NASDAQ:TVTX Travere Therapeutics Q1 2024 Earnings Report $18.33 +0.70 (+3.97%) Closing price 04/25/2025 04:00 PM EasternExtended Trading$19.38 +1.05 (+5.70%) As of 04/25/2025 07:36 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings HistoryForecast Travere Therapeutics EPS ResultsActual EPS-$1.76Consensus EPS -$0.98Beat/MissMissed by -$0.78One Year Ago EPS-$1.27Travere Therapeutics Revenue ResultsActual Revenue$41.40 millionExpected Revenue$43.46 millionBeat/MissMissed by -$2.06 millionYoY Revenue Growth+34.00%Travere Therapeutics Announcement DetailsQuarterQ1 2024Date5/6/2024TimeAfter Market ClosesConference Call DateMonday, May 6, 2024Conference Call Time4:30PM ETUpcoming EarningsTravere Therapeutics' Q1 2025 earnings is scheduled for Thursday, May 1, 2025, with a conference call scheduled at 4:30 PM ET. Check back for transcripts, audio, and key financial metrics as they become available.Q1 2025 Earnings ReportConference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)SEC FilingEarnings HistoryCompany ProfilePowered by Travere Therapeutics Q1 2024 Earnings Call TranscriptProvided by QuartrMay 6, 2024 ShareLink copied to clipboard.There are 14 speakers on the call. Operator00:00:00Good day, and welcome to the Travair Therapeutics First Quarter 2024 Financial Results and Corporate Update Conference Call. Today's call is being recorded. At this time, I would like to turn the conference call over to the Manager of Investor Relations, Anne Crotto. Please go ahead, Anne. Speaker 100:00:19Thank you, Rachel. Good afternoon, and welcome to Travir Therapeutics' Q1 2024 Financial Results and Corporate Update Call. Thank you all for joining. Today's call will be led by our President and Chief Executive Officer, Doctor. Eric Dube. Speaker 100:00:33Eric will be joined in the prepared remarks by Doctor. Jule Enroys, our Chief Officer Peter Herrima, our Chief Commercial Officer and Chris Klein, our Chief Financial Officer. Doctor. Bill Roach, Senior Vice President of Research and Development will join us for Q and A session. Before we begin, I would like to remind everyone that statements made during this call regarding matters that are not historical facts are forward looking statements within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Speaker 100:01:03Forward looking statements are not guarantees of performance. They involve known and unknown risks, uncertainties and assumptions that may cause actual results, performance and achievements to differ materially from those expressed or implied by the statement. Please see the forward looking statement disclaimer on the company's press release issued earlier today as well as the Risk Factors section in our Forms 10 Q and 10 ks filed with the SEC. In addition, any forward looking statements represent our views only as of the date such statements are made, May 6, 2024, Entravure specifically disclaims any obligation to update such statements to reflect future information, events or circumstances. With that, let me now turn the call over to Eric. Speaker 100:01:43Eric? Speaker 200:01:45Thank you, Anne, and good afternoon, everyone. This year, our organization is focused on executing on the key priorities that will drive sustainable growth for Travir in 2024 and the years ahead. I am pleased to report that we made significant progress on all fronts. Our commercial launch of TILSPARI and the first patients were dosed in the pivotal HARMONY study of pegdebatinase. I'll begin with the TILSPARI launch in the U. Speaker 200:02:18S. Following a strong close to 2023, our team continued to elevate performance in quarter 1. Importantly, this was demonstrated across all key aspects of the launch, increased patient demand, new and repeat prescribers, faster time to reimbursement and broader payer access. We continue to have the highest demand amongst recent rare renal benchmarks and we achieved 35% growth in revenue over last quarter despite the typical new year headwinds with gross to net adjustments. Notably, we are seeing the strength continue in the Q2. Speaker 200:02:56This reflects strong execution by our commercial team, but also the underlying demand for a superior foundational treatment. Peter will provide further detail on the quarter one performance and our outlook shortly. To start 2024, our regulatory team achieved important milestones in our journey to deliver Filspari to more patients globally. Today, we are very pleased to report that our submission to convert FIELSPARI from accelerated approval to full approval has been granted priority review by the FDA. This marks a critical step forward for full approval, which we expect would include a label enabling us to breach a broader set of patients living with IgA nephropathy in the U. Speaker 200:03:38S. Outside of the U. S, our partners made important progress with the recent conditional marketing authorization or CMA of Filspari for IGAN in Europe and submission of an IND for a Phase 3 trial in IGAN patients in Japan. Jugal will provide further detail on our regulatory engagements and milestones for the rest of the year. We also made good progress on our pegdabatinase program, which provides an opportunity for significant growth for Travir beyond Vilspari. Speaker 200:04:08This program is the only late stage development candidate for HCU and the only medicine in development for HCU that has the potential to be disease modifying. With successful efforts, we anticipate that pegdobatinase could become a new treatment standard in the market that we expect to grow well beyond $1,000,000,000 We initiated the Phase 3 HARMONY study at the end of last year and we are pleased to have dosed our first patients in the study. Overall, we remain on track to report Phase 3 top line results in 2026. Now let me turn the call over to Jula for her update. Jula? Speaker 300:04:44Good afternoon. I'll start with IgA nephropathy, where our medical activities for 2024 are focused on ensuring we achieve full approval of Vilspari and providing the education and support to enable Vilspari to replace RAS inhibitors as foundational care. It is important to remember that patients living with IgA nephropathy face a high lifetime risk of kidney failure and the time to meeting kidney replacement therapy is even shorter for those with persistent proteinuria. IgAN is caused by over activation in both the kidneys and the immune system. As a result, clinicians have historically focused on 2 complementary ways of treating IgA nephropathy. Speaker 300:05:33First, with foundational care directly addressing the overactivity in the kidney. This has been the role RAS inhibitors have played. And second, addressing systemic inflammation with steroids for select patients. We are at an exciting juncture where we are seeing improvements in the options addressing both of these approaches independently and the future will include using both of these in tandem in more effective ways. This is critical as there is no single medicine approved or in development that will arrest the progression or effects of IgA nephropathy. Speaker 300:06:14We are most excited about the evolution of the treatment paradigm because FILSparri is the only medicine that is in position to replace the foundational role of RAS inhibitors. This is because SPILFARI is the only approved non immunosuppressive medicine for IgAN that directly targets kidney injury known as HIT-four and protects the kidney from further structural damage. And most importantly, VILFARI is the only treatment that has been evaluated head to head against RAS inhibitors, specifically ervasartan and shown clear superiority in proteinuria reduction along with clinically meaningful long term kidney function preservation. Everything else has been added on top of RAS inhibitors and or is targeting elsewhere in the disease cascade, but unfortunately not comparing directly to what works on that similar pathway. As we move ahead, we believe nephrologists will use VILSPARI as a foundational kidney targeted therapy and then add upstream immune mediated medications as needed. Speaker 300:07:25Perhaps not surprisingly, we are continuously hearing from nephrologists as they are gaining more experience with VILSPARI that they are making the choice to utilize VILSPARI as foundational care for their eligible IgAN patients. And this is further validated by increasing recommendations in treatment guidelines and algorithms to replace RAS inhibitor therapy with VILFARI in patients who remain at risk for progression. We also continue to generate additional supportive data. At the recent World Congress of Nephrology meeting, we presented new data describing subgroup analyses from the PROTECT study, demonstrating that treatment with ZOSARI had a clinically meaningful benefit on long term kidney function preservation at 2 years across a broad range of baseline proteinuria subgroups. This signifies that VOSPARI can have a positive impact in a wide range of proteinuria levels and we believe it is supportive for potentially broadening our label at full approval. Speaker 300:08:29We also presented data from our SPARTAN study, examining newly diagnosed RAS inhibitor naive patients, which showed an 80% reduction in proteinuria and stable eGFR out to 36 weeks, some of the most impressive IGAN data to date. These results show that if you treat IGAN patients early enough with VILSPARI, you stabilize eGFR and can get 2 thirds of patients into complete remission. Additionally, we presented data that showed adding SGLT2 inhibitors to VILFARI is safe and can further reduce proteinuria. Collectively, these results are supportive of earlier and broader use and we look forward to providing longer term results at upcoming congresses. As the IgAN treatment paradigm continues to evolve, we also hear from thought leaders and hold the belief ourselves that the field is moving towards earlier diagnosis and treatment of patients earlier in their disease. Speaker 300:09:31This is widely anticipated to be recognized in the upcoming KDIGO guideline revision. This will support intervening earlier with foundational care and following full approval provide a good opportunity for us to further educate on the lifetime risk for these patients. They don't have time to wait as every day they are losing kidney function. Now turning to our key regulatory milestones to start the year. As Eric highlighted earlier, we were very pleased to receive priority review for our sNDA with an assigned PDUFA target action date of September 5 this year. Speaker 300:10:11Additionally, the FDA has communicated that they do not plan to have an advisory committee meeting to discuss the application. We look forward to continuing to work with FDA throughout the review process, including engaging on the REMS for liver monitoring. We are also pleased with the recent European Commission decision to grant conditional marketing authorization to Filspara in Europe. It is important to note that Filspara is the only medicine for IgA nephropathy to receive a CMA for patients with proteinuria greater than 1 gram per day or greater than 0.75 grams per gram. The next step in Europe is transitioning to full approval and we are presently supporting the submission preparation process in partnership with CSL v4. Speaker 300:10:59We also recently announced that our partner in Japan, Rinalis, has made progress with an IND submission and advancing their study to support ultimate approval in Japan and other Asian Pacific regions. I'll provide a brief update on FSGS. Our efforts in FSGS continue in the background and we remain hopeful that we will be able to identify a path forward for an additional indication for Filspari. In parallel with our efforts, Parasol, which is a public private partnership with NestCure, the FDA, EMA and Academia is bringing together FSGS datasets from around the world to help define the relationship between proteinuria, EGFR and kidney outcomes. Their goal is to align on an endpoint that would support approval of new therapies for FSGS patients and they plan to present their data at ASN in late October. Speaker 300:11:54We will continue to compile our data and reengage with FDA at the appropriate time once the Parasol work is near to completion. Now let me discuss our HCU program in Phase 3 development. We continue to be very excited about our potential to deliver pegtobatamase as the first disease modifying therapy for HCU. We recently engaged with HCU thought leaders and patient advocates at ad boards and medical conferences And there is significant enthusiasm about the potential for pedtivatinase to positively change the lives of people living with HCU. The available treatment options do not address the underlying cause of HCU nor do they help patients address the risk of thrombotic events or address the need for low protein diets. Speaker 300:12:48These often require drinking medical formula to help achieve adequate nutritional intake and can negatively impact many social aspects of daily life. We believe that pegtobatinase as the only therapy directly targeting the key enzyme defect in HCU can change that if approved. We are pleased to have achieved the 1st patients dosed in the pivotal HARMONY study. As we've discussed, we are metering enrollment in the earlier stages as we ensure we have high quality adherence to our protocol and continue to scale our supply for the duration of the program and commercial use. So far, we're getting positive feedback from our site and we continue to anticipate top line data in 2026. Speaker 300:13:36This quarter, we will also begin to transition patients from our Phase onetwo COMPOSE trial onto our open label ENSEMBLE study. This will allow for eligible COMPOSE patients to enter into our protein tolerance or diet modification sub study and start generating data for this important exploratory end point. In summary, we are pleased with the progress in each of our programs, which is a testament to the talented team at Trevir who are passionate about working to deliver life changing therapies for people living with rare diseases. Let me now turn it over to Peter for a commercial update. Peter? Speaker 400:14:16Thank you, Yulah, and good afternoon, everyone. 