NovoCure Limited

Good day and welcome to the NovoCure Q3 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 may be recorded. I would like to turn the call over to Adam Daney. Please go ahead.

Good morning, and thank you for joining us to review NovoCure's third 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.novacure.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 and 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 gap basis due to the inability to predict share-based compensation expenses contained in the reconciled gap measure net income without reasonable effort. Reconciliations of non-GAAP to GAAP financial measures are included in our press release, earnings slides, and in our Form 10-Q filed with the SEC today. These materials can be accessed from the Investor Relations page of our website. Following our prepared remarks, we will open the line for questions. I will now turn the call over to our Executive Chairman, Bill Doyle.

Thank you, Adam. This morning, Novocure reported results for the third quarter of 2026. This quarter was marked by solid execution. with continued momentum in our Optum Jio business and our promising launch of Optum Lua in Japan. We reached a record number of active patients on therapy, generated record high quarterly net revenue, and made strong progress on our path to profitability. We experienced headwinds in our Optum PACs launch this quarter, but remain committed to establishing TT Field therapy in the evolving PDAC standard of care. As we enter the final months of the year, we are on track to achieve our 2026 goals, and we believe we are well positioned to drive this positive momentum into 2027. I will begin this morning with a review of our Optune GEO and Optune Maya programs. Frank will provide an update on Optune Pax and Optune Lua, and Christoph will conclude our prepared remarks with a review of our third quarter financial results and updated guidance. We will then open the line for questions. Q3 was another strong quarter for our Optune Geo business. We finished the period with 4,729 GBM patients on therapy, an 11% increase year over year and our highest GBM active patient count to date. A notable feature of this growth cycle is the mix of contributions from both new and established markets. We continue to believe many more patients can benefit from OptumGio, and we are determined to find the avenues to reach them. Each of our active markets has opportunities to increase adoption in GBM, and our country-level teams are focused on improving outreach and targeting to connect with physicians and patients at the optimal points in their treatment journeys. OptuneGeo is a standard of care for newly diagnosed GBM, established on the foundation of the best-in-class clinical data for overall survival. And we're working to extend survival further. Our Phase III Keynote D58 clinical trial is evaluating adding the immunotherapy pembrolizumab to OptuneGeo and low-dose chemotherapy to diagnose glioblastoma. We've been pleased with the strong interest in D58 since launch, as physicians are eager to see whether concomitant use of TT fields in immunotherapy can improve survival in GBM further. D58 remains on track to complete enrollment by year end, and we look forward to sharing more information from this trial in the periods ahead. Turning to Opthun Maya. Our PMA application for the treatment of brain metastases from non-small cell lung cancer is under review with the FDA. As a reminder, this application is based on the data from the Phase 3 METIS trial, which showed a doubling in time to intracranial progression in patients on the TTF arm compared to control. We continue to expect a final decision on our PMA application by year end, with a potential launch in early 2027. As with our other launches, we expect to establish reimbursement within two years of launch. NovoCure continues to grow and evolve. We have reignited growth in our core GBM business and launched Optum, Lua, and Pax in multiple countries. With Maya, expect it to follow. We've established the infrastructure to service larger patient populations and have initiated structural changes to accelerate our transition to profitability. I'll now pass the call to Frank to discuss the ongoing launches of Optune Pax and Lua.