Supernus Pharmaceuticals, Inc.

All right, good afternoon and welcome to the SuperNIST Pharmaceuticals Third Quarter 2025 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session. Instructions will follow at that time. As a reminder, this conference call is being recorded. I will now turn the conference over to Peter Bozzo of ICR Healthcare investor relations representative for Sopranos Pharmaceuticals. You may now begin.

Thank you, Raven. Good afternoon, everyone, and thank you for joining us today for Sopranos Pharmaceuticals' third quarter 2025 financial results conference call. Today, after the close of the market, the company issued a press release announcing the results. On the call with me today are Sopranos' chief executive officer, Jack Attar, and financial officer, Tim Deck. These calls are being made available via the investor relations section of the company's website at www.ir.sopernus.com. During the course of this call, management may make certain forward-looking statements regarding the future event and the company's future performance. These forward-looking statements reflect Sopernus' current perspective on the 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. After results may differ materially from those projected in these forward-looking statements. For the benefit of those who may be listening to the replay, this call is being held and recorded on November 4th, 2025. Since then, the company may have made additional announcements related to the topics discussed. Please reference the company's most recent press releases and current filings with the SEC. Superntus declined any obligation to update these four liquid statements except as required by applicable securities laws. I'll now turn the call over to Jack.

Thank you, Peter. Superntus delivered strong operating results in the third quarter, reflecting continued momentum from Calgary and GoCoverry. collaboration revenues from Zerzuwe, and an encouraging start to the launch of Onabco. With these four growth products, we have built a solid foundation for a new phase of accelerated growth for the company. During the third quarter of 2025, these four growth products accounted for approximately 78% of total revenues. Starting with ONAPCO during the third quarter of 2025, ONAPCO generated net sales of $6.8 million, up from $1.6 million in the second quarter. From launch through September 30, 2025, more than 1,300 enrollment forms were submitted by over 450 prescribers. Initial feedback from prescribers has been positive regarding the product and its performance. In addition, prescribers appreciate the high level of service provided by Sopernos in its Circle of Care program. Due to stronger than expected demand for Onapco, supplier constraints are impacting the company's ability to fully meet this demand. As a result of this supply imbalance, the company is prioritizing care for patients currently on Onapco. This requires pausing delivery to patients who have not started Onapco. The company is working to build adequate inventory and resume new patient initiation as soon as possible, and will provide timely updates as progress is made in resolving the supply constraint. Switching now to Zerzuve, collaboration revenue from Zerzuve was $20.2 million in the third quarter of 2025, representing approximately two months of collaboration revenue since the closing of the Sage acquisition on July 31, 2025. Full third quarter 2025 U.S. sales of Zerzuve, as reported by our partner Biogen, increased approximately 150% compared to the same period in 2024 and approximately 19% compared to the second quarter of 2025. We anticipate that the integration of Sage will be substantially completed by the end of this year. We continue to expect potential synergies up to $200 million on an annual basis by mid-2026. Regarding Kelby, the brand had another robust performance in the third quarter of 2025 with 23% growth in prescriptions, as reported by IQVIA, and 31% growth in net sales compared to the same period last year. The total ADHD market continues to experience healthy growth with an increase of 12% in prescriptions in the third quarter of 2025 compared to third quarter 2024. Prescription growth for the same period in the adult segment was 16%, outpacing the 5% growth in the pediatric segment. Calvary had a strong back-to-school season with pediatric prescriptions growing by 19% in the third quarter compared to the same period last year, while at the same time posting robust third quarter prescription growth in adults of 32%. In addition, the number of prescribers in the third quarter grew by 18% compared to the same period last year. Switching to GoCoverie, the product continues its strong performance on the back of the momentum it had in the first half of this year. Net sales grew by 15% in the third quarter of 2025 compared to the same period last year behind growth in prescriptions and number of prescribers. Moving on to R&D, for our SPN443 program, we have selected ADHD as the lead indication. We expect to initiate a phase one single ascending, multiple ascending dose study in adult healthy volunteers in 2026. We are on track to initiate a follow on phase 2B 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 SPN820 and its efficacy at a dose of 2,400 milligrams given intermittently twice per week as an adjunctive treatment in the current baseline antidepressant therapy. Our phase 2b randomized double-blind placebo control study of SPN817 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. Finally, corporate development will continue to be a top priority for us as we look for additional strategic opportunities to further strengthen our future growth and leadership