Collegium Pharmaceutical, Inc.

Greetings. Welcome to the Collegium Pharmaceutical fourth quarter and full year 2025 earnings conference call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during this conference call, please press star zero on your telephone keypad. Please note this conference call is being recorded. I'll now turn the call over to Ian Karp, Head of Investor Relations at Collegium. Thank you. You may now begin. Great. Thanks.

Welcome to Collegium Pharmaceuticals' fourth quarter and full year 2025 earnings conference call. I'm joined today by Vikram Karnani, our President and Chief Executive Officer, Colleen Tupper, our Chief Financial Officer, and Scott Dreyer, our Chief Commercial Officer. Before we begin today's call, we want to remind participants that none of the information presented today is intended to be promotional and that any forward-looking statements made today are made pursuant to the safe harbor provision of the Private Security Litigation Reform Act of 1995. We are cautioned that such forward-looking statements involve risks and uncertainties as detailed in the company's periodic reports filed with the Securities and Exchange Commission. Our future results may differ materially from our current expectations discussed today. Our earnings press release and this call will include discussion of certain non-GAAP information. You can find our earnings press release, including relevant non-GAAP reconciliations, on our corporate website. And with that, I'll now turn the call over to our President and CEO, Vikram Karnani.

Thank you, Ian. Good morning, everyone, and thank you for joining our fourth quarter and full year 2025 earnings call. 2025 was a year of transformative growth for Collegium. We delivered robust financial results due to strong commercial execution and deployed capital strategically to support long-term value creation. Importantly, we made meaningful progress on our three strategic priorities, which include driving significant growth for Journée PM, maximizing the durability of our pain portfolio, and strategically deploying capital to further enhance shareholder value. In the fourth quarter, we saw continued momentum for Journée among prescribers and across our key patient populations, including pediatrics, adolescents, and adults. We were encouraged to see that once again, total Journée prescribers reached an all-time high in the quarter which is particularly impressive given that Journey first launched more than six years ago. This growth was supported by a strong back-to-school season, which began in Q3, as well as the positive impact from recent sales and marketing investments made throughout the year. In parallel, our pain portfolio continued to drive significant revenues with meaningful year-over-year growth in the fourth quarter. The continued performance of our pain portfolio enabled us to achieve record levels of both full year total revenues and adjusted EBITDA while generating significant cash flows to fuel our capital deployment strategy. Our dedication to patients and the communities we serve drives us every day, and it is the foundation of our success. And with our achievements comes a significant opportunity and responsibility to further support patients and give back to our communities. Yesterday, we published our 2025 ESG report which highlights the various ways we demonstrate our ongoing commitment to doing good as we do well. I encourage you to view this report now available on our corporate website. I want to thank the entire collegium team for their enduring commitment to operating with integrity and empathy as we deliver on our strategic priorities and serve patients who are at the forefront of everything we do. In 2025, we achieved record top and bottom line results, growing full year net revenues by 24% and adjusted EBITDA by 15%. Strong execution across the enterprise enabled us to achieve our annual financial guidance. In our first full year of Journey ownership, we drove significant growth in both prescriptions and revenue. Journey prescriptions grew by 20% year over year and generated 148.9 million in net revenue, up 48% compared to pro forma 2024 revenue. Our pain portfolio generated 631.7 million in 2025, up 6% year over year with all three of our core pain medicines delivering folio growth. The continued solid performance of our pain portfolio further reinforces our belief that these revenues will prove to be durable in the years ahead. In addition, we generated more than $329 million in cash from operations in 2025 and ended the year with over $386 million in cash, up approximately $224 million from the end of 2024. Our net leverage ratio is now less than one time, which was an ambitious target we set for ourselves earlier in 2025. Finally, we made great progress executing our capital deployment strategies, In December, we announced the closing of a $980 million syndicated credit facility, which significantly improves our interest rate and debt terms and provides additional flexibility as we continue to seek opportunities to expand and diversify our portfolio through BD. The successful closing of our first syndicated credit facility reflects the strength of our financial outlook and demonstrates our commitment to maintaining a strong balance sheet. Earlier in the year, we repurchased 25 million in shares through our share repurchase program, reinforcing the importance of repurchases as an important component of our capital deployment strategy. Turning out now to recent corporate updates, in keeping with our strategy of maximizing the life cycle of our pain portfolio and ensuring our medicines remain accessible to patients, in January, we announced supply and quality agreements with Hikma Pharmaceuticals in connection with our authorized generic agreement for Nusinta and Nusinta ER that was previously announced in 2024. This allows HICMA to launch authorized generics of the Nusinta products. HICMA recently launched an authorized generic of Nusinta and is expected to launch Nusinta ER in Q1, 2026. Our AG agreement provides us with significant profit share positioning us to maximize the value of the Nucinta franchise and compete effectively with third-party generics. We also continued to strengthen the clinical evidence supporting our portfolio, completing four real-world evidence studies for Jordan APM and three across our pain portfolio, generating meaningful new insights for healthcare professionals. We also supported investigator-initiated studies evaluating Jordan APM in adults, and in patients with comorbid psychiatric conditions, helping to expand understanding in patient populations of growing clinical interest. As we enter 2026, we remain focused on our top three priorities mentioned before, with the ultimate goal of improving the lives of patients and driving near and long-term value creation for our shareholders. First, we will build upon the progress we made in driving growth for Journée, In 2025, we accelerated Jornet's growth trajectory, delivering 20% growth in prescriptions and 48% growth in net revenue compared to pro forma 2024. As expected, we are starting to see the tangible benefits from the sales and marketing investments we made in 2025 to raise awareness of Jornet. These efforts included expanding our ADHD sales force and launching new commercial initiatives, which we expect will continue to drive momentum throughout 2026. As reflected in our 2026 guidance, we expect journey revenue of 190 to 200 million, representing more than 30% annual growth. Second, we will continue to maximize the durability of our pain portfolio. In 2025, our pain medicines delivered 6% growth in revenues and generated robust cash flows that enable us to further invest in our business and support our capital deployment strategy. And third, we remain committed to disciplined capital deployment. Our approach balances portfolio expansion and diversification through business development, debt repayment, and opportunistic share repurchases. Our new syndicated credit facility provides additional flexibility to further drive long-term value creation as we work to expand and diversify our portfolio of differentiated medicines. With our proven history of delivering results, we are well positioned for near and long-term growth in 2026 and beyond. Our pain portfolio provides a strong financial foundation from which we continue to invest in our business. That foundation is bolstered by Journey, a differentiated medicine with headroom for further meaningful growth, and that provides an anchor in neuropsychiatry and pediatrics from which we can continue to expand our portfolio. Our track record of successful business development, including our proven ability to rapidly integrate and invest behind newly acquired assets, provides a pathway for long-term value creation. And with that, I will now turn it over to Scott to discuss commercial highlights.

