BioCryst Pharmaceuticals, Inc.

Good day and welcome to the Biochrist First Quarter 2025 Warnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note that this event is being recorded. I would now like to turn the conference over to John Liu with Investor Relations with Biochrist. Please go ahead.

Thank you. Good morning and welcome to Biochrist's first quarter 2025 corporate update and financial results conference call. Today's press release and accompanying slides are available on our website. Participating with me today are CEO John Stonehouse, Chief Commercial Officer Charlie Geyer, and Chief R&D Officer Dr. Helen Thackeray. Following our remarks, we will answer your questions. Today's conference call will contain forward-looking statements, including those statements regarding future results on audited and forward-looking financial information, as well as the company's future performance and or achievements. These statements are subject to known and unknown risks and uncertainties, which may cause our actual results, performance, or achievements to be materially different from any future results or performance expressed or implied in this presentation. You should not place undue reliance on these forward-looking statements. For additional information, including a detailed discussion of our risk factors, please refer to the company's documents filed with the Securities and Exchange Commission, which can be accessed on our website. In addition, today's conference call includes non-GAAP financial measures. For a reconciliation of these non-GAAP measures against the most directly comparable GAAP financial measure, please refer to the earnings press release posted in the press release and section of our investor relations website at www.biocrist.com. I'd now like to turn the call over to John Stonehouse.

Thank you, John. We've started 2025 with another quarter of outstanding performance. As you will hear from Charlie in more detail, the U.S. commercial team made tremendous progress in moving patients on Orladeo from free drug to paid at a much faster rate than we expected. The result is quarterly revenue of $134 million. This improvement in the paid rate impacts revenue performance in Q1, but also through the rest of the year, leading us to raise annual revenue guidance for Orladeo to between $580 and $600 million, which is 33% to 37% growth over last year. Our improved revenue growth significantly increases our margins and has also accelerated our cash flow and profitability goal by a year. We now expect to be profitable on a full-year basis this year, This increased financial strength and the positive cash flow it generates enabled us to pay down $75 million of our debt in April while continuing to invest in and advance our pipeline. In addition, we are now moving into Orladeo revenue levels where we no longer pay a royalty on sales above $550 million, and we're getting closer to our peak sales for Orladeo of $1 million. In the current environment of uncertainty, Having a company with growing sustainable revenue, an advancing pipeline, and financial strength to be profitable, pay down debt, and be independent of the markets is hard to find in our industry. But that's exactly what we have at BioCrest. With that, I'll turn it over to Charlie to discuss our fantastic first quarter results. Charlie?