position in CNS 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. Good afternoon, everyone. As I review our third quarter 2025 results, please refer to today's press release that was issued earlier today. Total revenue for the third quarter of 2025 was 192.1 million compared to 175.7 million in the same quarter last year. Total revenue in the third quarter of 2025 was comprised of net product sales of $168.5 million, collaboration revenues associated with Zerzuve of $20.2 million, and royalty, licensing, and other revenues of $3.4 million. Please note, collaboration revenues represent approximately 50% of the sales of Zerzuve reported by Biogen. During the third quarter of 2025, collaboration revenues represented approximately two months of sales reported by Sopernis from the closing of the Sage acquisition on July 31st, 2025. Excluding net product sales of Trekendi XR and Oxteller XR, total revenue for the third quarter of 2025 increased 30% compared to the same quarter last year. This increase was primarily due to the increase in net product sales of our growth products, Calgary and GoCovery, as well as from the launch of the NAPCO in April 2025, and the addition of collaboration revenues from Zerzuve. For the third quarter of 2025, combined R&D and SG&A expenses were 209 million as compared to 98.8 million for the same quarter last year. Operating loss on a gap basis for the third quarter of 2025 was 60.2 million as compared to operating earnings of $40.9 million for the same quarter last year. The change was primarily due to higher SG&A expenses, which included approximately $70 million of acquisition-related costs from the SAGE acquisition, approximately $30 million of SAGE operating costs in Q3 2025, and incremental intangible asset amortization from Zerzuve and Anapco. GAAP net loss. was $45.1 million for the third quarter of 2025, for a loss of $0.80 per diluted share, compared to GAAP net earnings of $38.5 million, or $0.69 per diluted share, in the same quarter last year. On a non-GAAP basis, which excludes amortization intangibles, share-based compensation, contingent consideration, depreciation, and acquisition-related costs, adjusted operating earnings for the third quarter of 2025 was 41.9 million compared to 67.7 million in the same quarter of the prior year. Total revenues for the nine months ended September 30th, 2025 were 507.4 million compared to 487.7 million in the same period last year. Total revenues were comprised of net product sales of 468.5 million Zerzuve-related collaboration revenues of $20.2 million, and royalty licensing and other revenues of $18.7 million. Excluding net product sales of Trekendi XR and Xtellar XR, total revenues for the nine months ended September 30, 2025, increased 25% compared to the same period last year. Combined R&D and SG&A expenses for the nine months ended September 30th, 2025 were $441.6 million as compared to $322.3 million for the same period last year. The change was primarily due to higher SG&A expenses, which includes approximately $70 million of acquisition-related costs from the SAGE acquisition and $30 million related to SAGE operating costs recorded since the closing of the acquisition on July 31st. Operating loss on a GAAP basis for the nine months ended September 30th, 2025 was 58.3 million as compared to operating earnings of 60.3 million for the same period last year. GAAP net loss was 34.4 million for the nine months ended September 30th, 2025, or a loss of 61 cents per diluted share. compared to gap net earnings of $58.5 million, or $1.05 per diluted share, in the same period last year. On a non-gap basis, which excludes amortization intangibles, share-based compensation, contingent consideration, depreciation, and acquisition-related costs, adjusted operating earnings were $110.2 million, compared to $135.4 million for the same period last year. As of September 30th, 2025, the company had approximately $281 million in cash, cash equivalents, and marketable securities, compared to $454 million as of December 31st, 2024. The decrease was primarily due to the funding of the Sage acquisition, partially offset by cash generated from operations. The company's balance sheet remained strong with no debt and significant financial flexibility for potential M&A or other growth opportunities. And as Jack mentioned, the integration stage is on track and will be substantially complete by year end. Now turning to guidance. We're updating our full year 2025 financial guidance primarily to reflect Sopranos' strong performance in the first nine months of the year. We expect total revenue to range from $685 million to $705 million. up from the previous range of $670 million to $700 million, comprised of net product sales, Zerzumvay collaboration revenues, and royalty and licensing revenues. Note that total revenue guidance for full year 2025 assumes approximately $75 to $85 million of combined net sales of Trikenny XR and Xtellar XR, up from $65 million to $75 million previously. For the full year 2025, we expect combined R&D and SG&A expenses to range from $505 million to $530 million, unchanged from the previous range. Overall, we expect full year 2025 operating loss in the range of $65 million to $75 million, compared to the previous range of an operating loss of $70 million to $80 million. we expect non-GAAP operating earnings to range from $125 million to $145 million from the previous guidance of $105 million to $135 million. Please refer to the earnings press release issued prior to this call that identifies the various ranges of reconciling items between GAAP and non-GAAP. With that, I will now turn the call back over to the operator for Q&A. Operator?

