Ligand Pharmaceuticals Inc (LGND) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Ligand first quarter 2025 earnings. (Operator Instructions) Thank you.

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Ligand 2025 年第一季財報。（操作員指示）謝謝。

I would now like to turn the call over to Melanie Herman, Executive Director of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係執行董事梅蘭妮·赫爾曼 (Melanie Herman)。請繼續。

Good morning, everyone, and welcome to Ligand’s first quarter 2025 earnings call. During the call today, we will review the financial results we released earlier today and provide commentary on our partner pipeline and business development activity, followed by a question-and-answer session.

大家早安，歡迎參加 Ligand 2025 年第一季財報電話會議。在今天的電話會議中，我們將回顧今天早些時候發布的財務結果，並對我們的合作夥伴管道和業務發展活動發表評論，然後進行問答環節。

Before we get started, I would like to point out that we will be discussing non-GAAP results, which excludes certain items such as stock-based compensation, amortization of intangible assets, amortization or impairment of financial assets, losses from derivative assets and expenses incurred to incubate the Pelthos business amongst others.

在我們開始之前，我想指出的是，我們將討論非 GAAP 結果，其中不包括某些項目，例如股票薪酬、無形資產攤銷、金融資產攤銷或減值、衍生資產損失以及孵化 Pelthos 業務所產生的費用等。

I encourage you to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP measures, which can be found in today’s release available on our website. We believe these adjusted measures provide valuable insight into our core operating performance both historically and going forward.

我鼓勵您查看這些非 GAAP 指標與最直接可比較的 GAAP 指標之間的對帳情況，您可以在我們網站上今天發布的版本中找到。我們相信，這些調整後的措施為我們過去和未來的核心營運績效提供了寶貴的見解。

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; Chief Financial Officer, Tavo Espinoza; Rich Baxter, Senior Vice President of Investment Operations; and Vice President of Strategic Planning and Investment Analytics, Lauren Hay.

我們的收益報告和今天的網路直播連結可在我們網站 ligand.com 的「投資者關係」版塊找到。今天與我一起參加電話會議的嘉賓包括執行長 Todd Davis、財務長 Tavo Espinoza、投資營運資深副總裁 Rich Baxter 以及策略規劃與投資分析副總裁 Lauren Hay。

This call is being recorded, and the audio portion will be archived in the Investor section of our website. On today’s call, we will make forward-looking statements regarding our financial results and other matters related to the company’s business.

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。在今天的電話會議上，我們將就財務業績和與公司業務相關的其他事項做出前瞻性陳述。

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

請參閱與這些前瞻性聲明相關的安全港聲明，這些陳述受風險和不確定性的影響。我們提醒您，實際事件或結果可能與預測或討論的結果有重大差異，並且所有前瞻性陳述均基於目前可用的資訊。

Ligand assumes no obligation to update these statements. To better understand the risks and uncertainties that could cause actual results to differ, we refer you to the documents that Ligand files with the Securities and Exchange Commission or SEC that can be found on Ligand’s website at ligand.com or on the SEC’s website at SEC.gov.

Ligand 不承擔更新這些聲明的義務。為了更了解可能導致實際結果不同的風險和不確定性，我們請您參閱 Ligand 向美國證券交易委員會 (SEC) 提交的文件，這些文件可在 Ligand 的網站 ligand.com 或 SEC 的網站 SEC.gov 上找到。

With that, I will now turn the call over to Todd.

說完這些，我現在將電話轉給托德。

Thank you, Melanie. Good morning, everyone, and thank you for joining our call. I’m pleased to share that we have had a strong start to 2025, setting the stage for what we believe will be another solid year of growth and execution for Ligand. Over the past 15 months, we have experienced incredible momentum across our royalty portfolio driven by 10 new investments and four FDA approvals.

謝謝你，梅蘭妮。大家早安，感謝你們參加我們的電話會議。我很高興地告訴大家，我們在 2025 年取得了良好的開端，為 Ligand 又一個穩健的成長和執行之年奠定了基礎。在過去的 15 個月中，在 10 項新投資和 4 項 FDA 批准的推動下，我們的特許權使用費投資組合呈現出令人難以置信的成長勢頭。

As we have mentioned in previous calls, we believe that Merck’s Capvaxive, Verona’s Ohtuvayre, Travere’s Filspari, Recordati’s Qarziba and Pelthos’ Zelsuvmi will be significant contributors to our royalty revenue growth in 2025 and beyond. We also continue to build a strong pipeline of Phase 2 and Phase 3 development stage assets, including D-Fi, which we added to our portfolio in February of this year following our investment with Castle Creek Biosciences.

