Geron Corporation

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, then the number one on your telephone keypad. I would now like to turn the call over to David Borah, Head of Investor Relations. David, please go ahead.

Good morning, everyone. Welcome to Geron Corporation's second quarter 2025 earnings conference call. Before we begin, please note that during the course of this presentation and question and answer session, we will be making forward-looking statements regarding future events, performance, plans, expectations, and other projections, including those relating to the launch, commercial opportunity, therapeutic potential of Ritello, anticipated clinical and commercial events and related timelines, the sufficiency of Geron's financial resources, and other statements that are not historical facts. Actual events or results could differ materially. Therefore, I refer you to the discussion under the heading risk factors in Geron's most recent periodic report filed with the SEC, which identifies important factors that could cause actual results to differ materially from those contained in the forward-looking statements and our future updates to those risk factors. Geron undertakes no duty or obligation to update our forward-looking statements. With that, I'll turn the call over to Dawn Beer, Interim President and Chief Executive Officer.

Thank you, Dave, and good morning to everyone on the call. I'll begin on slide four. Earlier today, the company issued a press release announcing the appointment of Geron's new president and CEO, Harout Samirjian. He has joined today's call and will provide brief comments before we open the call for Q&A. I'm also joined by several members of our management team, Michelle Robertson, our Chief Financial Officer, Jim Ziegler, our Chief Commercial Officer, and Dr. Joseph Ede, our Executive Vice President of Research and Development. Our top priority remains the successful commercialization of Ritello in the United States. We are executing with precision across our enhanced and aligned commercial and medical affairs strategies established this past quarter. We see that they're beginning to translate into measurable results and believe that we have implemented the right strategies that will drive continued commercial success. Q2 Ritello net revenues were 49 million, representing an increase of approximately 24 percent over the first quarter. This was driven in part by increased demand from new patient starts. At the end of Q2, our inventory remained within our target range of two to four weeks. Last quarter, we outlined new strategic plans to bolster Ritello sales growth in the U.S. I'm happy to share that the team has been productively executing those strategies and very quickly implementing important initiatives. Today, Jim and Joe will provide an update highlighting these recent and significant advancements. Our first priority is to increase brand awareness among the highest decile of U.S. hematologists treating the greatest number of eligible lower-risk MDS patients. We have seen an increase in Ritello awareness, both aided and unaided among those physicians treating LRMDS patients. This is driven by GERON's wide-reaching and aligned commercial and medical affairs educational efforts. Our second priority is to ensure that physicians are not only aware of Ritello, but have a comprehensive understanding of how and where to prescribe confidently and successfully. We're pleased that our HCP market research in Q2 indicated a higher willingness to prescribe Ritello in the first 12 months of a patient's therapy, aligned with the approved label and NCCN guidelines. And our third priority is to expand U.S. KOL support and advocacy through aligned messaging, education, and engagement efforts. By expanding our commercial sales force and customer-facing roles by over 20% and doubling the size of our medical affairs organization, we believe that we're on track to achieve the KOL support warranted by Ritello's unique mechanism of action and differentiated therapeutic profile. Our new hires have completed training and are now deployed to educate and inform key accounts and HCPs. We expect to begin seeing their impact by year end. Jim will provide additional details on Ritello performance during the quarter. While still early in our execution, we're happy with how our sharpened commercial strategy and focus is showing early signs of success. We continue to keep a close eye on demand and sales trajectories and expect to make any necessary adjustments to ensure Ritello is being adequately and appropriately prescribed. Turning now to our European strategy, we continue activities to support launch and select EU markets next year. Jim and Joe will provide additional details later during this call. We are pleased with the recent enrollment momentum in the Phase 3 Impact MF trial and expect enrollment to be completed by year end. Today, Joe will provide more details on this trial, including recently presented data at several medical meetings. Lastly, in early March, I stepped into the role of interim president and CEO on request of the board of directors to lead the company at a critical time during the search for a new CEO. In less than six months, we quickly pivoted, resetting the path of the organization. We are confident that the important work that was done over the last two quarters now positions Jeron for future success. On behalf of Jeron's board of directors, I'm extremely pleased to welcome and to announce the appointment of Harout Simerjian as Jeron's new president and CEO. Harout is a seasoned commercial leader who brings more than 30 years of experience and focus within hematology and oncology and a vast network of deep relationships with important physicians and thought leaders in this space. I believe that Harout will complement Jeron's seasoned leadership team while leveraging his experience to drive shareholder value. I'll remain invested in and committed to Jeron's success as a member of the board of directors. I'll now turn the call over to Jim for a commercial update.

