Puma Biotechnology Inc

Good afternoon. My name is Sherry and I will be your conference call operator today. At this time all participants are in a listen only mode. After the speaker's formal remarks there will be a question and answer session. If you would like to ask a question during that time simply press the star key then the number one on your telephone keypad. If you would like to withdraw your questions please press star two. If you should require operator assistance during the conference please press star zero. As a reminder this call is being recorded. I would now like to turn the conference over to Marianne O'Hanison, Senior Director of Invest Relations for Puma Biotechnology. Thank you. You may begin your conference.

Thank you Sherry. Good afternoon and welcome to Puma's conference call to discuss our earnings results for the first quarter of 2025. Joining me on the call today are Ellen Hauerbach, Chief Executive Officer, President and Chairman of the Board of Puma Biotechnology, Maximo Noguez, Chief Financial Officer, Jeff Ludwig, Chief Commercial Officer, Heather Blaber, Vice President of Marketing and Jeff Storms, Vice President of Sales. After the close today Puma issued a news release detailing earnings results for first quarter 2025. That is why the webcast of this call are accessible via the home page and investor sections of our website at pumabiotechnology.com. The webcast and presentation slides will be archived on our website and available for replay for the next 90 days. Today's conference call will include statements about Puma's future expectations, plans and prospects that constitute forward looking statements for purposes of federal securities laws. Such statements are subject to risks and uncertainties and actual events and results may differ from those expressed in these forward looking statements. For a full discussion of these risks and uncertainties please review our periodic and current reports filed with the SEC from time to time including our annual report on informed tan cave over the years, December 31, 2024. You are cautioned not to place undue reliance on these forward looking statements which speak only as the date of this live conference call, May 8, 2025. Puma undertakes no obligation to revise or update any forward looking statements to reflect events or circumstances after the date of this conference call except as required by law. During today's call we may refer to certain non-GAAP financial measures that involve adjustments to our GAAP figures. We believe these non-GAAP metrics may be useful to investors as a supplement to but not a substitute for our GAAP financial measures. Please refer to our first quarter 2025 earnings release for reconciliation of our GAAP to non-GAAP results. I will now turn the call over to Alan.