正如我們在先前的電話會議中提到的那樣，我們相信默克公司的 Capvaxive、Verona 公司的 Ohtuvayre、Travere 公司的 Filspari、Recordati 公司的 Qarziba 和 Pelthos 公司的 Zelsuvmi 將在 2025 年及以後對我們的特許權使用費收入增長做出重大貢獻。我們還將繼續打造強大的第 2 階段和第 3 階段開發階段資產管道，其中包括 D-Fi，這是我們在今年 2 月對 Castle Creek Biosciences 進行投資後將其添加到我們的投資組合中的。

This deal is exemplary of our approach where we look for quality teams combined with quality assets that are aiming to solve for areas of significant unmet clinical need. Our portfolio today consists of more than 90 assets and is diversified across various stages of clinical development and therapeutic areas.

這筆交易體現了我們的做法，即尋找優質團隊和優質資產，旨在解決尚未滿足的重大臨床需求領域。我們目前的投資組合包括 90 多項資產，涉及臨床開發和治療領域的各個階段。

A few weeks ago, we executed a complex strategic transaction to merge our subsidiary Pelthos Therapeutics with Channel Therapeutics, while securing substantial financial backing. This investment will accelerate the commercialization of Zelsuvmi, an FDA-approved prescription therapy for molluscum contagiosum for which we are entitled to a 13% royalty. This accomplishment builds on our successful track record of identifying highly differentiated assets and executing customized transactions to maximize their value through equity and royalty rights. Investments such as this distinguish Ligand’s business model and value creation strategy.

幾週前，我們執行了一項複雜的策略交易，將我們的子公司 Pelthos Therapeutics 與 Channel Therapeutics 合併，同時獲得大量資金支持。這項投資將加速 Zelsuvmi 的商業化，Zelsuvmi 是 FDA 批准的治療傳染性軟疣的處方藥，我們有權獲得 13% 的專利費。這項成就建立在我們成功識別高度差異化資產並執行客製化交易以透過股權和特許權實現其價值最大化的記錄之上。此類投資彰顯了 Ligand 的商業模式和價值創造策略。

Slide three summarizes our financial and portfolio achievements in the first quarter. We grew top line revenue by 46% over the same period last year and grew adjusted EPS by 11%. Royalty revenue in the first quarter increased 44% over the same period in 2024.

第三張投影片總結了我們第一季的財務和投資組合成就。與去年同期相比，我們的營業收入成長了 46%，調整後每股收益成長了 11%。第一季特許權使用費收入比 2024 年同期成長了 44%。

Ligand has over $200 million in cash and investments, no debt and access to a $125 million revolving credit facility, which we can upsize to $200 million. We invested nearly $250 million of capital in the last 15 months across 10 investments and continue to see robust activity in our business development pipeline. Tavo will provide more detail on our portfolio later on the call, but I wanted to touch on a few of our key commercial stage assets.

Ligand 擁有超過 2 億美元的現金和投資，沒有債務，並擁有 1.25 億美元的循環信貸額度，我們可以將其增加到 2 億美元。過去 15 個月，我們在 10 項投資中投入了近 2.5 億美元的資金，並且我們的業務發展管道繼續保持強勁活躍。Tavo 將在稍後的電話會議中提供有關我們投資組合的更多細節，但我想談談我們的一些關鍵商業階段資產。

Verona Pharma’s Ohtuvayre continues to have a strong launch trajectory, reporting net sales of $71 million in first quarter of 2025, far exceeding the analyst consensus estimates, and we’re seeing that many of Verona’s analysts are increasing their peak sales estimates for Ohtuvayre.

Verona Pharma 的 Ohtuvayre 繼續保持強勁的上市軌跡，報告稱 2025 年第一季的淨銷售額為 7,100 萬美元，遠遠超過分析師的普遍預期，我們看到許多 Verona 的分析師都在提高對 Ohtuvayre 的峰值銷售預期。

Travere submitted an sNDA for Filspari and FSGS in the first quarter of 2025, and if approved, Filspari could become the first and only FDA approved treatment for FSGS, a rare kidney condition and leading cause of kidney failure. Additionally, Travere plans to submit an amendment to the REMS sNDA that is currently under review for modification of the current liver monitoring requirements. The FDA indicated that this amendment is not expected to impact the review timeline, and the company continues to expect a REMS modification PDUFA target action date of August 28.