Thanks, Don, and good morning, everyone. Today, I will provide a second quarter commercial performance and progress update. Quarter over quarter demand growth in the second quarter was 17% higher compared to the first quarter. These promising second quarter results were delivered by our cross-functional team that is executing our plan of action. I want to acknowledge the sales leadership team for focusing on leading their teams and delivering results, all while recruiting, hiring, and training our expanded sales force. Our field teams are working together to transition accounts and relationships during this period of expansion and change. Looking forward, we expect the expanded team and planned initiatives to begin having an impact by year end. In addition to the net revenue and demand growth metrics, we are pleased to provide updates across previously reported performance indicators on slide seven. At the end of the second quarter, there were approximately 1,000 sites of care that have utilized Ritello launched to date. This is an increase of approximately 400 new sites since the beginning of the year. Of the accounts that previously ordered, approximately two-thirds have reordered in the second quarter. The rolling three-month claims data as of May 2025 estimates that approximately 30% of Ritello new patient starts were in first and second lines. As HCPs gain clinical experience with Ritello, we expect use in earlier lines to increase. Over time, we also expect our focus and execution on the commercial plan of action to support our efforts to increase use in earlier lines. We are encouraged by our recent market research that shows that when HCPs that are aware and informed, their likelihood to prescribe is strong. Therefore, we must execute our plan to increase awareness and educate HCPs on Ritello's strong product differentiation so their intent to treat translates into actual treatment decisions with Ritello. Payor access continues to strengthen with approximately 90% of U.S. covered lives now under favorable Ritello medical coverage policies that are consistent with the FDA label and or NCCN guidelines. This is an increase from 85% reported in the first quarter earnings call. We are pleased with this strong level of access, especially among top national payers. We remain focused on the successful commercialization of Ritello in the U.S. On slide eight, I will reinforce our commercial strategy and plan of action to drive continued growth. Our first priority is to increase Ritello brand awareness by increasing our presence and share a voice across HCP targets to treat the majority of lower-risk MDS patients. Last quarter, we announced an expansion of our customer-facing teams by more than 20% to improve our reach and message delivery, especially for higher-design HCPs to treat the greatest number of Ritello eligible lower-risk MDS patients. I am pleased to report that almost all of the commercial new hires, including the account managers, oncology clinical educators, and regional marketers, are now trained and deployed in the field. And we expect to see their impact by the end of the year. The hiring process was highly competitive, and we added very experienced and accomplished individuals who we expect to make a strong team even stronger. Some level of disruption is expected as we expand and regions and territories change. Our sales colleagues have demonstrated strong teamwork and communication to make these transitions as efficient and least disruptive as possible. We are also making incremental investments in the second half of 2025 towards community-based educational and outreach initiatives. These initiatives are designed to drive broad reach and awareness, especially for community HCPs who treat fewer lower-risk MDS patients and may not see a GERON team member as often. Our second priority is to improve HCP prescribing confidence and clarity by reinforcing Ritello's strong therapeutic profile and product differentiation, especially focusing on second-line post-ESA or ESA-ineligible patients to drive earlier use aligned with our approved label. We believe Ritello is a highly effective novel treatment with a strong label, favorable NCPN guidelines, and broad U.S. payer coverage. We are also making incremental investments in omni-channel initiatives designed to expand the reach of our key marketing messages for lower-risk MDS treaters and complement the messaging efforts of our sales team. Our third priority is to generate stronger KOL support and advocacy through engagement and education. Increased KOL advocacy is essential to building broader support and use of Ritello given the limited number of U.S. clinical trial investigators and patients who participated in the Phase III iMERGE trial. Our newly formed regional marketing team is hired and beginning to work with top KOLs in developing and executing -to-peer and community-focused education initiatives to support appropriate use for Ritello. In summary, our second quarter performance results reflect the strong execution by our cross-functional teams. Our patient-centric team has the conviction to help make Ritello accessible for treatment-eligible patients and, in doing so, delivered continued growth over the coming quarters and years. While we remain focused on U.S. launch performance, our three priorities in the EU remain HTA submissions, EAP programs, and commercial distribution. Pending favorable pricing and reimbursement, we intend to take a measured approach to commercialization in select EU4 countries and do not plan to launch Ritello in Europe independently. In the meantime, we maintain financial discipline in our investments for the planned EU4 launch. I will now turn the call over to Joe, who will provide a medical affairs and clinical development update.