2024 is going to be an exciting year for Phil Spartan as we are building upon a solid foundation that was created in 2023. And I'm pleased to report that we started the year with strong performance in the Q1. We continue to see strong and growing demand from physicians on their patients. This is evidenced by the continued increase in both breadth and depth of prescribers during the quarter. Speaker 400:14:44Notably, we have now had more than 2,000 authorities who have enrolled and certified in the Filspari REMS program. Most of these physicians have already started prescribing Filspari and have witnessed how dual inhibition of endothelin and angiotensin benefits their patients in a meaningful way. And this number continues to grow with signals that demand is expected to remain broad. This growing prescriber base and persistent demand resulted in a continuation of growth in new patient start forms to 511 in the Q1. We have now seen sequential growth in patient response for the 1st 5 quarters of launch and exceeded the 500 patient response for more faster than any of our benchmark comparisons in RAN pathology. Speaker 400:15:32From a PEGIA perspective, approximately 95 percent of the U. S. Patients have a pathway for reimbursement of Filspire. We continue to be pleased with the quality of the authorization criteria, which are largely in line with label language and guideline recommendations. I'm pleased that this building in the launch, we have achieved such a high level of progress. Speaker 400:15:54In the face of transitioning demand into paid shipments continues to improve. The enhancements we made in the second half of last year are working, and we now see that about 80% of the patients that are prescribed to our Spire are enrolling in the REMS program within 14 days of patients' source form received. And our quality number of new paid shipments continues to climb. Our collective assets led to $19,800,000 in revenue sales for the Q1. We are pleased with the continued interest in revenue, especially in the Q1 of the year, where we experienced elevated gross to net adjustments as is typical to start the new year. Speaker 400:16:37The strong start of 2024 adds to our confidence in driving significant growth of Kansari this year and in our goal of outperforming the benchmark metrics for the 2nd year of launch. In addition to the consistent pace in store form growth, we have also maintained a higher growth rate in revenue since the initial launch quarter compared to benchmarks. And of note, the strong sales trend has continued through the Q2 so far. This adds focus to our belief that we will drive continued revenue growth quarter over quarter as we move to some of the key inflection points later this year that can further accelerate our growth. In this end, we anticipate expected to be available for public review in the coming months. Speaker 400:17:30Additionally, based on the increasing body of evidence that proteinuria is directly toxic to the kidney and therefore a prominent risk marker of progressing towards kidney failure, we anticipate a more ambitious proteinuria target in the guidelines, which will further increase the urgency to treat patients earlier and more aggressively. Upon potential full approval in September, we anticipate an expanded label, which would provide greater support for physicians to prescribe TOSPARI to a broader patient population. This could be particularly well timed as nephrologists digest the PDU guideline and begin to diagnose and treat their patients earlier. We also expect the additional clinical evidence that Gela highlighted earlier will ultimately provide additional support for physicians to treat earlier with XELSPARRI and to use it potentially in combination with other available medicines for patients that may need more aggressive treatments. These milestones will support our ambition to make for aspiring the foundational treatment option for IgA orthopedic patients with the potential for novel complementary modalities, if approved, to be added on top in the future. Speaker 400:18:46As for Thiola and Thiola EC, these medicines remain steady, contributing approximately 3,000,000 As previously reported, we saw a generic approval earlier this year and are continuing to evaluate how the market may evolve as a resource. Let me close out by reiterating that I'm really pleased with the execution of our fantastic commercial team and the clearly positive results in the Q1 of the year. All their efforts have resulted in a strong foundation for growth, leading towards anticipated full approval later this year and the continued confidence that Trosparin has the potential to become a blockbuster therapy. Let me now transfer the call to Chris for financial updates. Chris? Speaker 500:19:41Thank you, Peter, and good afternoon, everyone. We've started the year with strong operational performance illustrated by the continued growth of Filspari and reduced operating expenses. For the Q1 of 2024, net product sales were $40,000,000 compared to $24,200,000 for the same period in 2023. The increase is attributable to growth in net product sales from the ongoing launch of VILSPARRI and IG Interprofitable. During the quarter, we also recognized $1,400,000 of license and collaboration revenue, which results in $41,400,000 in total revenue reported for the period, compared to $30,900,000 in the same period in 2023. Speaker 500:20:17Research and development expenses for the Q1 of 2024 were $49,400,000 compared to $58,200,000 for the same period in 2023. On a non GAAP adjusted basis, R and D expenses were $45,800,000 for the Q1 of 2024 compared to $51,300,000 for the same period in 2023. Selling, general and administrative expenses for the Q1 of 2024 were $64,200,000 compared to $66,000,000 for the same period in 2023. On a non GAAP adjusted basis, SG and A expenses were $48,200,000 for the Q1 of 2024 compared to $49,500,000 for the same period in 2023. The approximate 11% decline in non GAAP R and D and SG and A expenses compared to last quarter is largely attributable to the restructuring enacted in December and reduced clinical expense as this percent in Phase 3 studies advance towards completion. Speaker 500:21:09Total other income net for the Q1 of 2024 was 3,500,000 dollars compared to $900,000 in the same period in 2023. The difference is largely attributable to an increase in interest income during the period. Net loss including from discontinued operations for the Q1 of 2024 was $136,100,000 or $1.76 per basic share compared to a net loss of $86,300,000 or $1.27 per basic share for the same period in 2023. On a non GAAP adjusted basis, net loss including from discontinued operations for the Q1 of 2024 was $116,200,000 or $1.51 per basic share compared to a net loss of $62,900,000 or $0.92 per basic share for the same period in 2023. To begin the year, we achieved a number of milestones with our programs that will result in corresponding milestone payments. Speaker 500:22:01During the Q1, we recognized the one time in process research and development or IP R and D expense of $65,000,000 This was triggered by achieving the 1st patient dosed in the Phase 3 HARMONY study and is expected to be paid in the Q2 of this year. With the recent conditional approval of ZOSPARI in Europe, we expect to receive a $17,500,000 milestone payment from CSL Vipor upon conversion of the CMA to full approval, and we also anticipate receiving an additional milestone payment in 2025 upon achievement of market access milestones in certain countries. Also related to the CMA approval, we expect to pay Ligand Pharmaceuticals a one time milestone payment of $5,750,000 in the Q2 of this year. As of March 31, 2024, the company cash, cash equivalents and marketable securities of $441,000,000 Cash used during the first quarter included approximately $61,000,000 of non recurring items related to the strategic reorganization announced in December, delivery of inventory, corporate performance payout and pass through receivables to Miriam Pharmaceuticals as a result of the bile acid products transaction last year. Importantly, we anticipate operating cash used to decline meaningfully through the balance of 2024. Speaker 500:23:10With our current strong cash balance, expected significant growth in TILSPARI, continued expense management and anticipated incoming future milestone payments, we continue to expect that our balance sheet can support current operations into 2028. I'll now turn the call back over to Eric for his closing comments. Eric? Speaker 200:23:27Thank you, Chris. We are in a differentiated position to drive value and growth. We are excited sorry, we are executing very well on the commercial launch of VOSPARI, which is targeting to outperform benchmark launches in year 2 and continue to grow significantly in the years ahead. TILSPARRI also has the potential for a second indication for FSGS, which would be the only approved medicine for a rapidly progressing kidney disorder with little else in development. And we are advancing pegdovatinase, an innovative enzyme replacement therapy in a Phase 3 program that could deliver the only disease modifying therapy for a devastating rare condition affecting an estimated addressable population of 7000 to 10000 patients worldwide. Speaker 200:24:14With these opportunities to create significant value, we are acutely focused on executing in 2024. We have started the year by achieving all of the milestones anticipated thus far and we expect to continue that trend through the balance of 2024. Now let me turn the call back over to Anne to open up the lines for Q and A. Anne? Speaker 100:24:34Thank you, Eric. Rachel, we can now open the line up for Q and A. Operator00:24:40Thank you. We will now take the first question from the line of Anupam Rama with JPMorgan. Speaker 500:25:23Sorry, can you hear me? Speaker 600:25:25Yes. Hi, Anupam. Speaker 500:25:28Hey guys, thanks so much Congrats on all the progress Speaker 700:25:32on the quarter. I just had a Speaker 500:25:34quick question for FOSPARI. Can you talk about any sort of seasonal headwinds you saw in the quarter from reauthorizations or otherwise that we should be considering? Thanks so much. Speaker 200:25:45Yes. Thank you for the question. And certainly that's something that we would typically expect at the beginning of the year. Peter, why don't I turn that over to you to share some of the dynamics that we would see in quarter 1? Speaker 400:25:59Yes, certainly. And thanks, Anton, for that question. Overall, I would say we have very strong performance across the board, both from a demand perspective as well as from a payer and postal perspective. I think the only piece in healthy that I could speak to is gross to net as you would expect in the beginning of the year. You have an impact of gross to net that has to do with the reauthorization process, insurance plans for the rebates, commercial pay copay buy downs. Speaker 400:26:30But that's typical for all products and I don't think that's typical for those products. We have seen it also with our legacy products. So overall, I would say very strong performance in Q1. Speaker 500:26:44Thanks so much for taking the question. Speaker 200:26:46Thank you. Operator00:26:47Thank you. Your next question comes from the line of Tyler Van Buren with TD Cowen. Tyler Van Buren, your line is open. Speaker 800:26:57Hey, guys. Great to see the results. Thanks for taking Speaker 200:26:59the question. So the last couple of quarters, Patient Start forms increased by like around 15 to 20 forms quarter over quarter and now we've seen an increase of over 50 quarter over quarter for Q1. So just curious to hear you elaborate on that specifically and what's changed or improved? Is it simply just a better REMS enrollment as mentioned? Or what are other factors leading to the increase in the patient start forms? Speaker 200:27:31Tyler, thanks so much for the question. I'll turn this one also over to Peter. Speaker 400:27:36Yes. Thanks for your question, Tyler. Bobby, you're right. I mean, we saw like strong demand in the Q1. And what I would say is at ASM last November when we presented the PROTECT full 2 year data set, we really built the momentum for FOLFIRM. Speaker 400:27:51And I think that also resulted into an inflection in demand and that trend basically continued in Q1. So we saw like 5 11 new patient start forms in the Q1 versus like 459 in Q4 last year. And this trend includes both the breadth of prescribers as well as depth of prescription. And I think most importantly is that also the majority of the thought leaders on out the credit card and conspired. Operator00:28:23Thank you. Your next question comes from the line of Joseph Schwartz with Leerink Partners. Joseph Schwartz, your line is now open. Speaker 800:28:32Thank you. And congrats on the priority review designation for the