Travere 於 2025 年第一季提交了 Filspari 和 FSGS 的 sNDA，如果獲得批准，Filspari 可能成為 FDA 批准的首個也是唯一一個治療 FSGS 的藥物，FSGS 是一種罕見的腎臟疾病，也是導致腎衰竭的主要原因。此外，Travere 計劃向目前正在審查的 REMS sNDA 提交一份修正案，以修改目前的肝臟監測要求。FDA 表示，該修正案預計不會影響審查時間表，該公司繼續預期 REMS 修改 PDUFA 目標行動日期為 8 月 28 日。

We have also been very pleased with the launch trajectory of Merck’s Capvaxive. Merck reported net sales of $107 million this quarter, nearly double consensus estimates. We are excited about the trajectory of these programs and the upcoming growth drivers in 2025.

我們對默克 Capvaxive 的發布軌跡也感到非常滿意。默克公司報告本季淨銷售額為 1.07 億美元，幾乎是普遍預期的兩倍。我們對這些計劃的發展軌跡以及 2025 年即將到來的成長動力感到興奮。

Before I move on to the next slide, I wanted to touch on the current biopharmaceutical financing environment. With fewer IPOs and a more difficult landscape for private fundraising, it has become challenging for biotech companies to raise the capital they need to develop their pipelines and launch new drugs.

在進入下一張投影片之前，我想談談目前的生物製藥融資環境。由於 IPO 數量減少以及私募融資環境更加困難，生技公司籌集開發產品線和推出新藥所需的資金變得越來越困難。

Royalty financing is another tool in the financing toolkit for these companies, so it is no surprise that we’re seeing a significant increase in demand for this type of financing. While we continue to be highly selective in the investments we pursue, we believe this trend represents a positive tailwind for Ligand as we move further into 2025.

特許權使用費融資是這些公司融資工具包中的另一種工具，因此我們看到對此類融資的需求大幅增加也就不足為奇了。雖然我們在投資方面仍然非常謹慎，但我們相信，隨著我們進一步邁向 2025 年，這一趨勢將為 Ligand 帶來積極的推動力。

Furthermore, there’s been significant activity regarding restructuring and personnel changes in government institutions, including the FDA. While these changes may cause disruption and uncertainty in the short-term, we have heard many encouraging comments from the new FDA leadership, which infers intent to reduce unnecessary regulation while keeping the key oversight requirements in place.

此外，包括 FDA 在內的政府機構也進行了重大重組和人事變動。雖然這些變化可能在短期內造成混亂和不確定性，但我們聽到了新 FDA 領導層的許多令人鼓舞的評論，這意味著他們有意減少不必要的監管，同時保持關鍵的監督要求。

Specific comments have been made about ways to get medications for severe and rare diseases through the regulatory process more quickly. This would be very good for patients in dire need and that orientation is potentially beneficial to our development stage portfolio and investment strategy as well.

關於如何讓治療嚴重疾病和罕見疾病的藥物更快地通過監管程序，已經提出了具體意見。這對於急需幫助的患者來說非常有益，而且這種定位也可能對我們的發展階段投資組合和投資策略有益。

Turning to slide four. I’d like to discuss a few of our recent investments and current investment pipeline. This quarter, we saw record setting origination activity. Our team has leveraged their extensive experience across therapeutic categories and technologies to identify the highest value opportunities. We have 38 active investment opportunities under review representing an even balance between accretive and pre-approval transactions.

翻到第四張投影片。我想討論一下我們最近的一些投資和當前的投資管道。本季度，我們看到了創紀錄的發起活動。我們的團隊利用他們在治療類別和技術方面的豐富經驗來發現最高價值的機會。我們正在審查 38 個活躍的投資機會，這意味著增值交易和預先批准交易之間保持均衡。

We closed two new investments including Castle Creek and the final Ohtuvayre and venture buyout and executed a transaction with Channel Therapeutics. I would note that three deals exemplified three different investment approaches from our talented team. The first was a royalty monetization, the second was a project financing often referred to as synthetic royalty, and the third was our special situations approach, which in this case involved the acquisition, incubation and setup followed by the financing and spin out of the former Novan asset Zelsuvmi. I feel extremely positive about the performance of our strategic planning and investment teams and what they have been able to accomplish in just a few short months.

我們完成了兩項新投資，包括 Castle Creek 和最終的 Ohtuvayre 和風險投資收購，並與 Channel Therapeutics 進行了交易。我想指出的是，三筆交易體現了我們優秀團隊的三種不同的投資方法。第一個是特許權使用費貨幣化，第二個是專案融資（通常稱為合成特許權使用費），第三個是我們的特殊情況方法，在這種情況下涉及收購、孵化和設置，然後是前 Novan 資產 Zelsuvmi 的融資和分拆。我對我們的策略規劃和投資團隊的表現以及他們在短短幾個月內所取得的成就感到非常滿意。

Moving to slide five, I would like to remind investors of our strategic differentiation. First is our focus. The guiding objective is to deliver profitable and compounding growth. From that guiding principle emerges our strategy and all investment decisions. Second is our existing asset base. Our diversified and growing portfolio of royalty assets generate consistent and predictable revenues. We acquire or generate these royalty interests in late-stage development assets and commercial assets where there is superior risk reward.

