Ligand Pharmaceuticals Inc (LGND) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Pam, and I will be your conference operator today.

我叫帕姆，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Ligand second quarter 2024 earnings webcast.

現在，我歡迎大家觀看 Ligand 2024 年第二季收益網路廣播。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Tavo Espinoza, the Chief Financial Officer of Ligand Pharmaceuticals Inc. You may begin.

現在我想將會議交給 Ligand Pharmaceuticals Inc. 財務長 Tavo Espinoza。

Good afternoon, everyone, and welcome to Ligand's second quarter earnings call.

大家下午好，歡迎參加 Ligand 第二季財報電話會議。

During the call today, we will review the financial results, we released after today's market close and offer commentary on our partner -- pipeline and business development activities, followed by a question and answer session.

在今天的電話會議中，我們將回顧今天收盤後發布的財務業績，並對我們的合作夥伴——管道和業務開發活動發表評論，然後進行問答環節。

Our earnings release and a link to today's webcast can be found in the Investor Relations section of our website at ligand.com. With me on the call today are CEO, Todd Davis; Senior Vice President of Investments and business development, Paul Hadden; and Senior Vice President of Investment and Head of Clinical Strategy.

我們的收益發布和今天網絡廣播的連結可以在我們網站的投資者關係部分找到：ligand.com。今天與我一起參加電話會議的是執行長 Todd Davis；投資與業務發展資深副總裁 Paul Hadden；投資資深副總裁兼臨床策略主管。

Dr. Karen Reeves.

凱倫·裡維斯博士。

This call is being recorded and the audio portion will be archived in the investor section of our website.

本次通話正在錄音，音訊部分將存檔在我們網站的投資者部分。

On today's call, we will make forward-looking statements regarding our financial results and other matters related to the company's business.

在今天的電話會議上，我們將就我們的財務表現和與公司業務相關的其他事項發表前瞻性聲明。

Please refer to the Safe Harbor statement related to these forward-looking statements, which are subject to risks and uncertainties.

請參閱與這些前瞻性聲明相關的安全港聲明，這些陳述存在風險和不確定性。

We remind you that actual events or results may differ materially from those projected or discussed and that all forward-looking statements are based upon current available information.

我們提醒您，實際事件或結果可能與預測或討論的事件或結果有重大差異，並且所有前瞻性陳述均基於當前可用資訊。

Ligand assumes no obligation to update these statements.

Ligand 不承擔更新這些聲明的義務。

To better understand the risks and uncertainties that could cause actual results to differ, we refer you to the documents that Ligand filed with the Securities and Exchange Commission that can be found on Ligand's website at www.ligand.com or on the SEC's website at www.sec.gov. With that I will now turn the call over to Todd.

為了更了解可能導致實際結果不同的風險和不確定性，我們建議您參閱Ligand 向美國證券交易委員會提交的文件，這些文件可以在Ligand 的網站www.ligand.com 或SEC 的網站www 上找到。現在我將把電話轉給托德。

Thank you, Tavo.

謝謝你，塔沃。

On our last several calls, we have spent a fair amount of time talking about the steps we have taken to transform the company and strengthen and expand our royalty portfolio and team.

在最近的幾次電話會議中，我們花了相當多的時間討論我們為公司轉型以及加強和擴大我們的特許權使用費組合和團隊所採取的步驟。

I'm pleased to report that during the second quarter, we committed $175 million to two new investment opportunities and added several commercial stage products to our portfolio.

我很高興地向大家報告，在第二季度，我們為兩個新的投資機會投入了 1.75 億美元，並在我們的投資組合中添加了幾種商業階段的產品。

And we believe that we believe will be a meaningful contributors to our royalty revenue over the next several years.

我們相信，我們相信將在未來幾年為我們的特許權收入做出有意義的貢獻。

This includes two notable regulatory approvals of products with blockbuster sales potential: Merck's Capvaxive, the first pneumococcal conjugate vaccine specifically for adults that was approved by the FDA on June 17 and Verona Pharma's Ohtuvayre, the first inhaled product with a novel mechanism of action for the treatment of COPD maintenance in over 20 years.

其中包括兩項具有重磅銷售潛力的著名監管產品的批准：默克公司的Capvaxive，第一種專門針對成人的肺炎球菌結合疫苗，於6 月17 日獲得FDA 批准；維羅納製藥公司的Ohtuvayre ，第一種具有新穎作用機制的吸入產品。

That NDA was approved by the FDA on June 26.

該 NDA 於 6 月 26 日獲得 FDA 批准。

Our royalty portfolio now includes 12 major commercial stage products, many that are marketed by premier global pharmaceutical companies.

我們的特許權使用費組合現在包括 12 種主要的商業階段產品，其中許多產品由全球頂級製藥公司銷售。

This is double the number of key marketed products we had in the portfolio at the beginning of 2023 and underscores the capabilities of our business development team and successful implementation of our OpEx light investment focused corporate strategy.

這是我們 2023 年初產品組合中關鍵行銷產品數量的兩倍，突顯了我們業務開發團隊的能力以及我們以營運支出輕投資為重點的企業策略的成功實施。

As a reminder, we also have more than 90 additional active pipeline programs in our portfolio that are in various stages of development.

提醒一下，我們的產品組合中還有 90 多個處於不同開發階段的其他活躍管道專案。

Paul and Karen will share additional updates on our pipeline later on the call.

保羅和凱倫稍後將在電話會議上分享有關我們管道的更多最新資訊。

During the second quarter, we also added several new team members, which deepened our investment, business development and operational bench.

在第二季度，我們還增加了幾名新的團隊成員，這加深了我們的投資、業務開發和營運基礎。

Michael Vigilante joined us in May as Vice President, Investments and Business Development.

Michael Vigilante 於 5 月加入我們，擔任投資與業務發展副總裁。

Michael served in a similar role at a Boston based life sciences investment firm and brings significant transaction and company building experience.

邁克爾在波士頓的一家生命科學投資公司擔任過類似的職務，並帶來了重要的交易和公司建設經驗。

We've also added Ruben Flores-Saaib, Senior Director, Business Development in April.

我們還在四月任命了業務開發高級總監 Ruben Flores-Saaib。

Ruben is leading our business development efforts with the Inventor community, having spent 12 years in industry and 10 years in the university technology transfer sector before joining Ligand.

Ruben 負責領導我們與 Inventor 社群的業務開發工作，在加入 Ligand 之前，他在工業界工作了 12 年，在大學技術轉移領域工作了 10 年。

On the operations side, we also hired Marj Fackovec, as Head of Human Resources.

在營運方面，我們也聘請了 Marj Fackovec 擔任人力資源主管。

Marj has over 20 years of life sciences HR experience and will play a key role as we look to bring in additional talent to the company.

Marj 擁有 20 多年的生命科學人力資源經驗，在我們尋求為公司引進更多人才時將發揮關鍵作用。

These hires follow the additions of Rich Baxter, SVP of Investment Operations, and Dr. Karen Reeves earlier this year.

今年早些時候，投資營運資深副總裁 Rich Baxter 和 Karen Reeves 博士也加入了這些員工。

As some of you may be aware, we filed an 8-K on Friday announcing that Ligand's President and COO, Matt Korenberg has decided to leave the company and pursue other opportunities.

你們中的一些人可能知道，我們在週五提交了 8-K 報告，宣布 Ligand 的總裁兼營運長 Matt Korenberg 已決定離開公司並尋求其他機會。

Matt has agreed to serve as consultant through the end of the year.

馬特已同意擔任顧問直至今年底。

We are grateful for Matt's many contributions to the company over the last nine years and wish him well in future endeavors.

我們感謝 Matt 在過去九年中為公司做出的許多貢獻，並祝福他在未來的努力中一切順利。

Tavo will do a deep dive into our financials for second quarter and the first half of 2024.

Tavo 將深入研究我們 2024 年第二季和上半年的財務狀況。

But let me provide a few financial highlights.

但讓我提供一些財務亮點。

Total revenue in the second quarter grew 58%, driven in part by milestone payments we earned following the approvals of Ohtuvayre and Capvaxive, which Karen will discuss in greater detail.

第二季的總收入成長了 58%，部分原因是我們在 Ohtuvayre 和 Capvaxive 獲得批准後獲得的里程碑付款，Karen 將對此進行更詳細的討論。

Our royalty revenue growth trajectory continued in the second quarter, increasing 11% over the same period in 2023.

我們的特許權使用費收入在第二季度持續成長，比 2023 年同期成長了 11%。

We also announced an increase to our 2024 financial guidance in conjunction with the APEIRON Biologics acquisition.

我們也宣佈在收購 APEIRON Biologics 的同時提高 2024 年財務指引。

We now expect total revenue to be in the range of $140 million to $157 million and core adjusted EPS to be in the range of $5 to $5.50 per share.