Thank you Mary Ann and thank you all for joining our call today. Today Puma reported total revenue for the first quarter of 2025 of $46.0 million. Total revenue includes product revenue net which consists entirely of Neuralink sales as well as royalties from our sublicensees. Product revenue net was $43.1 million in the first quarter of 2025, a decline from the $54.4 million reported in Q4 2024 and an increase from the $40.3 million reported in Q1 of 2024. Product revenue for the first quarter of 2025 was impacted by approximately $4.7 million of inventory decrease at our specialty pharmacies and specialty distributors. Royalty revenue was $2.9 million in the first quarter of 2025 compared to $4.7 million in Q4 2024 and $3.5 million in Q1 2024. We reported 2,338 bottles of Neuralinks sold in the first quarter of 2025, a decrease of 626 from the 2,964 bottles sold in Q4 2024. In Q1 25 we estimate that inventory decreased by 251 bottles. In Q1 2025 new prescriptions or NRX were up approximately 6% compared to Q4 2024 and total prescriptions were down approximately 9% compared to Q4 2024. Jeff will provide further details in his comments and slides. I will now provide a clinical review of the quarter. Then Jeff Ludwig as well as Heather Blaber and Roger Storms will add additional color on Neuralinks commercial activities. Maximo Noguez will follow with highlights of the key components of our financial statements for the first quarter of 2025. The recent American Association for Cancer Research or AACR annual meeting, interim data from an ongoing Phase I trial, which is NCT05372 that is sponsored by the National Cancer Institute, evaluating the combination of Duratnib and FAM-Trestuzumab dirustican or in HER2 in patients with metastatic solid tumors was presented. The Phase I data includes patients with metastatic solid tumors harboring HER2 overexpression, IHC3+, HERB2 amplifications, or activating HER2 mutations. In the poster presentation, 20 patients received study treatments. Dose level 1 had 7 patients, dose level 2 had 4 patients, dose level 3 had 9 patients. The most common treatment emergent adverse events of any grade included nausea, N equals 15 or 75%, diarrhea, N equals 15 or 75%, fatigue, N equals 13 or 65%, and hypokalemia, N equals 11 or 55%. Grade 3 treatment emergent adverse events that occurred in more than 2 patients included anemia, N equals 6 or 30%, diarrhea, N equals 4 or 20%, and hypokalemia, N equals 3 or 15%. The only grade 4 treatment related adverse event was neutropenia that incurred 1 patient, which was 5%, 1 DLT, which was acute kidney injury, was observed at dose level 1. No DLTs were observed at dose level 2, and 1 DLT was observed, which was fatigue, leading to early discontinuation at dose level 3. 3 patients developed grade 1 pneumonitis or interstitial lung disease, ILD, 2 patients at dose level 1, and 1 at dose level 3. The proportion of reported treatment emergent adverse events was lower at higher doses. Of the 15 response valuable patients by resist, 4 patients had a partial response, including patients with gastroesophageal, which was N equals 2, and it was 1 HER2 positive IHC3+, and 1 HER2 mutated. Pancreatic, which was 1 patient, who was an IHC3+, and ovarian, which was 1 patient, who was also a 3+, and the ovarian was a confirmed response. Most patients with advanced pancreatic cancer were observed to have tumor regression, 1 PR for 13 cycles, which is ongoing, and 2 with stable disease, consisting of 1 patient with a .4% tumor regression for 9 cycles, and 1 patient with a .3% regression for 8 cycles. Dose level 3, which consisted of tristosomal dirustican at 5.4 mgs per Kg, and neratin at about 120 mgs in week 1, 160 in week 2, and 240 in week 3 and onward, was selected as the recommended phase 2 dose. Part 2 of the study, which consists of a pharmacodynamic evaluation of tristosomal dirustican with neratin in 12 patients, open to enrollment in March of 2025. Patients with advanced solid tumor and HER2 amplification or overexpression or a HER2 mutation will be enrolled. We look forward to updated data from the trial to be presented likely in 2026. In addition, PUMAL currently has two ongoing phase 2 studies of our investigational drug Allocertib, the ALISCA breast 1 trial, which is a phase 2 trial of Allocertib in combination with endocrine treatment in patients with HER2-negative hormone receptor positive metastatic breast cancer, and ALISCA lung 1, which is a phase 2 study looking at the efficacy of Allocertib monotherapy in patients with small cell lung cancer. As a reminder, the ALISCA breast 1 trial investigates Allocertib in combination with endocrine treatment, which consists of either anastazol, exomestane, lechazol, fulvestrient, or tamoxifen in patients with HER2-negative hormone receptor positive metastatic breast cancer. Patients must be chemotherapy naive, have been previously treated with CDK46 inhibitors, and received at least two prior lines of endocrine therapy in the recurrent or metastatic setting to be eligible for the trial. Patients are being dosed with Allocertib given at either 30 mgs, 40 mgs, or 50 mgs twice daily BID on days 1 to 3, 8 to 10, and 15 to 17 on a 28-day cycle in combination with the endocrine therapy of the investigator's choice. Patients must not have been previously treated with the endocrine treatment in the metastatic setting that is being given in combination with Allocertib in the trial. Primary efficacy endpoints will include objective response rate, duration of response, disease control rate, and progression fee survival. As a secondary objective, the company will be evaluating each of these efficacy endpoints within biomarker subgroups in order to determine whether any biomarker subgroup correlates with better efficacy as has been seen in the preclinical and clinical studies in other cancers including breast cancer and small cell lung cancer. The company will then look to focus the future clinical development of Allocertib in combination with endocrine for patients with HER2-negative hormone receptor positive breast cancer in patients with these biomarkers. The trial was initiated in late November 2024. There are currently 26 sites in the US and 12 sites in Europe that have been activated for the trial, and the trial is enrolling ahead of expectations. There are currently 28 patients enrolled in the trial, one expected to be enrolled this week, and six additional patients in screening. We are looking to have interim data from this trial later in 2025. With respect to the ALISCA Lung Study, as discussed in the last conference call, the company believes that the data obtained to date from the ALISCA Lung 1 trial is providing a preliminary indication of potentially better activity in patients with biomarkers where the Aurora kinase pathway plays a role. The most recent analysis of the pharmacokinetic data from the ALISCA Lung 1 trial suggests that we are seeing a lower PK of Allocertib in the ALISCA Lung trial compared to the previous Phase 2 study of Allocertib monotherapy in small cell lung cancer patients that was published in the Lancet Oncology. The company is in the process of amending the protocol to increase the dose of Allocertib from 50 mgs to 60 mgs, which the company believes will increase the PK of the drug to levels closer to what was seen in the prior Phase 2 trial. The company looks to have additional interim data from this trial later in 2025. As mentioned on prior earnings calls and in response to investor questions, PUMMA continues to evaluate several drugs potentially in license or acquire that would allow the company to diversify itself and leverage PUMMA's existing R&D, regulatory and commercial infrastructure. The company will keep investors updated on this as it progresses. I will now turn the call over to Jeff Ludwig, PUMMA's Chief Commercial Officer, for a view of our commercial performance during the quarter.

