NovoCure Limited

good day and thank you for standing by welcome to the nova q1 2026 earnings call at this time all participants are in a listen only mode after the speaker's presentation there will be a question and answer session to ask a question during the session you will need to press star 1 1 on your telephone you will then hear an automated message advising that your hand is raised to withdraw your question please press star 1 1 again please be advised that today's conference is being recorded i would now like to hand the conference over to your first speaker today Adam Dainey, please go ahead.

Good morning, and thank you for joining us to review NovoCure's first quarter of 2026 financial performance. I'm joined on the phone today with our Executive Chairman, Bill Doyle, CEO, Frank Leonard, Chief Innovation and Medical Officer, Ori Weinberg, and CFO, Christoph Brockman. Other members of our Executive Leadership Team will be available for Q&A. For your reference, slides accompanying this earnings release can be found on our website, NovoCure.com. on the investor relations page under quarterly reports. Before we start, I would like to remind you that our discussions during this conference call will include forward-looking statements, and the actual results could differ materially from those projected in these statements. These statements involve a number of risks and uncertainties, some of which are beyond our control and are described from time to time in our SEC filings. We do not intend to update publicly any forward-looking statement except as required by law. Where appropriate, we will refer to non-GAAP financial measures to evaluate our business, specifically adjusted EBITDA, a measure of earnings before interest, taxes, depreciation, amortization, and share-based compensation. We believe adjusted EBITDA is an important metric as it removes the impact of earnings attributable to our capital structure, tax rate, and material non-cash items, and best reflects the financial value generated by our business. We do not provide forward-looking guidance for adjusted EBITDA on a GAAP basis, due to the inability to predict share-based compensation expenses contained in the reconciled GAAP measure net income without reasonable efforts. Reconciliations of non-GAAP to GAAP financial measures are included in the press release, earnings slides, and our Form 10-Q filed with the SEC today. These materials can all be accessed from the Investor Relations page on our website. Following our prepared remarks, we will open the line for your questions. I will now turn the call over to our Executive Chairman, Bill Doyle.

Thank you, Adam. This morning, we reported results for the first quarter of 2026, and I am pleased to say we've had a strong start to the year. Both active patients and net revenues grew with double-digit rates year over year. Our launch in pancreatic cancer is off to a promising start, and we are making progress on our journey to profitability. With a number of additional catalysts expected this year, we look forward to building on this strong first quarter. On today's call, we will begin with a review of our pancreatic cancer program. Frank will then provide an update on our GBM and lung cancer programs. Christoph will conclude with a review of our first quarter financial performance before we open the line for questions. The leading news in the quarter was the FDA approval and subsequent U.S. launch of Optune Pax for patients with locally advanced pancreatic cancer. Physician feedback has been positive since the Panova 3 data were presented and published at ASCO last year. There is broad recognition of the importance of the outcomes observed, including extensions in overall survival and time to pain progression. We believe Optune Pax can play a significant role in the treatment of pancreatic cancer, and we are pleased to be bringing Optune Pax to pancreatic cancer patients. The early days of our Optune Pax commercial launch have been encouraging. We received FDA approval on February 11th. In the seven weeks between the approval and quarter end, we certified 868 healthcare providers, 27 of whom are prescribers in academic centers, an exciting development as historically we've seen slower adoption of TT Fields therapy in academic centers. Through March 31, We've received 169 prescriptions and completed 90 patient starts. We ended the quarter with 83 patients on therapy and a backlog of starts in the funnel. We are also pleased to report our first major payer coverage policy for OptumPax with Elevance Health, covering over 30 million lives. It will take a few quarters to fully understand the OptumPax adoption curve and reimbursement dynamics, But again, the early signals are very encouraging. During the quarter, we also announced top line data from the Phase 2 Penova 4 trial, evaluating TT fields therapy together with atezolizumab and gemabraxane in metastatic pancreatic cancer. Penova 4 met its primary endpoint with a disease control rate of 74% compared to 48% in the historical control. Median duration of therapy was 25.6 weeks, a strong indication that TT Fields therapy is feasible for use in the metastatic population. As the pancreatic cancer treatment landscape evolves, we will evolve with it. After years of limited clinical success in pancreatic cancer, the medical community has seen positive outcomes in the Panova 3 and Panova 4 trials, and positive data from a trial testing the pan RAS inhibitor, Durexone RASID, in second-line metastatic pancreatic cancer. RAS inhibitors are likely to be an important backbone therapy in pancreatic cancer in the future, and we are working to understand the benefits of their concomitant use with tumor-treating fields. Earlier this month, at the American Association of Cancer Research, or AACR, annual congress, Two posters were presented which evaluated in vitro and in vivo use of TT fields with daraxone racin in pancreatic cancer models. The data presented show that KRAS inhibition, which blocks upstream oncogenic signaling, and the downregulation of the CMIC protein caused by TT fields produce greater antitumor activity when used together compared to either therapy used alone. These data are promising, warrant clinical investigation, and will be important inputs as we consider the next steps in our pancreatic cancer program. Finally, a quick update on our product development initiatives. Over the last year, we've launched a number of product enhancements aimed at making TPfields therapy easier for patients and prescribers. This includes an HCP portal, which simplifies the prescription process, lighter, more flexible, more comfortable HFE arrays for Optune GIA, a mobile app to help patients and caregivers navigate their TT fields experience. We are starting to see the fruits of these enhancements in our 90-day persistent rate, which hovered below 70% as recently as 2024. In 2025, we have seen quarterly persistent rates tick up to 73%. Our next major product improvement will be a new array for the torso. We are now finalizing the design, which will be compatible with Optune Pax and Optune Lua. The new arrays are designed to make major improvements in comfort and usability. We also expect these arrays to be more cost-effective to manufacture. We have completed usability testing in healthy volunteers and are evaluating performance in non-small cell lung cancer patients. Our next game is to have the newer arrays available for use in future pancreatic and lung cancer clinical trials by year end. I'll now pass the call over to Frank for an update on our GBM and lung cancer programs.