我們現在預計總收入將在 1.4 億至 1.57 億美元之間，核心調整後每股收益將在每股 5 至 5.5 美元之間。

Turning to slide 4, we will discuss Ligand's strategic differentiation.

轉向投影片 4，我們將討論 Ligand 的策略差異化。

We're a biopharmaceutical company that seeks to offer profitable and compounding growth.

我們是一家生物製藥公司，致力於提供獲利和複合成長。

Our diversified portfolio of royalty assets generates consistent and predictable revenues.

我們多元化的特許權使用費資產組合產生持續且可預測的收入。

We target late stage development assets where there is superior risk reward profile.

我們的目標是具有卓越風險回報的後期開發資產。

There is sizable demand for capital in the life science industry.

生命科學產業對資本的需求相當大。

This allows us to invest selectively as we offer differentiated capital solutions that traditional investors cannot provide.

這使我們能夠有選擇地進行投資，因為我們提供傳統投資者無法提供的差異化資本解決方案。

Our strategy is executed on by our highly experienced investment team who can source, diligence, and negotiate proprietary investments.

我們的策略由經驗豐富的投資團隊執行，他們可以尋找、盡職調查和談判專有投資。

Once originated, we can employ customized investment structures and novel tactics to create new investment opportunities.

一旦誕生，我們就可以採用客製化的投資結構和新穎的策略來創造新的投資機會。

Our acquisition of Apeiron is a prime example of this.

我們對 Apeiron 的收購就是一個典型的例子。

Royalty investing is a small percentage of the total capital that is invested today in life sciences.

特許權使用費投資僅佔當今生命科學投資總資本的一小部分。

We believe our model is scalable and offers immense growth potential for years to come.

我們相信我們的模式具有可擴展性，並在未來幾年提供巨大的成長潛力。

Turning to slide 5 for our royalty revenue outlook, we've made substantial progress to meet or exceed the longer term growth goals that we outlined at our Analyst Day in December of 2023.

轉向投影片 5 來了解我們的特許權使用費收入前景，我們已經取得了實質進展，以達到或超過我們在 2023 年 12 月的分析師日上概述的長期增長目標。

During the second quarter, we saw an increase in Wall Street consensus estimates on several of our partnered products, including Travere's Filspari.

在第二季度，我們看到華爾街對我們的幾種合作產品（包括 Travere 的 Filspari）的一致預期有所增加。

We also added several major new commercial products to the portfolio, including Capvaxive and Ohtuvayre, which are expected to launch later this year.

我們還在產品組合中添加了幾種主要的新商業產品，包括 Capvaxive 和 Ohtuvayre，預計今年稍後推出。

We believe our revenue growth is on pace to exceed the 22% compound annual growth rate that we previously shared in December.

我們相信我們的收入成長將超過我們之前在 12 月分享的 22% 的複合年增長率。

The existing portfolio alone supports a royalty revenue CAGR of 18%.

僅現有投資組合就支持 18% 的特許權使用費收入複合年增長率。

Future investments should add at least 4% to this with potential upside on top of the current outlook.

未來的投資應增加至少 4%，除當前前景外還有潛在的上行空間。

The operating leverage gain from our lean corporate cost structure is expected to result in adjusted EPS of greater than $10 per share in 2028.

我們精實的企業成本結構帶來的營運槓桿收益預計將導致 2028 年調整後每股收益超過 10 美元。

Before I turn it over to Paul, I wanted to provide an update on Pelthos.

在我把它交給保羅之前，我想提供有關佩爾索斯的最新情況。

As I mentioned on our last earnings call, we created a new standalone company earlier this year called Pelthos Therapeutics to commercialize ZELSUVMI, which was approved by the FDA in January for Molluscum Contagiosum.

正如我在上次財報電話會議上提到的，我們今年稍早創建了一家名為Pelthos Therapeutics 的新獨立公司，負責ZELSUVMI 的商業化，該公司於1 月獲得FDA 批准用於治療傳染性軟疣。

The Pelthos team is preparing for the formal commercial launch of ZELSUVMI in the first quarter of 2025.

Pelthos 團隊正在為 ZELSUVMI 在 2025 年第一季的正式商業發布做準備。

We anticipate this will be done in partnership with a capital provider and or a strategic partner, which is the same approach that we took with Viking Therapeutics and Primrose Bio.

我們預計這將與資本提供者和/或策略合作夥伴合作完成，這與我們與 Viking Therapeutics 和 Primrose Bio 採取的方法相同。

This is consistent with our strategy to reposition and maximize the value of highly differentiated and promising pharmaceutical assets by combining premier management teams and third-party funding sources in return for significant equity and royalty rights in the newly formed entities.

這符合我們的策略，即透過結合一流的管理團隊和第三方資金來源，以換取新成立實體的大量股權和特許權使用費，重新定位和最大化高度差異化和有前途的製藥資產的價值。

In conclusion, we're proud of all that we've accomplished in the first half of '24 and we're very optimistic about our future prospects.

總而言之，我們對 24 年上半年的所有成就感到自豪，並且對未來前景非常樂觀。

I will now turn it over to Paul Hadden for a business development update.

我現在將把它交給保羅·哈登（Paul Hadden），以獲取業務發展的最新情況。

Paul?

保羅？

Thanks, Todd.

謝謝，托德。

I would like to take a moment to reflect on a number of exciting milestones we've achieved over the past 18 months.

我想花點時間回顧一下我們在過去 18 個月中取得的一些令人興奮的里程碑。

Today, I'm proud to say we've assembled a strong team of investment professionals.

今天，我很自豪地說我們已經組建了一支強大的投資專業團隊。

Moreover, we have developed a very robust proactive outbound sourcing capability.

此外，我們也發展了非常強大的主動對外採購能力。

On this call, we are showcasing some of the fruits of those efforts such as cross border M&A and venture outreach.

在這次電話會議上，我們將展示這些努力的一些成果，例如跨國併購和風險拓展。

Our team with decades of investing experience has a number of structural tools in our toolkits.

我們的團隊擁有數十年的投資經驗，我們的工具包中擁有許多結構性工具。

The proprietary sourcing ability, we're able to pursue a robust number of exciting investment opportunities across multiple therapeutic areas within the global biopharma sector.

憑藉專有的採購能力，我們能夠在全球生物製藥行業的多個治療領域尋求大量令人興奮的投資機會。

Turning to slide 7.

轉到投影片 7。

We now have an investment office and team that is headquartered in Boston, one of the most prolific life science hubs across the globe.

我們現在擁有一個總部位於波士頓的投資辦公室和團隊，波士頓是全球最多產的生命科學中心之一。

Over the past 18 months, we have committed over $275 million across 12 new investments.

在過去 18 個月中，我們在 12 項新投資中投入了超過 2.75 億美元。

I'm very proud of our team and what we've accomplished in such a short time period and I'm even more excited for the future.

我為我們的團隊以及我們在如此短的時間內所取得的成就感到非常自豪，我對未來更加興奮。

Now let me highlight several of our key investments over the past few months.

現在讓我重點介紹過去幾個月我們的幾項關鍵投資。

Turning to slide 8.

轉到投影片 8。

On July 8, we announced the $100 million acquisition of Apeiron Biologics, an investment that had been in the works for months.

7 月 8 日，我們宣布以 1 億美元收購 Apeiron Biologics，這項投資已經醞釀了數月。

Apeiron was a privately held Austrian based biotechnology company that receives royalties on Qarziba, an approved monoclonal antibody for one of the most common forms of pediatric cancer, neuroblastoma.

Apeiron 是一家總部位於奧地利的私人生物技術公司，該公司收取 Qarziba 的特許權使用費，Qarziba 是一種經批准的單株抗體，用於治療最常見的兒科癌症之一——神經母細胞瘤。

The product was approved in Europe in 2017.

該產品於2017年在歐洲獲得批准。

It is now marketed in over 35 countries worldwide and is well entrenched in pediatric oncology treatment guidelines.

它現已在全球超過 35 個國家銷售，並在兒科腫瘤治療指南中得到了廣泛認可。

Importantly, the royalty rate is a healthy 15% to 20% of net sales.

重要的是，特許權使用費率為淨銷售額的 15% 至 20%。

Royalties over the past 12 months were in excess of EUR20 million and the acquisition was highly accretive to Ligand given the near 100% profitability.

過去 12 個月的特許權使用費超過 2000 萬歐元，鑑於 Ligand 的盈利能力接近 100%，此次收購為 Ligand 帶來了巨大的增值。

Finally, although Recordati is evaluating a US aftermarket, our base case projections did not include US sales or approvals.

最後，儘管 Recordati 正在評估美國售後市場，但我們的基本案例預測不包括美國銷售或批准。

The acquisition, which closed a week later is immediately accretive by $1 per share on an annualized basis.

