Theravance Biopharma, Inc.

The conference will begin shortly. To raise and lower your hand during Q&A, you can dial star 1 1. the conference will begin shortly to raise and lower your hand during q a you can dial star one one ladies and gentlemen good afternoon i'd like to welcome everyone to the theravance biopharma fourth quarter and full year 2022 conference call

During the presentation, all participants will be in a listen-only mode. A question and answer session will follow the company's formal remarks. To ask a question, press the star key followed by the digits 1-1 on your telephone. Again, that's star 1-1 to ask a question. If listening via webcast, please mute audio on your webcast device before asking a question over the phone. I will repeat these instructions after management completes their prepared remarks. Also, today's conference is being recorded. And now I'd like to turn the call over to Rick Winningham, Chief Executive Officer. Please go ahead.

Good afternoon, and thank you for joining the Garavance Biopharma fourth quarter and full year 2022 conference call to discuss our business. I'll remind you that this call will contain forward-looking statements that involve risks and uncertainties, including statements about our development pipeline, expected benefits of our products, anticipated timing of clinical trials, regulatory filings, and expected financial results. Information concerning factors that could cause results to differ materially from our forward-looking statements is described further in our filings with the SEC. I direct your attention to slide three. Joining me today are Rhonda Farnham, Chief Business Officer, Rick Graham, Research and Development, and Aziz Swaf, Chief Financial Officer. Before I get started, I'd like to make a brief statement regarding the public announcement that Irenic made earlier today. The board and management are committed to acting in the best interest of the company and all of its shareholders, and we're open to evaluating all ideas to maximize shareholder value, including those from IRENIC. We're disappointed that IRENIC has chosen to make a public announcement of this nature as we have engaged in substantive constructive dialogue on multiple occasions to work cooperatively with them. We even offered to speak with them under a non-disclosure agreement in order to discuss their ideas and our upcoming plans, but our offers were refused. Our nominating and governance committee has regular board refreshment process in place to thoroughly evaluate all potential candidates and their skill sets, including relevant industry experience and public board experience. Our committee and other members of our board management team met with Andy Dodge to consider him good faith as a candidate to join our board. But given his lack of healthcare and relevant public company board experience, we ultimately determined that he was not the most suitable candidate for the board. We remain focused on the business and continuing to execute the ongoing transformation. The Theravance board and management team believe that today's announced strategic actions And the path that's set forward for 2023 will indeed continue to drive value creation. We won't take any questions during the Q&A regarding IRENC's public announcement. Now, moving to slide four. The Saravans board management team has a demonstrated track record of taking action to create near and long-term shareholder value. As the company's evolved over the past 18 months, we're continuing to take strategic action, but build on our focus, execution, and performance. We remain committed to acting in the best interests of the company and all of its shareholders. Today, in addition to financial results for the fourth quarter and full year ending on December 31st, 2022, we announced three additional strategic actions to sharpen the company's focus and drive value creation. Those are outlined on slide four. First, we've increased our capital return program by $75 million to $325 million in total. The expansion of the open market share buyback program was a strategic decision, following consultation with shareholders on both the quantum and the instrument, market analysis, and continued assessment of our balance sheet and cash needs going forward. We will discontinue investments in research, including the inhale jack inhibitor program, to focus exclusively on ampryloxetine and upelry. This means that we've made the difficult yet necessary decision to reduce head count by 17%, and we plan to complete the reductions by the end of March 2023. We thank the exceptional research team for their valuable work and dedication to the company. We will seek a strategic transaction to continue the progression of their work on the Inhale Jack program. As our company transforms, our board regularly evolves as well. I'm delighted to welcome Susanna Gray to the board of directors as our newest independent director. The board was introduced to Susanna while working with a leading independent search firm in connection with our nominating and governance committee's regular evaluation of the board of directors and board refreshments. Her deep expertise in our industry, as well as her experience in value creation and strategic transactions, will augment the established board's and management's capabilities. In addition, our lead independent director, Bill Young, will not be standing for reelection to the board of directors at the company's 2023 annual general meeting for shareholders. I'd personally like to thank Bill for his tireless service to the board and the company. I'll miss Bill's guidance and mentorship. Following the appointment of Susanna and Bill's departure, the board will continue to be comprised of eight highly qualified directors, seven of whom are independent, all of whom are committed to maximizing value for shareholders. As we continue to execute on the vision for the company set forth in our restructuring, our board also considers the company's governance structure and needs and is determined to put forth a proposal at the May 2nd, 2023 annual general meeting for shareholders to declassify the board of directors over time. We'll be providing more details in our proxy statement. Moving to slide five, I'm proud of what the TheraVance team has accomplished this past year. We're successfully positioned the company to create value from a foundation of financial strength. no debt a strong cash position having ended the fourth quarter with 327 million of cash and cash equivalents since announcing the trilogy royalty transaction and the capital return program the company's driven total shareholder return of 14 versus the s p biotech index of the negative two percent and the s p 500 of six percent over the same period representing an outperformance nearly 17% and 9% respectively. And this TSR period was calculated with the market close as of February 23rd. Our path forward for 2023 is clear and focused as outlined in slide five. I'll now hand the call over to Rhonda in a moment to review UPelry's 2022 performance, results of which give us both the momentum and the confidence to deliver in 2023 and beyond. Rick will discuss how we are well-positioned to enter a new era in treating NOH and multiple systems atrophy patients with the potential to offer a unique first-in-class treatment benefit with ampryloxetine. And Aziz will share the details on the financials. I'll now turn the call over to Rhonda to discuss upelry.