaningful upfront payment, which together with a near-term milestone, totals over $150 million, solidifying our balance sheet. We're also eligible to receive an additional $500 million in milestone payments based on the achievement of certain launch and commercial objectives for a total deal value of up to approximately $650 million. We will also receive tiered double-digit royalties on net product sales, up to 30%, which we think provides significant participation in the success of Briumvi in Europe and the rest of the world. Lastly, and very importantly, as part of the deal, we retained strategic flexibility in the event of an acquisition of TG within the next two years with an option to buy back all rights under the commercialization agreement. As we noted previously, retaining this type of strategic flexibility was core to our consideration of an ex-U.S. transaction, and Neuraxpharm in their backers appreciated that need. In exchange, Neuraxpharm will have the exclusive right to commercialize Briumvi in territories outside the United States, Canada, and Mexico, which we have retained, excluding certain Asian countries that we had previously partnered. As I said earlier, we are very excited to partner with Neuraxpharm and believe they are well positioned to successfully launch Briumvi in Europe, which we expect to commence in Germany in the next six months. With that, let me touch upon the U.S. Briumvi launch efforts, which remain our primary focus. As a reminder, Briumvi received U.S. FDA approval late last year and officially launched at the end of January of this year as the first and only anti-CD20 monoclonal antibody to treat patients with relapsing forms of MS that can be administered in a one-hour infusion twice per year following the starting dose. I'm delighted to share that we experienced significant growth in revenues and prescriptions over the first quarter of this year, illustrating what we believe is strong early demand for Briumvi. Equally noteworthy is the breadth of centers and providers willing to embrace this new treatment option, demonstrating the trust and confidence they have in Briumvi and TG. Our early performance is a testament to the dedication and passion of our entire TG team, who have relentlessly worked to bring Briumvi to patients with RMS. The enthusiasm for Briumvi continues to build, and the feedback we have received continues to encourage us that the unique attributes of Briumvi are supportive of its best-in-class potential, including its glycoengineering for efficient B-cell depletion, lowest reported annualized relapse rates of any CD20 monoclonal antibody in MS Phase III trials, and a rapid and reliable one-hour infusion. As we move into the third quarter, we believe we are building a solid foundation for future Briumvi growth. We continue to see adoption from both major academic centers and community centers, and we believe that adoption will continue to grow, especially now that we have a permanent J-Code in place and improving insurance coverage for Briumvi. All of these factors, along with the continuing growth of the CD20 market within the overall MS treatment landscape, further strengthen our confidence in the future potential of Briumvi. I will stop there as our Chief Commercialization Officer, Adam Waldman, will join us shortly to provide more detailed launch metrics. But as you can hear, I'm extremely impressed with the progress the team has made to date and look forward to an impactful second half of 2023. Before I turn the call over to Adam, I just want to touch briefly on TG's cash position. Following the Neuraxpharm transaction, we have a pro forma cash balance of approximately $285 million. Given our relatively stable operating expenses and growing revenues, we believe we now have sufficient capital to fund our operations into the foreseeable future without the need to raise additional capital. Of course, this projection is subject to many variables, but suffice to say, as of today, we are confident with our cash position. With that, let me turn the call over to Adam Waldman, our Chief Commercialization Officer, to share some additional color on our first full quarter of launch.