轉到第五張投影片，我想提醒投資人注意我們的策略差異化。首先是我們的重點。指導目標是實現獲利和複合成長。我們的策略和所有投資決策都源自於這項指導原則。第二是我們現有的資產基礎。我們多元化且不斷成長的特許權使用費資產組合可產生穩定且可預測的收入。我們在具有較高風險回報的後期開發資產和商業資產中收購或產生這些特許權使用費權益。

Third is our team. Our highly qualified team brings decades of royalty investing, clinical, operational, regulatory, and deal structuring experience as well as has strong origination networks throughout the industry. This enables us to originate and close royalty investments that are targeted on areas of high clinical value with relatively low risk.

第三是我們的團隊。我們高素質的團隊擁有數十年的特許權投資、臨床、營運、監管和交易結構經驗，並且在整個行業中擁有強大的發起網絡。這使我們能夠發起並完成針對高臨床價值且風險相對較低的領域的特許權使用費投資。

We are outcome oriented and continue to execute on our strategy of acquiring high growth, low OpEx assets. There is sizable demand and low supply for royalty capital in the life sciences industry, which allows us to invest selectively as we offer a differentiated capital solution for our partners.

我們以結果為導向，持續執行收購高成長、低營運支出資產的策略。生命科學產業對特許權使用費資本的需求很大，但供應量卻很低，這使我們能夠選擇性地進行投資，並為我們的合作夥伴提供差異化的資本解決方案。

Our team works thoroughly to source, diligence and negotiate investments with customized structures to create proprietary opportunities. Our 2024 acquisition of APEIRON is a prime example of this approach. We can achieve this while maintaining a low level of operating expenses and high operating margins. Overall, royalty capital is a very small percentage of the total capital invested in life sciences today. We believe our model is differentiated, scalable, and offers immense growth potential for years to come.

我們的團隊致力於透過客製化結構尋找、盡職調查和協商投資，以創造專有機會。我們在 2024 年收購 APEIRON 就是這種方法的典型例子。我們可以在保持較低營運費用和較高營運利潤率的同時實現這一目標。總體而言，特許權使用費資本在當今生命科學投資的總資本中所佔比例非常小。我們相信我們的模式具有差異化、可擴展性，並在未來幾年提供巨大的成長潛力。

Turning to slide six. I would like to look ahead to 2029 and discuss our five-year royalty receipts outlook. As we shared during our most recent Investor and Analyst Day, we believe our long-term royalty revenue growth is on pace to meet or exceed the 22% compound annual growth rate outlined at our Investor Day in December of 2024.

翻到第六張幻燈片。我想展望 2029 年並討論我們五年的特許權使用費收入前景。正如我們在最近的投資者和分析師日上所分享的那樣，我們相信我們的長期特許權使用費收入增長將達到或超過我們在 2024 年 12 月的投資者日上概述的 22% 的複合年增長率。

The existing portfolio alone supports royalty receipts CAGR of 18%. Future investments should add at least 4% to this with potential upside on top of the current outlook. As I mentioned earlier, our business development team is constantly identifying attractive new investment opportunities, and we anticipate another productive year on the investment front.

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。未來的投資應至少增加 4%，並且在當前前景的基礎上還有上漲潛力。正如我之前提到的，我們的業務開發團隊正在不斷尋找有吸引力的新投資機會，我們預計投資方面將迎來另一個豐碩的一年。

In conclusion, I feel very good about all that we have accomplished since we began executing on our new streamlined and focused strategy in the fourth quarter of 2022. We are highly optimistic about our future prospects.

總而言之，自 2022 年第四季開始執行新的精簡和重點策略以來，我對我們所取得的成就感到非常滿意。我們對未來前景非常樂觀。

I’ll now turn it over to Rich Baxter for an update on our recently announced Pelthos strategic transaction.

現在我將把話題交給 Rich Baxter，讓他介紹我們最近宣布的 Pelthos 策略交易的最新情況。

Thank you, Todd. I’m pleased to share an important update on our progress with Pelthos Therapeutics in the Zelsuvmi asset. Let me begin by providing a brief history of how we got here. As many of you know, our royalty portfolio included rights to Novan’s lead asset SB206, which is now commercially known as Zelsuvmi.

