ACADIA Pharmaceuticals Inc.

Ladies and gentlemen, thank you for standing by. My name is Krista and I will be your conference operator today. At this time, I would like to welcome everyone to Acadia Pharmaceuticals first quarter 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question at that time, simply press star, then the number one on your telephone keypad. And if you'd like to withdraw your question, again, press star one. Thank you. I would now like to turn the conference over to Albert Kilgarny, Senior Vice President, Investor Relations and Corporate Development. Please go ahead.

Good afternoon, and thank you for joining us on today's call to discuss Acadia's first quarter 2026 financial results. Joining me on the call today from Acadia are Catherine Owen-Adams, our Chief Executive Officer, will provide some opening remarks, followed by Tom Garner, our Chief Commercial Officer, who will discuss our commercial brands, Debut and New Plaza. Also joining us today are Elizabeth Thompson, PhD, Executive Vice President, Head of Research and Development, who will provide an update on our pipeline programs, and Mark Schneier, our Chief Financial Officer, who will review the financial highlights. Catherine will then provide some closing remarks before we open up the call for your questions. We are using supplemental slides, which are available on our website, in the Events and Presentations section. On today's call, both GAAP and non-GAAP financial measures will be discussed, including non-GAAP New Plaza net sales and non-GAAP total revenues. The non-GAAP financial measures that are also referred to as adjusted financial measures pertain only to New Plaza sales in 2025 and their impact on total revenues. All references to non-GAAP are reconciled with the most directly comparable GAAP financial measures in our earnings press release and slide presentation, which has been posted on the investors page of the company's website. Before proceeding, I would like to remind you that during our call today, we will be making several forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including goals, expectations, plans, prospects, growth potential, timing of events, Future results and financial guidance are based on current information, assumptions, and expectations that are inherently subject to change and involve several risks and uncertainties that may cause results to differ materially. These factors and other risks associated with our business can be found in our filings made with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of today's date, and we assume no obligation to update or revise these forward-looking statements as circumstances change, except as required by law. I'll now turn the call over to Catherine for opening remarks.

Thank you, Al. Good afternoon, everyone, and thank you for joining us today to discuss our first quarter 2026 results. Acadia delivered a solid start to the year, with total revenue of $268 million in the first quarter, representing 11% year-over-year growth on an adjusted basis. Debut had an especially strong quarter, with sales of $101 million, up an impressive 20%, our highest year-over-year growth since the third quarter of 2024, marking an excellent start to the year. We are excited about the successful launch of Debut Sticks, with strong feedback from both caregivers and healthcare providers. As announced last month, Debut Sticks is now broadly available across the United States, and we're seeing strong early uptake from both new and previously discontinued patients that gives us confidence in our growth outlook. New Pleasured sales were $167 million in the first quarter, up 6% year-over-year on an adjusted basis. The first quarter performance reflects that some patients were slower to refill than in prior years. We are pleased to report that these refill dynamics have since normalized. Importantly, we saw double-digit referral growth in the first quarter and robust demand growth at 8%, even prior to the expected impact of the recent Salesforce expansion. I'm pleased to share that we are reaffirming our 2026 net sales guidance for both Debut and New Plaza. Looking at our pipeline, we have several significant catalysts on the horizon. Most notably, we are approaching the highly anticipated phase two readout for remnifanserin in Alzheimer's disease psychosis, which we continue to expect to share results from in the August to October timeframe. This represents a key inflection point for our company and could unlock substantial value given the significant unmet medical need in this indication. Additionally, the timing of our phase three study in Japan for tropinotide has accelerated. and we now expect results in the September to November timeframe of this year. I want to remind everyone of the tremendous opportunity we have across our pipeline. We have four molecules targeting large markets with a combined full peak sales potential of $11 billion, with approximately $4 billion of that specifically attributable to remnifantharone across the ADP and Lewy body dementia psychosis indications. This underscores the transformative potential of our research and development efforts. With that, I'll now turn the call over to Tom to provide a more detailed insight into our commercial performance.