Yes. Thank you, Mike, and good morning, everybody. Before I jump into the quarter results in the U.S., let me start by saying how excited I am to be partnering with Neuraxpharm to launch Briumvi in Europe and other markets around the world. They share our entrepreneurial mindset and urgency and will undoubtedly make Briumvi a top priority. From a commercial perspective, I am very impressed with their capabilities, expertise, and presence in the neurology space. I believe they will do an excellent job accelerating the launch and quickly bringing Briumvi to patients around the world. As far as the U.S. performance in the second quarter, which as Mike mentioned, is our first full quarter in the market, we are very pleased with the progress we're seeing with Briumvi, and we continue to exceed our internal expectations. We have built positive momentum in the first half of the year and are encouraged by the launch trajectory to date. With second quarter net sales for Briumvi of $16 million, representing over 100% growth quarter-over-quarter. Key highlights from the quarter include increases in patient demand growth, where we saw daily average hub enrollment nearly double quarter-over-quarter, with greater than 800 Briumvi prescriptions coming through our hub in the second quarter, bringing our launch to date total to more than 1,200 new patient prescriptions. As we have mentioned in the past, we believe this figure is capturing 80% to 90% of the total new prescriptions written. While it is challenging to determine the exact number, we saw dramatic increases in new patient infusions in the second quarter. Importantly, patient and physician feedback continues to be overwhelmingly positive. In our market research, the majority of Briumvi prescribers report having a very positive experience so far, with nearly all patients completing the one-hour infusions as expected. We continue to increase our breadth of adoption, adding more than 100 incremental accounts and over 170 incremental prescribers, bringing the total to over 225 accounts and over 340 prescribers launched to date. This includes both academic and community centers across all regions of the U.S. At this point, we have seen a high percentage of our initially targeted accounts prescribing Briumvi, and we intend to broaden our focus in the second half of the year. We also continue to see broad utilization across patient types, including newly diagnosed and switches that are both new to CD20s and from other CD20s. Importantly, the feedback we have received from customers on the unique profile of Briumvi continues to be encouraging. We routinely hear that the predictability of the one-hour infusion combined with the annualized relapse rate of less than 0.1 are important differentiators for Briumvi. Through our market research, we have also found that the vast majority of Briumvi prescribers plan to increase their use of Briumvi over the next six months. We've launched with a focused strategy to maximize our market opportunity with a nimble and experienced team who are producing early results. Neurologists' perceptions of TG rep performance are outstanding and outpace our competition on almost all attributes. The team is actively engaging with accounts and has shown strong share of voice among customers on par with leading MS therapies. I'm extremely proud of the team's performance to date and their continued commitment to the MS community. Our growing patient demand in the form of enrollment and new patient infusions, increasing breadth of adoption by prescribers and centers, and an effective J-Code as of July 1, we believe puts us in a great position heading into the second half of the year. I'm also very pleased to report that we now have achieved payer coverage for approximately 80% of commercial and Medicare lives, giving us coverage for Briumvi at parity with Ocrevus across the vast majority of these plans. If you recall, our corporate goal was to achieve 80% coverage by the end of the year. So accomplishing that by midyear far exceeds our expectations and is a testament to the attractiveness of Briumvi to payers and the strong efforts of our market access team. We also made solid progress in the quarter, securing additional institutional formulary coverage. While many of these institutions have been slower moving than we had anticipated, we expect they will increase adoption in the second half of the year. So following a strong start in Q1, this was another very solid quarter for the Briumvi launch. We continue to make progress across all fronts and believe Briumvi offers a best-in-class profile. We continue to see MS specialists expand their use of CD20s and anticipate this trend will continue given the therapeutic index of the drugs in this class and further believe IV therapies will continue to lead the market. We now have a permanent J-Code in effect, which helps with reimbursement. Payer coverage is significantly ahead of schedule, and major health systems have added and are continuing to add Briumvi to their formularies. While we still have a lot of work to do, we are really pleased with the progress we have made in Q2. With that, I'll now turn the call over to Sean Power, our CFO.