Thank you. At this time, we will conduct the question and answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. So it looks like our first question will come from Andrew. Andrew Say with the Jeffries Institute.

Nice execution this quarter, and thanks for taking my questions. Wanted to ask on ANAPGO, sounds like it's off to a strong start, and so if you guys could have met all the patient demand this quarter, there were no supply constraints, how many more patients would have received ANAPGO, and where would the sales have been? Thanks.

Yeah, Andrew, I'll take that. It's a little bit hard to project these numbers, obviously, as far as to exactly the number of patients we would have had. But the big picture here is the product has been doing amazingly well, exceeding all expectations from a demand perspective. And the response from the physician community, the Parkinson's community, has been phenomenal. We are very committed, obviously, to this product. And our key focus right now is to make sure we take care of our existing patients. And we have about slightly more than 400 patients. So we've had significant growth also in the number of patients, obviously, from the last quarter. And as I mentioned earlier, I mean, the feedback regarding the product has been really good. The high level of service we are providing patients and physicians is very much noticeable and very much appreciated in the marketplace because these products need and patients need the attention and the care, and that's what we're trying to do here. So regarding the supply issue, I mean, we will deal with it. You know, that is something we'll be able to overcome, no question about it. We're very committed to ENAPCO on the long term as a product. And as I mentioned, the opportunity here is vast. If you look at the European experience, apomorphine infusion devices have been available for more than two decades actually and have served and helped thousands and thousands of patients. And our intention is nothing less than duplicating that kind of success in the U.S. because we know there are a lot of patients in the U.S. who need and could really take advantage of a product like this. So that's really where we are, but definitely, I mean, we're very much focused on addressing the supply constraint, and hopefully we'll be able to get everybody who's in the pipeline, so to speak, and start initiating patients again.

Thank you. And secondly, as a follow-up, just to manage street expectations, is the supply constraint in such a way where we should be thinking that Q4 is might be softer relative to Q3, or could it still grow because you still have supply, I guess. I'm trying to gauge whether there's a potential bolus in Q4 or whether it could actually be softer, actually. I don't know how to think about it, but any color would be helpful. Yeah.

Yeah, I mean, the situation changes by the hour because we're working, you know, around the clock literally with our supplier trying to, you know, line up more batches, line up more deliveries, and it's a very fluid situation. But since you asked the question, I mean, you know, earlier way back when we launched, you know, people asked me, is ONAPCO built into the annual guidance? And I said, yeah, it's in the high single digit, you know, for the year, and obviously, We're pretty much already there in a way with the third quarter cumulative years to date. We have about 8.4 million. Certainly, we'll have shipments in the fourth quarter. No question about it. It's really hard for me now to tell you today. Is it going to be higher? Is it going to be slightly lower, a little bit more lower? Because we truly don't know yet, and we don't have a clear picture at this point.

Okay. Sounds like a good problem to have. Thank you.

All right. We will now hear from Stacy Koo from TD Cohen.