此次收購於一週後完成，每股年化收益立即增加 1 美元。

This acquisition was a true team effort.

此次收購是真正的團隊努力。

And we thank the Apeiron shareholders for selecting Ligand as their partner.

我們感謝 Apeiron 股東選擇 Ligand 作為他們的合作夥伴。

Qarziba with its long dated IP and lack of near term competitive threats will carry Ligand's oncology royalties well into the next decade.

Qarziba 擁有長期的智慧財產權並且缺乏近期的競爭威脅，這將使 Ligand 的腫瘤學特許權使用費持續到下一個十年。

We are excited to welcome Recordati, Qarziba's marketer as a partner of Ligand and look forward to working with them to support Qarziba's continued access to young cancer patients and their families globally.

我們很高興歡迎 Qarziba 的營銷商 Recordati 成為 Ligand 的合作夥伴，並期待與他們合作，支持 Qarziba 繼續接觸全球年輕癌症患者及其家人。

Turning to slide 9.

轉到投影片 9。

Karen will discuss Verona's recently approved Ohtuvayre program.

凱倫將討論維羅納最近批准的 Ohtuvayre 計劃。

But I would like to note that today we are sharing that during the last six months, we purchased additional royalties from inventors for approximately $17 million.

但我想指出的是，今天我們要分享的是，在過去六個月中，我們從發明者那裡購買了大約 1700 萬美元的額外特許權使用費。

These acquisitions further strengthen our exposure to the first novel inhaled treatment approved in COPD in over 20 years.

這些收購進一步增強了我們對 20 多年來首個獲準用於治療慢性阻塞性肺病 (COPD) 的新型吸入療法的了解。

This brings our total Ohtuvayre royalty to just under 3% of net sales.

這使得我們的 Ohtuvayre 特許權使用費總額略低於淨銷售額的 3%。

These investments also showcase our team's ability to meet the needs of individual inventors who are seeking to diversify away from single royalty asset risk for wealth planning and charitable endeavors.

這些投資也展示了我們的團隊有能力滿足個人發明家的需求，這些發明家正在尋求多元化，擺脫單一特許權使用費資產風險，進行財富規劃和慈善事業。

These add on investments are very low friction as they are executed on fully diligence products that are already part of our portfolio.

這些附加投資的摩擦力非常低，因為它們是在我們投資組合中已經包含的充分盡職調查產品上執行的。

Turning to slide 10.

轉到投影片 10。

With respect to our investment in Soticlestat, Takeda's President of R&D stated the following on their earnings call on July 31 and I quote, as previously communicated, Soticlestat failed to demonstrate clinical benefit in Lennox-Gastaut.

關於我們對 Soticlestat 的投資，武田研發總裁在 7 月 31 日的財報電話會議上表示了以下內容，我引用先前所傳達的內容，Soticlestat 未能證明 Lennox-Gastaut 的臨床益處。

Soticlestat also failed to meet its primary endpoint in the Dravet Syndrome Phase 3 trial, narrowly missing with a p-value of 0.06.

Soticlestat 在 Dravet 症候群 3 期試驗中也未能達到其主要終點，p 值為 0.06，僅差一點。

However, the totality of data from the study had a meaningful effect on key secondary endpoints and when combined with the highly significant results from the large Phase 2 study suggest clear clinical benefits for Soticlestat and Dravet patients with a differentiated safety profile.

然而，該研究的全部數據對關鍵次要終點產生了有意義的影響，並且與大型2 期研究的高度顯著結果相結合，表明Soticlestat 和Dravet 患者俱有明顯的臨床益處，具有差異化的安全性。

Given the large unmet need in Dravet, we are investigating a potential regulatory path forward end quote.

鑑於 Dravet 存在大量未滿足的需求，我們正在研究潛在的最終報價監管路徑。

From Ligand standpoint, while we expected a stronger top line data announcement, we are encouraged by Takeda's continued drive to secure a potential path forward for these rare epilepsy patients who have limited options.

從配體的角度來看，雖然我們預計會公佈更強勁的營收數據，但武田繼續努力為這些選擇有限的罕見癲癇患者確保潛在的前進道路，這讓我們感到鼓舞。

As we learn more, we will update accordingly.

隨著我們了解更多信息，我們將進行相應更新。

Turning to slide 11.

轉到投影片 11。

For the second quarter, we made a $75 million investment across several clinical stage oncology royalties with Agenus. (technical difficulty) assets and one synthetic royalty in their lead internal pipeline program bought BOT/BAL.

第二季度，我們在 Agenus 的多項臨床階段腫瘤學特許權使用費中投資了 7,500 萬美元。 （技術難度）資產和一項合成特許權使用費在其主要內部管道計劃中購買了 BOT/BAL。

Having completed their end of Phase 2 meeting with the FDA, Agenus has clarity on their Phase 3 dose, which is an important achievement.

在完成與 FDA 的第二階段會議後，Agenus 明確了他們的第三階段劑量，這是一項重要的成就。

Our team invested based on the strength of existing data and we will be focusing on monitoring the maturing study.

我們的團隊根據現有數據的強度進行投資，我們將專注於成熟的研究。

This program has significant potential to be an important addition for metastatic colorectal cancer patients in later lines of therapy as well as other potential expansion indications.

該計劃具有成為轉移性大腸直腸癌患者後期治療以及其他潛在擴展適應症的重要補充的巨大潛力。

Finally, Agenus will likely need to partner to achieve their global development plan and ambitions and their team has been consistent in that messaging.

最後，Agenus 可能需要合作來實現其全球發展計劃和雄心，並且他們的團隊在這一訊息上保持一致。

We are focused on the development of this data and monitoring the partnering process.

我們專注於這些數據的開發和監控合作過程。

Additionally, Agenus may revisit accelerated approval once the data is more mature.

此外，一旦資料更加成熟，Agenus 可能會重新考慮加速審批。

We recently learned that select partner programs are being returned to Agenus.

我們最近獲悉，部分合作夥伴計劃將返回 Agenus。

Agenus has an obligation to seek to relicense these programs and Ligand will maintain our economics.

Agenus 有義務尋求重新授權這些項目，而 Ligand 將維持我們的經濟。

Turning to slide 12.

轉到投影片 12。

On July 24, our partner Palvella Therapeutics announced definitive merger agreement with Nasdaq listed Pieris Pharmaceuticals alongside a new and substantial equity raise of nearly $80 million in fresh capital from leading institutional investors.

7 月 24 日，我們的合作夥伴 Palvella Therapeutics 宣布與納斯達克上市公司 Pieris Pharmaceuticals 達成最終合併協議，同時從領先機構投資者籌集了近 8,000 萬美元的新資本。

This will capitalize the company into 2027, a significant strengthening and de-risking achievement for the company and our interest in their lead asset.

這將使公司資本化到 2027 年，這對公司以及我們對其主導資產的興趣來說是一項重大的強化和降低風險的成就。

We continue to be supportive of Palvella and its breakthrough therapy designation and Fast Track Status Qtorin program in MLM.

我們繼續支持 Palvella 及其突破性療法指定和傳銷快速通道狀態 Qtorin 計劃。

We look forward to their continued progress and success.

我們期待他們不斷進步和成功。

Slide 13.

幻燈片 13。

Our origination capabilities are foundational to our strategy.

我們的原創能力是我們策略的基礎。

Our investment pipeline is strong and populated with multiple proprietary opportunities that cannot be accessed or replicated through the public markets.

我們的投資管道很強大，並且充滿了無法透過公開市場獲得或複製的多種專有機會。

We have reviewed nearly 100 opportunities so far this year across multiple therapeutic areas.

今年迄今為止，我們已經審查了多個治療領域的近 100 個機會。

In closing, we are pleased with the continued progress of our unique investment strategy and our team's performance.

最後，我們對我們獨特的投資策略和團隊表現的持續進展感到高興。

Our portfolio continues to strengthen and mature and we look forward to updating you in the coming quarters.

我們的產品組合不斷加強和成熟，我們期待在未來幾季為您提供最新資訊。

I'll now turn it over to Karen.

我現在把它交給凱倫。

Thank you, Paul.

謝謝你，保羅。

Today, we'd like to highlight some key commercial products in our portfolio.

今天，我們想重點介紹我們產品組合中的一些關鍵商業產品。

Turning to slide 14.

轉到投影片 14。

Let's look at Travere Therapeutics, Filspari.

讓我們看看Travere Therapeutics，Filspari。

We license worldwide rights for Filspari to Travere and are entitled to milestones and a 9% royalty on global net product sales.

我們將 Filspari 的全球權利授權給 Travere，並有權獲得里程碑和全球產品淨銷售額 9% 的特許權使用費。

Over the past 18 months, Filspari has achieved several major milestones, underscoring the significant potential of this product.