Thank you, Adam, and thanks, everyone, for joining us. Earlier this morning, we reported our detailed second quarter 2023 financial results, which can be viewed on the Investors & Media section of our website. I'd like to begin today's call by touching on our cash position. As we released earlier this morning and highlighted by Mike, we are pleased to report that the ex-U.S. commercialization agreement with Neuraxpharm contains an upfront cash payment of $140 million and additional near-term cash milestones of approximately $12.5 million. During the second quarter, we were also able to take advantage of favorable market conditions to bolster our balance sheet and raised approximately $46 million in net proceeds from the utilization of our ATM facility at an average price of approximately $34. All told, we ended the second quarter with approximately $145 million in cash. When accounting for the $140 million upfront payment, I have a current pro forma cash balance of approximately $285 million. We believe our current capital, when coupled with modest Briumvi revenue assumptions, will take us out into the foreseeable future without the need to raise incremental capital. Turning to some of the other key financial metrics for the quarter. First, as Adam previously reported, we are pleased to announce $16 million in Briumvi net sales in our first full quarter since launch, representing 100% growth over the first quarter of 2023, and $23.8 million in cumulative net sales since launch. As for our broader financial results, our net loss for the second quarter of 2023, excluding noncash items, was approximately $35.1 million, roughly in line with the first quarter of 2023, where we saw a net loss of $32.4 million when excluding noncash items. Our GAAP net loss for the second quarter of 2023 was approximately $47.6 million or $0.34 per share compared to a GAAP net loss of $40.5 million or $0.30 per share in the second quarter of 2022. With that, I will now turn the call back over to the conference operator to begin the Q&A.

Our first question is from Eric Joseph with JP Morgan.

Can you talk a little bit about the cadence of new prescriptions for Briumvi over the course of 2Q and throughout July to date? I'm curious to know whether the demand curve is accelerating, plateauing, or is it choppy? And then are you seeing a material impact so far from now having the J-Code in place?

Yes. Thanks, Eric. Adam, you want to go ahead?

Yes. I would characterize it as steady growth. I would say we saw a little bit of a slowdown in the July 4th week, which is a down week across the board. We've seen acceleration since. That said, we wouldn't expect an immediate impact on the J-Code. It takes time for this J-Code to get loaded into payer systems and institutional systems. We do believe it's a net positive. We do believe that it will lead to continued growth and will lead to more uptake for Briumvi, but it will take time, as I think I've said in the past.

Okay. That's helpful. And maybe just a follow-up, if I could. Just when it comes to your updated cash guidance, right, have it being funded through operations for the foreseeable future. Can you just talk about what that encompasses, if anything beyond Briumvi commercialization in the U.S.? Does it anticipate any further development of the product perhaps for other indications or formulations?

Yes. Thanks, Eric. So yes, it does mean we are continuing to evaluate the subcutaneous formulation of Briumvi. So that's also included in that. We've got our eye on potentially additional clinical studies for Briumvi. We have some, and we obviously have the BTK inhibitor in our portfolio that we're evaluating. We're kind of waiting to see what the data looks like from some of the competitive products to see if there's an avenue for us to move forward there. And we've said and we continue to be active in looking at new opportunities, and all of that would be included in that cash guidance, yes. None of it would be so material to impact where we're going, which appears to be quarter-over-quarter, our net loss should continue to decline.

And our next question is from Ed White with H.C. Wainwright.

Congratulations on the second quarter sales and also on the deal announced this morning. Just two questions for me. First, Mike, I just wanted to get your thoughts on the Ocrevus subcutaneous Phase III data and the potential impact that will have on the market and where you are as far as you had just mentioned your subcutaneous formulation. And then the second question I have is just for Sean, the R&D was up dramatically sequentially in the second quarter. I just wanted to get your thoughts on R&D expenses over the second half of the year.