Hey there. Hi. Thanks so much for taking our questions and a nice quarter. Congrats on the nice quarter. Some follow-ups on ANOPGO. First, maybe walk through for us what the rate limiting steps are? And then more specifically, what is the high and low end in terms of the amount of time that you think you'll need to resolve this issue? So just some type of range as you're talking about all these different details, which we very much appreciate. So that's the first question. And then the second, of course, by love was approved ahead of an APCO, but it's given this really high patient demand and seems like the inability to address what the patients are asking for. Are we going to expect this to persist or are they going to be absorbed by the competitor? So that's the second question. And then third, maybe just off topic from an op go, maybe just help us understand margins. They have looked pretty healthy for this quarter. So just help us understand where they're going to settle as more products are coming forward versus where they are currently. Thanks so much.

Yeah, sure. Sure. Yeah, I mean the key rate limiting steps or issues, the constraints we're talking about, it's really a lot of it is capacity. Again, because of the significant demand, it's a high quality problem, but obviously we need to address it and make sure we catch up. Because to your second question, we know patients, when we have the enrollment forms, clearly there is a period of time anyway that happens before initiation. but we do have patients waiting for initiation. So obviously we're working very diligently to do this as quickly as possible so we can initiate and go back to initiating patients. But we're trying to preserve right now the inventory we have. And of course we have deliveries coming in, but we're trying to preserve that inventory for people who are already on therapy because obviously these are existing patients we need to take care of. So the patients, A lot of them, I guess, will wait. Some of them may end up going somewhere else. That's okay, because once we are back on track, I mean, again, back to the fact that the product is a great product. It's something that is very much needed in this marketplace, specifically because apomorphine is a molecule that treats Parkinson's like no other molecule. It's not another levodopa carbidopa. It's very much differentiated, and there is a need for it. we'll be able to go through this situation and get back on track at some point. As far as the margins, the margins on our NAPCO will end up being pretty close, similar to APICON from a manufacturing perspective, you know, gross margins, because it's under the same setup and partnership with our partner in Europe, who is the licensor. So it's very similar to the APICON setup.

Okay. And just to confirm, when you talk about capacity, Are you talking about the device or the actual API? Just help us understand what is the supply limitation.

Oh, yeah, sure. Yeah, the issue is related more to the cartridge, you know, the filling of the cartridges. So that's on the pumps. We have no issues with the pump. It's more scheduling, getting enough, you know, production time at the CRO, specifically on the cartridges, the drug cartridge.

Okay, understood. Thank you.

Sure.

Thank you. Our next question comes from David Amselin from Piper Sandler. Your line is now open.

Thanks. So I have a NAPCO question and then also a Zerzube question. So on NAPCO, just coming back, to the previous question about potential lost business to the competitor. I guess the question here is what have you heard in the field regarding that? And I guess in real time, can you give us a sense of how much of your patients where PEFs have already been submitted do you expect to keep? Is that you know, the vast majority? Is it something less? Just help us understand how to think about that and the potential for lost business with some more granularity. So that's number one. And then secondly, on Zerzuve, can you tell us how many reps you have detailing the product, your plans for Salesforce expansion, and also your willingness, I guess, and motivation to try to acquire the other 50% of the asset that your partner has. How are you thinking about that? Thank you.