Thanks, Alan. Appreciate it. And thanks to everyone for joining our first quarter earnings call. Before I move into the commercial review, just a reminder that I will be making forward-looking statements. The commercial team remains focused on expanding the utilization of Neuralynx with a primary emphasis on patients who are at increased risk of reoccurrence. The marketing team has recently revised the core sales aid aligned with this strategy. In addition, the team has continued their emphasis on improving clinical education and engagement through non-personal promotion and developed a new patient resource brochure designed to improve persistence and compliance throughout a patient's Neuralynx therapy. The sales team is working very hard on expanding overall HCP reach and frequency with an emphasis on increasing engagement when treatment decisions are being made. In Q1 of 2025, call activity was flat year over year and down about 2% quarter over quarter driven by an increased number of vacancies. We expect that trend to improve as these vacancies are filled. Heather Blaber of VPM marketing and Roger Storms of VPS sales have joined us during this call and will add some additional details in a few moments. Let me now transition to some of the commercial slides where I will provide some additional specifics around performance. Slide 3 is an illustration of a distribution model which is broken out into the specialty pharmacy channel and the specialty distributor or in-office dispensing channel. In regards to the overall distribution of our business, in Q1 of 2025, about 67% of our business was purchased through the SP channel and the remaining 33% was purchased through the SD channel. We are seeing some stronger growth in the SD channel driven by two main factors. Number one, increased sales in the GPO segment and two, some increasing 340B purchasing. Turning to slide 4, NERLINK's net revenue in Q1 of 2025 was $43.1 million which represents a decline of about $11.3 million from the $54.4 million we reported in Q4 of 2024 and an increase of $2.8 million from the $40.3 million we reported in Q1 of 2024. The significant change in quarterly revenue was driven largely by anticipated seasonal inventory changes and higher gross to net expenses in the prior quarter. I will provide some more details around inventory changes and Maximo will provide some additional specifics around gross to net expenses during his update. In Q1 of 2025, we estimate that inventory decreased by about $4.7 million. As a comparator, we estimate that inventory increased by about $3.7 million in Q4 of 2024 and decreased by about $2 million in Q1 of 2024. Slide 5 shows Q1 2025 X factory bottle sales and also provides a year over year and a quarter over quarter comparison. In Q1 of 2025, NERLINK's X factory bottle sales were $2,338 which represents an approximate 21% decrease quarter over quarter and a 3% decrease year over year. It is typical for us to see inventory increase in Q4 and then subsequently decline in Q1. Similar to the prior slide, let me specifically call out the inventory changes from a bottle perspective. In Q1 of 2025, we estimate that inventory decreased by 251 bottles. As a comparator, we estimate that increased by 204 bottles in Q4 of 2024 and decreased by 120 bottles in Q1 of 2024. Let me take a moment to provide some additional metrics regarding our first quarter performance and then I'll turn the call over to Heather and Roger to share their insights into sales and marketing. In Q1, we saw enrollments increase about 6% quarter over quarter but decline about 8% year over year. We have seen some continued enrollment softness in April which we are monitoring very closely. New patient starts or NRX followed a similar pattern, growing about 6% quarter over quarter but declining about 7% year over year. Turning to total prescriptions or TRX, we saw a TRX decline of about 9% quarter over quarter and a decline of about 3% year over year. Finally, let me share some specifics around demand. In Q1, we saw demand decline about 6% quarter over quarter but increase about 2% year over year. As mentioned earlier, we have seen stronger demand growth in the SD channel where we saw SD demand grow about 4% quarter over quarter and about 14% year over year. Let me now turn the call over to Heather and Roger for some additional insights. Why don't we start with Heather Blaber, our VP of marketing. Heather, the floor is yours.