Thank you, Jim. I'd like to start with a general update of the Medical Affairs Organization and highlight several important accomplishments from last quarter. During our last call, I mentioned the actions we are taking to enhance community awareness of Ritello, improve HCP confidence in how and where to prescribe, and bolster KOL advocacy within the lower-risk MDS-HCP community. Those initiatives are being successfully implemented, and we are receiving positive feedback across the board from our external stakeholders. We have doubled the size of our overall medical affairs team. We expanded the team to concentrate on payer-focused MSLs and restructured our publication planning and health economics outcomes research processes. We have a more streamlined and coordinated account management process, which is more efficiently aligned between our medical science liaison and commercial field teams. We are focusing on increasing HCP awareness of Ritello, particularly in the community setting and in academic centers that were not part of the Phase III pivotal trial. We are increasing our efforts to educate and inform the U.S. prescriber community and key thought leaders. Subsequently, we are seeing deeper involvement with high-priority HCPs and MSLs and a broadening support of Ritello within the MDS community. Switching now to the IMPACT MF Phase III trial in relapse refractory myelofibrosis, the study is now over 95% enrolled, and we expect the complete enrollment before the end of the year. As a reminder, this is the first MF trial where overall survival is the primary endpoint. Therefore, the timeline for interim and final analysis are tied to the number of death events. Based on current assumptions of death events, we expect the interim analysis to occur in the second half of 2026 and the final analysis in the second half of 2028. We will monitor the death events as the trial advances and make any changes to our assumptions on that basis. As we highlighted on our last call, we are very excited about the potential to expand in the TELSTAT in this indication. We have several presentations at the most recent American Society of Clinical Oncology annual meeting and at the European Hematology Association annual Congress, showcasing our progress with the myelofibrosis program and underscoring our confidence in telomerase inhibition as potentially transformative new mechanism of therapeutic action. We also had a handful of presentations highlighting new analyses on how Ritello has the potential to deliver meaningful benefits across a range of low-risk MDS patients. Having a strong presence at venues like ASCO and EHA is an important priority for G-ROM's medical affairs strategy and we are extremely pleased with the multitude of opportunities to highlight the incredible work the company is doing. We also plan to have a strong presence at ASH. With that, I'll hand the call to Michelle to review our Q2 financial results.