Filspari ligand sNDA. I'm wondering if you can provide some more color on the data package that you submitted to the FDA to support the sNDA? Specifically, how much safety data from the real world or clinical trials was submitted? And how are you feeling about the potential for the REMS to be adjusted based on additional data that you submitted? Speaker 200:29:05Joe, thanks for the questions. I will turn this one over to Jula to answer. Speaker 300:29:11Thanks for the question, Joseph. So we did submit the safety data from the 2 year PROTECT trial and we will give a 4 month safety update as is typical, which will be a compilation of our safety data. And you specifically asked about the REMS and I'll just reiterate that we have seen no cases of drug induced liver injury throughout the program. We also have additional commercial safety data that we periodically report and have continued to provide to the FDA as just part of our regular safety reporting. And we haven't seen anything concerning or different than what we've seen from a safety perspective in our clinical trials. Speaker 300:29:50And as you can imagine, we'll be engaging with the FDA through the review process for any potential modifications or changes to the liver monitoring REMS. And we'll provide an update when the sNDA is complete. Speaker 200:30:04Okay. Thank you. Thank you. Operator00:30:07Your next question comes from the line of Carter Gould with Barclays. Carter Gould, your line is now open. Speaker 500:30:15Good afternoon. Thanks for taking the questions and congrats on the progress with Fulspari. But maybe to flip it up a little bit and switch to HCU, you talked about sort of mid airing enrollment. Is there a certain number of patients or a timeline before that could be lifted? And I guess along the same lines, you also spoke on manufacturing. Speaker 500:30:34Can you just kind of us up to speed on sort of the efforts there to ramp on that side of things? Thank you. Speaker 200:30:41Sure. Thanks, Carter. I will turn this over to Julia to provide a bit more detail. Speaker 300:30:46Certainly. Thanks. So we have a very exciting trial design to be able to show a difference in total HOMA-fifteen and then also look at a reduction in diet. The trial design, as you may recall, we have a 10 week screening period and that is to help with diet stabilization and to standard that to optimize our chance of success, to get things standardized before the patients get into the trial. So we have that 10 weeks and then a 26 weeks double blind period. Speaker 300:31:14Now you recall we've announced that we have about 70 patients in 50 sites. We do want each of our sites to be educated, upskilled and trained on some of the unique aspects and unique tools that we are providing as part of this. And so again, we are doing it slower in the beginning, but we are going to have data as we've said top line data in 2026 that has not changed. That's part of our assumptions. And then I'll comment a little bit about CMC. Speaker 300:31:41So as is typical and rare disease when you go try to go fast from Phase 1 to Phase 3, you're often doing your CMC work in parallel. And we're trying to upscale so that we're ready for the or we support the full study as well as commercialization. Speaker 200:31:57Thank you. Operator00:32:00Your next question comes from the line of Jason Zimansky with Bank of America. Jason Speaker 900:32:10Congratulations on the progress and thanks for taking our questions. I wanted to circle back and follow-up on Filspari here. I was curious what you were hearing from specifically new prescribers regarding their experiences, especially now that discussion over PROTECT sort of continues to build. I guess what I'm trying to drive at here is where does near term momentum take you in terms of further acceleration of script growth for the rest of the year? And then what happens following potential full approval in September? Speaker 900:32:43Thanks. Speaker 200:32:46Yes. Jason, thanks so much for the question and welcome to working with us at Trevir. So I'll hand it over to Peter to give a little bit more detail. Before I do, I do want to reiterate something that Peter mentioned in his prepared remarks in that The dynamics that we're seeing across the board with the Vilspara launch give us great confidence that we will see very strong revenue growth this year and onward, particularly this year quarter over quarter revenue growth. And I think it certainly is in large part due to new physicians identifying patients. Speaker 200:33:22Peter, why don't you share a little bit more about what you're hearing from new prescribers and how you see the growth moving forward? Speaker 400:33:31Yes, very good. And thanks, Jason, for that question. I would say, overall, new prescribers, what we are hearing is the same consistency of strong proteinuria reduction of about 50% consistent to what we saw in the PROTECT study. I think that by itself also is the best adequate for continued prescription and further depth of prescription. So as I'm looking forward for the rest of the year, I think we have some inflection points that I called out in the prepared remarks. Speaker 400:34:01I think one is the full approval that we know now with the PDUFA date of September 5, but also the new CDU guidelines. I think that allows for continued growth and remainder of the year in patients' response, but we also know that there may be variability quarter over quarter from a patients' start point perspective. I would say from a revenue perspective, I'm confident that we will continue to have quarter over quarter growth for the remainder of the year. Speaker 900:34:32Great. Thanks for the color and happy to be working with everyone. Speaker 200:34:36Great. Thank you. Operator00:34:37Thank you. Your next question comes from the line of Maury Raycroft with Jefferies. Maury Raycroft, your line is open. Speaker 1000:34:47Hi, congrats on the progress and thanks for taking my question. I was going to ask one on FSGS. Just wondering what additional analyses are you conducting to discuss with regulators this year for potential path forward? And can you clarify if you're engaging with the Paracel Group too and have insight into what they're doing or is Paracel independent? And just for the sequence of events, will you wait to see what Parasol shows at ASN and try to get an FDA meeting scheduled by year end? Speaker 1000:35:17Or I guess what how could these events play out this year with FSGS? Speaker 200:35:23Maury, thanks for the question. And, Jewel, would you like to answer those? Speaker 300:35:28Yes. So we're continuing to analyze our data in totality and also comparisons to external data sets. We haven't fully defined all the analyses that we're doing, but our work is in parallel with Parasol. We are invited to the Parasol group. There is a meeting, it's public that we're going to be meeting in person in the next actually next month to look at the data sets and look at the endpoints. Speaker 300:35:51So we will have insights into what the endpoints they're looking at to be able to then also look at our data as well. And so our timeline is that we're working in parallel with our data as well as what they're working on to define the endpoint with a plan really to reengage, I would say, at the end of this year, early next year after they have publicly announced what those endpoints should look like and what they should be. Speaker 1000:36:19Got it. And then you would after you reengage with the Paracel Group, then you would request a formal meeting with FDA? Speaker 300:36:28Yes. Our plan after well, we're working and we're hearing what they're working on. We're also analyzing our data in parallel after they publicly announce with that endpoint that would be the timeline at which we would be reengaging for potential filing. Speaker 1000:36:44Got it. Okay. Okay. Thanks for taking my question. Operator00:36:50Your next comes from the line of Tim Lugo with William Blair. Tim Lugo, your line is now open. Speaker 600:36:59Hey, guys. This is Lachlan on for Tim. Thanks for taking the question. I was wondering if you can talk about the conversion rate you're seeing from the patient start forms to actually getting on drug, both the time it takes, but also what kind of attrition there is there. And to the extent there is attrition, what are the sort of sticking points where you might be losing some patients? Speaker 200:37:20Yes. Lachlan, thanks for the questions. I'll hand this one over to Peter to provide a bit more detail on the launch dynamics. Speaker 400:37:28Yes, thanks, Lachlan. I would say since we implemented additional patient education initiatives in the second half of the year, we have seen continuing improvement in our full and process. And one of the lead messages I was talking about in the prepared remarks is the percentage of patients that certified the REMS program was in receipt after receiving their patient start form. And as I mentioned, we have now about 80% of the patients that are prescribed to Ospari that enroll in REMS within 14 days of patient start going to lead. So I would say we are very pleased with the continuing efficiencies that we are seeing, including payer approvals for first party and our conversion rate as well within where we see benchmark. Speaker 400:38:12And then this new confidence that we will continue to see revenue growth quarter over quarter for the remainder of the year. Yes. And Lasse, maybe one thing that Speaker 200:38:21I'll add that we've talked about in the past that Peter has mentioned is the high rate of compliance and persistence once a patient is on therapy. We continue to see that, which I think is an important aspect of this launch and what gives us great confidence that we will continue as we add more patients that it will the growth rate in revenue will continue to be strong as we move forward. Speaker 600:38:48Got it. Thanks. Operator00:38:51Your next question comes from the line of Yigal Nochomovitz with Citigroup. Yigal Nochomovitz, your line is now open. Speaker 1100:39:00Yes, hi, thanks. Congrats on the progress. I may have missed it, but did you comment on of the 511 start forms, what fraction of those 511 are on commercial drug at this point? Thanks. Speaker 200:39:15We've not provided those details in terms of number of patients. At this point in the launch, we'll continue to provide those rates of PSFs as well as revenue and access as we see those as the core components of launch performance in the first part of the launch. I think what we certainly are seeing is a continued progress in terms of the number of patients that are treated as we move forward, as outlined by Peter. Peter, is there anything more that you'd like to add? Speaker 400:39:49No, I think you covered it already. Speaker 500:39:54Thank you. Operator00:39:56Thank you. Your next question comes from the line of Mohit Bansal with Wells Fargo. Mohit Bansal, your line is open. Speaker 300:40:06Thank you very much. This is Reid on for Mohit Bansal. My first question here is just on the CODIGO guidelines. Could we see an improvement for Filsparian in the guidelines ahead of that September 5 PDUFA date? Thank you. Speaker 200:40:26Julien, I'll send that one over to you. Speaker 300:40:29We anticipate the KDIGO guidelines to be out soon. That is what we're hearing. And with regards to how that could help with ZOSPARIA, I would say that it's twofold. We anticipate that the KDIGO guidelines will suggest that patients who remain at risk for progression despite RAS inhibitors would be considered to switch to Filspari. So just further reinforcing the foundational role that Vilspari should play, if we know most patients have been on a RAS inhibitor, many predating their diagnosis and Vilspari superior RAS inhibitors at lowering proteinuria as we demonstrated in a Phase 2 or Phase 3 head to head trial. Speaker 300:41:07The other aspect that goes beyond that is that we anticipate the QIDIGO guidelines will lower the proteinuria treatment target. That means that even more patients will need better treatment, which BILFARI clearly offers. Operator00:41:26Thank you. Your next question comes from the line of Vamil Divan with Guggenheim Securities. Vamil Divan, your line is open. Speaker 1100:41:36Great. Thanks for taking my questions. I just had one I was going to ask, but maybe to follow-up on the prior comment you made around the compliance and persistence. And I think you said you're having a high rate of compliance and persistence. I'm just wondering if you can quantify that a little bit more for us in terms of what percentage of patients are still on therapy in 3 months or 6 months after starting. Speaker 1100:41:57And then my main question was really just around the types of patients that are getting treated now. If you can provide a little more visibility on that in terms of what percentage are going through SGLT2s before they might start something like VILspari? What percentage maybe have used Tarpeo or are using this before Tarpeo? And also, I think previously you talked a little bit about the use in the community setting versus academic physicians. If you can provide any sort of update there in terms of just where these prescriptions are coming from and what sorts of patients are being prescribed the product? Speaker 1100:42:29Thanks. Speaker 200:42:31Pavel, thanks for the questions. Peter, we'll have you cover these. Speaker 400:42:36Yes. There were a lot of questions, I believe, in the question. So let me try to decide on them. To