Heather Blaber Thanks, Jeff. I appreciate the opportunity to be on this call and share some more insights into the marketing strategy and execution. As Jeff mentioned earlier, the marketing team is focused on increasing the utilization of Neuralynx with a focus on patients who are at continued risk of recurrence. We recently conducted several focus groups with community oncologists to better understand patient risk factors that are most concerning to physicians and to garner feedback on some more recent publications regarding the overall risk of recurrence. We have utilized those insights to update and revise our core sales aid and messaging with the goal of engaging physicians on a broader set of patients where the risk of recurrence is where we believe that Neuralynx can play an important role in helping to reduce that risk. In addition to revising the core sales aid and messaging, we have also recently rolled out a new patient education resource designed to better support our patients throughout their recommended course of Neuralynx therapy. This educational resource will be provided to patients on a overall share of voice. The marketing team works very closely with our field leadership team to increase the engagement with oncologists through our non-personal promotion, both branded and unbranded messaging. Our non-personal promotion efforts target a very broad group of oncologists and we are continually evaluating new partners and new approaches that will enhance these efforts. I know our sales team is also heavily focused on increasing engagements with health care providers so now I would like to take the opportunity to turn it over to our Vice President of Sales, Roger Storms, to provide some additional insights and perspectives. Roger?

Thanks Heather. I also appreciate the opportunity to participate on the call and share my perspective. I joined PUMM in December of last year so I'm still relatively new but I'm very excited to be here and passionate about finding ways to better support her two positive breast cancer patients. My focus is on executional excellence and expanding overall share of voice. As previously mentioned, our Q1 call activity was flat year over year and down about 2% quarter over quarter driven by a higher vacancy rate. My expectation is that we will see an increase in our overall reach and frequency driven by reduction in these vacancies as well as better overall execution. I'm happy to say that we've made good progress on our openings and have brought in strong talent with both breast cancer experience and established relationships with key customers. In regards to executional excellence, we are focused on helping our sales reps get in front of more customers with the goal of increasing engagement when clinical decisions are being made. We're utilizing claims data, non-personal promotion feedback, and piloting predictive analytics to help our teams prioritize their time and maximize their impact. Early feedback on the new marketing core sales aid has been positive and allows my team to discuss a broad group of patients which is aligned with our goal of increasing the utilization of Neuralynx.

Thanks Roger and thanks Heather for providing additional specifics and insights. Let me wrap up with just a few more slides then I'll turn the call over to Maximo for a more detailed financial review. Turning to slide six, slide six highlights quarterly adoption of dose escalation since Neuralynx launch. In Q1 approximately 72% of patients started Neuralynx at a reduced dose.