Thank you, Joe, and good morning, everyone. For detailed results from the second quarter, please refer to the press release we issued this morning, which is available on our website. As of June 30th, 2025, we had approximately 433 million in cash and multiple securities, compared to 503 million as of December 31st, 2024. Total net product revenue and total net revenue for the three months ended June 30th, 2025, were $49 million. As Ritello was approved by the FDA in June of 2024, there was only approximately 780,000 of net product revenue in Q2 of 2024. Growth to net remained in the mid-teens percent from Q1 to Q2 within the range of previous guidance. The increase in Ritello net revenues from Q1 to Q2 was driven by increased demand from new patient stocks. As of June 30th, 2025, our inventory was within our target range of two to four weeks. Recession development expenses for the three months ended June 30th, 2025, were $22 million, compared to $31 million for the same period in 2024. The change was primarily due to lower clinical trial costs associated with a decrease of activity in our iMERGE MDF study after FDA approval of Ritello in 2024, as well as manufacturing and quality costs that were capitalized in the current period now that Ritello is approved, versus being expensed in the prior period. Selling general and administrative expenses for the three months ended June 30th, 2025, were $39 million, roughly unchanged from the same period last year. For fiscal year 2025, we still expect our total operating expenses to be in the range of approximately $270 million to $285 million. This includes expenses associated with our continued investment in our Ritello commercialization strategy, investment in commercial supply redundancy, and post-marketing commitments, as well as preparations to launch Ritello in selected EU countries in 2026. Overall, we believe that GERON remains in a strong financial position to achieve our corporate objectives, with access to additional debt funding through our Pharmacon loan agreement. With that, I'm pleased to welcome Haru, who will provide brief remarks before opening the call for Q&A.

Thank you, Michelle, and good morning, everyone. I'm thrilled to be joining GERON at this pivotal time as we accelerate Ritello's promise to lower-risk MDS patients in need of new options. Over the last period, I was deeply impressed by the GERON team's commitment to the mission at hand, from the board of directors to the management and team at large. I look forward to connecting with our analysts and shareholders soon after my onboarding. Thank you, and with that, we will open the call for questions. Operator?

At this time, if you would like to ask a question, press star, then the number one on your telephone keypad. To withdraw your question, simply press star one again. We kindly ask that you limit your questions to one and one follow-up for today's call. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Tara Bancroft with TD Cohen. Please go ahead.

Hi. Good morning, and congrats on a great quarter, and we also want to offer a very warm welcome to Harut. Great to see you. So, my question is, if you can offer maybe how many active patients are now receiving Ritello, and, you know, I understand that 30% of new patients have been in the front and the second line, but I'm curious how much of that 17% increase in demand during Q2 was from true second line or front line patients, just to get an idea of any nearer term new messaging and outreach impacts that you're seeing. Thanks so much.

Hi, Tara. Good morning. It's Jim Ziegler here. As you know, in the buy-in bill market, we don't get perfect data, so we rely upon different methodologies to assess new patient starts. This could include market sizing reports from syndicated agencies, our specialty pharmacy, as well as patient chart audits. Based upon that, we estimate our number of new patient starts. So, if you use some simple math, because we don't have that data, of the 1,000 plus accounts that have prescribed Ritello today, and two-thirds of them have reordered in this previous quarter, you know the minimum threshold is going to be 600 plus patients. So, we use methodologies, but we don't report it, specifically because it's not perfect data.

Okay, yeah, I know that makes sense. And so, of that 17% increase in demand, you don't necessarily have that data for how many of those specifically are second-liner front-line patients, just to confirm that.

Not accurate data. We have good projections, and that's why we do some of the market research, and again, the syndicated data, which are shared on the call. Right now, the market sizing reports that we get suggest that first and second-line use is approximately 30%.

Okay, great,

yeah, thank you so much.

Thanks, Tara.

Your next question comes from the line of Peter Lawson with Barclays. Please go ahead.

Great, thanks so much. Thanks for all the updates. And Jim, maybe just on the back of Tara's question, just how sustainable is that 17% -over-quarter demand growth, and have a follow-up?

Sure. Peter, you know, we focus on our business drivers. The business drivers are new patients starts by line of therapy and duration of treatment. And as you know, for a product that's often approved in the relapse refractory setting, physicians tend to use it in later lines. As they gain confidence, they move into earlier lines. And that's what I would suggest that the market research data has shown us, that over the past couple of quarters, the intent to prescribe is high, and we're seeing positive trends over the past few quarters of physicians using Rytelamor in the first and second line. And I just reported that it was 30% approximately in this last survey.