start with the last one, I think one of the questions was like our patients coming from community or academia. Well, as a dynamic for IGA and property, you need to cover a broad range of persistence to really get to all the addressable patient population. Speaker 400:42:57And that is mainly because the vast majority of patients reside in community centers. So that's where the majority of the patients come from. Another question was regarding what is the patient profile. This is overall a younger patient population, And that's what we also see reflected in the patient allowed in COSPARI, basically patients in their 40s, predominantly male. And then I think also from a coverage perspective, I think it's relevant. Speaker 400:43:26This is about 70% of the patients have commercial coverage, which also speaks to a particular tumor patient population. Then I think another part of the question was co medication and SGLT2. Well, we have a significant amount of patients that also receive SGLT2 inhibitors. I think that is kind of becoming the golden standard. Physicians are generally seeking for like a non immunosuppressive treatment option. Speaker 400:43:53And I think the novel stance of care moving forward is really so far that includes the RAS inhibition as well as endothelin, but also adding less DLT tools. So that is something that we are seeing in practice. And then I think the last question where you started with was compliance and persistence. We haven't spelled it out, but the compliance rates are very high compared to what you would typically see in chronic use treatments in cardiovascular disease or on thalassemia. So high compliance rate that we haven't specified that specific number after certain amount of time. Speaker 400:44:26I hope I covered all your questions on this one. Speaker 1100:44:29Okay. Yes. Thanks, Peter. Speaker 200:44:31Vamil, yes, thank you. Maybe just a little bit of context for what we're hearing consistently from patients. Once they start therapy, they have a very positive experience. They appreciate the level of support that our patient services provide, but perhaps even more important, they are seeing a very consistent reduction in their proteinuria. Oftentimes, these patients who are at high risk of progression struggle to see reductions in proteinuria that are meaningful with other therapies. Speaker 200:45:00So they're very pleased to see those reductions with Dilspari that oftentimes happen very quickly in after initiating, which we believe is a core part of that compliance rate. Of course, it's a very easy once a day oral therapy non immunosuppressant, all things that we know are important to patients and we believe that's going to be a core part of building a very robust base of business upon which to grow over time. Operator00:45:33Your next question comes from the line of Alex Thompson with Stifel. Alex Thompson, your line is open. Speaker 700:45:41Great. Thanks for taking my question. I guess a little bit more on sort of broader commercial dynamics. Could you provide a little bit of context around any inventory or pricing dynamics, headwinds or tailwinds in the quarter? Thank you. Speaker 200:45:55Sure. Alex, thanks for the questions. Peter, we'll hand that one over to you. Speaker 400:46:02Yes. I would say from an inventory perspective, I don't think we see any different patterns than what you would expect in the 2nd year of launch. I don't think there's too much to speak to on that one. And then I'm missing the other component in terms of pricing dynamics. Yes, other than the gross to net, this sounds like you have a little bit higher in the Q1 of every year and that's along the industry, so I don't think it's typical full sales firing. Speaker 400:46:31I don't think we have seen any particular dynamic from a pricing perspective. Speaker 500:46:39Great. Thanks. Operator00:46:43Your next question comes from the line of Laura Chico with Wedbush Securities. Laura Chico, your line is now open. Speaker 1200:46:50Hey, good afternoon. Thanks for taking the question. I have one on kind of a longer term outlook for Filspari. Japanese competitor recently completed enrollment in their Phase 3 IGAN study and we obviously have some other anti April targeted agents moving forward. But as you mentioned, so far it will likely be in the Codigo updated guidelines. Speaker 1200:47:09So I guess I'm trying to understand here in this kind of 2025, 2026 and beyond period, how are you still thinking about Sillspari utilization as the treatment landscape is changing, particularly if there is a pull forward in diagnosis and earlier treatment? Thanks very much. Speaker 200:47:27Yes, Laura, thanks for question. This is one where we're particularly excited about the long term outlook for Filspara given that it is a very unique position within the treatment landscape and how it works in the treatment of IgA nephropathy. I'll ask Jula to provide a bit more detail on that. Speaker 300:47:48Yes. Thanks, Laura. I think it's really great to see innovation for a disease that's had very little innovation for many years. And additionally, I think it's exciting to see a potential replacement for the historical role that steroids have played. And I think that's a lot of what we're going to be utilizing these add on treatments in the future. Speaker 300:48:06But I would say 1st and foremost, as I said in my comments, you've got to address the activation in injury in the kidney that is present at diagnosis and needs to be treated long term. And that's what Pilspari offers. They also, as Peter said, they're going to continue other supportive foundational medications because this is a lifelong disease and that might be an SGLT2 inhibitor for CKD, but essentially so far replacing the role of RAS inhibitors. And that's really aligned with what the KOLs are saying, the guidelines are saying is that you've got a treatment that's been compared head to head to historical foundational treatment and FOSPARI is superior to that. And then you can potentially add on additional medications just like we've added on steroids historically to RAS inhibitors. Speaker 300:48:51You can add on a B cell or complement inhibitor on top of the foundational role that Vilsparis should. Thanks very much. Operator00:49:01Thank you. Your next question comes from the line of Ed Arce with H. C. Wainwright and Co. Ed Arce, your line is now open. Speaker 200:49:13Great. Thanks for taking my questions and congrats on the strong quarter progress. Three questions for me. Hopefully, this doesn't get too long. Main one is really about what seems likely coming out of Codigo and then your PDUFA date on the 5th September. Speaker 200:49:36Given there's no cases of DLLI and the REMS monitoring could be softened and likely with proteinuria as in the EU and given the Codigo guidelines are looking that way. All of this points to a much more accepting label going forward. And so the question really is if those do come to pass, what would be your view on the potential for an acceleration further from the growth rates that you're seeing so far? And then just a couple of quick questions on the model. First, around Thiola, I think the decrease this quarter was largely impacted by the generic entry earlier this year. Speaker 200:50:28I just wanted to confirm that that's your view. And then lastly, the $65,000,000 in process R and D, I think you said that was due to a first patient enrolled in the HCU study and just wanted confirm that. Thanks so much. All right, Ed. Thanks so much. Speaker 200:50:48So first question, we'll hand over to Peter. So Peter, how do we see Codigo and the labeling driving growth as we move forward? Speaker 400:51:01Yes. I would say it allows for a broadening of the addressable patient population. I mean, it's right now the U. S. Label states patients that are at risk of rapid progression, which is general of a nearly a target of 1.5. Speaker 400:51:15I'm expecting that would go down in our label when we have the full approval. But then I think additionally to your point on PDGO and Jero was alluding to this earlier, we are anticipating a more aggressive treatment target with regards to proteinuria. I think that also allows for a broadening of the patient population. And Bill mentioned earlier like the evolving landscape, you have more entrants that may come into the market. This is really a market in development, I would say. Speaker 400:51:43There's more confirmatory biopsies more early on. And I think that allows for a greater continued growth opportunity for us playing in this ideal field. Operator00:52:01Thank you. Speaker 200:52:03And the second question thank you, Peter. Sorry, operator, we've got 2 additional questions from the last questioner. So Chris, I'll hand these over to you. So can you explain the Thiola generic dynamics on revenue as well as the $65,000,000 anticipated payment? Speaker 500:52:21Yes. Thanks for the questions, Ed. On the first one with Thiola, that's not related to the activity isn't related to the generic entry at this point. What we see right now is the typical gross to net adjustments in the Q1 of the year that we've seen in historical years. So that's really the driving difference in Q4 to Q1 and we would anticipate that that levels out similar as it has in years past. Speaker 500:52:45And then on the second one, Ed, you have it right that the $65,000,000 IPR and D expense this quarter is related to the 1st patient dosed in the Phase 3 HARMONY study effect of that. Speaker 200:52:58Great. Thanks so much. Operator00:53:04Your next question comes from the line of Allison Bratzel with Piper Sandler. Allison Bratzel, your line is open. Speaker 1300:53:13Hey, good afternoon. Congrats on a nice quarter and thanks for squeezing me in. You mentioned the recent SPARTAN study update in newly diagnosed IgM patients. I'm just hoping you could talk about KOL and nephrologists reaction to that. And just is it your sense that docs need to see any additional clinical data to really catalyze or drive widespread earlier line use of Sospari? Speaker 1300:53:39Thanks. Speaker 200:53:42Yes. So Allison, maybe I'll just comment on one thing that Peter mentioned on this call as well as on our prior call. We're very pleased to see that the majority of thought leaders within the U. S. Are currently prescribing Vilspari to patients with IGAN in their practice. Speaker 200:54:00And I think that that gives a great confidence in the overall profile. Julah, why don't you talk a little bit more about the potential impact or the reaction that you're hearing to the Spartan results to date? Speaker 300:54:13Thanks for the question. I think it's very exciting to see the data that we are generating across our program, which is not just Spartan, which is earlier treatment, but also combination treatment. And that supports that we believe that VOSPARI should be foundational care and also that patients should be treated earlier in their disease. I think people are very excited about what we've out around sparsentan that it's newly diagnosed patients who have not been treated earlier in their disease course, even slightly lower ranges of protein and higher eGFR. And that if you treat early that you can get patients 2 thirds into complete remission, stable eGFR, nearly 80% reduction in proteinuria. Speaker 300:54:52People are very excited about this data and we're going to continue to publish more. We've done 30 6 weeks. We'll have 1 year data and further data as well as biopsy data. But it really places and reiterate that FilSparri isn't just targeting damage that's already occurred and helping with the remodel, but it can help prevent the damage that occurs if you have IgA nephropathy deposition, lot of encouragement a lot of encouragement around that and excitement as more data comes out later this year around it. Operator00:55:33Ladies and gentlemen, this concludes the question and answer session of today's conference call. I'll hand the call back over to Anne. Speaker 100:55:43Great. Thank you everyone for joining us for our Q1 2024 financial results call. We look forward to providing additional updates on our progress. Have a great rest of your day. Operator00:55:55This does conclude today's call. Thank you for your participation.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallTravere Therapeutics Q1 202400:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) Travere Therapeutics Earnings HeadlinesCantor Fitzgerald Reiterates Overweight Rating for Travere Therapeutics (NASDAQ:TVTX)April 25 at 3:25 AM | americanbankingnews.comTravere Therapeutics to Report First Quarter 2025 Financial ResultsApril 24, 2025 | finance.yahoo.comHere’s How to Claim Your Stake in Elon’s Private Company, xAII predict this single breakthrough could make Elon the world’s first trillionaire — and mint more new millionaires than any tech advance in history. And for a limited time, you have the chance to claim a stake in this project, even though it’s housed inside Elon’s private company, xAI.April 28, 2025 | Brownstone Research (Ad)Scotiabank Remains a Buy on Travere Therapeutics (TVTX)April 11, 2025 | markets.businessinsider.comTravere Therapeutics (TVTX) Receives a Buy from Wells FargoApril 10, 2025 | markets.businessinsider.comTravere Therapeutics (TVTX) Receives a Buy from GuggenheimApril 5, 2025 | markets.businessinsider.comSee More Travere Therapeutics Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Travere Therapeutics? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Travere Therapeutics and other key companies, straight to your email. Email Address About Travere TherapeuticsTravere Therapeutics (NASDAQ:TVTX), a biopharmaceutical company, identifies, develops, and delivers therapies to people living with rare kidney and metabolic diseases. Its products include FILSPARI (sparsentan), a once-daily, oral medication designed to target two critical pathways in the disease progression of IgA Nephropathy (endothelin 1 and angiotensin-II); and Thiola and Thiola EC (tiopronin tablets) for the treatment of cystinuria, a rare genetic cystine transport disorder that causes high cystine levels in the urine and the formation of recurring kidney stones. The company's clinical-stage programs consist of Sparsentan, a novel investigational product candidate, which has been granted Orphan Drug Designation for the treatment of focal segmental glomerulosclerosis in the U.S. and Europe; and Pegtibatinase (TVT-058), a novel investigational human enzyme replacement candidate being evaluated for the treatment of classical homocystinuria. It has a cooperative research and development agreement with National Institutes of Health's National Center for Advancing Translational Sciences and Alagille Syndrome Alliance for the identification of potential small molecule therapeutics for Alagille syndrome. The company was formerly known as Retrophin, Inc. and changed its name to Travere Therapeutics, Inc. in November 2020. Travere Therapeutics, Inc. was incorporated in 2008 and is headquartered in San Diego, California.View Travere Therapeutics ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Markets Think Robinhood Earnings Could Send the Stock UpIs the Floor in for Lam Research After Bullish Earnings?Texas Instruments: Earnings Beat, Upbeat Guidance Fuel RecoveryMarket Anticipation Builds: Joby Stock Climbs Ahead of EarningsIs Intuitive Surgical a Buy After Volatile Reaction to Earnings?Seismic Shift at Intel: Massive Layoffs Precede Crucial EarningsRocket Lab Lands New Contract, Builds Momentum Ahead of Earnings Upcoming Earnings Cadence Design Systems (4/28/2025)Welltower (4/28/2025)Waste Management (4/28/2025)AstraZeneca (4/29/2025)Mondelez International (4/29/2025)PayPal (4/29/2025)Starbucks (4/29/2025)DoorDash (4/29/2025)Honeywell International (4/29/2025)Regeneron Pharmaceuticals (4/29/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. 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There are 14 speakers on the call. Operator00:00:00Good day, and welcome to the Travair Therapeutics First Quarter 2024 Financial Results and Corporate Update Conference Call. Today's call is being recorded. At this time, I would like to turn the conference call over to the Manager of Investor Relations, Anne Crotto. Please go ahead, Anne. Speaker 100:00:19Thank you, Rachel. Good afternoon, and welcome to Travir Therapeutics' Q1 2024 Financial Results and Corporate Update Call. Thank you all for joining. Today's call will be led by our President and Chief Executive Officer, Doctor. Eric Dube. Speaker 100:00:33Eric will be joined in the prepared remarks by Doctor. Jule Enroys, our Chief Officer Peter Herrima, our Chief Commercial Officer and Chris Klein, our Chief Financial Officer. Doctor. Bill Roach, Senior Vice President of Research and Development will join us for Q and A session. Before we begin, I would like to remind everyone that statements made during this call regarding matters that are not historical facts are forward looking statements within the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Speaker 100:01:03Forward looking statements are not guarantees of performance. They involve known and unknown risks, uncertainties and assumptions that may cause actual results, performance and achievements to differ materially from those expressed or implied by the statement. Please see the forward looking statement disclaimer on the company's press release issued earlier today as well as the Risk Factors section in our Forms 10 Q and 10 ks filed with the SEC. In addition, any forward looking statements represent our views only as of the date such statements are made, May 6, 2024, Entravure specifically disclaims any obligation to update such statements to reflect future information, events or circumstances. With that, let me now turn the call over to Eric. Speaker 100:01:43Eric? Speaker 200:01:45Thank you, Anne, and good afternoon, everyone. This year, our organization is focused on executing on the key priorities that will drive sustainable growth for Travir in 2024 and the years ahead. I am pleased to report that we made significant progress on all fronts. Our commercial launch of TILSPARI and the first patients were dosed in the pivotal HARMONY study of pegdebatinase. I'll begin with the TILSPARI launch in the U. Speaker 200:02:18S. Following a strong close to 2023, our team continued to elevate performance in quarter 1. Importantly, this was demonstrated across all key aspects of the launch, increased patient demand, new and repeat prescribers, faster time to reimbursement and broader payer access. We continue to have the highest demand amongst recent rare renal benchmarks and we achieved 35% growth in revenue over last quarter despite the typical new year headwinds with gross to net adjustments. Notably, we are seeing the strength continue in the Q2. Speaker 200:02:56This reflects strong execution by our commercial team, but also the underlying demand for a superior foundational treatment. Peter will provide further detail on the quarter one performance and our outlook shortly. To start 2024, our regulatory team achieved important milestones in our journey to deliver Filspari to more patients globally. Today, we are very pleased to report that our submission to convert FIELSPARI from accelerated approval to full approval has been granted priority review by the FDA. This marks a critical step forward for full approval, which we expect would include a label enabling us to breach a broader set of patients living with IgA nephropathy in the U. Speaker 200:03:38S. Outside of the U. S, our partners made important progress with the recent conditional marketing authorization or CMA of Filspari for IGAN in Europe and submission of an IND for a Phase 3 trial in IGAN patients in Japan. Jugal will provide further detail on our regulatory engagements and milestones for the rest of the year. We also made good progress on our pegdabatinase program, which provides an opportunity for significant growth for Travir beyond Vilspari. Speaker 200:04:08This program is the only late stage development candidate for HCU and the only medicine in development for HCU that has the potential to be disease modifying. With successful efforts, we anticipate that pegdobatinase could become a new treatment standard in the market that we expect to grow well beyond $1,000,000,000 We initiated the Phase 3 HARMONY study at the end of last year and we are pleased to have dosed our first patients in the study. Overall, we remain on track to report Phase 3 top line results in 2026. Now let me turn the call over to Jula for her update. Jula? Speaker 300:04:44Good afternoon. I'll start with IgA nephropathy, where our medical activities for 2024 are focused on ensuring we achieve full approval of Vilspari and providing the education and support to enable Vilspari to replace RAS inhibitors as foundational care. It is important to remember that patients living with IgA nephropathy face a high lifetime risk of kidney failure and the time to meeting kidney replacement therapy is even shorter for those with persistent proteinuria. IgAN is caused by over activation in both the kidneys and the immune system. As a result, clinicians have historically focused on 2 complementary ways of treating IgA nephropathy. Speaker 300:05:33First, with foundational care directly addressing the overactivity in the kidney. This has been the role RAS inhibitors have played. And second, addressing systemic inflammation with steroids for select patients. We are at an exciting juncture where we are seeing improvements in the options addressing both of these approaches independently and the future will include using both of these in tandem in more effective ways. This is critical as there is no single medicine approved or in development that will arrest the progression or effects of IgA nephropathy. Speaker 300:06:14We are most excited about the evolution of the treatment paradigm because FILSparri is the only medicine that is in position to replace the foundational role of RAS inhibitors. This is because SPILFARI is the only approved non immunosuppressive medicine for IgAN that directly targets kidney injury known as HIT-four and protects the kidney from further structural damage. And most importantly, VILFARI is the only treatment that has been evaluated head to head against RAS inhibitors, specifically ervasartan and shown clear superiority in proteinuria reduction along with clinically meaningful long term kidney function preservation. Everything else has been added on top of RAS inhibitors and or is targeting elsewhere in the disease cascade, but unfortunately not comparing directly to what works on that similar pathway. As we move ahead, we believe nephrologists will use VILSPARI as a foundational kidney targeted therapy and then add upstream immune mediated medications as needed. Speaker 300:07:25Perhaps not surprisingly, we are continuously hearing from nephrologists as they are gaining more experience with VILSPARI that they are making the choice to utilize VILSPARI as foundational care for their eligible IgAN patients. And this is further validated by increasing recommendations in treatment guidelines and algorithms to replace RAS inhibitor therapy with VILFARI in patients who remain at risk for progression. We also continue to generate additional supportive data. At the recent World Congress of Nephrology meeting, we presented new data describing subgroup analyses from the PROTECT study, demonstrating that treatment with ZOSARI had a clinically meaningful benefit on long term kidney function preservation at 2 years across a broad range of baseline proteinuria subgroups. This signifies that VOSPARI can have a positive impact in a wide range of proteinuria levels and we believe it is supportive for potentially broadening our label at full approval. Speaker 300:08:29We also presented data from our SPARTAN study, examining newly diagnosed RAS inhibitor naive patients, which showed an 80% reduction in proteinuria and stable eGFR out to 36 weeks, some of the most impressive IGAN data to date. These results show that if you treat IGAN patients early enough with VILSPARI, you stabilize eGFR and can get 2 thirds of patients into complete remission. Additionally, we presented data that showed adding SGLT2 inhibitors to VILFARI is safe and can further reduce proteinuria. Collectively, these results are supportive of earlier and broader use and we look forward to providing longer term results at upcoming congresses. As the IgAN treatment paradigm continues to evolve, we also hear from thought leaders and hold the belief ourselves that the field is moving towards earlier diagnosis and treatment of patients earlier in their disease. Speaker 300:09:31This is widely anticipated to be recognized in the upcoming KDIGO guideline revision. This will support intervening earlier with foundational care and following full approval provide a good opportunity for us to further educate on the lifetime risk for these patients. They don't have time to wait as every day they are losing kidney function. Now turning to our key regulatory milestones to start the year. As Eric highlighted earlier, we were very pleased to receive priority review for our sNDA with an assigned PDUFA target action date of September 5 this year. Speaker 300:10:11Additionally, the FDA has communicated that they do not plan to have an advisory committee meeting to discuss the application. We look forward to continuing to work with FDA throughout the review process, including engaging on the REMS for liver monitoring. We are also pleased with the recent European Commission decision to grant conditional marketing authorization to Filspara in Europe. It is important to note that Filspara is the only medicine for IgA nephropathy to receive a CMA for patients with proteinuria greater than 1 gram per day or greater than 0.75 grams per gram. The next step in Europe is transitioning to full approval and we are presently supporting the submission preparation process in partnership with CSL v4. Speaker 300:10:59We also recently announced that our partner in Japan, Rinalis, has made progress with an IND submission and advancing their study to support ultimate approval in Japan and other Asian Pacific regions. I'll provide a brief update on FSGS. Our efforts in FSGS continue in the background and we remain hopeful that we will be able to identify a path forward for an additional indication for Filspari. In parallel with our efforts, Parasol, which is a public private partnership with NestCure, the FDA, EMA and Academia is bringing together FSGS datasets from around the world to help define the relationship between proteinuria, EGFR and kidney outcomes. Their goal is to align on an endpoint that would support approval of new therapies for FSGS patients and they plan to present their data at ASN in late October. Speaker 300:11:54We will continue to compile our data and reengage with FDA at the appropriate time once the Parasol work is near to completion. Now let me discuss our HCU program in Phase 3 development. We continue to be very excited about our potential to deliver pegtobatamase as the first disease modifying therapy for HCU. We recently engaged with HCU thought leaders and patient advocates at ad boards and medical conferences And there is significant enthusiasm about the potential for pedtivatinase to positively change the lives of people living with HCU. The available treatment options do not address the underlying cause of HCU nor do they help patients address the risk of thrombotic events or address the need for low protein diets. Speaker 300:12:48These often require drinking medical formula to help achieve adequate nutritional intake and can negatively impact many social aspects of daily life. We believe that pegtobatinase as the only therapy directly targeting the key enzyme defect in HCU can change that if approved. We are pleased to have achieved the 1st patients dosed in the pivotal HARMONY study. As we've discussed, we are metering enrollment in the earlier stages as we ensure we have high quality adherence to our protocol and continue to scale our supply for the duration of the program and commercial use. So far, we're getting positive feedback from our site and we continue to anticipate top line data in 2026. Speaker 300:13:36This quarter, we will also begin to transition patients from our Phase onetwo COMPOSE trial onto our open label ENSEMBLE study. This will allow for eligible COMPOSE patients to enter into our protein tolerance or diet modification sub study and start generating data for this important exploratory end point. In summary, we are pleased with the progress in each of our programs, which is a testament to the talented team at Trevir who are passionate about working to deliver life changing therapies for people living with rare diseases. Let me now turn it over to Peter for a commercial update. Peter? Speaker 400:14:16Thank you, Yulah, and good afternoon, everyone. 