謝謝你，托德。我很高興與大家分享我們與 Pelthos Therapeutics 在 Zelsuvmi 資產方面取得進展的重要最新消息。首先，讓我簡單介紹一下我們是如何走到這一步的。眾所周知，我們的特許權使用費組合包括 Novan 的主要資產 SB206 的權利，該資產現在的商業名稱為 Zelsuvmi。

In late 2023, just months before the scheduled January 2024 PDUFA date, Novan filed for bankruptcy. Recognizing the strategic importance of the asset, we acted swiftly. We completely re-underwrote the position, undertook new diligence, checked our assumptions and provided DIP financing, restructured the company and ultimately secured the product, the platform, technology and the company itself.

2023 年末，就在 PDUFA 預定日期 2024 年 1 月的幾個月前，Novan 申請破產。認識到該資產的戰略重要性，我們迅速採取了行動。我們徹底重新承保了該頭寸，進行了新的盡職調查，檢查了我們的假設並提供了 DIP 融資，重組了公司，並最終確保了產品、平台、技術和公司本身的安全。

Following FDA approval in early 2024, we established Pelthos Therapeutics as a wholly owned subsidiary to lead the commercial launch of Zelsuvmi. Our primary goal was to attract external capital, recruit an experienced management team and accelerate patient access, all while continuing to generate value for Ligand shareholders.

在 2024 年初獲得 FDA 批准後，我們成立了 Pelthos Therapeutics 作為全資子公司，負責領導 Zelsuvmi 的商業發布。我們的主要目標是吸引外部資本、招募經驗豐富的管理團隊並加快病患就醫，同時繼續為 Ligand 股東創造價值。

That brings me to the strategic transaction we announced in April. Pelthos will combine with Channel Therapeutics in a deal that raises $50 million in equity capital and creates a newly public biopharma company focused on launching Zelsuvmi. Under the terms of the agreement, Channel will acquire 100% of Pelthos, change its name to Pelthos Therapeutics Inc. and list on the New York Stock Exchange under the ticker PTHS.

這讓我想起了我們在四月宣布的策略交易。Pelthos 將與 Channel Therapeutics 合併，籌集 5,000 萬美元的股本，並創建一家專注於推出 Zelsuvmi 的新上市生物製藥公司。根據協議條款，Channel 將收購 Pelthos 100% 的股份，將其名稱更改為 Pelthos Therapeutics Inc.，並以股票代號 PTHS 在紐約證券交易所上市。

Ligand has committed $18 million to the combined entity. And Murchinson, a Toronto based investor group is contributing $32 million, resulting in a $50 million capital raise. On a post money fully diluted basis, Ligand will initially own approximately 55% of the new company. We chose Channel not only for its capital commitment, but also for its early-stage pain programs, which we believe offer strategic synergies with Zelsuvmi.

Ligand 已向合併後的公司承諾投資 1800 萬美元。總部位於多倫多的投資者集團 Murchinson 投資了 3,200 萬美元，最終籌集了 5,000 萬美元的資金。以融資後完全稀釋計算，Ligand 最初將擁有新公司約 55% 的股份。我們選擇 Channel 不僅是因為它的資本承諾，還因為它的早期痛點計劃，我們相信這些計劃與 Zelsuvmi 具有戰略協同作用。

Looking ahead, Pelthos is well positioned to pursue additional commercial stage assets. Importantly, we structured the transaction to preserve meaningful equity ownership in Zelsuvmi as we believe the market has yet to fully recognize its potential. Combined with our 13% royalty, Ligand shareholders stand to benefit from significant long-term value creation. We expect the merger to close between June 30 and August 30, pending SEC review. In the meantime, we are building out the commercial team and preparing for a US launch this summer.

展望未來，Pelthos 已做好準備，尋求更多的商業舞台資產。重要的是，我們建立了交易以保留 Zelsuvmi 的有意義的股權，因為我們認為市場尚未充分認識到其潛力。加上我們 13% 的特許權使用費，Ligand 股東將從長期的巨大價值創造中受益。我們預計合併將在 6 月 30 日至 8 月 30 日之間完成，等待美國證券交易委員會的審查。同時，我們正在組建商業團隊，為今年夏天在美國推出產品做準備。

Please turn to slide nine. Let’s take a closer look at the condition we’re treating molluscum contagiosum. This is a highly contagious pox virus and one of the most common skin infections seen by dermatologists and paediatricians. It affects an estimated 16.7 million people in the United States and spreads easily through contact or contaminated items like towels, toys and furniture. Children are particularly vulnerable, so are immunocompromised adults and people who are sexually active with others who have a molluscum contagiosum infection. Clinically, molluscum presents as raised flesh-coloured bumps on the skin, appearing on the face, trunk, genitals and even behind the knees. Patients may experience discomfort, secondary infections and significant social stigma.