Gotcha, thank you. Is there any additional data points around this kind of KOL scientific advisory strategy, like how many new KOLs were added into the efficacy group, or other data points you can share with us?

Sure, maybe I'll take the first part and then invite Joe to ask as well. So, KOLs are critical to our strategy. You know, given the limited number of KOLs that participated in the trial, we have a very concerted and appropriate effort against the KOL. So, as an example, we've taken some incremental budget, and we're increasing our KOL engagement, speaker programs, initiatives at large conferences and congresses, and efforts like -to-peer programs. We funded that, and they will be executed throughout the course of the year and into next year. And that's where, you know, we're placing a lot of our KOL efforts. Joe? Thanks, Jim.

And Peter, to give you a little bit more of the color, we obviously are engaging with scientific leaders of all backgrounds and stature. So, we have, you know, different tiering, if you will, where the engagement is also tailored to their interests, their needs, and our interests. And in that case, we have, you know, speakers, and we have advisory meetings, we have publications, we have study designs, and feedback that we collect insights from these various thought leaders. And that allows us, one, to manage our strategy well, to respond to their needs and their patient's need, but also allows us to set our clinical development strategy, our medical, you know, performance, and make sure that we are responding to the needs and enhancing knowledge and awareness in the community at all levels, with the community docs and academic physicians. And that's how we approach this from a medical point of view and clinical development.

Great. Thank you so much.

Your next question comes from the line of Faisal Hersheed with Learink Partners. Please go ahead.

Great. Thanks for taking the question. Allow me also to kind of extend my best wishes to Dawn, and also welcome to Haru. So, Jim, thank you for that overview of the commercial plan of action. Can I ask you to sort of comment on, like, diagnosing, like, what did you think was the biggest issue that held back the launch in, like, 4Q and 1Q? And then, consequentially, which of these strategies that you've employed in 2Q do you think had the biggest impact in the quarter and then going forward through the year as well?

Hi, Faisal. This is Dawn. I'll jump in real quickly and then turn it over to Jim. So, you know, as I entered the role, we quickly pivoted and identified strategies that we really believe are going to make a difference in the long term. Number one, of course, is increasing awareness of our product. Number two is ensuring that there's real comfort and clarity in prescribing. And number three, it's really engaging that KOL audience and gaining their support and their advocacy. And so, that quick pivot happened in March, and we're really pleased with what we're seeing today and really focused on moving forward. And so, Q2 was really encouraging. We expect that the efforts that are in place today will really play out over the next couple of quarters, and we expect to see long term consistent growth. And I'll turn it over to Jim to provide additional comments.

Thanks, Dawn. Just to build on Dawn's point and to share my confidence and enthusiasm going forward, on brand awareness, we conduct a lot of market research. What I can share with you is that when physicians are educated and informed about our product profile, there's a statistically significant difference in the brand perceptions along efficacy, safety, MOA. When physicians understand our product profile, their intention to prescribe is high. That gives us confidence, and we're starting to see that play out in some of the early data and the trends as we get hyper-focused on our strategy and the execution. Just a note on execution. All credit to our customer facing teams. The existing team, executing the existing plan of action, delivered the results that we just reported in the second quarter. The impact of the incremental sales team, as well as the incremental investments, will play out by the end of the year and end of next year. So that gives me tremendous confidence that we can execute and we can deliver the results that we all expect.

Dawn, and can I ask a follow up on duration of therapy? Because I know you've kind of said in the past that it was sort of tracking a little bit below where you'd like to see it. And now you're seeing the kind of, you know, proportion of utilization in front line and second line increasing nicely quarter over quarter. Do you have visibility on seeing that play out in duration of therapy quite yet, or is that something that you sort of need to like gather more data on?