Thanks, Vikram, and good morning, everyone. Journée PM continued to perform well in the fourth quarter as we leveraged the momentum created in the third quarter and maximized the opportunity during back to school season. During the fourth quarter, we grew prescriptions, prescribers, and market share. Backed by strong brand differentiation and HCP perceptions, coupled with the growth trajectories just mentioned and our ongoing commercial investments, we're well positioned to drive additional growth for Journée again this year. Journée is a highly differentiated medicine and the only ADHD stimulant with once-daily evening dosing that provides symptom control upon awakening, through the afternoon, and into the evening. Many patients, including pediatrics, adolescents, and adults, report challenges starting their day, which is an area of key differentiation for Journée as it begins working when patients wake up in the morning. In addition to efficacy upon awakening, symptom control throughout the day is important for most patients because it can eliminate the need for an additional booster at school or work. And Journée delivers efficacy that lasts throughout the day. HCP perceptions of Journée continue to be highly positive. In market research, healthcare professionals rated Journée as the number one ADHD brand in terms of product differentiation, with a score that was more than double that of all other medicines in the same category. In addition, over 60% of HCPs indicated a strong intent to increase prescribing, which was the highest among all other branded ADHD medicines. We also know that if a patient or caregiver specifically asks to try Jornet, physicians typically honor that request. Our commercial team remains focused on increasing awareness of Jornet's unique and differentiated profile to further drive utilization, and we see opportunities to drive additional growth moving forward. In addition to raising awareness among HCPs, caregivers, and patients, other opportunities include initiatives to extend persistency and actions to further penetrate the adult market. Journée was the fastest-growing stimulant for the treatment of ADHD in the fourth quarter and full year 2025, delivering record prescriptions in both the quarter and the year. In the fourth quarter, over 200,000 prescriptions were written, up 16% year over year, and over 760,000 prescriptions were written in 2025, up 20% year over year. This performance reflects strong commercial execution throughout the year, including the critical back-to-school seasons. as well as early impact from the new sales and marketing investments we made in 2025. Our expanded ADHD Salesforce and new marketing campaigns were strategically in place ahead of the back to school season to maximize the opportunity during this time. And we continue to see their impact on prescriptions extending into the fourth quarter. In December, average weekly prescriptions were up to approximately 16,600 compared to 13,800 in July. an increase of 20%. We're excited to see that this momentum continued into January with average weekly prescriptions at approximately 16,800, which was particularly encouraging given the typical Q1 dynamics where there is seasonal pressure on volume due to annual deductible resets and higher out-of-pocket costs for patients. We expect strong prescription growth in 2026 as we continue to realize the full-year benefit of our expanded sales force and marketing campaigns. Journée's broad prescriber base also continued to grow, reaching an all-time high of over 29,000 in the fourth quarter, up 21% year over year. Not only are we seeing growth in new prescribers, but the depth of prescribing also increased throughout 2025, particularly with our targeted physicians. Journée's market share of the long-acting branded methylphenidate market grew to nearly 26% in the fourth quarter, up 6.5 percentage points year over year. Importantly, we saw growth across both patient segments of our business, pediatrics and adults. In the fourth quarter, the pediatric and adolescent segment, which represents about 80% of total prescriptions, grew 14% year over year. The adult segment, which represents about 20% of prescriptions, grew 24% year over year. We see additional opportunity in the adult market, including raising awareness among HCPs that their adult patient's unmet need for efficacy upon awakening is greater than they think. We remain focused on driving significant growth in Jornet by raising