請翻到第九張投影片。讓我們仔細看看我們正在治療的傳染性軟疣的情況。這是一種傳染性極強的痘病毒，也是皮膚科醫生和兒科醫生最常見的皮膚感染之一。它影響了美國約 1,670 萬人，並很容易透過接觸或受污染的物品（如毛巾、玩具和家具）傳播。兒童尤其容易受到感染，免疫功能低下的成年人以及與傳染性軟疣感染者發生性關係的人也容易受到感染。臨床上，軟疣表現為皮膚上凸起的肉色腫塊，出現在臉部、軀幹、生殖器甚至膝蓋後方。患者可能會感到不適、繼發性感染和嚴重的社會恥辱。

Please turn to slide 10. Our market research underscored how disruptive this disease can be. We heard stories of children being excluded from daycare, school and sports, and of siblings spreading the infection to each other. The emotional toll is real, especially for those affected for long periods of time, months, if not years. Currently, the standard of care is often watch and wait. Most paediatricians don’t treat molluscum actively, whether due to lack of training, limited tools or concerns about treatment safety. Eventually, many families are referred to dermatologists who may use cryotherapy or blistering agents, both painful and requiring multiple visits. Across our research and advisory boards, the message has been consistent. The market is ready for a safe, effective and at home treatment option. That treatment is Zelsuvmi.

請翻到第 10 張投影片。我們的市場調查強調了這種疾病的破壞性。我們聽過一些孩子被排除在日托、學校和運動之外，以及兄弟姊妹之間互相傳播感染的故事。情感上的損失是真實存在的，特別是對於那些受到長期（數月甚至數年）影響的人來說。目前，治療標準通常是觀察和等待。大多數兒科醫師不會積極治療軟疣，無論是由於缺乏訓練、工具有限或擔心治療安全。最終，許多家庭被轉診給皮膚科醫生，他們可能會使用冷凍療法或起泡劑，這兩種療法都很痛苦，需要多次就診。在我們的研究和諮詢委員會中，資訊一直是一致的。市場已經準備好迎接安全、有效且可在家中進行的治療選擇。那種治療方法是 Zelsuvmi。

Please turn to slide 11. Zelsuvmi is the first and only FDA approved at home prescription therapy for molluscum contagiosum. Approved for patients as young as 12 months, it is safe, effective and designed for at home use by parents, caregivers and patients themselves. That home use distinction is powerful. Providers are eager for solutions that don’t rely on in office techniques. We believe Zelsuvmi will become the first line therapy by reducing lesion counts, minimizing the need for procedures and lowering the frequency of office visits. We’re excited to bring this therapy to paediatricians, dermatologists and their patients.

請翻到第 11 張投影片。Zelsuvmi 是第一個也是唯一一個獲得 FDA 批准的治療傳染性軟疣的家庭處方藥。它已獲準適用於 12 個月大的嬰兒，安全有效，適合父母、照顧者和患者自己在家使用。家庭使用上的差異非常明顯。供應商渴望獲得不依賴辦公室技術的解決方案。我們相信，Zelsuvmi 將成為一線治療方法，因為它可以減少病變數量、最大限度地減少手術需求並降低就診頻率。我們很高興能將這種療法帶給兒科醫生、皮膚科醫生及其患者。

Please turn to slide 12. From Ligand’s perspective, Zelsuvmi represents a compelling investment. It targets a large underserved market and stands as the only FDA approved treatment of its kind. It is backed by a robust intellectual property portfolio including 14 orange book listed patents as well as significant manufacturing know-how and trade secrets that extend those barriers to entry beyond 2037.

請翻到第 12 張投影片。從 Ligand 的角度來看，Zelsuvmi 是一項引人注目的投資。它瞄準的是一個巨大的、服務不足的市場，也是唯一獲得 FDA 批准的同類治療方法。它擁有強大的智慧財產權組合作為後盾，其中包括 14 項橙皮書列出的專利以及重要的製造技術訣竅和商業機密，可將進入障礙延長至 2037 年以後。

We estimate that if just 100,000 of the 16.7 million affected patients received two prescriptions over a 12-week course, Zelsuvmi would become a highly successful product for both Ligand and Pelthos. We have assembled the right team to execute and achieve that outcome. This transaction also exemplifies the kind of complex value creating strategies and investments that Ligand specializes in, particularly in distressed or special situations. We believe these opportunities will become more prevalent in today’s market environment.