Thanks. It's similar to my previous answer. In the buying bill, we don't get perfect position, and therefore patient level data. So again, we use different market research methodologies, SP data in our patient chart audits to assess that. I'll state what is intuitive and obvious, but I think it's helpful. In our iMERGE trial, we reported that the duration of treatment was 7.8 months. As you know, when physicians start a new therapy approved in the relapse refractory setting, they tend to start it in later lines. As you go from first to second, third line plus, not only does the number of patients generally decrease, but the duration of treatment or the duration of response tends to decrease. So remember, right now the majority of our patients are third line plus. But as I reported, we're starting to slowly move into the earlier lines as physicians gain confidence with Rytello.

Thank you for taking the questions.

Your next question comes from the line of Stephen Willey with Stiefel. Please go ahead.

Yeah, good morning. Thanks for taking the questions. Let me also extend a warm welcome to Harut. Just curious, maybe Jim, if there's anything that you can qualitatively say about early 3Q demand trends. I know you provided some color here on early second quarter trends on the last call. Just wondering if there's anything that you can say here that maybe dovetails with some of the improvement in metrics that you're seeing.

Sure. Thanks for the question. So as you know, claims data is available weekly to syndicated audience. We rely primarily on our own internal sales data. And what we see in both sources of data is that there can be some -to-week fluctuations, which is why we focus primarily on trends, rolling, you know, four-week, rolling eight-week, and increasingly rolling 13-week averages. Without sharing, you know, confidential information on the early trends, we have conscious optimism that we will continue to drive demand and execution going forward.

Okay. And then maybe just a quick question on myelofibrosis and enrollment. Has there been anything just rate limiting on the screen failure front? I guess if I look at clintrials.gov, I mean, you've got 200 plus sites that are open and activated. I think, you know, over the last 12 months, you've maybe enrolled about 80 patients or 25% of the trial. So is there a rate limiting factor here in terms of just your ability to accrue patients into this study?

I mean, at this juncture, obviously, there are no further obstacles. Usually, you see a hockey stick shape of enrollment where most of the difficulties are seen in the beginning when you're opening sites,

when

staff are being trained. That's where you see the highest level of screen fail. But as you progress in this study, and we are now at the tail end of that study, you see, you know, awareness of the protocol, the nuance of the inclusion and exclusion, so you see the drop in the screen failures. And we're seeing, you know, enrollment that is, you know, very strong to the point that we are very confident that this study will complete enrollment by year end.

All right. Thanks for taking the questions.

Your next question comes from the line of Gilgil Blum with Needham. Please go ahead.

Good morning, everyone. And let me also add my congratulations and love to Harut. So we kind of got at this question a little bit, but is there any anecdotes you can provide about the type of physicians that are currently prescribing Ritello in earlier lines? Any particular features there, you know, where they are, what their experience is like? Thank you.

Sure. I can provide some anecdotal information. So consistent with our label, we get some utilization in the ESA in eligible patients. We also get earlier line use when physicians have prescribed and have had patient success previously in later lines of therapy. Joe, do you want to add anything? Yeah.

I mean, if I understood your question, I mean, we're seeing prescribers in the community and in the academic centers. And we're seeing that awareness improvement over time. And, you know, I've said that on prior calls. Ritello is definitely a different class. It affects the disease, not just the symptoms. And we see the highest response from a hemoglobin point of view in the MDS therapeutic arena. And so all of these are attributes that physicians and patients are appreciating. And the more awareness and experience they have, the more progression we're seeing to increase the prescription, but also the setting in terms of line of setting that these patients are being treated with Ritello.

Thank you for taking my question. Maybe a quick follow on. When you don't see retention, is there any, you know, explanation that you're receiving from those centers or, you know, they just kind of fall off? Thank you.

Market research would suggest that some of the discontinuations might be from side opinions, but we see that as an opportunity to further educate physicians. And then I guess what we're most excited about is some of our data generation efforts to really help educate these physicians with our own internal data as well as, you know, potentially real world data going forward. So we're putting a significant effort to make sure that once we have a patient, that they have the best chance for outcomes and patient success.