Yes. Regarding the Ocrevus subcutaneous, there are a few points to note. It has certainly generated some excitement in the investment community, which is interesting since it wasn't unexpected; this data has been anticipated for a while. The data presented aligns with what we would typically expect from a top-line release. However, the specifics are important, and we are eager to see the in-depth data presentation. I understand that pain is a co-primary endpoint, and we look forward to understanding the level of pain involved. Anecdotally, we've heard that some patients may experience significant pain with the subcutaneous option. Currently, we are all waiting to see the actual product profile. As of now, Briumvi, with its one-hour infusion, remains the benchmark for convenience and efficacy in the CD20 market. The enthusiasm around Ocrevus, and Roche's interest in faster infusion options, is notable. However, it's important to recognize that this will not be a rapid infusion; it's a 10 to 15-minute process requiring considerable nursing support, which might discourage centers from adopting it as a more efficient option. Setting up a one-hour infusion for several patients is the most efficient approach we see. We believe Briumvi is setting the standard, and it's encouraging to see that investors and competitors are keen on enhancing patient experience and competing with us in that area. For at least the next year, we expect to maintain a monopoly in this market segment, and possibly beyond. We'll see how the new product performs. Overall, we view this positively as it underscores the marketplace need for more convenient options, with Briumvi currently as the gold standard. Sean, would you like to discuss the difference in R&D?

Yes, sure. Thanks for the question. The increase in R&D over the first quarter of '23 relates primarily to a milestone due to LFP on the EU approval of Briumvi, $6 million.

And our next question is from Roger Song with Jefferies.

Great. Maybe, Mike, if you can give us a little bit of color around the ex-U.S. deal regarding the buyback options, what's the term associated? For example, what will be the valuation for the buyback? And would that be tied to the commercialization results?

Sure. Thanks for the question, Roger. So yes, the buyback option is basically designed to provide Neurax a return essentially on investment. So whatever they pay us, we basically will pay them back that amount plus a return on their investment. We think it's a very reasonable approach. I think it accounts for the risk that they're taking in building out what they need to build out to commercialize and building out the market for us and then losing that. But it's also not punitive at all that would inhibit our ability to conduct a strategic transaction.

Got it. Yes. That's helpful. And then in terms of the sales we all track IQVIA and the Symphony seems the number in terms of dollar value is pretty on track from at least from Symphony. So we know your market this through the specialty and that you have your own hub. So how should we think about the reconciliation of marketable third-party database versus your quarterly sales number?

Yes. I'll provide a brief response, and then Adam can chime in as well. We've consistently warned that trying to reconcile Symphony or IQVIA numbers with our figures at this stage isn't productive. We believe that over time, as we gather several quarters of data, we will reach what I refer to as a steady state. At that point, it may be possible to use that data in a multipliers or algorithm to estimate future sales. However, given how early we are in the launch, attempting to do so now is risky, and we've cautioned against it repeatedly in various forums. That said, our sales for the quarter exceeded both our expectations and those of Wall Street until just a couple of days ago, making it a strong quarter that we're very pleased with. We're on track with our goals. It's frustrating when the consensus shifts right before the report and then gets interpreted negatively. Additionally, trying to use Symphony numbers to predict our sales figures is, as I've mentioned, a dangerous approach that we've also warned about multiple times. With that, I’ll let Adam provide further insights.

Sure. Thanks for the question, Roger. When you look at other IV products in the MS space, the ratio between Symphony and IQVIA and reported net sales is usually highest in the launch quarter. This often decreases over time. While it can help in understanding overall trends, it doesn’t accurately reflect the launch dynamics that all new products face. As I’ve mentioned before, and Mike has echoed, it doesn’t account for sales through our direct channel, which can be very variable from quarter to quarter, especially at the start as customers figure out their purchasing preferences. This variability will also affect the ratio between Symphony sales and net sales. Therefore, we advise against using Symphony or IQVIA to estimate our quarterly net sales in the future. I hope that clarifies things.

Our next question is from Mayank Mamtani with B. Riley Securities.

I would like to follow up on some previous questions. Can you provide insights on inventory averages, particularly with the involvement of distributors and offices? Additionally, regarding the launch metrics, what percentage are you tracking for free drug sampling? Finally, could you comment on the TRx volumes between newly diagnosed patients and those switching treatments? That information would be very helpful.

Adam, do you want to tackle this one?