在過去 18 個月中，Filspari 實現了多個重大里程碑，凸顯了產品的巨大潛力。

Filspari is a dual endothelin-1 and angiotensin II receptor antagonist.

Filspari 是一種雙重內皮素-1 和血管緊張素 II 受體拮抗劑。

In February 2023, Filspari received accelerated approval from the FDA for primary IgA nephropathy, which affects an estimated 150,000 people in the US.

2023 年 2 月，Filspari 獲得 FDA 加速核准用於治療原發性 IgA 腎病，影響了美國約 15 萬人。

IgAN is a progressive kidney disease that leads to hampered kidney filtering, proteinuria, and progressive kidney function loss.

IgAN 是一種進行性腎臟疾病，會導致腎臟過濾障礙、蛋白尿和進行性腎功能喪失。

The basis of the FDA accelerated approval was Travere's Phase 3 PROTECT study, which met its prespecified interim primary endpoint, mean reduction of proteinuria.

FDA 加速核准的基礎是 Travere 的 3 期 PROTECT 研究，該研究達到了預先指定的中期主要終點，即平均蛋白尿減少。

Filspari became commercially available in the US in late February 2023.

Filspari 於 2023 年 2 月下旬在美國上市。

Travere filed a supplemental NDA in March 2024 to convert the accelerated approval to full approval with an expected PDUFA date of September 5.

Travere 於 2024 年 3 月提交了補充 NDA，將加速批准轉變為全面批准，預計 PDUFA 日期為 9 月 5 日。

The sNDA will provide additional efficacy and safety information to regulators to inform the label.

sNDA 將向監管機構提供額外的功效和安全訊息，以告知標籤。

Travere indicates that if they receive a broader label, the addressable IgAN patient population could nearly double from the current level.

Travere 表示，如果他們獲得更廣泛的標籤，可尋址的 IgAN 患者群體可能會比目前的水平幾乎翻倍。

We see it as positive that the FDA has not requested an advisory committee and that the PDUFA date to determine full approval is on track.

我們認為 FDA 沒有要求設立諮詢委員會以及確定全面批准的 PDUFA 日期已步入正軌，這是積極的。

In Europe, Travere and CSL Vifor announced in April that the European Commission granted Conditional Marketing Authorization for Filspari for the treatment of primary IgAN.

在歐洲，Travere 和 CSL Vifor 於 4 月宣布，歐盟委員會授予 Filspari 有條件行銷授權，用於治療原發性 IgAN。

Travere has reported Filspari is expected to launch in the first EU markets in the second half of 2024.

Travere 報導稱，Filspari 預計將於 2024 年下半年在首批歐盟市場推出。

In addition, the new kidney disease improving global outcome, the KDIGO guidelines are anticipated for IgAN in 2024.

此外，新的腎臟疾病改善了全球預後，預計 2024 年 KDIGO 指南將針對 IgAN。

We believe the new guidelines may potentially underscore the importance of treating proteinuria early and aggressively.

我們相信，新指引可能會強調早期積極治療蛋白尿的重要性。

Proteinuria is being accepted as the predictor of clinical outcome.

蛋白尿被認為是臨床結果的預測指標。

As scientists and doctors better understand the pathogenesis and course of IgAN, combination and complementary therapy may be important for future treatment.

隨著科學家和醫生更了解 IgAN 的發病機制和病程，聯合和補充療法可能對未來的治療很重要。

Regarding the launch progress, Travere reported net product sales of $27.1 million during the second quarter which represented strong growth of 37% over the prior quarter.

關於上市進度，Travere 報告第二季產品淨銷售額為 2,710 萬美元，較上一季強勁成長 37%。

Analysts are projecting peak global Filspari sales of $500 million to $700 million.

分析師預計 Filspari 全球銷售額高峰將達到 5 億至 7 億美元。

Turning to slide 15.

轉到投影片 15。

Let's look at one of our most recent pipeline wins, Verona Pharma's Ohtuvayre.

讓我們看看我們最近贏得的產品線之一，Verona Pharma 的 Ohtuvayre。

Ohtuvayre, previously known as ensifentrine, received FDA approval on June 26 and is indicated for the maintenance treatment of chronic obstructive pulmonary disease, allowing for broad use in adults with COPD.

Ohtuvayre，以前稱為 ensifentrine，於 6 月 26 日獲得 FDA 批准，適用於慢性阻塞性肺病的維持治療，可廣泛用於患有慢性阻塞性肺病的成人患者。

Ohtuvayre is a novel dual phosphodiesterase inhibitor with bronchodilator and anti-inflammatory effects that is administered twice daily via nebulized inhalation.

Ohtuvayre 是一種新型雙重磷酸二酯酶抑制劑，具有支氣管擴張和抗發炎作用，每天透過霧化吸入兩次給藥。

It is the first inhaled product with a novel mode of action approved for the maintenance of COPD in more than 20 years.

它是20多年來第一個被批准用於維持COPD的具有新穎作用方式的吸入產品。

The primary endpoints in both Phase 3 trials, ENHANCE 1 and ENHANCE 2 were statistically significant for improving lung function.

兩項 3 期試驗的主要終點 ENHANCE 1 和 ENHANCE 2 對於改善肺功能具有統計學意義。

COPD is the sixth leading cause of death in the US.

慢性阻塞性肺病是美國第六大死因。

COPD also accounts for nearly 800,000 emergency room visits a year where COPD is the primary diagnosis.

每年有近 80 萬名慢性阻塞性肺病患者到急診室就診，其中慢性阻塞性肺病是主要診斷。

Patients with COPD struggle to breathe, and even ordinary daily activities can be daunting.

慢性阻塞性肺病患者呼吸困難，即使是普通的日常活動也會令人望而生畏。

Ohtuvayre's broad indication in the maintenance treatment of COPD means it can be used as standalone monotherapy or in combination treatment with other drugs.

Ohtuvayre 在慢性阻塞性肺病維持治療中的廣泛適應症意味著它可以作為獨立的單一療法或與其他藥物聯合治療。

There is no need to consider blood eosinophilia.

無需考慮血液嗜酸性粒細胞增多。

Verona's launch preparations are well underway, with the US approval, Verona has hired 120 field personnel.

維羅納的發射準備工作正在順利進行，經美國批准，維羅納已僱用了120名現場人員。

As of late June, Verona reports these representatives had already scheduled approximately 1,800 health care provider appointments to occur during the first three months of launch.

截至 6 月下旬，維羅納報告稱，這些代表已在啟動的前三個月內安排了約 1,800 名醫療保健提供者的預約。

In June, Verona also announced a monthly WACC price of $2,950 for Ohtuvayr.

6 月，維羅納還宣布 Ohtuvayr 的每月 WACC 價格為 2,950 美元。

This represents a premium to other nebulized COPD treatment.

這比其他霧化慢性阻塞性肺病治療方法更有優勢。

Verona estimates that the vast majority of Ohtuvayre patients will receive coverage under their medical benefit.

維羅納估計，絕大多數 Ohtuvayre 患者將獲得醫療福利承保。

Verona reports that there are an estimated 8.5 million people living with COPD in the US today, half of whom remain persistently symptomatic despite treatment and will be the focus of Ohtuvayre's launch.

Verona 報告稱，目前美國估計有 850 萬人患有慢性阻塞性肺病，其中一半人儘管接受治療，但仍持續出現症狀，這將成為 Ohtuvayre 推出的重點。

Analysts expect Ohtuvayre to be a blockbuster product, and we look forward to updates from Verona as the launch progresses during the third and fourth quarters.

分析師預計 Ohtuvayre 將成為一款重磅產品，隨著第三季和第四季的發布進展，我們期待 Verona 的最新消息。

Turning to slide 16.

轉到投影片 16。

Now let's turn to Merck's Capvaxive, another recent pipeline win.

現在讓我們來看看默克的 Capvaxive，這是最近的另一場產品線勝利。

Capvaxive, previously known as V116, is a pneumococcal 21 valent conjugate vaccine that received FDA approval on June 17, for the prevention of invasive pneumococcal disease and pneumococcal pneumonia in adults.

Capvaxive，以前稱為 V116，是一種肺炎球菌 21 價結合疫苗，於 6 月 17 日獲得 FDA 批准，用於預防成人侵襲性肺炎球菌疾病和肺炎球菌肺炎。

The FDA summary basis for regulatory action states and I quote, FDA granted priority review on December 15th 2023 with the justification that Capvaxive meets the qualifying criteria as a drug that treats or prevents serious conditions, IPD and pneumonia, and provides a significant improvement in infectiveness over currently licensed pneumococcal conjugated vaccine, end quote.

