NovoCure Limited

Good day and welcome to NovoCure's second quarter 2026 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, you will need to press star 1-1 on your touchtone telephone. Please note this call is being recorded. I would like to turn the call over to Adam Dainey, Head of Investor Relations. Please go ahead.

Good morning. Good morning. Thank you. And thank you for joining us to review NovoCure's second quarter 2026 performance. I'm joined on the phone today by our Executive Chairman Bill Doyle, CEO Frank Leonard, Chief Innovation and Medical Officer Uri Weinberg, and CFO Christoph Brackmann. For your reference, slides accompanying this earnings release can be found on our website, www.novocure.com, on the Investor Relations page under Quarterly Results. Before we start, I would like to remind you that our discussions during this conference call will include forward-looking statements and 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 our press release, earnings slides, and our Form 10-Q filed with the SEC today. These materials can also be accessed from the Investor Relations page of our website. Following our prepared remarks this morning, 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 our second quarter 2026 results, and I am pleased to say this was our strongest commercial quarter to date. With record net revenues and active patients on therapy, we continue to build on the momentum of the first quarter and have also made meaningful progress on our path to profitability. I will begin this morning with a review of our commercial results. Frank will then provide an update on our clinical strategy. Christoph will conclude our prepared remarks with a review of our quarterly financial performance before we open the line for questions. All three of our approved products contributed to our commercial performance this quarter. Starting with OptuneGeo, we finished the quarter with 4,636 active patients on therapy, an increase of 11% year over year. A key driver this quarter was U.S. growth, where active patients increased 8% year over year. In recent years, we have implemented a number of strategic and structural changes to our U.S. commercial operations that are now bearing fruit. We also saw double-digit year-over-year growth in Germany, Japan, and in our global markets group. We are pleased with the Optune Pax launch to date. We received 418 prescriptions in the quarter and 285 Optune Pax patients were on therapy as of June 30. We have successfully completed our early launch objectives to engage, train, and support prescribers who are familiar with Optum Pax from pre-approval clinical presentations of the Panova 3 results. We were encouraged by the adoption of Optum Pax at both academic and community practices. From here, our teams will focus on generating consistent repeat prescriptions and engaging physicians who may be less familiar with the clinical data supporting use of OptumPax. To close on the US OptumPax launch, I note that our interactions at this year's ASCO conference confirmed that the Panova3 survival data is viewed as important and relevant for patients with locally advanced pancreatic cancer. Earlier this month, We received CE Mark for OptinPax for the treatment of adult patients with locally advanced pancreatic cancer of exocrine origin concomitant with gemcitabine and nabpaclitaxel in accordance with local guidelines. We have since finalized labeling and registration in Germany and begun certifying prescribers. The reference to local guidelines in our label reflects the fact that nabpaclitaxel is not approved for locally advanced pancreatic cancer at the EU level, whereas nabpaclitaxel is recommended for use in the country-level clinical guidelines of many European countries. Turning to OptumLua, we finished the period with 207 patients on therapy. The early signals from the Japan launch are consistent with our previously stated expectation that clinical practice patterns in Japan align more closely with our label than other OptumLua markets. As a reminder, we received national reimbursement in March and began certifying physicians soon after. As of June 30, we had 64 OptumLua patients on therapy in Japan. We are still in the early phase of the launch in Japan. While the established reimbursement policy covers all Japanese patients, additional contracting is required at each treatment site. As more hospitals and prescribers are contracted in the coming quarters, we expect Japan to be our leading Optune Lua market. Finally, the FDA review of Optune Maya for the treatment of brain metastases from non-small cell lung cancer remains on track for a Q4 decision. Earlier this month, the NCCN updated guidelines for the treatment of brain metastases and included Optune Maya as a category 2A recommended treatment option for patients with limited brain metastases from non-small cell lung cancer without targetable mutations. We are pleased that the NCCN opted to include TT Fields therapy and believe this will be helpful for a future launch pending FDA approval. With three devices launched and a fourth under FDA review, we are in the favorable position of having multiple products contributing to growth in the coming years. We are focused on achieving the regulatory and market access milestones required to bring tumor treating fields therapy to more cancer patients in more regions as quickly as possible. Frank will now walk through some of the updates to our clinical programs.