Sure. I mean, inventory is within industry standards. There's no surprises there and pretty much what you would expect. As far as the free goods, we had free goods of about 20% in the quarter. The majority of that is through our Quick Start program. As we said before, that is a program to get patients started, and eventually, our hope is that they would convert to commercial product at some point in the future. As far as the patient mix, we haven't said, we're still not in a position yet, I don't think, to comment on the percentages. But what we have said is we've seen a nice distribution across all three segments, both newly diagnosed and switches, both from CD20s and non-CD20.

Great. Mike, could you share your thoughts on the bidding process for the ex-U.S. deal? It would be really helpful to understand the competitive dynamics of the MS marketplace, particularly regarding the upcoming BTK inhibitors. Additionally, you've mentioned subcutaneous treatments; how significant is that discussion, considering that your partners or potential strategic allies would want to factor that into their long-term planning?

Thank you. We have indicated for some time that we would analyze whether to pursue a loan in Europe or find a partner to assist us in that decision. We collaborated with JPMorgan to conduct a professional and competitive process to explore the economics of an ex-U.S. deal. Neuraxpharm stood out as the most enthusiastic participant, offering the best economic terms along with favorable overall conditions, particularly regarding the strategic flexibility the deal provides. The combination of deal terms, economic conditions, and the buyback option positioned Neuraxpharm as our top choice. Culturally, they align well with us, and we believe we can support them with insights from our U.S. experience. We feel confident in their ability to execute this plan. The deal encompasses everything we wanted, serving as a hybrid approach to bring Briumvi to market quickly while maintaining our strategic options. The process was indeed competitive. Regarding BTKs and subcutaneous treatments, most stakeholders seem comfortable with the future competitive landscape concerning the actual risks associated with BTKs and subcutaneous therapies, so this was not a major factor during the process.

Maybe just one more question, Mike. On the guidance, at some point, I think you had mentioned you might be one, two, three quarters away from maybe having a good idea of what demand looks like to be able to put out a guidance number. I would love to hear your most recent thoughts on that and if that could come into the picture at some point.

In terms of U.S. revenue guidance, I believe that as we approach next year, we will be in a better position to provide guidance. For the remainder of this year, we plan to keep that information internal while we continue our efforts. This quarter has exceeded our expectations and those of the market until recent changes. Overall, we feel we're on track and making strong progress. It's likely we'll wait until the end of this year to fully understand our sales trends. By then, we will know how many patients we treated in 2023, which will help inform our outlook for 2024. Furthermore, we'll be able to assess new patient starts in the fourth quarter of 2023, which will give us better insight into what to expect in the first quarter of 2024. We believe we're on the right path, and by the year's end and into next year, we will be in a better position to offer guidance.

Congrats all on the progress. A few for me. Number 1, like how should we think about uptake adoption in the EU, just considering the back-end loaded nature of the deal? And I have two follow-ups.

Yes. So Adam, do you want to talk about uptake in adoption in the EU.

Yes, Michael, thanks for the question. As you know, Europe has a country-by-country approach with each country having a slightly different reimbursement timeline. Germany is first, and then we will add other countries as they start their reimbursement processes. This will take some time and will unfold over the next year or two as we aim for full integration in Europe. I hope that addresses your question.

Okay. Also separately, in the past, you said that among MS patients opting for anti-CD20 treatments roughly 30% prefer subcutaneous. My question is, how do you see this changing over the next 12 months as Alzheimer's therapy gradually encroaches on the infusion share capacity? Could this 30% figure increase as it gets harder and hard for patients to schedule share time?

Yes. I mean I think that plays into the Briumvi value proposition. If you're an infuser, you want to optimize your infusion suite. I'd assume instead of sending out patients for subcutaneous, you'd prefer to keep them in-house. Good reasons to want to know that the patient is getting the infusion. The sending out for subcutaneous, we think, is not the first alternative. The first alternative is going to be switching all your patients from Ocrevus to Briumvi to free up the chair time and see how that goes. We think this is something that will really play into our favor. I assume there will be some uptick in subcutaneous as a result, but I also think there will be a nice uptick in Briumvi use for that same reason. If you optimize your infusion suite, you will want to move patients from Ocrevus to Briumvi. We believe that's a nice tailwind for us.