FDA 監管行動摘要依據指出，FDA 於 2023 年 12 月 15 日給予優先審查，理由是 Capvaxive 符合治療或預防嚴重疾病、IPD 和肺炎的藥物資格標準，並顯著改善傳染性關於目前獲得許可的肺炎球菌結合疫苗，報價結束。

Capvaxive is specifically designed for adults that includes A, streptococcus pneumonia serotypes not covered by other currently approved pneumococcal vaccines on the market today.

Capvaxive 專為成人設計，其中包括目前市面上其他目前核准的肺炎鏈球菌疫苗未涵蓋的 A 鏈球菌肺炎血清型。

In their latest earnings call, Merck stated, given its compelling clinical profile, we expect that Capvaxive will achieve a majority market share in the adult setting.

默克在最新的財報電話會議中表示，鑑於其令人信服的臨床表現，我們預計 Capvaxive 將在成人領域獲得大部分市場份額。

The last thing I want to highlight is that on June 27, the CDC's Advisory Committee on Immunization Practices, also known as ACIP, recommended Capvaxive for all adults aged 65 years and older who have not previously received a pneumococcal conjugate vaccine or whose vaccine history is unknown.

我想強調的最後一件事是，6 月 27 日，CDC 免疫實踐諮詢委員會（也稱為 ACIP）推薦所有 65 歲及以上、以前未接種過肺炎球菌結合疫苗或疫苗史為未知。

And for adults 19 to 64 years old with certain underlying medical conditions among other situations.

對於 19 至 64 歲患有某些潛在疾病等情況的成年人。

At its October meeting, ACIP may consider broadening this to all adults aged 50 to 64.

在 10 月的會議上，ACIP 可能會考慮將這一範圍擴大到所有 50 歲至 64 歲的成年人。

Analysts believe this could potentially double the size of the Capvaxive commercial opportunity.

分析師認為，這可能會使 Capvaxive 的商業機會規模增加一倍。

With that, I will now turn the call over to Tavo for the financial updates.

現在，我將把電話轉給塔沃，以了解最新的財務狀況。

Thanks, Karen.

謝謝，凱倫。

Let's move to Slide 17, please.

請轉到投影片 17。

First, I want to highlight that I will be discussing non-GAAP results, which excludes certain items including stock based compensation, amortization of intangible assets, amortization and or impairment of financial assets, unrealized gains or losses from short term investments, our share of losses absorbed from accounting for our investment in Primrose Bio under the equity method and expenses incurred to incubate the Pelthos business amongst others.

首先，我想強調的是，我將討論非公認會計原則的結果，其中不包括某些項目，包括基於股票的薪酬、無形資產攤銷、金融資產攤銷和/或減值、短期投資的未實現損益、我們的份額根據權益法核算我們對 Primrose Bio 的投資所吸收的損失以及孵化 Pelthos 業務等所產生的費用。

In addition, to further focus our investors on the core business results, we adjust for realized gains from the sale of Viking Therapeutics stock.

此外，為了進一步讓我們的投資者專注於核心業務成果，我們對出售 Viking Therapeutics 股票所實現的收益進行了調整。

I encourage you to review the GAAP reconciliation of these non-GAAP measures, which can be found in today's release available on our website.

我鼓勵您查看這些非 GAAP 指標的 GAAP 調整表，您可以在我們網站上今天發布的新聞稿中找到這些調整表。

We believe that the adjusted measures can assist investors in analyzing and assessing our past and future core operating performance.

我們相信，調整後的指標可以幫助投資人分析和評估我們過去和未來的核心經營績效。

We reported another quarter of strong financial results with total Q2 '24 revenue growing by 58% to $41.5 million and core adjusted EPS growing 121% to $1.40 when compared to the second quarter of 2023.

我們報告了另一個季度強勁的財務業績，與 2023 年第二季度相比，24 年第二季度總收入增長 58% 至 4,150 萬美元，核心調整後每股收益增長 121% 至 1.40 美元。

Royalty revenue grew to $23.2 million or 11% over the prior year quarter with Travere's Filspari being a key driver.

特許權使用費收入成長至 2,320 萬美元，比去年同期成長 11%，Travere 的 Filspari 是主要推動力。

We ended the quarter with just under $230 million in cash and investments and over $350 million in deployable capital when you include the $125 million available under the credit facility we have with Citibank.

本季結束時，我們的現金和投資略低於 2.3 億美元，可動用資本超過 3.5 億美元（如果算上我們與花旗銀行的信貸額度下可用的 1.25 億美元）。

Slide 18 frames up our financial results in more detail.

幻燈片 18 更詳細地展示了我們的財務表現。

Like I mentioned, we reported total second quarter revenue of $41.5 million which is 58% above the $26.4 million we reported in the prior year quarter.

正如我所提到的，我們報告的第二季總收入為 4,150 萬美元，比去年同期報告的 2,640 萬美元增長了 58%。

The increase in total revenue is due primarily to the milestones we earned from the regulatory approvals of Travere's Filspari, Verona's Ohtuvayre, and Merck's Capvaxive.

總收入的成長主要歸功於 Travere 的 Filspari、Verona 的 Ohtuvayre 和 Merck 的 Capvaxive 獲得監管批准所取得的里程碑。

Royalty revenue increased to $23.2 million from $20,9 million in the prior year quarter with the growth driven by an increase in sales of Travere's Filspari which reported sales of $27.1 million this quarter versus $3.5 million in the prior year quarter.

特許權使用費收入從去年同期的2,090 萬美元增至2,320 萬美元，成長的推動因素是Travere 的Filspari 銷售額的成長，該公司本季的銷售額為2,710 萬美元，而去年同期的銷售額為350 萬美元。

As a reminder, we earn a 9% royalty on sales of Filspari.

提醒一下，我們從 Filspari 的銷售中賺取 9% 的特許權使用費。

Other major contributors to royalty revenue this quarter include Jazz's Rylaze with reported Q2 sales of $107.8 million and Merck's Vaxneuvance with reported sales of $189 million.

本季特許權使用費收入的其他主要貢獻者包括 Jazz 的 Rylaze，報告第二季銷售額為 1.078 億美元，以及 Merck 的 Vaxneuvance，報告銷售額為 1.89 億美元。

We believe these royalty assets along with the recently approved products as well as Qarziba will continue to drive royalty revenue growth in the future.

我們相信這些特許權使用費資產以及最近批准的產品以及 Qarziba 將繼續推動未來特許權使用費收入的成長。

Captisol sales were $7.5 million in the second quarter of 2024 versus $5.2 million in the prior year quarter, with the increase due to timing of customer orders.

2024 年第二季 Captisol 銷售額為 750 萬美元，而去年同期為 520 萬美元，成長歸因於客戶訂單的時間表。

Contract revenue this quarter was $10.9 million and is due primarily to the three product approvals this quarter namely the $2.3 million milestone payment earned from the European approval of Filspari, the $5.8 million earned from the approval of Ohtuvayre, and the $2 million earned from the approval of Capvaxive.

本季度合約收入為 1090 萬美元，主要歸因於本季度的三項產品批准，即 Filspari 獲得歐洲批准獲得的 230 萬美元里程碑付款、Ohtuvayre 獲得批准獲得的 580 萬美元以及該批准獲得的 200 萬美元卡帕西韋。

Moving on to operating expenses, R&D expenses decreased from $6.9 million in the prior year quarter to $5.4 million in Q2 '24 with the decrease driven primarily by lower headcount related expenses resulting from last year's Pelican business spin out.

說到營運費用，研發費用從去年同期的 690 萬美元減少到 2024 年第二季的 540 萬美元，下降的主要原因是去年 Pelican 業務分拆導致人員相關費用減少。

G&A expenses increased from $11.3 million in the prior year quarter to $17.6 million in Q2 '24.

G&A 費用從去年同期的 1,130 萬美元增加到 2024 年第二季的 1,760 萬美元。

The $6.3 million increase is driven primarily by the $4.7 million investment made to incubate the Pelthos business this quarter as well as investments made to build up our business development and investment team in Boston.

630 萬美元的成長主要是由於本季為孵化 Pelthos 業務而進行的 470 萬美元投資以及為在波士頓建立業務開發和投資團隊而進行的投資。

As we've mentioned on previous calls, we expect to incur incremental operating costs associated with incubating the Pelthos business.

正如我們在先前的電話會議中所提到的，我們預計會產生與孵化 Pelthos 業務相關的增量營運成本。

Our intent is to spin out and or out-license the Pelthos business, and therefore we are adjusting out these expenses for purposes of reporting adjusted non-GAAP earnings.

我們的目的是分拆和/或轉讓 Pelthos 業務的許可，因此我們正在調整這些費用，以報告調整後的非公認會計原則收益。

The $26.5 million recorded to financial royalty impairment is primarily attributable to the reduction in the carrying value of our investment in Takeda's soticlestat as a result of the Phase 3 results recently announced by Takeda that was previously discussed by Paul.

