Theravance Biopharma, Inc.

Ladies and gentlemen, good afternoon. I'd like to welcome everyone to the TheraVance BioPharma Second Quarter 2025 Conference Call. During the presentation, all participants will be in a listen-only mode. The question and answer session will follow the company's formal remarks. To ask a question, press star 1-1 on your telephone. 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 would like to turn the call over to Rick Winningham, Chief Executive Officer. Please go ahead, sir.

Good afternoon, and welcome to TheraVance BioPharma's Second Quarter 2025 Earnings Results Conference Call. On slide 2, you'll find our forward-looking statements disclaimer, which covers certain risk factors which could cause actual results to differ materially from any such statements we might make in today's call, and which are described further in our filings with the SEC. Moving to slide 3, I'm joined today by Rhonda Farnham, Chief Business Officer, Anya Miller, Head of Development, and Aziz Salah, Chief Financial Officer. And turning to slide 4, we delivered an excellent quarter underscored by disciplined execution across our commercial and development organizations, which drove continued momentum in both UPELRI and Amperloxetine. In addition, we completed a high-impact strategic transaction. This performance reflects a team that sharply focused on delivering value to our stakeholders. Starting with our commercial business, UPELRI, our durable cash-generating product, continues to perform. Net sales for the quarter reached approximately $66 million, driven by continued demand growth and favorable net pricing with strong pull-through performance in the hospital channel. In addition, UPELRI received approval in China, triggering a $7.5 million milestone payment. We also completed the $225 million of our remaining royalty interest in Trelogy to GSK, a transaction that significantly strengthens our balance sheet and represents the first major outcome from our strategic review committee's efforts to unlock shareholder value. Trelogy's strong second quarter performance further increased the likelihood that we will receive the remaining $150 million in milestones from Royalty Pharma over the next 18 months. In turning to Amperloxetine, I'm pleased to report that the phase 3 Cypress trial continues to progress well. Designed specifically to replicate the study 170 MSA pre-specified subgroup, Cypress remains on track to complete enrollment in the open label portion over the next couple of weeks. And we expect to report top line data approximately six months after. The quality of execution and engagement from investigators, patients, and advocacy groups has been exceptional. Given that multiple system atrophy, or MSA, is a rare disease with no proven therapies specifically for neurogenic orthostatic hypotension, or NOH, we believe this program has the potential to bring great value to patients and shareholders. We ended the quarter with approximately $340 million in cash and no debt. Our operations remain near cash neutral. TheraVent has a clear and compelling profile, a strong balance sheet enhanced by visibility into significant near term milestone payments, a growing profitable commercial asset, and on top of that, the potential for a transformative near term catalyst based on the Cypress data readout. We enter the second half of 2025 with clear momentum and look forward to completing enrollment in Cypress and sharing top line data. We're in a strong financial position and together with the strategic review committee, we continue to evaluate a range of opportunities to enhance shareholder value and remain committed to capital discipline and returning excess capital. And with that, I'll turn the call over to Rhonda to provide additional detail on UPELLARY's performance.

Thanks, Rick.