我們估計，如果 1,670 萬名受影響患者中僅有 10 萬人在 12 週的療程中接受兩張處方，Zelsuvmi 就會成為 Ligand 和 Pelthos 非常成功的產品。我們已經組建了合適的團隊來執行並實現這一成果。這項交易也反映了 Ligand 擅長的複雜價值創造策略和投資，特別是在困境或特殊情況下。我們相信，在當今的市場環境中，這些機會將變得更加普遍。

In closing, we’re proud to have executed this merger and financing and look forward to delivering Zelsuvmi to patients, caregivers and providers. They deserve a new, effective and accessible therapy to manage molluscum safely from their own.

最後，我們很自豪能夠完成此次合併和融資，並期待向患者、照護者和提供者提供 Zelsuvmi。他們應該得到一種新的、有效的、易於治療的療法來安全地治療自身感染的軟疣。

And with that, I’ll turn it over to Tavo for the financial update. Thank you.

接下來，我將把財務更新交給 Tavo。謝謝。

Thank you, Rich. I’m pleased to report a strong start to the year with the first quarter results that position us well to achieve both our 2025 financial guidance and our longer-term growth objectives. Let me begin with a few highlights. Total revenue for the quarter was just over $45 million, driven by 44% growth in royalty revenue, which totalled $27.5 million. Adjusted earnings per share came in at $1.33.

謝謝你，里奇。我很高興地報告，今年第一季的業績表現強勁，這使我們能夠很好地實現 2025 年財務指導和長期成長目標。首先讓我講幾個重點。本季總收入略高於 4,500 萬美元，其中特許權使用費收入成長 44%，達到 2,750 萬美元。調整後每股收益為 1.33 美元。

As Todd mentioned, we continue to maintain a strong financial position. We ended the quarter with $209 million in cash and investments, after deploying $50 million in cash toward our Phase 3 D-Fi asset in partnership with Castle Creek. Including our available credit facility, we have over $400 million in deployable capital.

正如托德所說，我們繼續保持強勁的財務狀況。在與 Castle Creek 合作向第三階段 D-Fi 資產投入 5,000 萬美元現金後，我們在本季結束時擁有 2.09 億美元的現金和投資。包括我們可用的信貸額度在內，我們擁有超過 4 億美元的可部署資本。

Slide 16 provides a closer look at the numbers. Total revenue for Q1 2025 was $45 million, up from $31 million in the same period last year. That’s a 46% increase. Growth was broad-based across all three revenue lines, but royalties drove the largest contribution. Key drivers of that royalty growth included strong performance from Verona’s Ohtuvayre, Travere’s Filspari, Recordati’s Qarziba and Merck’s Capvaxive. We also saw increased Captisol sales, primarily due to Gilead’s restocking of Veklury, their COVID 19 antiviral.

幻燈片 16 更詳細地展示了這些數字。2025 年第一季總營收為 4,500 萬美元，高於去年同期的 3,100 萬美元。增幅達 46%。三條收入線均實現了廣泛增長，但特許權使用費的貢獻最大。推動特許權使用費成長的主要因素包括維羅納的 Ohtuvayre、特拉維雷的 Filspari、Recordati 的 Qarziba 和默克的 Capvaxive 的強勁表​​現。我們還看到 Captisol 的銷量有所增長，這主要是由於吉利德補充了其 COVID 19 抗病毒藥物 Veklury。

Let me expand briefly on a few of these programs. We’re especially encouraged by Verona’s US launch of Ohtuvayre for COPD. They reported Q1 2025 sales of $71.3 million, almost double their Q4 results. As a reminder, we now earn a 3% royalty on Ohtuvayre following our strategic investment of roughly $20 million over the last year to acquire an additional 1% royalty interest.

讓我簡單介紹一下其中的幾個項目。我們對維羅納公司在美國推出用於治療慢性阻塞性肺病的 Ohtuvayre 感到特別鼓舞。他們報告稱，2025 年第一季的銷售額為 7,130 萬美元，幾乎是第四季業績的兩倍。提醒一下，我們去年進行了約 2000 萬美元的策略性投資，獲得了額外 1% 的特許權使用費權益，現在我們獲得了 Ohtuvayre 3% 的特許權使用費。

At our Investor Day last December, we projected that Ohtuvayre would reach $1.2 billion in sales by 2029, implying annual royalty revenue of over $35 million to Ligand. Some analysts now forecast hitting that milestone as early as 2027. Ohtuvayre is shaping up to be a major long-term growth driver for us and we look forward to updating our long-term projections later this year.