Finally, just any comments on gross to net metrics during Q2. Has it changed from the 70% to 75% that you cited in Q1?

I know it was largely in line with Q1.

Our next question is from Prakhar Agrawal with Cantor Fitzgerald.

So I had a question on the quarter. The 800 prescriptions in the Briumvi hub that you reported in 2Q. There seems to be a lag between prescriptions and the revenue reported. Could you help us bridge that gap? What is causing the lag? Is it percentage of paid prescriptions? Gross to net seems to be stable. Any color you could provide on that? Would you expect the permanent J-Code to improve the conversion from prescriptions to patient infusions?

Adam, do you want to take a crack?

Sure. Yes. Thanks for the question. As we said in the past, there is a time lag between when a script comes into the hub and when you actually get the infusion. Even Ocrevus that's five years into the market, they're averaging around six weeks. We continue to look at our time frame, and it's in that range. Hopefully, it will compress over time as we continue to get more insurance coverage. I don't think that J-Code will necessarily affect that. It will give people more confidence around reimbursement, but the increased insurance coverage and confidence around insurance coverage should help as we smooth out the process. Over time, that number should come down.

Thanks, Adam. Secondly, if the subcutaneous Ocrevus safety already looks good, do you have any plans for a subcutaneous formulation for Briumvi?

Yes. So we've said on multiple calls that we are evaluating the physical biological properties of our material surrounding a subcutaneous form to understand what is feasible with Briumvi in the subcutaneous form. That work is ongoing as we speak, and we're going to make a determination at some point toward the end of the year or early next year on what we might do with that, assuming we have a profile that we think makes sense. Regarding the Ocrevus subcutaneous point, I don't know that we've seen all the safety and tolerability data. I think it would be premature to say that it looks good since we haven't seen that data yet and we're looking forward to seeing it. Anecdotally, we hear there is some possibility of pain associated, and of course, pain is a co-primary endpoint. It will be interesting to see how that pain endpoint stacks up against placebo.

Our next question is from Matt Kaplan with Ladenburg Thalmann.

Just wanted to follow up a little bit on the ex-U.S. deal. Can you give us a little bit more color on the $500 million plus milestones? What would trigger those and how those could roll out?

Yes. Sean, do you want to take a crack at that?

Yes, sure. As you may expect, they're mostly tied to sales milestones in the U.S. escalating on a tiered basis. Beyond that, I'm not providing a whole lot more detail at this point.

Okay. And then, I guess maybe for Adam, can you give us some more detail on the feedback you're hearing from different stakeholders, the payers, the doctors, patients, and also infusion centers? Current feedback that you're getting with for Briumvi.

Yes, sure. Thanks for the question, Matt. From a payer perspective, I think the proof is in the pudding. With 80% coverage now, they're talking with their policies, and I think we're in good shape there. Patient feedback has been very positive in terms of the infusion time and ability to get in and out of the center. Infusion centers have been very impressed with the overall tolerability and the efficiency that Briumvi provides. Doctors have given us great feedback in terms of the efficacy of the drug and the one-hour infusion as being attractive, as I mentioned in my remarks. So I would say across the board, we're getting very positive and consistent feedback.

Great. So on behalf of all the senior management team on this call today, I want to thank all of our shareholders for their continued support and to the entire TG team for their tireless efforts in support of the MS community. As we've mentioned a few times today, we believe that Briumvi has set a high bar for activity and convenience in the treatment of MS, with the goal of permitting folks with MS to live their best lives. It's really what we're here for, and we work toward it every day. And I know everyone in the company feels the same way. With that, we are looking forward to a great and exciting second half. Thanks again for joining us, and have a great day.

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