awareness and maintaining broad patient access. In 2025, we made targeted investments to increase awareness and adoption with an expanded set of prescribers and to raise caregiver and patient awareness so they ask their healthcare provider about Jornet. Our expanded sales team is targeting approximately 21,000 prescribers up from 17,000 prior to the expansion. Importantly, they are also increasing frequency of interactions with key healthcare providers. As we end 2025, the majority of targets we added as part of the expansion have written a prescription for Jornet, and their depth of prescribing increased by the end of the year. Building on our efforts from last year, we continue to launch new marketing campaigns aimed at raising awareness of Jornet among healthcare providers, patients, and caregivers. Our non-personal marketing efforts include a comprehensive and broad campaign that surrounds healthcare providers via web and social media content, supporting the efforts of our Salesforce to drive awareness of Journée's differentiated profile. During the back to school season spanning Q3 and Q4, we increased our investment in these critical non-personal promotional programs, reaching an additional 50,000 ADHD prescribers who fall outside of the Salesforce targeting efforts. In total, Our digital marketing actions target approximately 70,000 healthcare providers. In addition, we made significant and increased investment in digital marketing to activate adult patients and caregivers during the back-to-school season, as we know that their requests are one of the largest driving forces behind new prescriptions. Finally, we also focused on maintaining broad payer access for Journée. We're pleased to share that we've secured new formulary access under a major commercial healthcare plan which will be effective May 1st, increasing Journée's coverage by an estimated 4.5 million covered lives. Turning now to our pain portfolio, Collegium is the leader in responsible pain management with a unique and differentiated portfolio of medicines, Belbucum, Xtamsa ER, and the Nucenta franchise, which collectively represent approximately half of the branded ER market. Our pain portfolio is highly differentiated with strong brand fundamentals. Valbuca remains the only long-acting opioid medicine that uses buprenorphine buckle film technology. In market research, it was ranked as the number one branded ER opioid in terms of differentiation and favorability. Similarly, Xtamsa, the only extended-release oxycodone medicine that uses our proprietary best-in-class abuse deterrent technology, Deterax, was ranked as the number one ER oxycodone medicine in terms of differentiation and favorability. In the fourth quarter and full year 2025, we delivered strong performance in our pain portfolio, which continues to fuel the financial strength of our business. We grew combined revenues from our pain portfolio on a quarterly and full year basis, both up mid-single digits, and prescription performance was in line with our expectations, reinforcing our belief that the life cycle of these medicines may prove to be longer and more robust than is currently appreciated in the market. Average weekly prescriptions for both Belbuca and Xtamsa were particularly strong in October through December, generating positive momentum as we entered this year. Additionally, we continue to see a large, and in the case of Belbuca, growing prescriber base, despite these brands being later in the life cycle, further supporting our expectation of durability for both brands. As we've said before, we remain committed to maximizing the revenues from our pain portfolio while maintaining broad payer coverage. As a reminder, we expect both our ADHD and pain portfolios to be impacted by the typical first quarter dynamics when there's seasonal pressure on volume and gross to nets due to annual deductible resets and higher out-of-pocket costs for patients. This is in line with our expectations and reflected on our 2026 financial guidance. We enter 2026 from a position of strength as we remain focused on advancing our priorities for the year. We delivered another year of strong performance in 2025 across the entire portfolio. I'm proud of our commercial team's execution, which set us up to enter 2026 in a position of strength as we remain focused on advancing our priorities of growing Journee and maximizing the Payne portfolio. I'll now hand the call over to Colleen to discuss financial highlights.