2024 is going to be an exciting year for Phil Spartan as we are building upon a solid foundation that was created in 2023. And I'm pleased to report that we started the year with strong performance in the Q1. We continue to see strong and growing demand from physicians on their patients. This is evidenced by the continued increase in both breadth and depth of prescribers during the quarter. Speaker 400:14:44Notably, we have now had more than 2,000 authorities who have enrolled and certified in the Filspari REMS program. Most of these physicians have already started prescribing Filspari and have witnessed how dual inhibition of endothelin and angiotensin benefits their patients in a meaningful way. And this number continues to grow with signals that demand is expected to remain broad. This growing prescriber base and persistent demand resulted in a continuation of growth in new patient start forms to 511 in the Q1. We have now seen sequential growth in patient response for the 1st 5 quarters of launch and exceeded the 500 patient response for more faster than any of our benchmark comparisons in RAN pathology. Speaker 400:15:32From a PEGIA perspective, approximately 95 percent of the U. S. Patients have a pathway for reimbursement of Filspire. We continue to be pleased with the quality of the authorization criteria, which are largely in line with label language and guideline recommendations. I'm pleased that this building in the launch, we have achieved such a high level of progress. Speaker 400:15:54In the face of transitioning demand into paid shipments continues to improve. The enhancements we made in the second half of last year are working, and we now see that about 80% of the patients that are prescribed to our Spire are enrolling in the REMS program within 14 days of patients' source form received. And our quality number of new paid shipments continues to climb. Our collective assets led to $19,800,000 in revenue sales for the Q1. We are pleased with the continued interest in revenue, especially in the Q1 of the year, where we experienced elevated gross to net adjustments as is typical to start the new year. Speaker 400:16:37The strong start of 2024 adds to our confidence in driving significant growth of Kansari this year and in our goal of outperforming the benchmark metrics for the 2nd year of launch. In addition to the consistent pace in store form growth, we have also maintained a higher growth rate in revenue since the initial launch quarter compared to benchmarks. And of note, the strong sales trend has continued through the Q2 so far. This adds focus to our belief that we will drive continued revenue growth quarter over quarter as we move to some of the key inflection points later this year that can further accelerate our growth. In this end, we anticipate expected to be available for public review in the coming months. Speaker 400:17:30Additionally, based on the increasing body of evidence that proteinuria is directly toxic to the kidney and therefore a prominent risk marker of progressing towards kidney failure, we anticipate a more ambitious proteinuria target in the guidelines, which will further increase the urgency to treat patients earlier and more aggressively. Upon potential full approval in September, we anticipate an expanded label, which would provide greater support for physicians to prescribe TOSPARI to a broader patient population. This could be particularly well timed as nephrologists digest the PDU guideline and begin to diagnose and treat their patients earlier. We also expect the additional clinical evidence that Gela highlighted earlier will ultimately provide additional support for physicians to treat earlier with XELSPARRI and to use it potentially in combination with other available medicines for patients that may need more aggressive treatments. These milestones will support our ambition to make for aspiring the foundational treatment option for IgA orthopedic patients with the potential for novel complementary modalities, if approved, to be added on top in the future. Speaker 400:18:46As for Thiola and Thiola EC, these medicines remain steady, contributing approximately 3,000,000 As previously reported, we saw a generic approval earlier this year and are continuing to evaluate how the market may evolve as a resource. Let me close out by reiterating that I'm really pleased with the execution of our fantastic commercial team and the clearly positive results in the Q1 of the year. All their efforts have resulted in a strong foundation for growth, leading towards anticipated full approval later this year and the continued confidence that Trosparin has the potential to become a blockbuster therapy. Let me now transfer the call to Chris for financial updates. Chris? Speaker 500:19:41Thank you, Peter, and good afternoon, everyone. We've started the year with strong operational performance illustrated by the continued growth of Filspari and reduced operating expenses. For the Q1 of 2024, net product sales were $40,000,000 compared to $24,200,000 for the same period in 2023. The increase is attributable to growth in net product sales from the ongoing launch of VILSPARRI and IG Interprofitable. During the quarter, we also recognized $1,400,000 of license and collaboration revenue, which results in $41,400,000 in total revenue reported for the period, compared to $30,900,000 in the same period in 2023. Speaker 500:20:17Research and development expenses for the Q1 of 2024 were $49,400,000 compared to $58,200,000 for the same period in 2023. On a non GAAP adjusted basis, R and D expenses were $45,800,000 for the Q1 of 2024 compared to $51,300,000 for the same period in 2023. Selling, general and administrative expenses for the Q1 of 2024 were $64,200,000 compared to $66,000,000 for the same period in 2023. On a non GAAP adjusted basis, SG and A expenses were $48,200,000 for the Q1 of 2024 compared to $49,500,000 for the same period in 2023. The approximate 11% decline in non GAAP R and D and SG and A expenses compared to last quarter is largely attributable to the restructuring enacted in December and reduced clinical expense as this percent in Phase 3 studies advance towards completion. Speaker 500:21:09Total other income net for the Q1 of 2024 was 3,500,000 dollars compared to $900,000 in the same period in 2023. The difference is largely attributable to an increase in interest income during the period. Net loss including from discontinued operations for the Q1 of 2024 was $136,100,000 or $1.76 per basic share compared to a net loss of $86,300,000 or $1.27 per basic share for the same period in 2023. On a non GAAP adjusted basis, net loss including from discontinued operations for the Q1 of 2024 was $116,200,000 or $1.51 per basic share compared to a net loss of $62,900,000 or $0.92 per basic share for the same period in 2023. To begin the year, we achieved a number of milestones with our programs that will result in corresponding milestone payments. Speaker 500:22:01During the Q1, we recognized the one time in process research and development or IP R and D expense of $65,000,000 This was triggered by achieving the 1st patient dosed in the Phase 3 HARMONY study and is expected to be paid in the Q2 of this year. With the recent conditional approval of ZOSPARI in Europe, we expect to receive a $17,500,000 milestone payment from CSL Vipor upon conversion of the CMA to full approval, and we also anticipate receiving an additional milestone payment in 2025 upon achievement of market access milestones in certain countries. Also related to the CMA approval, we expect to pay Ligand Pharmaceuticals a one time milestone payment of $5,750,000 in the Q2 of this year. As of March 31, 2024, the company cash, cash equivalents and marketable securities of $441,000,000 Cash used during the first quarter included approximately $61,000,000 of non recurring items related to the strategic reorganization announced in December, delivery of inventory, corporate performance payout and pass through receivables to Miriam Pharmaceuticals as a result of the bile acid products transaction last year. Importantly, we anticipate operating cash used to decline meaningfully through the balance of 2024. Speaker 500:23:10With our current strong cash balance, expected significant growth in TILSPARI, continued expense management and anticipated incoming future milestone payments, we continue to expect that our balance sheet can support current operations into 2028. I'll now turn the call back over to Eric for his closing comments. Eric? Speaker 200:23:27Thank you, Chris. We are in a differentiated position to drive value and growth. We are excited sorry, we are executing very well on the commercial launch of VOSPARI, which is targeting to outperform benchmark launches in year 2 and continue to grow significantly in the years ahead. TILSPARRI also has the potential for a second indication for FSGS, which would be the only approved medicine for a rapidly progressing kidney disorder with little else in development. And we are advancing pegdovatinase, an innovative enzyme replacement therapy in a Phase 3 program that could deliver the only disease modifying therapy for a devastating rare condition affecting an estimated addressable population of 7000 to 10000 patients worldwide. Speaker 200:24:14With these opportunities to create significant value, we are acutely focused on executing in 2024. We have started the year by achieving all of the milestones anticipated thus far and we expect to continue that trend through the balance of 2024. Now let me turn the call back over to Anne to open up the lines for Q and A. Anne? Speaker 100:24:34Thank you, Eric. Rachel, we can now open the line up for Q and A. Operator00:24:40Thank you. We will now take the first question from the line of Anupam Rama with JPMorgan. Speaker 500:25:23Sorry, can you hear me? Speaker 600:25:25Yes. Hi, Anupam. Speaker 500:25:28Hey guys, thanks so much Congrats on all the progress Speaker 700:25:32on the quarter. I just had a Speaker 500:25:34quick question for FOSPARI. Can you talk about any sort of seasonal headwinds you saw in the quarter from reauthorizations or otherwise that we should be considering? Thanks so much. Speaker 200:25:45Yes. Thank you for the question. And certainly that's something that we would typically expect at the beginning of the year. Peter, why don't I turn that over to you to share some of the dynamics that we would see in quarter 1? Speaker 400:25:59Yes, certainly. And thanks, Anton, for that question. Overall, I would say we have very strong performance across the board, both from a demand perspective as well as from a payer and postal perspective. I think the only piece in healthy that I could speak to is gross to net as you would expect in the beginning of the year. You have an impact of gross to net that has to do with the reauthorization process, insurance plans for the rebates, commercial pay copay buy downs. Speaker 400:26:30But that's typical for all products and I don't think that's typical for those products. We have seen it also with our legacy products. So overall, I would say very strong performance in Q1. Speaker 500:26:44Thanks so much for taking the question. Speaker 200:26:46Thank you. Operator00:26:47Thank you. Your next question comes from the line of Tyler Van Buren with TD Cowen. Tyler Van Buren, your line is open. Speaker 800:26:57Hey, guys. Great to see the results. Thanks for taking Speaker 200:26:59the question. So the last couple of quarters, Patient Start forms increased by like around 15 to 20 forms quarter over quarter and now we've seen an increase of