Yeah, starting with on APCO, I mean, as far as the potential loss, this is a fairly recent, you know, situation we're dealing with. So it's not like we've had a long time to evaluate or we've had a lot of feedback, you know, from the field around, you know, this issue. So it's a little bit hard for me, obviously, to predict what the potential loss But again, at the end of the day, you know, big picture, given how good this product is and the need for it, you know, of course you're always concerned you're going to lose some of your patients to competitors or other products obviously out there. But if these patients really need a product like this, once we come back and we do have the inventory, you know, we have good confidence that we can get a lot of these patients back into the product and so forth. And we're talking because basically of experience. I mean, the patients who are on NAFCO, the experience we've seen in Europe for more than two decades, as I mentioned earlier, the differentiation of the molecule versus the other treatments out there, that really speaks volumes for the need for a product like this, but not only the need, but also the validation from a clinical and medical perspective that this is a product that really helps patients out there. All these factors hopefully will obviously limit, reduces, you know, minimizes any potential loss, you know, for patients as time goes on. So regarding Zerzuve number of reps, I mean, we haven't really disclosed that. Biogen hasn't disclosed it. But it's really, as far as, I mean, this is a specialty area, OBGYN, so you could, in a way, guess how big this sales force can be. Obviously, there's a limited number of OBGYNs you can go after in the U.S. And the expansion, I mean, it just happened in the fourth quarter of last year into the first quarter, you know, of this year. So we just had the expansion, we meaning SAGE and our partner, Biogen. And I think, obviously, we're starting to see a lot of the fruits of that expansion, given that the product and the growth of the product with its great performance so far. Would we consider more expansion? I mean, everything is always, you know, open as an option for us. Certainly, that is something we will have to discuss with our partner, Biogen, in making these type of decisions. Now, typically, you know, on our products, on Sopernos, as you guys probably well know and remember, I mean, we typically take expansions one step at a time, make sure the first expansion, we got the return on it, it is really proving to be a wise approach, and then whether it verifies, you know, another expansion or not. And we'll approach this the same way, and we'll discuss it with our, you know, partner as far as potential future expansions. And then as far as our willingness to get the other 50%, I mean, look, we're extremely happy with the 50% we own. The 50% we purchased on its own merited the deal that we did, obviously. Again, we have a great relationship with our partner, Biogen. I mean, anything could be discussed at any time. So I never say no, but I can give you a definite answer clearly that we will definitely get it or not. So congratulations. But I mean, this product is a great product and the potential 50% on its own is a great opportunity for us. The 100%, yeah, will be a bigger opportunity. That's for sure.

All right. Thanks, Jack.

Sure.

Thank you. Our next question comes from Pavan Patel from B of A Securities. Your line is now open.

Hey, great. Thanks for taking my questions. First, on net pricing on ODAPCO, can you talk about how we should think about the current gross net deductions versus steady state? And given two-thirds of the patient segment is Medicare, would you expect a 35% gross net deduction, or could pricing look better on a steady state basis? And if you can speak to what that gross net deduction looks like currently. And then second question, I think, Jack, at a recent Berger conference, you mentioned from a BD perspective that you would look at assets with synergies to the recent stage acquisition. Can you provide some more details on that? Does that mean women's health, which is historically a very tough competitive space to play in, or other assets like depression? Thank you.

Yeah, sure. Regarding the price, I mean, all I can tell you at this point, because obviously it moves and it will move around as the launch gets more cemented, as the reimbursement things are more in place as time goes on. I mean, on a WAC basis, we expect the annual cost for a patient is probably going to be around $105,000, $100,000, very much in line with you know, with the other products in the space. So as far as the gross to net, another quarter or so will give us a little bit more of a better assessment as to where it might be heading. It is not very, very high, so your numbers are not too far off. It might be a little bit lower than that, but we'll see where it lands eventually, and hopefully we'll be able to give people a little bit more guidance. On the BD side, We are, as I mentioned in my prepared remarks, we are very much focused on more potential acquisitions and doing BD. And our priorities haven't really changed as far as what type of assets, meaning commercial stage, will be our top priority, whether that is in CNS, across neurology, psychiatry. And now, of course, to your point, across women's health, given that that's another vertical that we just now have within the company. We have a great infrastructure, you know, from a commercial perspective. So if we can find something in women's health that makes a lot of sense, absolutely, that is something we will be considering. But aside from that, clearly in neurology, whether it's, you know, neurology, psychiatry, or movement disorder specialists, you know, that is also synergistic with Parkinson's. So all these areas are obviously things that we look at. And we're very open to rare diseases as well because, again, from a patient support, we have a great infrastructure around the Parkinson franchise that we have and great services. So we can clearly execute very well around rare diseases as well. So we're very focused on all that. Clearly the women's health opens up a whole new area for us that before the Sage acquisition was not something we would have looked at obviously probably more seriously. But it's an interesting acquisition that we did with Sage that it gave us another vertical that we can look at and it got us there through a CNS product. So yeah, I mean it really increases the number of opportunities In general, I mean, and we're starting to really look at women's health. Yes, you might be right. I mean, the number of opportunities may not be too numerous out there. But, you know, with time and diligence, we'll probably be able to find something. Only time will tell clearly.