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is similar to the 74% we reported in Q4 of 2024. Continued messaging and adoption of dose escalation remains an important commercial priority. Patients who are started on Neuralynx utilizing dose escalation have better persistence and compliance. We believe dose escalation coupled with the new patient education resource Heather discussed will give patients better support throughout their Neuralynx therapy and ultimately help them reduce the risk of reoccurrence. Slide seven highlights the strategic collaborations we have formed across the globe. In Q1 of 2025 Neuralynx was launched in Libya in the extended management setting and we signed a distribution agreement with IRCAM for select countries in Eastern Europe and Central Asia. We really appreciate the excellent work being done by our partners around the globe and look forward to supporting their continued success moving forward. Let me wrap up by thanking the entire Pumper team once again for the continued passion and commitment for helping patients and their families battling breast cancer. This disease can have devastating effects and we know more can be done and more needs to be done. I'll now turn the call over to Maximo for a review of our full financial results. Maximo?

Thanks Jeff. I will begin with a brief summary of our financial results for the first quarter of 2025. Please note that I will make comparisons to Q4 2024 which we believe is a better indication of our progress as a commercial company than -over-year comparisons. For more information I recommend that you refer to our first quarter 2025 10Q which will be filed today and includes our consolidated financial statements. For the first quarter of 2025 we reported net income based on gap of three million or six cents per share. This compares to net income in Q4 2024 of 19.3 million or 39 cents per share. In the fourth quarter of 2024 we released a portion of our valuation allowance resulting in a non-cash deferred income tax benefit of 7.1 million. The valuation allowance was established to offset our deferred tax assets which are primarily related to our historical losses. We significantly increased our net income on a non-gap basis which is adjusted to remove the impact of stock-based compensation expense. We reported net income of 5 million or 10 cents per basic undiluted share for the first quarter of 2025. Gross revenue from NERLINK sales was 54.4 million in Q1 2025 and 66.5 million in Q4 2024. Alan mentioned it, net product revenue from NERLINK sales was 43.1 million, a decrease from the 54.4 million reported in Q4 2024. The lower net revenue was driven mostly by seasonality of inventory fluctuation and higher gross to net expenses than prior quarter. Inventory drawdown by our distributors was approximately 4.7 million in Q1 versus an increase of approximately 3.7 million in Q4 2024. Royalty revenue totaled 2.9 million in the first quarter of 2025 compared to 4.7 million Q4 2024. Our gross to net adjustment in Q1 2025 was about 20.8 percent compared to the 18.2 percent gross to net adjustment reported in Q4 2024. Cofto sales for Q1 2025 declined to 10.6 million and includes 2.4 million for the amortization of intangible assets related to our NERLINK license. Cofto sales for Q4 2024 was 13.9 million. Going forward, we will continue to recognize amortization of our milestones to the license source about 2.4 million per quarter as cost of sales. For fiscal year 2025, PUMA anticipates that net NERLINK product revenue will be in the Q1 2025. Our gross to net adjustment for the full year 2025 will be between 20.5 percent and 21.5 percent. In addition, for fiscal year 2025, we anticipate receiving royalties from our partners around the world in the range of 20 to 24 million. Lower than 2024 due to fewer shipments expected to as our partner works through regulatory transitions during the first several quarters of 2025. We don't expect license revenue in 2025. We also expect that net income for the full year will be in the range of 23 to 28 million. We are not forecasting any potential release of any additional tax asset valuation allowance in our net income estimate at this time. However, this will be evaluated on an ongoing basis. We will continue to keep investors updated on this as it progresses. At this time, we do not believe that tariffs imposed or proposed to be imposed by the United States, particularly with other countries, will have a material impact on our product costs or results of operations. However, shifting trade policies in the United States and other countries have been rapidly evolving and are difficult to predict. As a point of reference, our manufacturing product costs account for a mid to high single digit percentage of our total cost of goods sold. We anticipate that for Q2 2025, NERNLINK's product revenue net will be in the range of 48 to 50 million. Also, we expect Q2 royalty revenue will be in the range of 2 to 3 million and no license revenue. We further estimate that the gross to net adjustment in Q2 2025 will be approximately 20% to 21.5%. We anticipate Q2 net income between 4 million and 6 million. SG&A expenses were $17.6 million in the first quarter of 2025 compared to $16.6 million in the fourth quarter of 2024. SG&A expenses included non-cash charges for stock-based compensation of $1.2 million for Q1 and $1.3 million for Q4 2024. Research and development expenses were $13.8 million in the first quarter of 2025, a decrease from $15.2 million in the fourth quarter of 2024. R&D expenses included non-cash charges for stock-based compensation of $0.8 million in the first quarter of 2025 compared to $0.5 million in the fourth quarter of 2024. On the expense side, PUM anticipates flat to slightly lower total operating expenses in 2025 compared to 2024. More specifically, we anticipate SG&A expenses to decrease by 5 to 10% and R&D expenses to increase by 10 to 15% year over year. In the first quarter of 2025, PUMAL reported cash burn of approximately $7.8 million. This compares to cash earned of approximately $4.3 million in Q4 2024. Please note that during Q1, we made our fourth principal loan payment of $11.1 million related to our obligation with Ethereum. As a result of this, our total outstanding principal debt balance decreased to approximately $56 million. At March 31, 2025, we had approximately $93 million in cash, cash equivalents, and marketable securities versus about $101 million at year-end in 2024. Our accounts receivable balance was $24.2 million. Our accounts receivable terms ranged between 10 and 68 days, while our day sales outstanding are about 50 days. We estimate that as of March 31, 2025, our distribution network maintained approximately three weeks of inventory. Overall, we continue to deploy our financial resources to focus on the commercialization of Neuralink, the development of Alicertive, and controlling our expenses.