Thanks, Scott. Good morning, everyone. I'm pleased to share that we have delivered another year of robust financial results and achieved our 2025 financial guidance. This accomplishment is a testament to the operational execution and financial discipline across our organization. Full year 2025 net revenues were a record $780.6 million, up 24% year over year. And adjusted EBITDA was a record $460.5 million, up 15% year over year. We also generated robust operating cash flows of $329.3 million and ended the year with $386.7 million in cash, cash equivalents, and marketable securities. Additional financial highlights for the fourth quarter and full year of 2025 include total net product revenues were $205.4 million in the quarter, up 13% year-over-year, and a record $780.6 million in 2025, up 24% year-over-year. Jornet PM net revenue was $45.9 million in the quarter, up 57% year-over-year, and $148.9 million in 2025, up 48% year-over-year, compared to pro forma 2024 revenue. Belbuca net revenue was $59.1 million in the quarter, up 7% year-over-year, and $221.7 million in 2025, up 5% year-over-year. Xtanza ER net revenue was $48.6 million in the quarter, down 6% year-over-year, and $199.3 million in 2025, up 4% year-over-year. Nuscenta franchise net revenue was $47.9 million in the quarter, up 15% year-over-year. and $196.3 million in 2025, up 11% year-over-year. Revenue from the Nusenta franchise increased year-over-year primarily due to profitability improvements from managing ghostinettes consistent with our payer strategy. Gap operating expenses were $67.6 million in the quarter, up 12% year-over-year. and $283.6 million in 2025, up 37% year-over-year. Non-GAAP adjusted operating expenses were $57.5 million in the quarter, up 13% year-over-year, and $237.3 million in 2025, up 58% year-over-year. The increase in operating expenses in 2025 reflects ongoing costs to commercialized journée, as well as the targeted investments we made to drive future growth. including the expansion of our sales force and new marketing campaigns. Gap net income was $17 million in the quarter, up 36% year-over-year, and $62.9 million in 2025, down 9% year-over-year. Note that gap net income in the quarter and full year was impacted by a one-time loss on extinguishment of debt of approximately $16 million related to the extinguishing of our prior debt and refinancing with our new syndicated credit facilities. Non-GAAP adjusted EBITDA was 127.3 million in the quarter, up 18% year-over-year, and a record 460.5 million in 2025, up 15% year-over-year. GAAP earnings per share was 54 cents basic and 46 cents diluted in the quarter, compared to 39 cents basic and 36 cents diluted in the prior year quarter. For the full year, GAAP earnings per share was $1.98 basic and $1.73 diluted compared to $2.14 basic and $1.86 diluted in the prior year. Non-GAAP adjusted earnings per share was $2.04 in the quarter compared to $1.77 in the prior year quarter. For the full year, non-GAAP adjusted earnings per share was $7.42 compared to $6.45 in the prior year. Please see our press release issued earlier today for a reconciliation of GAAP to non-GAAP results. As of December 31st, 2025, we have $386.7 million in cash, cash equivalents, and marketable securities, up $223.9 million from the end of 2024. We ended the year with net debt to adjusted EBITDA leverage of less than one time. We are reaffirming the 2026 financial guidance that was issued in January. We expect total product revenues in the range of 805 to 825 million. This represents a 4% increase year over year driven by journey growth and durable revenues from our pain portfolio. Our revenue guidance reflects that estimated impact of our authorized generic agreement with HICMA Our agreement with HICMA provides us with significant profit share, positioning us to maximize the value of the Nusinta franchise and compete effectively with third-party generics. Consistent with prior years and typical first-quarter dynamics that impact our industry, we expect a modest quarter-over-quarter decline in revenues in the first quarter of 2026 due to annual deductible resets that increase out-of-pocket costs for patients. We expect Jornet revenue to be in the range of $190 to $200 million, a 31% increase year over year. We ended 2025 with Jornet full-year gross to nets of about 64%, and we expect gross to nets in 2026 to remain stable in the mid-60% range. As a reminder, gross to nets tend to fluctuate on a quarterly basis, and we expect gross to nets to be highest in the first quarter and higher in the first half of the year compared to the second half. due to typical seasonal dynamics. We expect adjusted EBITDA in the range of $455 to $475 million, up 1% year over year. We remain committed to creating value for our shareholders through disciplined capital deployment. Our capital deployment strategy balances expansion and diversification through business development, debt repayment, and opportunistic share repurchases. As Vikram mentioned, we remain actively engaged in evaluating opportunities to further expand and diversify our portfolio through business development, which I will elaborate on in a moment. In December, we announced the successful closing of our first syndicated credit facility, underscoring the strength of our financial outlook. The $980 million credit facility will mature in 2030 and consist of $580 million initial term loan, $300 million delayed draw term loan, and $100 million revolving credit facility. The initial term loan was used to repay the $581 million balance of our previous $646 million term loan with the delayed draw term loan and revolving credit facility both currently undrawn. Our new credit facility significantly improves our interest rate and debt terms, which is expected to result in meaningful annualized interest savings. The credit facility also provides additional capital that can be used to fund future business development opportunities to drive long-term value for shareholders. In 2025, we return $25 million of value to shareholders through an accelerated share repurchase program. We have $150 million remaining in our current board-authorized repurchase program, which can be leveraged through December 31, 2026. We remain disciplined in our approach to business development and continue to evaluate assets that are commercial or near commercial with cost efficient sales and marketing requirements and exclusivity into the 2030s and beyond. We are focused on therapeutic areas where we can leverage our expertise and established infrastructure, including neuropsychiatry, pediatrics, and pain, while also remaining open to other specialty indications or rare diseases that are cost efficient assuming they offer a compelling path to building a franchise. I am confident in our ability to build upon this track record when the right opportunity arises. I will now turn the call back to Vikram.

