ACADIA Pharmaceuticals Inc.

Ladies and gentlemen, thank you for standing by. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to Acadia Pharmaceuticals' second 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 during that time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you, and I would now like to turn the conference over to Albert Kildani, 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 second quarter 2026 financial results. Joining me on the call today from Acadia are Catherine Owen Adams, our Chief Executive Officer, who will provide some opening remarks, followed by Tom Garner, our Chief Commercial Officer, who will discuss our commercial brand's debut in New Placid, Also joining us today is Elizabeth Thompson, PhD, Executive Vice President, Head of Research and Development, who will provide an update on our pipeline programs, and Mark Schneyer, our Chief Financial Officer, who will review the financial highlights. Topham 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. 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 investor page of the company's website. Before proceeding, I'd 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. I'm pleased to report that Acadia delivered an outstanding second quarter, demonstrating strong commercial execution across both Debut and New Placid. We also continue to make important progress across our pipeline, led by Rem LaFanceren in Alzheimer's disease psychosis. Let me start with our financial performance. We achieved total revenues of $308 million in the second quarter, representing 17% year-over-year growth on an adjusted basis. This performance reflects strong execution and continued demand for Debut and New Plazard. Turning to Debut, the brand delivered net sales of $125 million in the second quarter, representing 30% year-over-year growth. This strong performance was driven by meaningful uptake of Debut 6, our recently launched powder for oral solution. which is resonating with patients and caregivers in the US. The strong early adoption of debut sticks reinforces our confidence in this differentiated delivery option and supports the brand's continued growth trajectory. Based on these strong results, we are raising our 2026 guidance range for debut to 480 to 510 million. I'm also delighted that we recently received a positive opinion from the CHMP following a re-examination process. This outcome represents a significant win for patients with Rett syndrome across Europe and reaffirms the value of Debut as a foundational therapy. We're grateful to the CHMP for its thorough review and pleased to be moving closer to the opportunity to bring this therapy to patients in Europe. This positive opinion, along with strong Debut 6 performance, Reinforced our confidence to achieve our ambition of $700 million in debut sales in 2028. For New Plaza, the brand delivered net sales of $183 million in the second quarter, up 10% year-over-year on an adjusted basis. The underlying business remains strong, supported by continued demand growth, disciplined execution, and impact from our expanded field force. We remain confident in our path to deliver approximately 1 billion in new plazid net sales in 2028. Looking ahead, our most important near-term pipeline milestone is the upcoming Phase 2 readout for remlifanserin in Alzheimer's disease psychosis. We now expect to report top-line results from this study in September to October of this year. If successful, remlifanserin has the potential to be transformational for Acadia with peak sales potential of estimated $4 billion across Alzheimer's disease psychosis and Lewy's body dementia psychosis. With that overview, let me now turn the call over to Tom to provide more detail on our commercial performance.