And if I could just ask a follow-up question as well. On Abby's call, their R&D head walked us through some key differences between Vylev and Onapco. And our own work shows that even though ViLab is expected to capture the bulk of share here, there's a patient segment in which patients would benefit from ONAPCO therapy. Maybe if you can help us better understand what is that niche that you're hoping to carve out, and what's the messaging here from your sales force to the movement disorder specialists that treat these patients? Thank you.

Yeah, sure. You know, and I looked at, you know, what Abby mentioned at their earnings call. And, you know, we try not to make comparisons, obviously, because there are no head-to-head trials. So it's unfair to any of the products to make such kind of, you know, comparisons. We just tell people, you know, look at the labels on both products and make your own conclusions, so to speak. But at the end of the day, to us, what really matters is... How has it been used, and what's the feedback you're getting from the marketplace? I mean, that's really what differentiates your product versus another product is the performance of that product, the level of service we are providing, you know, that surrounds that product clearly. And, you know, as I mentioned earlier, I mean, apomorphine is apomorphine, and it has incredible characteristics from a mechanistic perspective, how it works. You know, it's a very unique molecule that penetrates the brain and it doesn't have any protein competition. So in other words, it has great penetration. It doesn't need, you know, metabolic conversion, you know, and it acts like dopamine. So typically the metabolic conversion for those of, you know, you are very close to Parkinson's are typically done by the presynaptic neurons. And as time goes on, what happens to these neurons, right? So when you have a molecule that acts exactly like dopamine and really penetrates the brain very well and directly acts on the postsynaptic dopamine receptors and at the same time has a structure, it's very similar to dopamine. I mean, that's really a great molecule. And not too many drugs in the Parkinson's space have that clearly from a mechanism point of view and so forth. So that strongly differentiates apomorphine. you know, from the other molecules. And again, as I mentioned, as far as our service, I mean, I could say we have maybe best-in-class service surrounding our patients, taking care of our patients, making sure we have great initiation, training, follow-ups, titration, you know, all that is done in person, nurses that really surround, you know, our patients with care. So...

Thank you. Thank you.

Our next question comes from Annabelle Samimi from Stifle. Your line is now open.

Hi. Thanks for taking my questions. And again, good quarter. Just going back to NAPCO and the reception to it, physicians are clearly interested in the apomorphine molecule or else this wouldn't have seen such high demand. So when you think of the patients that are going on treatment or filling out the inpatient enrollment forms, are these patients that have already been on some form of apomorphine? And is there, I guess, a temporary option to lock them into treatment with apromorphine while you're getting supply up and running so that you can sort of not lose them to a potential levodopa carbidopa pump. Can you just talk about the dynamics there for a minute if there's a middle ground there until they get on board and you have the capacity?

Yeah, I mean, they're very different products, Apoquen and Onapco. Apoquen clearly is for acute treatment, you know, of acute episodes. It's a single bolus injection, so to speak. Now, Onapco has that capability of giving you a bolus injection. But if you're trying to give a NAPCO patient an apricot product, apricot is not going to give you, of course, the continuous infusion, so to speak. So it's a little bit, you know, they're different products. Clearly, you know, from a medical perspective, I mean, the physician will have to decide, you know, is apricot or would apricot be helpful, you know, for that patient. I mean, that will be decided by the physician, of course, on a case-by-case scenario. As far as the typical patient we're getting on Onapco, yes, some of them are used to apomorphine, have used apomorphine before, because we know we have actually apocrine patients who are on Onapco. And they have gotten, or some of the forms are on patients, you know, from apocrine. So, yes, the answer is yes. It's not a huge portion. We estimate it's somewhere in the 15%, 17%. you know, is coming from apokens. So, yes, these patients would have had exposure on apomorphine. They're used to it or what have you, obviously. And we've said historically, you might remember, you know, people were asking about cannibalization and potential of cannibalization on apokens. We always said, you know, those patients who potentially are taking maybe three injections a day or four injections a day, they may choose to put a pump instead. you know, instead of doing multiple injections a day. And that portion of the business, you know, we always estimate it is probably in the 15%, you know, domain.

