Cerevel Therapeutics Holdings, Inc.

Good morning and welcome to the Cerevel Therapeutics First Quarter 2022 Financial Results Conference Call. At this time, all participants are in listen-only mode. Later, you will have the opportunity to ask questions during the Q&A portion of the call. Please note that this call may be recorded. I will now hand the call over to Mr. Matt Calistri, Vice President of Corporate Strategy and Investor Relations. Please go ahead.

Thank you. Good morning, everyone. We appreciate you joining us for our first quarter 2022 earnings call. On today's call, you'll be hearing from Dr. Tony Coles, our chairperson and chief executive officer, Dr. Ray Sanchez, our chief medical officer, Dr. John Renger, our chief scientific officer, and Mark Bodenrader, our interim chief financial officer. Abe Cisse, our president, will join us for Q&A. During our call today, please refer to our press release from this morning, detailing our Q1 2022 performance, as well as our updated corporate presentation, both of which are available on our website. I would like to remind you that we will be making forward-looking statements that reflect our current views related to, among other things, the potential attributes and benefits of our product candidates and the format and timing of our product development activities and clinical trials. We strongly encourage you to review the information that we file with the SEC regarding specific risks and uncertainties. I will now hand the call over to Dr. Tony Coles, Chairperson and CEO of Cerevel, to provide an overview of our achievements and outlook.

Thanks, Matt, and good morning, everyone. Thank you for joining us on our first quarter 2022 business results call. Cerevel aspires to become the premier neuroscience company, and I'm really proud of the progress we've made to date. We've got the pipeline, the people, and the capital we need to deliver innovative solutions for people living with some of the most vexing and difficult to treat neuroscience diseases. These diseases not only affect patients, but their families and society at large, and we all know that the unmet medical need is clear. We take a unique approach to addressing that unmet need. We begin with a deep understanding of neurocircuitry or how the brain is wired. We then focus on receptor and subtype selectivity and utilize our knowledge of differentiated pharmacology to develop novel therapies through which we seek to transform what's possible in neuroscience. And our results speak to the benefits of our approach. When I spoke to you last quarter, we had just announced positive anxiety data for DERIGABAT, our selective alpha-235 GABA positive allosteric modulator, or PAM. And less than a year ago, We announced positive phase 1B data in schizophrenia for imraculidine, our M4 selective PAM, and we're forging ahead. We're on track to initiate two parallel adequately powered phase 2 trials of imraculidine in schizophrenia by mid-year 2022, and we continue to execute on our broad diverse pipeline of neuroscience drug candidates, And finally, we're growing our talented and very experienced team, primarily in R&D with a deep passion for innovation in neuroscience. Looking specifically at our pipeline, we anticipate five data readouts in 2023. In the first half of next year, we expect to have data from our Trapadon Phase III trial in late-stage Parkinson's. We also expect data from our ongoing CVL871 Phase 2A trial in dementia-related apathy. In mid-year 2023, we expect data from our Derigabat Phase 2 proof-of-concept trial in focal epilepsy, as we announced this morning. And in the second half of 2023, we expect data from our two Tavapidon Phase 3 trials in early-stage Parkinson's, which would complete what we expect is needed for the registrational package for that drug. We expect to follow this important set of milestones with data from our two recently announced phase two trials of Imraclidine with data results in schizophrenia in the first half of 2024. Cerebral is also in a strong financial position and we're well capitalized to support operations into 2024. As of the close of the first quarter, we had $551 million in cash, cash equivalents and marketable securities to which we added $37.5 million funding in April from the second annual payment of the Devapodon risk-sharing arrangement we entered into in 2021. Cerebellum is embarking upon an exciting period of growth, and I'm really looking forward to updating you on our many milestones in the future. I'll now turn the call over to Dr. Ray Sanchez, our Chief Medical Officer, to provide some additional details about our lead programs and anticipated readout timings. Ray?