計入財務特許權使用費減損的 2,650 萬美元主要是由於武田最近宣布的第三階段結果導致我們對武田 soticlestat 的投資帳面價值減少（Paul 之前已討論過）。

The $32 million recorded to other expense is primarily related to the non-cash decrease in the carrying value of our Primrose Bio investment.

計入其他費用的 3,200 萬美元主要與我們的 Primrose Bio 投資帳面價值的非現金減少有關。

Our equity ownership interest in Primrose Bio has decreased from 49.9% to 34.3% in connection with the recent financing round.

在最近一輪融資中，我們在 Primrose Bio 的股權已從 49.9% 降至 34.3%。

The financing round was at evaluation below the value arrived at when we spun out the Pelican business in September of 2023, which resulted in a reduction in the carrying value of our investment.

本輪融資的估值低於我們在 2023 年 9 月分拆 Pelican 業務時所得出的價值，這導致我們投資的帳面價值減少。

GAAP net loss in the second quarter of 2024 was $51.9 million or $2.88 per share versus GAAP net income of $2.3 million or $0.13 per diluted share in the prior year quarter.

2024 年第二季 GAAP 淨虧損為 5,190 萬美元，即每股 2.88 美元，而去年同期的 GAAP 淨利潤為 230 萬美元，即每股攤薄收益 0.13 美元。

The change in GAAP EPS is largely due to the reduction in carrying value of the soticlestat asset and the fair value adjustments in our investment in Primrose Bio.

GAAP EPS 的變動主要是由於 soticlestat 資產帳面價值的減少以及我們對 Primrose Bio 投資的公允價值調整。

Excluding the impact of these as well as the other non-GAAP adjustments described earlier, core adjusted net income in the second quarter of 2024 was $25.8 million or $1.40 per diluted share versus $11.7 million or $0.66 per diluted share in the prior year quarter.

排除這些以及之前描述的其他非公認會計準則調整的影響，2024 年第二季度核心調整後淨利潤為2580 萬美元，即稀釋後每股收益1.40 美元，而去年同期為1170 萬美元，即稀釋後每股收益0.66 美元。

Turning to the balance sheet, as of June 30, 2024, we had cash and short term investments of $227 million which includes $53 million of our holdings in Viking common stock.

轉向資產負債表，截至 2024 年 6 月 30 日，我們擁有 2.27 億美元的現金和短期投資，其中包括我們持有的 5,300 萬美元的 Viking 普通股。

We expect that our current cash plus annual cash flow generation will be sufficient to fund the investment activity we anticipate over the foreseeable future.

我們預計，我們目前的現金加上每年產生的現金流將足以為我們在可預見的未來預期的投資活動提供資金。

We did not sell any shares of Viking stock this quarter.

本季我們沒有賣出任何維京股票。

However, we did enter into a caller option agreement to hedge against Viking stock price fluctuation risk.

不過，我們確實簽訂了買權協議來對沖維京股價波動風險。

We recorded a $15.2 million unrealized gain associated with the collar option agreement in Q2 '24 and the value of that derivative asset is classified in other current assets.

我們在 2024 年第二季記錄了與套期選擇權協議相關的 1,520 萬美元未實現收益，該衍生資產的價值被分類為其他流動資產。

In addition, this quarter, we expanded our credit facility with Citibank by $50 million and now have $125 million available to us under that credit facility.

此外，本季度，我們將與花旗銀行的信貸額度擴大了 5,000 萬美元，目前該信貸額度下我們可以使用 1.25 億美元。

Turning now to guidance under slide 19.

現在轉向幻燈片 19 下的指導。

As mentioned earlier, we are reaffirming the updated 2024 financial guidance we gave on July 8 in conjunction with the Apeiron acquisition announcement.

如前所述，我們重申 7 月 8 日發布的 Apeiron 收購公告中更新的 2024 年財務指引。

We expect 2024 royalty revenue will be in the range of $100 million to $105 million.

我們預計 2024 年特許權使用費收入將在 1 億至 1.05 億美元之間。

Sales of Captisol in the range of $25 million to $27 million and contract revenue in the range of $15 million to $25 million.

Captisol 的銷售額在 2,500 萬美元至 2,700 萬美元之間，合約收入在 1,500 萬美元至 2,500 萬美元之間。

These revenue components result in total revenue guidance of $140 million to $157 million and adjusted earnings per diluted share of $5 to $5.50.

這些收入組成部分的總收入指引為 1.4 億至 1.57 億美元，調整後每股攤薄收益為 5 至 5.50 美元。

Year to date, we've recorded total revenue of $73 million and core adjusted EPS of $2.61. We feel confident that we're on track to meet or exceed our updated 2024 financial guidance.

今年迄今為止，我們的總收入為 7,300 萬美元，核心調整後每股收益為 2.61 美元。我們相信，我們預計將達到或超過更新後的 2024 年財務指引。

We also continue to feel confident about the longer term outlook we've shared which goes out to 2028 and calls for royalty revenue growing at a compound annual growth rate of above 20% and adjusted core EPS growing even faster at a compound annual growth rate above 25%.

我們也繼續對我們分享的到2028 年的長期前景充滿信心，並呼籲特許權使用費收入以20% 以上的複合年增長率增長，調整後的核心每股收益以20% 以上的複合年增長率成長得更快。

Finally, I'd like to direct listeners to our second quarter earnings press release issued earlier today, including a reconciliation of GAAP results to the adjusted financial results, which is available on our website.

最後，我想引導聽眾閱讀今天早些時候發布的第二季度收益新聞稿，其中包括 GAAP 業績與調整後財務業績的調節表，該調節表可在我們的網站上查看。

I'll now turn the call over to Todd for closing comments.

我現在將把電話轉給托德以徵求結束意見。

Thank you, Tavo.

謝謝你，塔沃。

I want to thank everyone for joining us today.

我要感謝大家今天加入我們。

We've made tremendous progress at Ligand in the first half of 2024.

2024 年上半年，我們在 Ligand 取得了巨大進展。

Ligand has a scalable business model and an efficient low-cost infrastructure.

Ligand 擁有可擴展的商業模式和高效能低成本的基礎設施。

We continue to grow our portfolio of royalty generating assets.

我們繼續擴大我們的特許權使用費資產組合。

We're steadily increasing our major commercial stage products and the pace of our investment activity continues to accelerate.

我們正在穩步增加我們的主要商業階段產品，並且我們的投資活動的步伐不斷加快。

We have set ambitious yet realistic targets for long-term growth and believe we are well positioned to create further value for our shareholders.

我們為長期成長設定了雄心勃勃但現實的目標，並相信我們有能力為股東創造更多價值。

We will now open up the call for questions.

我們現在將開放提問。

(Operator Instructions)

（操作員說明）

Matt Hewitt, Craig-Hallum.

馬特·休伊特，克雷格·哈勒姆。

Are you there Matt?

馬特你在嗎？

Mr. Matt Hewitt?

馬特休伊特先生？

Yes, can you hear me?

是的，你聽得到我說話嗎？

Got you, yeah, now we can.

明白了，是的，現在我們可以了。

Okay.

好的。

Well, congratulations on an active quarter.

好吧，恭喜您度過了一個活躍的季度。

Maybe first up, starting with the Pelthos opportunity, an update on how those partnership discussions are going.

也許首先，從佩爾索斯的機會開始，介紹一下這些合作夥伴關係討論的最新進展。

And once that asset is kind of spun off, do you anticipate recovering these upfront cost that you've been putting into the business here since you acquired the asset?

一旦該資產被剝離，您是否預計可以收回自收購該資產以來一直投入到此處業務的這些前期成本？

Thank you, Matt.

謝謝你，馬特。

Yes, we have several tangible discussions ongoing in parallel, ranging from straight financing options, which will be effectively a spin out similar to what we did with Viking Therapeutics or what we witnessed this quarter with Primrose Bio raising additional capital into that company, but also in a strategic licensing and a potentially strategic merger opportunity.

是的，我們同時進行了幾項切實的討論，包括直接融資選擇，這將實際上是一種分拆，類似於我們對Viking Therapeutics 所做的事情或我們本季度目睹的Primrose Bio 向該公司籌集額外資金的情況，但也策略許可和潛在的策略合併機會。

So those are ongoing.

所以這些正在進行中。

And, as you know, we commit to incubating these things and spinning them out as an investment thesis.

而且，如您所知，我們致力於孵化這些東西並將其作為投資論文展開。

We believe this is the optimal way to commercialize this asset.

我們相信這是將該資產商業化的最佳方式。

And we will not rush it, but we're pretty confident that we'll have success in our efforts to spin this out.

我們不會操之過急，但我們非常有信心我們的努力將會成功。

And I would say the process and the progress is going very well.