Thanks, Maximo. PUMA senior management, in cooperation with the board of directors, continues to remain focused on Neuralink sales trends in 2025 and beyond and recognizes its fiscal responsibility to the shareholders to continue to maintain positive net income. We believe that the positive net income that was seen in fiscal years 2023 and 2024 resulted from the financial discipline across the company over the last few years. The expense reductions that we have previously performed and continue to perform are also a major contributor to the positive net income that the company achieved in Q1 2025 and the company is guiding to for full year 2025. The company remains committed to continuing to achieve this positive net income and will continue to reduce expenses if needed to achieve this. We look forward to updating investors on this in the future. It continues to remain a significant unmet medical need for patients battling breast cancer, lung cancer, and other solid tumors. We at PUMA are committed and passionate about finding more effective ways at helping these patients during their journey, and we will continue to strive to achieve that goal. This concludes today's presentation. We have

a question and answer session. Operator? Thank you. We will now begin the question and answer session. If you wish to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. If you wish to withdraw your request, please press star 2. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment while we poll for questions. Our first question is from Divya Rell with Cowan and Company. Please proceed.

Hi, Allen. Thanks for taking my questions. This is Divya on for Mark. I just had two questions on Alicertib. One, I guess, could you talk about where the Alicertib IP is held? Is it just related to narrow-length manufacturing? Is that similar for Alicertib as well? Then I have a second question.

Hi, Divya. Thank you for the question. In terms of the IP, we actually have a license to the IP from Takeda. I need to get back to you on where it is physically located. The origin of Alicertib is that it was originally developed by Millennium, which was here in the United States. I'm assuming that's where it is, but I don't have that information in front of me. So let me get back to you on that. It's a great question. I just don't have the information in front of

me. Sure, no worries.