over 50 quarter over quarter for Q1. So just curious to hear you elaborate on that specifically and what's changed or improved? Is it simply just a better REMS enrollment as mentioned? Or what are other factors leading to the increase in the patient start forms? Speaker 200:27:31Tyler, thanks so much for the question. I'll turn this one also over to Peter. Speaker 400:27:36Yes. Thanks for your question, Tyler. Bobby, you're right. I mean, we saw like strong demand in the Q1. And what I would say is at ASM last November when we presented the PROTECT full 2 year data set, we really built the momentum for FOLFIRM. Speaker 400:27:51And I think that also resulted into an inflection in demand and that trend basically continued in Q1. So we saw like 5 11 new patient start forms in the Q1 versus like 459 in Q4 last year. And this trend includes both the breadth of prescribers as well as depth of prescription. And I think most importantly is that also the majority of the thought leaders on out the credit card and conspired. Operator00:28:23Thank you. Your next question comes from the line of Joseph Schwartz with Leerink Partners. Joseph Schwartz, your line is now open. Speaker 800:28:32Thank you. And congrats on the priority review designation for the Filspari ligand sNDA. I'm wondering if you can provide some more color on the data package that you submitted to the FDA to support the sNDA? Specifically, how much safety data from the real world or clinical trials was submitted? And how are you feeling about the potential for the REMS to be adjusted based on additional data that you submitted? Speaker 200:29:05Joe, thanks for the questions. I will turn this one over to Jula to answer. Speaker 300:29:11Thanks for the question, Joseph. So we did submit the safety data from the 2 year PROTECT trial and we will give a 4 month safety update as is typical, which will be a compilation of our safety data. And you specifically asked about the REMS and I'll just reiterate that we have seen no cases of drug induced liver injury throughout the program. We also have additional commercial safety data that we periodically report and have continued to provide to the FDA as just part of our regular safety reporting. And we haven't seen anything concerning or different than what we've seen from a safety perspective in our clinical trials. Speaker 300:29:50And as you can imagine, we'll be engaging with the FDA through the review process for any potential modifications or changes to the liver monitoring REMS. And we'll provide an update when the sNDA is complete. Speaker 200:30:04Okay. Thank you. Thank you. Operator00:30:07Your next question comes from the line of Carter Gould with Barclays. Carter Gould, your line is now open. Speaker 500:30:15Good afternoon. Thanks for taking the questions and congrats on the progress with Fulspari. But maybe to flip it up a little bit and switch to HCU, you talked about sort of mid airing enrollment. Is there a certain number of patients or a timeline before that could be lifted? And I guess along the same lines, you also spoke on manufacturing. Speaker 500:30:34Can you just kind of us up to speed on sort of the efforts there to ramp on that side of things? Thank you. Speaker 200:30:41Sure. Thanks, Carter. I will turn this over to Julia to provide a bit more detail. Speaker 300:30:46Certainly. Thanks. So we have a very exciting trial design to be able to show a difference in total HOMA-fifteen and then also look at a reduction in diet. The trial design, as you may recall, we have a 10 week screening period and that is to help with diet stabilization and to standard that to optimize our chance of success, to get things standardized before the patients get into the trial. So we have that 10 weeks and then a 26 weeks double blind period. Speaker 300:31:14Now you recall we've announced that we have about 70 patients in 50 sites. We do want each of our sites to be educated, upskilled and trained on some of the unique aspects and unique tools that we are providing as part of this. And so again, we are doing it slower in the beginning, but we are going to have data as we've said top line data in 2026 that has not changed. That's part of our assumptions. And then I'll comment a little bit about CMC. Speaker 300:31:41So as is typical and rare disease when you go try to go fast from Phase 1 to Phase 3, you're often doing your CMC work in parallel. And we're trying to upscale so that we're ready for the or we support the full study as well as commercialization. Speaker 200:31:57Thank you. Operator00:32:00Your next question comes from the line of Jason Zimansky with Bank of America. Jason Speaker 900:32:10Congratulations on the progress and thanks for taking our questions. I wanted to circle back and follow-up on Filspari here. I was curious what you were hearing from specifically new prescribers regarding their experiences, especially now that discussion over PROTECT sort of continues to build. I guess what I'm trying to drive at here is where does near term momentum take you in terms of further acceleration of script growth for the rest of the year? And then what happens following potential full approval in September? Speaker 900:32:43Thanks. Speaker 200:32:46Yes. Jason, thanks so much for the question and welcome to working with us at Trevir. So I'll hand it over to Peter to give a little bit more detail. Before I do, I do want to reiterate something that Peter mentioned in his prepared remarks in that The dynamics that we're seeing across the board with the Vilspara launch give us great confidence that we will see very strong revenue growth this year and onward, particularly this year quarter over quarter revenue growth. And I think it certainly is in large part due to new physicians identifying patients. Speaker 200:33:22Peter, why don't you share a little bit more about what you're hearing from new prescribers and how you see the growth moving forward? Speaker 400:33:31Yes, very good. And thanks, Jason, for that question. I would say, overall, new prescribers, what we are hearing is the same consistency of strong proteinuria reduction of about 50% consistent to what we saw in the PROTECT study. I think that by itself also is the best adequate for continued prescription and further depth of prescription. So as I'm looking forward for the rest of the year, I think we have some inflection points that I called out in the prepared remarks. Speaker 400:34:01I think one is the full approval that we know now with the PDUFA date of September 5, but also the new CDU guidelines. I think that allows for continued growth and remainder of the year in patients' response, but we also know that there may be variability quarter over quarter from a patients' start point perspective. I would say from a revenue perspective, I'm confident that we will continue to have quarter over quarter growth for the remainder of the year. Speaker 900:34:32Great. Thanks for the color and happy to be working with everyone. Speaker 200:34:36Great. Thank you. Operator00:34:37Thank you. Your next question comes from the line of Maury Raycroft with Jefferies. Maury Raycroft, your line is open. Speaker 1000:34:47Hi, congrats on the progress and thanks for taking my question. I was going to ask one on FSGS. Just wondering what additional analyses are you conducting to discuss with regulators this year for potential path forward? And can you clarify if you're engaging with the Paracel Group too and have insight into what they're doing or is Paracel independent? And just for the sequence of events, will you wait to see what Parasol shows at ASN and try to get an FDA meeting scheduled by year end? Speaker 1000:35:17Or I guess what how could these events play out this year with FSGS? Speaker 200:35:23Maury, thanks for the question. And, Jewel, would you like to answer those? Speaker 300:35:28Yes. So we're continuing to analyze our data in totality and also comparisons to external data sets. We haven't fully defined all the analyses that we're doing, but our work is in parallel with Parasol. We are invited to the Parasol group. There is a meeting, it's public that we're going to be meeting in person in the next actually next month to look at the data sets and look at the endpoints. Speaker 300:35:51So we will have insights into what the endpoints they're looking at to be able to then also look at our data as well. And so our timeline is that we're working in parallel with our data as well as what they're working on to define the endpoint with a plan really to reengage, I would say, at the end of this year, early next year after they have publicly announced what those endpoints should look like and what they should be. Speaker 1000:36:19Got it. And then you would after you reengage with the Paracel Group, then you would request a formal meeting with FDA? Speaker 300:36:28Yes. Our plan after well, we're working and we're hearing what they're working on. We're also analyzing our data in parallel after they publicly announce with that endpoint that would be the timeline at which we would be reengaging for potential filing. Speaker 1000:36:44Got it. Okay. Okay. Thanks for taking my question. Operator00:36:50Your next comes from the line of Tim Lugo with William Blair. Tim Lugo, your line is now open. Speaker 600:36:59Hey, guys. This is Lachlan on for Tim. Thanks for taking the question. I was wondering if you can talk about the conversion rate you're seeing from the patient start forms to actually getting on drug, both the time it takes, but also what kind of attrition there is there. And to the extent there is attrition, what are the sort of sticking points where you might be losing some patients? Speaker 200:37:20Yes. Lachlan, thanks for the questions. I'll hand this one over to Peter to provide a bit more detail on the launch dynamics. Speaker 400:37:28Yes, thanks, Lachlan. I would say since we implemented additional patient education initiatives in the second half of the year, we have seen continuing improvement in our full and process. And one of the lead messages I was talking about in the prepared remarks is the percentage of patients that certified the REMS program was in receipt after receiving their patient start form. And as I mentioned, we have now about 80% of the patients that are prescribed to Ospari that enroll in REMS within 14 days of patient start going to lead. So I would say we are very pleased with the continuing efficiencies that we are seeing, including payer approvals for first party and our conversion rate as well within where we see benchmark. Speaker 400:38:12And then this new confidence that we will continue to see revenue growth quarter over quarter for the remainder of the year. Yes. And Lasse, maybe one thing that Speaker 200:38:21I'll add that we've talked about in the past that Peter has mentioned is the high rate of compliance and persistence once a patient is on therapy. We continue to see that, which I think is an important aspect of this launch and what gives us great confidence that we will continue as we add more patients that it will the growth rate in revenue will continue to be strong as we move forward. Speaker 600:38:48Got it. Thanks. Operator00:38:51Your next question comes from the line of Yigal Nochomovitz with Citigroup. Yigal Nochomovitz, your line is now open. Speaker 1100:39:00Yes, hi, thanks. Congrats on the progress. I may have missed it, but did you comment on of the 511 start forms, what fraction of those 511 are on commercial drug at this point? Thanks. Speaker 200:39:15We've not provided those details in terms of number of patients. At this point in the launch, we'll continue to provide those rates of PSFs as well as revenue and access as we see those as the core components of launch performance in the first part of the launch. I think what we certainly are seeing is a continued progress in terms of the number of patients that are treated as we move forward, as outlined by Peter. Peter, is there anything more that you'd like to add? Speaker 400:39:49No, I think you covered it already. Speaker 500:39:54Thank you. Operator00:39:56Thank you. Your next question comes from the line of Mohit Bansal with Wells Fargo. Mohit Bansal, your line is open. Speaker 300:40:06Thank you very much. This is Reid on for Mohit Bansal. My first question here is just on the CODIGO guidelines. Could we see an improvement for Filsparian in the guidelines ahead of that September 5 PDUFA date? Thank you. Speaker 200:40:26Julien, I'll send that one over to you. Speaker 300:40:29We anticipate the KDIGO guidelines to be out soon. That is what we're hearing. And with regards to how that could help with ZOSPARIA, I would say that it's twofold. We anticipate that the KDIGO guidelines will suggest that patients who remain at risk for progression despite RAS inhibitors would be considered to switch to Filspari. So just further reinforcing the foundational role that Vilspari should play, if we know most patients have been on a RAS inhibitor, many predating their diagnosis and Vilspari superior RAS inhibitors at lowering proteinuria as we demonstrated in a Phase 2 or Phase 3 head to head trial. Speaker 300:41:07The other aspect that goes beyond that is that we anticipate the QIDIGO guidelines will lower the proteinuria treatment target. That means that even more patients will need better treatment, which BILFARI clearly offers. Operator00:41:26Thank you. Your next question comes from the line of Vamil Divan with Guggenheim Securities. Vamil Divan, your line is open. Speaker 1100:41:36Great. Thanks