Your next question comes from the line of Emily Bodner with HC Wainwright. Please go ahead. Hi, good morning.

Thanks for taking the questions and also some of my welcome to Haru. I guess along the line of questionings with the first line, second line usage, I'm curious what you think is kind of a realistic split that you can get to with first line, second line usage, first, third line. And if you have any, I guess, additional data you can discuss with what physicians are typically using ahead of Ritello for those third line use cases. Thank you.

Sure. If I give you our expectation and percentages around first and second line, I'd be in danger of giving guidance. So what I would say is that consistent with, you know, products approved in the later line, it is our intent and our objective to make sure that consistent with label, we have appropriate use in first line ESA and eligible patient population as well as ESA relapse refractory patients regardless of second line plus. In terms of data, you know, the most common use treatment out there isn't remains ESA. Of course, Luz-Patterson continues to grow, especially in first line with the command data. But regardless, we think we have a highly differentiated product, which again, consistent with label, we're going to compete for that ESA ineligible patient in first line and then the ESA relapse refractory patient because we believe we have a highly differentiated product. And again, as market research suggests, when physicians understand our product profile, their intention to prescribe is high and it's our obligation to make sure that we pull that through in our execution. Thanks, Emily.

Your next question comes from the line of Greg Harrison with Scotiabank. Please go ahead.

Hey, good morning. Thanks for taking the question. I wanted to ask how you're thinking about the EU commercialization strategy and if there are specific attributes you're maybe looking for in a partner and if you could also comment on the potential timing of an agreement that you may announce.

Great questions. Thanks, Greg. So I think maybe some context is helpful right up front. Only about half of the products approved in the US wind up commercializing XUS. Fundamentally, the biggest barrier is often the reimbursable rate that is achieved XUS. We're really no different. So our number one commercial priority is to make sure we secure the highest possible reimbursable rate. And as you know, in Europe, it's a country by country and negotiating efforts. So that's our top priority across the board. In terms of partners, we have engaged a number of different partners on every front, including HTA, EAP, and distribution. In terms of commercialization itself, what I want to reinforce is we are maintaining financial discipline in our investments. We're not building out ahead. We're going to make sure that we have strong reimbursement in the countries that matter most. And we're engaged with a partner right now that could potentially help us commercialize in the EU4 and in additional countries and regions should we get that favorable reimbursement. And that's where we're spending all of our commercial effort right now, which is getting strong reimbursement.

That's helpful. Thanks.

Thanks,

Greg.

Your next question comes from the line of Corrine Johnson with GS. Please go ahead.

Thanks.

Maybe a couple from us. You mentioned that 30% of the patients were second and first line in May. I was wondering if you could contextualize for us where that came from, maybe like the prior time you ran those metrics. And then I know you're recalibrating the sales team and you expect that to really start going through by year end, but I'm curious what leading metrics you're following to kind of understand how that recalibration is translating to improved demand. Thanks.

Sure. Hi, Corrine. Thanks. The source for this is outlined in the slide itself. So what we're using is the same source. It's IQVIA claims data based upon a rolling three month average. I will remind everyone that there's a lag in this data. So we just got the latest data which is met recently, which is how that number was calculated. So we use the same methodology, the same partner to assess the trends over time. In terms of the field force, I'm really excited about the...

Ladies and gentlemen, this is the operator.

Hi, Corrine. Hi, Corrine. Can you hear us? Operator, can you hear us? I can't.

Yeah. Let me just get you back.

Hi, Corrine. Can you hear us?

I can't. This is the operator. We can hear you, David.

Okay, great. I don't know where I lost you. So anyways, the Salesforce metrics that we look at obviously are sales performance at the regional and territory level. We look at obviously execution metrics like region frequency and calls on top targets and positions.

Hello?

Yeah, thanks. That concludes our question and answer session. I will now turn the call back over to David Borah for closing remarks.

I'd like to thank everybody for the time and attention today. And we look forward to meeting with you all soon. Thank you.

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.