On the manufacturing, I believe it is mostly done in the US, if I'm remembering this correctly, currently. Now, obviously, we're not at commercial scale, and we obviously will take into account tariffs and future tariffs and things like that in the future. But I believe right now, my remembrance of this is that we're doing it all in the US.

Okay, that's helpful. Thank you.

Do you have another question on the IP? I kind of cut you off there. I apologize.

Oh, no worries. I think you answered it. Thank you.

Thank you. Our next question is from Gina Wang with Barclays. Please proceed.

Hi, this is Kun Wang. On behalf of Gina Wang from Barclays, we have a few questions. For Alicertib, a lung cancer phase two trial, you just mentioned the protocol amendment for dose increase. Could you confirm whether the interim data readout will still be later this year? And in addition to the PK data, how did the response data look like based on the current dose? Second question is for the Neonix phase one data presented at SECR 25. So some tumor types like pancreatic and eddy cancer showed a better response than others. How would you select a tumor type moving forward? And what magnitude of PFS improvement expected based on the response data? And lastly, we would like to ask your view on the impact from the Medicare Part D redesign and also the new CBER director and the potential impact on the drug approval test. Thank you.

Let me handle the first two. With regard to the small cell lung cancer, so we are amending the protocol to go from 50 to 60 milligrams. In the prior monotherapy trials of Alicertib, if I remember correctly, they went up as high as 100 milligrams. So I think we're assuming we're going to be okay to go up to 60. I don't have the data in front of me in terms of what we would expect in terms of, obviously we haven't dosed the patients at that level yet, so I don't have the data in front of me in terms of what we'd expect in terms of changes in response rates and things like that. In terms of the biomarkers, again, I don't have the data in front of me. We did definitely see better activity in the patients where the aurora kinase pathway played a role. We would expect we would probably see something similar to that at the higher doses as well. We still are planning to have data later this year. Obviously, the quicker we can get the amendment done in patients, the more patients at 60 milligrams we can have. So I can't really speculate on that right now. With regard to the Neuralynx Phase 1, you are correct that we did tend to see more activity in the combination of Neuratinib with, in HER2. The reason for that is mechanistically based, which is that Neuratinib being an irreversible HER2 inhibitor, it internalizes the HER2 receptor. So because of that, if you have an ADC, the perception is what you're doing is you're bringing more of the ADC into the cell. That may be why we are seeing in tumor types where you historically have not seen much activity with HER2, like pancreatic, we're seeing the better activity with the combination. Not clear what we would expect. I think we need more data to be able to say what we expect in terms of ORR, PFS, et cetera. But there's no question we are extremely encouraged by it. My understanding is that they've had quite a lot of interest in enrollment since we've opened the new cohorts. So I think we'll probably have some more data on that to talk about later this year. My understanding is they're looking to present it publicly at a scientific conference probably in the first half of 26 is my recollection. In terms of your commentary on the FDA, at CBER we go through CDER. So not a whole lot we can really add in value. And if you repeat your question on the Medicare, please.

Yes, so your view on the impact from Medicare Part D redesign in 2006 to 27.

So in terms that you're talking about the Medicare redesign, it was part of the IRA. Is that what you're asking about? Yes. Yeah, so yeah, great question. So we've been paying attention to that. What we've seen from the IRA portion is that copay for patients have actually declined somewhat in 25. And we expect them to decline in 26 as well. So we've actually seen an increase in the percent of our business going through Medicare and a subsequent slight decrease in that going to free goods. So it's been helpful to us and it's made it slightly more affordable for patients to get on and stay on their links. Does that answer your question?

Thank you.

This concludes our question and answer session. I would like to turn the conference call back over to Mary Ann for closing remarks.

Thank you all for joining us today. As a reminder, this call may be accessed via replay of the webcast at pumasbiotechnology.com beginning later today. Have a good evening.

Ladies and gentlemen, thank you for participating in today's conference call. This concludes our program. Everybody have a great day. You may now disconnect.