Harmony Biosciences Holdings, Inc.

Performance in the court reflects the strong underlying demand for WCAG, partially offset by the seasonal market access headwinds the industry sees at the start of every year. Cost of goods or products sold was 20.7% of net sales in comparison with 17.3% one year ago. This year-over-year increase in cost of products sold as a percentage of net revenue was almost entirely driven by new royalties related to the Novidium License Agreement. providing new development opportunities in broader CNS indications. We reported total operating expenses for the first quarter of $133.6 million compared to $96.5 million in the same quarter in 2025. The growth in expenses reflects continued investment in R&D and ongoing investments in the commercialization of weight fixing and narcolepsy. These operating expenses also include the costs associated with upfront licensing fees of $32 million or $0.45 per share on a fully taxed basis related to the amorphous license agreements. Without these costs, operating expenses were up around 5%. Gap net income for the first quarter of 2026 was $32.5 million or $0.55 per share. This compares with $45.6 million, or $0.78 per share. Of course, that includes $0.45 in costs related to the in-license of the amorphous form of Pitocin and new development opportunities. We ended the first quarter with $870.5 million in cash and cash equivalents. Cash flow generation in the quarter was muted by the licensing fees and a large reduction in accrued expenses and a modest reduction of debt. We ended the quarter with $160 million in debt, cash flow generation will reaccelerate in the coming quarters. That said, it's our intent to deploy cash into business development with the objectives of enhancing revenues in the 2028 to 2032 timeframe, consistent with our four key pillars of value creation for shareholders. And with that, I'd like to turn the call over to Jeff for his closing remarks. Jeff?

Thank you, Glenn. And again, welcome to the team. In closing, I have shared with you our four pillars of value creation that we feel matter most to investors and will serve as the framework by which our performance will be measured. First, protect the Pitocin franchise into the 2030s. Second, continued growth of the Pitocin franchise in an evolving market. Third, drive value from our robust pipeline centered around BP205, our potential best-in-class orexin-2 agonist. And last, a renewed emphasis on business development with our goal to transact. We believe when we execute on these four strategic pillars, we will be well-positioned to bring innovative treatments to patients with unmet medical needs while driving sustained long-term value for our shareholders. Thank you for your attention. I will now turn the call back over to the operator for Q&A. Operator?

Thank you. At this time, I would like to remind everyone, in order to ask a question, press star then the number one on your telephone keypad. Again, that will be star one on your telephone keypad. We will pause for just a moment to compile the Q&A roster. We have the first question comes on the line of David Anselm of Piper Sanders. Your line is now open. You may ask your question.