for taking my questions. I just had one I was going to ask, but maybe to follow-up on the prior comment you made around the compliance and persistence. And I think you said you're having a high rate of compliance and persistence. I'm just wondering if you can quantify that a little bit more for us in terms of what percentage of patients are still on therapy in 3 months or 6 months after starting. Speaker 1100:41:57And then my main question was really just around the types of patients that are getting treated now. If you can provide a little more visibility on that in terms of what percentage are going through SGLT2s before they might start something like VILspari? What percentage maybe have used Tarpeo or are using this before Tarpeo? And also, I think previously you talked a little bit about the use in the community setting versus academic physicians. If you can provide any sort of update there in terms of just where these prescriptions are coming from and what sorts of patients are being prescribed the product? Speaker 1100:42:29Thanks. Speaker 200:42:31Pavel, thanks for the questions. Peter, we'll have you cover these. Speaker 400:42:36Yes. There were a lot of questions, I believe, in the question. So let me try to decide on them. To start with the last one, I think one of the questions was like our patients coming from community or academia. Well, as a dynamic for IGA and property, you need to cover a broad range of persistence to really get to all the addressable patient population. Speaker 400:42:57And that is mainly because the vast majority of patients reside in community centers. So that's where the majority of the patients come from. Another question was regarding what is the patient profile. This is overall a younger patient population, And that's what we also see reflected in the patient allowed in COSPARI, basically patients in their 40s, predominantly male. And then I think also from a coverage perspective, I think it's relevant. Speaker 400:43:26This is about 70% of the patients have commercial coverage, which also speaks to a particular tumor patient population. Then I think another part of the question was co medication and SGLT2. Well, we have a significant amount of patients that also receive SGLT2 inhibitors. I think that is kind of becoming the golden standard. Physicians are generally seeking for like a non immunosuppressive treatment option. Speaker 400:43:53And I think the novel stance of care moving forward is really so far that includes the RAS inhibition as well as endothelin, but also adding less DLT tools. So that is something that we are seeing in practice. And then I think the last question where you started with was compliance and persistence. We haven't spelled it out, but the compliance rates are very high compared to what you would typically see in chronic use treatments in cardiovascular disease or on thalassemia. So high compliance rate that we haven't specified that specific number after certain amount of time. Speaker 400:44:26I hope I covered all your questions on this one. Speaker 1100:44:29Okay. Yes. Thanks, Peter. Speaker 200:44:31Vamil, yes, thank you. Maybe just a little bit of context for what we're hearing consistently from patients. Once they start therapy, they have a very positive experience. They appreciate the level of support that our patient services provide, but perhaps even more important, they are seeing a very consistent reduction in their proteinuria. Oftentimes, these patients who are at high risk of progression struggle to see reductions in proteinuria that are meaningful with other therapies. Speaker 200:45:00So they're very pleased to see those reductions with Dilspari that oftentimes happen very quickly in after initiating, which we believe is a core part of that compliance rate. Of course, it's a very easy once a day oral therapy non immunosuppressant, all things that we know are important to patients and we believe that's going to be a core part of building a very robust base of business upon which to grow over time. Operator00:45:33Your next question comes from the line of Alex Thompson with Stifel. Alex Thompson, your line is open. Speaker 700:45:41Great. Thanks for taking my question. I guess a little bit more on sort of broader commercial dynamics. Could you provide a little bit of context around any inventory or pricing dynamics, headwinds or tailwinds in the quarter? Thank you. Speaker 200:45:55Sure. Alex, thanks for the questions. Peter, we'll hand that one over to you. Speaker 400:46:02Yes. I would say from an inventory perspective, I don't think we see any different patterns than what you would expect in the 2nd year of launch. I don't think there's too much to speak to on that one. And then I'm missing the other component in terms of pricing dynamics. Yes, other than the gross to net, this sounds like you have a little bit higher in the Q1 of every year and that's along the industry, so I don't think it's typical full sales firing. Speaker 400:46:31I don't think we have seen any particular dynamic from a pricing perspective. Speaker 500:46:39Great. Thanks. Operator00:46:43Your next question comes from the line of Laura Chico with Wedbush Securities. Laura Chico, your line is now open. Speaker 1200:46:50Hey, good afternoon. Thanks for taking the question. I have one on kind of a longer term outlook for Filspari. Japanese competitor recently completed enrollment in their Phase 3 IGAN study and we obviously have some other anti April targeted agents moving forward. But as you mentioned, so far it will likely be in the Codigo updated guidelines. Speaker 1200:47:09So I guess I'm trying to understand here in this kind of 2025, 2026 and beyond period, how are you still thinking about Sillspari utilization as the treatment landscape is changing, particularly if there is a pull forward in diagnosis and earlier treatment? Thanks very much. Speaker 200:47:27Yes, Laura, thanks for question. This is one where we're particularly excited about the long term outlook for Filspara given that it is a very unique position within the treatment landscape and how it works in the treatment of IgA nephropathy. I'll ask Jula to provide a bit more detail on that. Speaker 300:47:48Yes. Thanks, Laura. I think it's really great to see innovation for a disease that's had very little innovation for many years. And additionally, I think it's exciting to see a potential replacement for the historical role that steroids have played. And I think that's a lot of what we're going to be utilizing these add on treatments in the future. Speaker 300:48:06But I would say 1st and foremost, as I said in my comments, you've got to address the activation in injury in the kidney that is present at diagnosis and needs to be treated long term. And that's what Pilspari offers. They also, as Peter said, they're going to continue other supportive foundational medications because this is a lifelong disease and that might be an SGLT2 inhibitor for CKD, but essentially so far replacing the role of RAS inhibitors. And that's really aligned with what the KOLs are saying, the guidelines are saying is that you've got a treatment that's been compared head to head to historical foundational treatment and FOSPARI is superior to that. And then you can potentially add on additional medications just like we've added on steroids historically to RAS inhibitors. Speaker 300:48:51You can add on a B cell or complement inhibitor on top of the foundational role that Vilsparis should. Thanks very much. Operator00:49:01Thank you. Your next question comes from the line of Ed Arce with H. C. Wainwright and Co. Ed Arce, your line is now open. Speaker 200:49:13Great. Thanks for taking my questions and congrats on the strong quarter progress. Three questions for me. Hopefully, this doesn't get too long. Main one is really about what seems likely coming out of Codigo and then your PDUFA date on the 5th September. Speaker 200:49:36Given there's no cases of DLLI and the REMS monitoring could be softened and likely with proteinuria as in the EU and given the Codigo guidelines are looking that way. All of this points to a much more accepting label going forward. And so the question really is if those do come to pass, what would be your view on the potential for an acceleration further from the growth rates that you're seeing so far? And then just a couple of quick questions on the model. First, around Thiola, I think the decrease this quarter was largely impacted by the generic entry earlier this year. Speaker 200:50:28I just wanted to confirm that that's your view. And then lastly, the $65,000,000 in process R and D, I think you said that was due to a first patient enrolled in the HCU study and just wanted confirm that. Thanks so much. All right, Ed. Thanks so much. Speaker 200:50:48So first question, we'll hand over to Peter. So Peter, how do we see Codigo and the labeling driving growth as we move forward? Speaker 400:51:01Yes. I would say it allows for a broadening of the addressable patient population. I mean, it's right now the U. S. Label states patients that are at risk of rapid progression, which is general of a nearly a target of 1.5. Speaker 400:51:15I'm expecting that would go down in our label when we have the full approval. But then I think additionally to your point on PDGO and Jero was alluding to this earlier, we are anticipating a more aggressive treatment target with regards to proteinuria. I think that also allows for a broadening of the patient population. And Bill mentioned earlier like the evolving landscape, you have more entrants that may come into the market. This is really a market in development, I would say. Speaker 400:51:43There's more confirmatory biopsies more early on. And I think that allows for a greater continued growth opportunity for us playing in this ideal field. Operator00:52:01Thank you. Speaker 200:52:03And the second question thank you, Peter. Sorry, operator, we've got 2 additional questions from the last questioner. So Chris, I'll hand these over to you. So can you explain the Thiola generic dynamics on revenue as well as the $65,000,000 anticipated payment? Speaker 500:52:21Yes. Thanks for the questions, Ed. On the first one with Thiola, that's not related to the activity isn't related to the generic entry at this point. What we see right now is the typical gross to net adjustments in the Q1 of the year that we've seen in historical years. So that's really the driving difference in Q4 to Q1 and we would anticipate that that levels out similar as it has in years past. Speaker 500:52:45And then on the second one, Ed, you have it right that the $65,000,000 IPR and D expense this quarter is related to the 1st patient dosed in the Phase 3 HARMONY study effect of that. Speaker 200:52:58Great. Thanks so much. Operator00:53:04Your next question comes from the line of Allison Bratzel with Piper Sandler. Allison Bratzel, your line is open. Speaker 1300:53:13Hey, good afternoon. Congrats on a nice quarter and thanks for squeezing me in. You mentioned the recent SPARTAN study update in newly diagnosed IgM patients. I'm just hoping you could talk about KOL and nephrologists reaction to that. And just is it your sense that docs need to see any additional clinical data to really catalyze or drive widespread earlier line use of Sospari? Speaker 1300:53:39Thanks. Speaker 200:53:42Yes. So Allison, maybe I'll just comment on one thing that Peter mentioned on this call as well as on our prior call. We're very pleased to see that the majority of thought leaders within the U. S. Are currently prescribing Vilspari to patients with IGAN in their practice. Speaker 200:54:00And I think that that gives a great confidence in the overall profile. Julah, why don't you talk a little bit more about the potential impact or the reaction that you're hearing to the Spartan results to date? Speaker 300:54:13Thanks for the question. I think it's very exciting to see the data that we are generating across our program, which is not just Spartan, which is earlier treatment, but also combination treatment. And that supports that we believe that VOSPARI should be foundational care and also that patients should be treated earlier in their disease. I think people are very excited about what we've out around sparsentan that it's newly diagnosed patients who have not been treated earlier in their disease course, even slightly lower ranges of protein and higher eGFR. And that if you treat early that you can get patients 2 thirds into complete remission, stable eGFR, nearly 80% reduction in proteinuria. Speaker 300:54:52People are very excited about this data and we're going to continue to publish more. We've done 30 6 weeks. We'll have 1 year data and further data as well as biopsy data. But it really places and reiterate that FilSparri isn't just targeting damage that's already occurred and helping with the remodel, but it can help prevent the damage that occurs if you have IgA nephropathy deposition, lot of encouragement a lot of encouragement around that and excitement as more data comes out later this year around it. Operator00:55:33Ladies and gentlemen, this concludes the question and answer session of today's conference call. I'll hand the call back over to Anne. Speaker 100:55:43Great. Thank you everyone for joining us for our Q1 2024 financial results call. We look forward to providing additional updates on our progress. Have a great rest of your day. Operator00:55:55This does conclude today's call. Thank you for your participation.Read morePowered by