Thank you, Colleen. 2025 was a year of strong execution for Collegium in which we achieved our financial commitments and delivered on our strategic priorities. We entered 2026 with great momentum and a clear focus on driving further growth for JourneyPM maximizing the durability of our pain portfolio, and strategically deploying capital. These priorities position us to create long-term value for our shareholders as we build a leading diversified biopharmaceutical company committed to improving the lives of patients living with serious medical conditions. I will now open up the call for questions. Operator?

Thank you. We'll now be conducting a question and answer session. If you'd like to ask a question at this time, you may press star 1 from your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star 2 if you'd like to withdraw your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. One moment, please, for our first question. Thank you. The first question is from the line of Les Soloski with Truist. Please proceed with your questions.

Hey, this is Jeevan on Perles. Thanks for taking our questions. What assumptions underlie 2026 journey guidance and how should we think about factors that could lead to upside? Also, have there been any competitive developments in the space that could impact journey demand? Thank you.

Yeah, thanks for the question, Jeevan. I think if I understood your question, We were asking what drives, what assumptions drive the 2026 guide for Journey. And I think as we've said before in our prepared remarks, we expect that growth to be driven by demand growth as we expect relative stability in growth to net between 2025 and 2026. And if you don't mind repeating your second question, that'd be helpful.

Yes, sure. Have there been any competitor developments in the ADHD market that could potentially impact journey demand?

You know, look, we monitor, you know, all the typical competitive dynamics in the market. We assess future launches that might be coming into this space. To date, we don't see real much material change, both in the forms of current dynamics or in future launches that could impact journey demand. As a reminder, Jone remains as one of the only differentiated medicines in this space, specifically because of our proprietary delivery technology, which makes meaningful impact for patients, particularly those that are dealing with morning challenges. And we don't expect that to be impacted any time in the future.

Thank you. Our next question is from the line of Brendan Folks with HC Wainwright. Please proceed with your question.

Hi, thanks for taking my questions and congrats on all the progress. Maybe just two from me. You know, I know you haven't given a peak sales range for Jornet, but can you just help us frame how you're thinking about the ramp to peak? Are you thinking about sort of a three to five year ramp to peak in your hands? And then secondly, within your center AG in the market, How promotionally sensitive is Bob Bucher and Xtamza at this stage of their life cycle? And how do you think about the commercial infrastructure behind those products today versus perhaps if a generic came to market on either one of those? What's your hurdle to pull back on investment there? Thank you.