Okay, got it. And just I know that one other point of differentiation you've always pointed to is the safety. Is that resonating with physicians at all, or are they mostly focused on the type of molecule that they want to move forward with as far as next stage of treatment?

Yeah, I mean, clearly, again, back to making comparisons and so forth. I mean, if you look at the side effects and the labels of both products, obviously, there are big differences and key areas across the label. And physicians, of course, I mean, they've had scenarios probably. Some patients have some of these reactions, whether on Epgo or on ViLab or vice versa or what have you. So, I mean, at the end of the day, you know, the things that are really driving, what we believe driving and, you know, on a recent survey, I mean, we looked at it and it says basically that the top reasons that is driving physicians to prescribe, number one is the significant improvement, you know, they are expecting and would expect from a NAPCO for any daily good on time. I mean, that's really the top reason they look at and consider when they're considering a NAPCO. And then the second is really the positive impact on the quality of life, you know, this product. And a lot of these, you know, are based on, of course, our data, you know, the clinical studies and so forth from the products. It's resonating with these physicians. So the sustained also improvement through like week 52. So a lot of these messages we're getting back from the surveys we're doing as to what are the top reasons they think about and the top reasons why they will be considering prescribing kind of ties into the data on the product and the efficacy of the product.

Got it. And then just one other question, going back to expanding into the OBGYN space. Clearly it's an interesting area as a first point of contact. You know, I'm just wondering if you, you know, expanding into the spaces, has there been any resistance from Biogen here, or are they on board with this potential expansion, and do you have any sense of timing when that can happen?

So you mean expansion of Sopranos into other areas in women's health?

No, into the OBGYN market. as a as a target audience?

On their Zuby?

Yeah, yeah.

Yeah, yeah. I mean, as far as the expansion of our current sales was on their Zuby. Definitely. I mean, that is something we will work very closely with with Biogen. No, no question about it. I mean, all the decisions around this is a great and has been a great, great partnership, you know, with Biogen across board. So that is something we'll work and we'll have to work very closely with them. As far as us supernas expanding into, you know, women's health into other areas with different brands in women's health, obviously, you know, that is more of an independent decision that we can take on our own.

Yeah, no, I was referring specifically to your duvet. And is there any timing on that or that's just a future goal?

Yeah, I mean, we don't have any specific timing. We treat Zerzuve like we treat our brands. I mean, we're constantly evaluating. You know, we look at it periodically. You know, do we need to expand the sales force? You know, if so, you know, how big, how small of an extension? So, I mean, we're constantly doing that across all our brands. So, I don't have a specific timing. Now, we just got an extension that just happened basically beginning of this year, more or less, we meaning us and Biogen on Zerzuve, right? So we're evaluating that. Did that make a huge impact? Obviously, it is making an impact, as you can see from the results, quarter over quarter. Of course, in addition to the fact we have a lot of other programs happening, it's not just the Salesforce. So that is a continuous evaluation. I don't have a specific timing to tell you, definitely we'll do it in 26 or mid-26 or 27. I truly don't have that.

Okay, got it. That's great. Thank you.

Sure.

I am showing no further questions at this time. I would now like to turn it back over to Mr. Jack Kattar for closing remarks.

Thank you for joining us on this call today. Sopernos has a diversified portfolio of growth products where our future success is not solely dependent on one single product. Calibri's success to date and future growth is augmented by continued growth from GoCoveri and early growth from Zerzuve and Onapco, two products that were launched less than two years ago and that have significant market opportunity. Regarding Onapco, the company will provide timely updates as progress is made in resolving the supply constraint. We are very focused on these four products and on advancing our pipeline to position Sopernos as a long-term growth company while generating strong cash flows behind the strength of our expanded product portfolio and through the efficiency of our operations. Thanks again for joining us this afternoon.

Perfect.

I will now close. Thank you so much for the conference today. This does conclude the program. you may now disconnect.