Supernus Pharmaceuticals, Inc.

Good day, and thank you for standing by. Welcome to the Supernus Pharmaceuticals Second Quarter 2025 Financial Results Conference 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. Instructions will follow at that time. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your first speaker today, Peter Vazzo of ICR Healthcare, Investor Relations Representative for Supernus Pharmaceuticals. You may begin.

Thank you, Gerald. Good afternoon, everyone, and thank you for joining us today for Sopernos Pharmaceuticals' second quarter 2025 financial results conference call. Today, after the closed market, the company issued a press release announcing these results. On the call with me today are Sopernos' Chief Executive Officer, Jack Katar, and Chief Financial Officer, Tim Deff. This call is being made available via the investor relations section of the company's website at ir.sopernos.com. During the course of this call, management may make certain forward-looking statements regarding future events and the company's future performance. These forward-looking statements reflect the firm's current perspective on existing trends and information. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including those noted in the risk factor section of the company's latest SEC filings. Actual results may differ materially from those suggested in these forward-looking statements. For the benefit of those of you who may be listening to the replay, this call is being held and recorded on August 5th, 2025. Since then, the company may have made additional announcements related to the topics discussed. Here's a reference to the company's most recent press releases and current filings with the SEC. Sopranos declines in the obligation to update these forward-looking statements, except as required by applicable securities laws. Announce the recall of your check. Thank you, Peter.

Superlis continues to execute well against its growth plan and had a strong and very active second quarter. In April, we launched Anarco, the first and only subcutaneous apomorphine infusion device for the treatment of motor fluctuations in adults with advanced Parkinson's disease. In June, we announced the acquisition of Sage Therapeutics, which closed on July 31. In addition, we generated strong operating results driven by the robust performance of Calbee and GoCover. The second quarter of 2025 represents a turning point for Sopernos and the beginning of a new phase of accelerated growth. We consider the transition from Trapendi XR and AccelerXR to be substantially complete, as each product represented only 7% of total net sales in the second quarter, while our growth drivers Calgary, GoCoverry, and Onatco combined represented 73% of our total net sales. Moving forward with the addition of Zerzuve, our fourth growth driver, we expect TokenDXR's and OxcellerXR's share of our portfolio to be reduced even further. Starting with our first growth driver, Kelby, the brand entered its fifth year on the market and had another robust performance with 23% growth in prescriptions as recorded by IQVIA and 31% growth in net sales. Calgary had another quarter expanding its base of prescribers with approximately 36,000 prescribers in the second quarter of 2025, up by 23% compared to the same period last year. After posting 25% growth in IQVIA prescriptions in 24 versus 23, Calgary continued to show steady, strong growth during the first half of 2025, with prescriptions increasing 23% compared to the same period in 2024. Calgary's 23% growth outpaced both the ADHD market, which grew by 9%, and the non-stimulant segment, which grew by 11%. In addition to growth in the pediatric business, Calgary experienced high growth in the adult business, increasing 29% in the second quarter compared to last year. By the end of June 2025, the adult business had reached 35% of total CalVie prescriptions compared to approximately 32% for the year 2024. Switching to our second growth driver, GoCoveri, continued its strong performance on the back of the momentum it had in the first quarter. Prescriptions for the second quarter of 2025 increased by 14%, and net sales increased by 16% compared to the same quarter last year. The number of prescribers reached a new high in the quarter to approximately 1,900 prescribers. In the first half of this year, GoCoverie benefited from the Medicare redesign. And by June 2025, 97% of recovery Medicare prescriptions had a copay that was less than $25 compared to only 77% in 2024. The average recovery Medicare copay declined by 42% and 80% year-over-year for first quarter and second quarter of 2025, respectively. Unlike previous years, patient retention rates held up this year despite the deductible resets. With a more robust patient base this year, we are uniquely positioned to continue growing the brand with new patients rather than having to recapture previous patients that may have discontinued due to the high beginning-of-the-year deductibles. Moving to our third growth driver, Onapco, the launch is off to a terrific start, exceeding our expectations. We launched Onapco in April, utilizing our existing Parkinson's disease sales force and support network. Through the end of June, we have more than 750 patient enrollment forms submitted by more than 300 prescribers. Finally, regarding Zerzuve, our fourth growth driver, we are excited to have completed the acquisition of Sage Therapeutics, which represents a major step for Sopernos in accelerating its mid- to long-term revenue growth and cash flow. Zerzuve is a unique and well-differentiated product that is early in its launch, and that provides further diversification for our revenue base. The product has been successfully launched by Sage and its partner, Biogen, in the U.S., with 2025 second quarter net revenues, as reported by Sage, reaching $23.2 million, up from $13.8 million, as reported by Sage in the first quarter of 2025, representing a 68% increase. We will be focused on integrating the business and working closely with our partners, Biogen and Shinogi, to ensure the continued success and growth of Zerzuwe. Moving on to R&D, we are on track to initiate a follow-on Phase IIb multicenter randomized double-blind placebo control trial with SPNA 20 in approximately 200 adults with major depressive disorder by the end of 2025. This study will examine the safety and tolerability of SCA20 and its efficacy at a dose of 2,400 milligrams given interminably twice per week as an injunctive treatment to the current baseline antidepressant therapy. Our phase 2b randomized double-blind placebo-controlled study of 817 is ongoing with a targeted enrollment of approximately 258 adult patients with treatment-resistant focal seizures. This trial utilizes 3 mg and 4 mg twice daily doses. As we mentioned previously, we completed a pharmacokinetic study of two oral formulations of SPM443 in healthy adults. Both formulations of SPM443 showed adequate bioavailability and were well tolerated. SPN443 is our new stimulant-like product candidate for ADHD and other CS disorders. The company expects to disclose a lead indication for the product candidate by the end of 2025. Finally, despite the completion of the recent acquisition of Sage, corporate development will continue to be a top priority for us as we look for additional strategic opportunities to further strengthen our future growth through additional revenue generating products or late stage pipeline product candidates. With that, I will now turn the call over to Tim. Thank you, Jack.