我想說這個過程和進展順利。

Excellent.

出色的。

And then maybe one for me and one more, and then I'll hop back in the queue.

然後也許給我一個，再一個，然後我會跳回隊列。

But regarding Qarziba, how should we be thinking about the growth of that asset?

但對於 Qarziba，我們該如何考慮該資產的成長？

We don't have -- I don't have a good sense for how fast those revenues are growing and what that would mean for your royalty stream?

我們不知道 - 我不太清楚這些收入增長的速度以及這對您的版稅流意味著什麼？

Thank you.

謝謝。

Yeah, so a great question.

是的，這是一個很好的問題。

This is Paul, I'll take that, head on.

這是保羅，我會接受，繼續前進。

So, for Recordati, this is a growth asset.

因此，對於 Recordati 來說，這是一項成長資產。

I think if you go to their earnings, the most recent earnings announcement, their oncology franchise put up net revenue of EUR117 million, which was growing at a rate of 22.7%.

我想，如果你看他們的收益，最新的收益公告，他們的腫瘤特許經營權的淨收入為 1.17 億歐元，成長率為 22.7%。

And they said that was mainly driven by Qarziba with continued growth of that, another product that we don't have royalty on.

他們表示，這主要是由 Qarziba 的持續成長所推動的，這是我們沒有特許權使用費的另一種產品。

But to state the obvious, this is a growth asset.

但顯而易見的是，這是一項成長資產。

It's been on the market for seven years, but it continues to penetrate new territories and regions.

它已上市七年，但仍在不斷滲透到新的領域和地區。

In fact, just last month, they secured an approval in South Korea and we see this growing for the foreseeable future, which is why we were eager to bring it into the Ligand portfolio.

事實上，就在上個月，他們在韓國獲得了批准，我們看到這種情況在可預見的未來會不斷增長，這就是為什麼我們渴望將其納入配體產品組合。

And then, Matt, I would just add if you want to take a look at slide 5, we do have that layered into our longer-term outlook.

然後，馬特，如果你想看幻燈片 5，我想補充一點，我們確實將其納入了我們的長期前景。

If you want to get a sense for our view on that royalty screen.

如果您想了解我們在版稅螢幕上的觀點。

Got it.

知道了。

All right.

好的。

Thank you very much.

非常感謝。

Congratulations on the strong quarter.

恭喜季度表現強勁。

Thank you.

謝謝。

Douglas Miehm, RBC Capital Markets.

道格拉斯‧米姆 (Douglas Miehm)，加拿大皇家銀行資本市場。

Yeah, good afternoon.

是的，下午好。

A couple of questions.

有幾個問題。

First one, maybe if you could talk about H2 '24 and the outlook and maybe sizing of potential deals that you're contemplating.

第一個，也許您可以談談 24 年下半年的前景以及您正在考慮的潛在交易的規模。

I believe you like to spend $200 million -- maybe $250 million a year for these investments.

我相信您喜歡每年花費 2 億美元——也許 2.5 億美元用於這些投資。

And I'm just wondering, if we're thinking about things in the range of [25] to [75] through to the end of 2024?

我只是想知道，到 2024 年底，我們是否正在考慮 [25] 到 [75] 範圍內的事情？

Yes.

是的。

Sure.

當然。

I believe, this is Todd speaking, but, we have a pretty active pipeline now.

我相信，這是托德在講話，但是，我們現在有一個非常活躍的管道。

When we are making new commitments to investments, we are trying to build a diversified portfolio, of course.

當我們做出新的投資承諾時，我們當然是在努力建立多元化的投資組合。

And we have been operating at a pace and have built a team to be able to kind of functionally invest about $200 million per year, and that's what we're planning on.

我們一直以一定的速度運營，並建立了一個團隊，每年能夠在功能上投資約 2 億美元，這就是我們的計劃。

There can be some variation around that.

這可能會有一些變化。

And, of course, the more recent investment was a fairly large one at $100 million although it's cash generative immediately, which offsets that significantly.

當然，最近的投資規模相當大，達到 1 億美元，儘管它可以立即產生現金，這大大抵消了這項投資。

But in general, we're typically looking at diversification by asset size and we're typically not going to make more than a $30 million to $40 million commitment per asset.

但總的來說，我們通常會根據資產規模來實現多元化，我們通常不會對每項資產做出超過 3,000 萬至 4,000 萬美元的承諾。

So we might get a couple more deals done this year, would be a good base case.

因此，我們今年可能會完成更多交易，這將是一個很好的基本情況。

But there could be some variation depending on how the discussions go.

但根據討論的進展情況，可能會有一些變化。

But I think that's a good expectation.

但我認為這是一個很好的期望。

That's great.

那太棒了。

Thank you.

謝謝。

And then as you look at the new product Ohtuvayre, and its potential launch, well, I guess shortly, we know pricing now.

然後當你看到新產品 Ohtuvayre 及其潛在的推出時，我想很快我們就知道定價了。

They've already set up meetings.

他們已經安排好了會議。

Obviously, going to be an exciting product for the company.

顯然，這將成為該公司令人興奮的產品。

I'm curious that that royalty, the $13.8 million on milestone should come in Q3.

我很好奇這一里程碑式的特許權使用費，即 1,380 萬美元應該在第三季支付。

Would that be fair?

這樣公平嗎？

Yes, Doug.

是的，道格。

We've got that factored into our forecast contract -- revenue forecast for the year.

我們已將這一點納入我們的預測合約中——今年的收入預測。

And the company, Verona has said that they do plan to launch.

維羅納公司表示他們確實計劃推出。

And if it's not in Q3, probably likely in Q4.

如果不是在第三季度，很可能是在第四季。

Yeah.

是的。

Okay.

好的。

That makes sense.

這是有道理的。

And then just let me wrap up with, you have increased the line, although it doesn't look like you need to use it.

最後讓我總結一下，您已經增加了線路，儘管看起來您不需要使用它。

But under what circumstances would you expect to draw on the line that is available to you?

但在什麼情況下您會期望畫出您可以使用的線條呢？

And I'll wrap it up there.

我會把它包起來。

Thank you.

謝謝。

Yes.

是的。

I think, we are going to try to maintain kind of reasonable cash balances.

我認為，我們將努力維持合理的現金餘額。

If our pace of investment accelerates significantly, we may start to draw down some of that balance.

如果我們的投資步伐顯著加快，我們可能會開始提取部分餘額。

But we'll generate -- Tavo, will give you the estimates, but in the second half of the year, we should be close to $50 million of new cash flow generation over 100 next year.

但我們會產生——Tavo，會給你估計，但在今年下半年，我們明年應該會產生超過 100 美元的新現金流，接近 5000 萬美元。

So, I don't feel like it's imminent.

所以，我不覺得它迫在眉睫。

And at our current pace with the current pipeline, the activity set we're looking at, I would not expect that to be an imminent activity.

按照我們目前的進度和目前的管道，我們正在考慮的活動集，我不認為這會是一項迫在眉睫的活動。

We have a plenty of runway from where we are right now.

距離我們現在的位置還有很長的跑道。

I can tell you that.

我可以告訴你。

But I'm not including any interest expense in our guidance for 2024.

但我不會在 2024 年的指導中包含任何利息支出。

Thank you.

謝謝。

And the run rate on cash, the cash operating run rate is above $100 million a year at this point.

至於現金運轉率，目前現金營運率每年超過 1 億美元。

Thanks.

謝謝。

Joe Pantginis, H.C. Wainwright & Co.

喬潘吉尼斯，H.C.溫賴特公司

Hi.

你好。

This is Josh on for Joe. Thanks for taking our question.

這是喬許代替喬。感謝您提出我們的問題。

So as Captisol continues to provide an important revenue stream for you guys, I was wondering if you guys could describe the research versus the commercial mix and how your BD efforts are currently going both inbound and outbound?

因此，隨著 Captisol 繼續為你們提供重要的收入來源，我想知道你們是否可以描述一下研究與商業組合以及你們的 BD 工作目前如何進行入站和出站？

Thanks.

謝謝。

Yeah.

是的。

The commercial versus research mix leans very heavily on the commercial side.

商業與研究的組合非常依賴商業方面。

I would say it's probably 85% commercial, and 15% research use.

我想說它可能 85% 用於商業用途，15% 用於研究用途。

But then in terms of the actual quantity of customers, I would say it's perhaps maybe the inverse.

但就實際的顧客數量而言，我想說也許情況恰恰相反。

We have large customers that take in significant amount of commercial product, but then a significantly larger amount of customers that take in lower volumes of Captisol for their research needs.

我們有大量的客戶需要大量的商業產品，但也有大量的客戶需要少量的 Captisol 來滿足他們的研究需求。

Thank you

謝謝

Was there a second portion of that question that I didn't address?

