BioCryst Pharmaceuticals, Inc.

Hello and welcome to the Biochrist second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand has been raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. It is now my pleasure to introduce Nick Wilder.

Good morning and welcome to Biochrist's second quarter 2026 corporate update and financial results conference call. Participating with me today are President and CEO Charlie Gayer, Chief R&D Officer Dr. Sandeep Menon, and Chief Financial Officer Babar Ghias. A press release and slide presentation about today's news are available on our investor relations website. Today's call contains forward-looking statements, including statements regarding future results, unaudited 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. For additional information, including a detailed discussion of these risks Please refer to slide two of the presentation. In addition, today's conference call includes non-GAAP financial measures. For our reconciliation of these measures against the most directly comparable GAAP financial measure, please refer to the earnings press release available on our investor relations website. I'll now turn the call over to Charlie.

Thanks, Nick. During the second quarter, we continued to execute effectively on the commercial and development fronts. We completed the integration of Astrea Therapeutics, and we further increased our cash generation through growing revenue and discipline spending. That increase in cash flow, bolstered by our strategic decision to wind down internal drug discovery, will enable us to build a balanced pipeline of rare disease assets through external innovation, as Sandeep and Babar will describe. Sandeep will also provide more color on the Venebar, where we completed enrollment of the largest blinded HE trial ever and did it ahead of schedule. Our proof of concept trial for BCX17725 and Netherton syndrome is also enrolling well, and we look forward to having data by the end of the year. This week, we also have exciting news for HEE families as Orlodeo oral pellets started shipping to kids. Despite the manufacturing delay, we have already received 47 prescriptions for Orlodeo pellets through July 31st, which is well ahead of the total we expected for all of 2026. Prior authorizations are complete for about half of these patients, and so far, the approval rate has been strong. We have a lot to learn about ongoing prescription rates, rates of paid therapy, and real-world outcomes for kids taking Orlodeo, but we are thrilled to be delivering this much-needed therapy. Our market research in Q2 showed that preference for and satisfaction with Orlodeo were up for both patients and physicians compared to one year prior. This played out in market demand as new prescriptions for Orodeo capsules in Q2 were consistent with our history and expectations. We also activated new prescribers at a rate in line with historical trends. On the payer side, the heavy part of reauthorization season is now behind us, and we continue to make incremental improvements to the pay rate, which ended the quarter at 84% compared to 83% one year ago. Finally, we are pleased to partner with CareMed as our new sole source pharmacy for Orlodeo shipments to patients. The sole source model has been a cornerstone of our strategy since launch, and because our HEA portfolio and the number of patients that we serve is growing, we chose CareMed for their ability to scale operations with our growth. All Orlodeo pellets prescriptions for kids are shipping from CareMed, and the 12 and up population will transition over the course of this month. We look forward to serving these patients together. I'll turn the call over to Sandeep to describe our pipeline developments.