Yeah, thanks for the question, Brandon. I'll take the Jornet PM peak sales question and then we'll have Scott maybe address the Nasinta question. So, You're right. We have not previously talked about Journey PM peak sales, primarily because we have, as I said before, we are continuing to invest in sales and marketing activities for Journey PM. And as a reminder, we expanded the sales team from 125 to 180 sales reps back in April last year. And we also said that It takes about six to nine months before you can truly start to see the impact of the expansion. We're right in that timeframe right now where we're starting to see the impact of the expanded team, and we expect that to continue throughout 2026. So I think once we have a better sense of what the impact of these commercial investments tend to be, we'll have a much better sense both of the peak opportunity as well as what that ramp looks like. So we look forward to keeping you updated on what Jornet looks like, both in terms of the peak and how fast we can get there. Now on the Nuscenta question, maybe I'll turn it over to Scott and Colleen to weigh in. I'll start, Brent.

I think your first thing was, as Nuscenta AG is here, how does that help us think about the Salesforce and as Bobucan exams are promotionally sensitive? And they're definitely mutually exclusive. Lucinda, later in LifeCircle, light promotional sensitivity. Belbuco and Xtamsa, high promotional sensitivity. It's a different situation, right? It's not one where it's competitive, so to speak, versus other sales forces, but it's a highly complex marketplace. And so our sales representatives are helping the offices navigate the payer environment and continue to change behavior. And so definitely promotionally sensitive. We need our team. And just as a reminder, it's highly efficient. We have 100 employees. in that sales organization that are supporting that $600 million plus revenue. So we think we're in a good spot there.

Yeah, Brandon, and I'll just add on, as we've said previously, you know, particularly our failed forces, as Scott just mentioned, is focused on Examsa and Belbuca, and we will invest through any of those potential LOE dates because we of the uncertainty, in the event an event were to occur, we can pivot pretty quickly and we have the ability to moderate investment there. And that's how we would approach that. And then I might just come back and just remind you on Jornay PM that the LOE is our base case IP is out to 2032. And given its differentiation, as you think about longevity, you should be thinking about that date.

Great. Thank you very much.

Thank you. As a reminder, to ask a question today, you may press star 1. The next question is from the line of David Amsel with Piper Sandler. Please receive your questions.

Hey, thanks. So just a couple for me. One on capital deployment. Vikram, I know you've talked about rare diseases in the past and certainly given your background. I'm wondering how you're thinking about it in terms of acquiring a rare disease focused asset that is on the market and using that as sort of a beachhead off of which you can add more rare disease assets where you would leverage a patient services and a reimbursement hub. I know that's something that obviously you have a lot of experience with, but is that something you're thinking about? Or are you leaning more into your existing therapeutic areas of expertise like psychiatry? So that's number one. And then secondly, just talk more generally about the Jornet Salesforce. There's always room to expand. ADHD is, of course, a big market, but how are you thinking about rightsizing of the Salesforce or potential for more expansion down the road, whether it's this year or next year? Thanks.

Thanks, David. On capital deployment, I think I'll remind everyone that our capital deployment, particularly from a BD standpoint, As we've said before, the types of assets we're looking at are commercial or near commercial, primarily U.S.-based that have LOEs into the 2030s and beyond. In an ideal world, we can get these assets in the areas where we have already made a significant commercial investment, right? So if you think about psychiatry and pediatrics, where with the Jornet PM sales force, we already call on a significant number of prescribers. That would be ideal so we can get significant operating leverage. Now, we've also said before that we're open to other potential areas, but they do need to be more capital efficient. And as you have rightly identified, rare disease tends to be one of those areas where it can be a bit more TA agnostic, but you can build a franchise that creates operating leverage from creating a significant commercialization approach. And one of them is the backbone of patient services, reimbursement hub, et cetera. As we've spoken before, both of those areas are attractive to us as we think about how we build our portfolio out for the future. In terms of the Jornet PM Salesforce expansion, I think what we previously said still holds true. When we expanded to 180 reps back in April, we did that because we believe that given the number of prescribers, given what the prescribing behavior looks like, and what the various deciles look like, we believe that 180 was the right number, and so we believe we're right-sized. Of course, down the road, if we feel that we need to expand more because we're only limiting our growth ourselves, then we will absolutely revisit that. But at this point in time, we believe 180 is the right number, and we look forward to seeing the momentum we're going to drive this year.

Okay. That's helpful. Thank you.

Thank you.

Thank you. At this time, I'll turn the floor back to Vikram for closing comments.

Well, thank you, everyone, for joining our call. Wish you a great rest of the day.

Thank you. This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation. Have a wonderful day.