這個問題還有第二部分我沒有提到嗎？

Just about that BD efforts, inbound and outbound.

關於 BD 的入站和出站工作。

Yeah.

是的。

So I would say that there's a steady pace of deal flow around the Captisol business.

因此，我想說 Captisol 業務的交易流程穩定。

We are conducting a strategic review there and looking at different ways to accelerate that, expand the business, et cetera.

我們正在那裡進行策略審查，並尋找不同的方法來加速這一進程、擴大業務等等。

So that's part of our -- that we spent the first half of '23 really building out the investment team and the second half commencing the execution through till now.

所以這是我們的一部分——我們在 23 年上半年真正建立了投資團隊，下半年開始執行至今。

And there's significant operational focus right now in terms of are we really using best practices in terms of new deal generation around our platform technologies, in terms of monetizing existing assets that we have on our platforms.

現在的營運重點是，我們是否真正使用最佳實踐來圍繞我們的平台技術產生新交易，以及將我們平台上的現有資產貨幣化。

For example, the nitric oxide platform that we purchased, we're very focused on the ZELSUVMI launch.

例如，我們購買的一氧化氮平台，我們非常關注ZELSUVMI的推出。

But there are a number of other high potential clinical assets, that came out of that acquisition.

但此次收購也產生了許多其他高潛力的臨床資產。

So, I do think that we can do a better job on that, and that's a focus of us this year, and right now, in fact, reviewing our management practices.

所以，我確實認為我們可以在這方面做得更好，這是我們今年的重點，事實上，現在正在審查我們的管理實務。

Are we optimizing there and asking ourselves what we can do better?

我們是否在那裡進行優化並問自己哪些方面可以做得更好？

So give us some time, but we hope to have, frankly, greater yield on those activities going forward.

因此，請給我們一些時間，但坦白說，我們希望未來的這些活動能取得更大的成果。

Awesome.

驚人的。

Thank you.

謝謝。

I appreciate it.

我很感激。

Balaji Prasad, Barclays.

巴拉吉·普拉薩德，巴克萊銀行。

Good afternoon.

午安.

This is Shai on for Balaji.

這是巴拉吉的謝伊。

Thanks for taking our question.

感謝您提出我們的問題。

The question is about Capvaxive.

問題是關於 Capvaxive 的。

Based on the chart on slide 16, seems like you guys are expecting a relatively rapid uptake from 2024 to 2026 with around $500 million annual sales in year 2026.

根據投影片 16 上的圖表，你們似乎預計從 2024 年到 2026 年會有相對較快的成長，2026 年的年銷售額約為 5 億美元。

So with that, could you give us a ballpark range on how much of this asset could drive your royalty revenue growth for the next three years?

那麼，您能否給我們一個大概的範圍，說明該資產在未來三年可以在多大程度上推動您的特許權收入成長？

And, would Vaxneuvance a good benchmark to consider?

而且，Vaxneuvance 是一個值得考慮的良好基準嗎？

Thanks.

謝謝。

Thanks.

謝謝。

Yeah.

是的。

I guess, I would want to first say that the chart there that you referenced is those are analyst consensus numbers.

我想，我首先想說的是，您引用的圖表是分析師的共識數字。

And then if you want to get a sense for how we think that how that plays out, in on the top line royalty revenue stream going after 2028, I would just refer you to slide 5.

然後，如果您想了解我們如何看待 2028 年後的頂線版稅收入流，我建議您參閱投影片 5。

Got it.

知道了。

Larry Solow, CJS.

拉里·索洛，CJS。

Good afternoon.

午安.

I echo the congrats on an active and good quarter.

我對這個積極而美好的季度表示祝賀。

I guess, first question, just to clarify.

我想，第一個問題只是為了澄清。

So the guidance change, which you did a few weeks back, essentially $10 million of the royalties that's from the Apeiron acquisition, and then there's timing.

因此，幾週前您所做的指導變更，基本上是來自 Apeiron 收購的 1000 萬美元特許權使用費，然後是時機。

And I mean not timing.

我的意思是不計時。

There's the milestone payments for the remainder?

剩下的部分有里程碑付款嗎？

Basic essentially, is that

基本的本質是

--

--

That's right.

這是正確的。

You guys are right, Larry.

你們是對的，拉里。

Yeah.

是的。

Okay.

好的。

Great.

偉大的。

And then, I'm just curious just on sourcing.

然後，我只是對採購感到好奇。

So it looks like you acquired this asset for basically about 5 times royalty.

所以看起來您基本上以大約 5 倍的特許權使用費購買了該資產。

And it sounds like it's not there's some -- it's growing and doesn't include the US, which could potentially accelerate growth.

聽起來似乎不存在——它正在增長，但不包括可能加速增長的美國。

Just curious on, how this asset came about, sourcing of it, and whatnot.

只是好奇，這個資產是如何產生的，它的來源，等等。

It's without divulging any secret sauce, but just curious if there's anything you could share?

沒有透露任何秘密，只是好奇你是否可以分享什麼？

Yeah.

是的。

There's a lot of effort that goes into our origination efforts, but I'll let Paul answer that since he actually originated that deal.

我們在發起工作中付出了很多努力，但我會讓保羅回答這個問題，因為他實際上發起了那筆交易。

That's a great question.

這是一個很好的問題。

I guess, in short, it was proprietary opportunity.

我想，簡而言之，這是專有的機會。

There were some relationships involved that go back many years.

其中有些關係可以追溯到很多年前。

And the reason why we were able to secure it is because we were able to acquire the shares for the selling shareholders.

我們之所以能夠獲得它，是因為我們能夠為出售股東收購股份。

There were significant benefits to them from a tax perspective.

從稅收角度來看，他們獲得了顯著的好處。

And so it really made a lot of sense on both sides of the transaction.

因此，這對交易雙方來說都非常有意義。

And obviously our team's experience and diligence and underwriting these types of complex, cross border transactions came into play.

顯然，我們團隊的經驗、勤勉以及承保這些類型的複雜跨境交易發揮了作用。

So it just made a lot of sense and there are some future earnouts that were referenced in the press release.

因此，這很有意義，並且新聞稿中提到了一些未來的收益。

And so really we're happy to be the proud owners of Apeiron.

因此，我們真的很高興成為 Apeiron 的自豪所有者。

Got it.

知道了。

Great.

偉大的。

If I could just switch gears and squeeze one more in.

如果我能換個檔位再擠一檔就好了。

Just on the Capvaxive, just another follow-up question on that.

就 Capvaxive 而言，這是另一個後續問題。

Again, not looking at the slot as an exact sign, but it looks like based on what Vaxneuvance is today and my limited knowledge on this market, is this the pneumococcal vaccine, the market in general, right?

再說一遍，不要將插槽視為一個確切的標誌，但根據今天的 Vaxneuvance 以及我對這個市場的有限了解，這看起來是肺炎球菌疫苗，是整個市場，對吧？

I guess it's adult and has a pediatric side.

我猜它是成人的，也有兒童的一面。

Is the adult market today as big or even bigger than the pediatric?

現今的成人市場是否與兒科市場一樣大甚至更大？

I guess is question A. And then B, is this ACIP recommendation a change from what historical or standard of care is today?

我猜是問題 A。 然後是 B，ACIP 的建議是否與今天的歷史或標準護理有所不同？

That's it.

就是這樣。

Thanks.

謝謝。

Yeah, I mean, I can give you my perspective on Vaxneuvance, formerly known as V114.

是的，我的意思是，我可以向您介紹我對 Vaxneuvance（以前稱為 V114）的看法。

And so that program is trending towards blockbuster status, with Merck.

因此，該項目正與默克公司一起走向轟動一時的地位。

Capvaxive, we're not quite sure how the dynamics will play out there with the existing product.

Capvaxive，我們不太確定現有產品的動態將如何發揮。

Pfizer's, PREVNAR clearly the market leader.

輝瑞的 PREVNAR 顯然是市場領導者。

I think $6 billion to $7 billion market there and so analysts expect Capvaxive to like as we show on the chart there to eclipse the $1 billion mark as well.

我認為那裡的市場價值為 60 億至 70 億美元，因此分析師預計 Capvaxive 也將突破 10 億美元大關，正如我們在圖表上顯示的那樣。

So, we're excited about that, that royalty stream coming in future.

因此，我們對未來的版稅流感到興奮。

But, it's still early.

不過，現在還早。

Okay, great.

好的，太好了。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

If there are no more questions, I'll wrap up.

如果沒有其他問題了，我就結束了。

Okay.

好的。

Thank you, everyone for joining today's call.

謝謝大家參加今天的電話會議。

We look forward to updating you on our company progress in the next quarterly call in November.

我們期待在 11 月的下一個季度電話會議上向您通報我們公司的最新進展。

Good day.

再會。