在去年 12 月的投資者日上，我們預測 Ohtuvayre 到 2029 年的銷售額將達到 12 億美元，這意味著 Ligand 每年的特許權使用費收入將超過 3,500 萬美元。一些分析師現在預測最早將在 2027 年實現這一里程碑。Ohtuvayre 正在成為我們長期成長的主要動力，我們期待在今年稍後更新我們的長期預測。

Turning to Filspari, Travere reported first quarter US sales of $56 million, beating consensus and representing more than 180% year-over-year growth and 13% sequential growth. Ligand earns a 9% royalty on Filspari sales including those generated in Europe via CSL Vifor. We were pleased to see that the EU’s recent full approval of Filspari and we’re closely watching two near-term catalysts, the potential REMs modification within August 28 PDUFA target action date and an FDA update on the sNDA for FSGS, which could receive approval this fall. With a potential expansion into FSGS, Filspari could become our largest royalty generating asset approaching $50 million in annualized royalties by mid-2026.

談到 Filspari，Travere 報告第一季美國銷售額為 5,600 萬美元，超過預期，年成長超過 180%，環比成長 13%。Ligand 從 Filspari 銷售額（包括透過 CSL Vifor 在歐洲產生的銷售額）中獲得 9% 的專利使用費。我們很高興看到歐盟最近全面批准了 Filspari，並且我們正在密切關注兩個近期催化劑，即 8 月 28 日 PDUFA 目標行動日期內的潛在 REM 修改以及 FDA 對 FSGS 的 sNDA 更新，這可能會在今年秋天獲得批准。隨著向 FSGS 的潛在擴張，Filspari 可能成為我們最大的特許權使用費產生資產，到 2026 年中期，年度特許權使用費將接近 5,000 萬美元。

Merck’s Capvaxive also posted strong results reporting $107 million in Q1 sales. That’s more than doubled the prior quarter and well ahead of expectations. We did see some offset from Kyprolis, Amgen reported Q1 sales of $324 million for Kyprolis, down 14% year-over-year, primarily due to competitive pressures.

默克的 Capvaxive 也公佈了強勁的業績，第一季銷售額達 1.07 億美元。這比上一季增長了一倍多，並且遠遠超出了預期。我們確實看到了 Kyprolis 的一些抵消，安進報告稱 Kyprolis 第一季的銷售額為 3.24 億美元，同比下降 14%，主要原因是競爭壓力。

On the Captisol front, we recorded $13.5 million in material sales this quarter compared to $9.2 million in Q1 2024. This growth was driven by timing of shipments and higher demand from Gilead for Veklury. We expect a more even shipment cadence over the remaining quarters.

在 Captisol 方面，本季我們的材料銷售額為 1,350 萬美元，而 2024 年第一季為 920 萬美元。這一增長是由發貨時間和吉利德對 Veklury 的需求增加所推動的。我們預計剩餘季度的出貨節奏將更加均勻。

Turning to operating expenses, combined R&D and G&A increased this quarter primarily due to a one-time $44 million charge related to our royalty financing agreement with Castle Creek. This supports the Phase 3 clinical study of D-Fi and is accounted for under ASC 730-20 research and development arrangements. Additional increases reflect headcount growth and continued investments in the Pelthos business.

談到營運費用，本季研發和一般及行政費用合計增加，主要是由於與 Castle Creek 簽訂的特許權融資協議相關的一次性 4,400 萬美元費用。這支持了 D-Fi 的 3 期臨床研究，並符合 ASC 730-20 研究和開發安排。額外的成長反映了員工數量的成長和對 Pelthos 業務的持續投資。

For the quarter, G&A and R&D expenses were $19 million and $50 million, respectively, compared to $11 million and $6 million in Q1 2024. GAAP net loss for the quarter was $42.5 million or $2.21 per share compared to net income of $86.1 million or $4.75 per diluted share in the prior year. The variance is largely due to the gain we recorded last year from our investment in Viking Therapeutics versus the R& D charge we booked this quarter. On a non-GAAP basis, core adjusted net income for Q1 2025 was $26.6 million or $1.33 per share. That’s up from $21.8 million, or $1.20 per share in Q1 2024, driven primarily by top line growth.

本季度，一般及行政開支及研發開支分別為 1,900 萬美元及 5,000 萬美元，而 2024 年第一季分別為 1,100 萬美元及 600 萬美元。本季 GAAP 淨虧損為 4,250 萬美元，即每股 2.21 美元，去年同期淨收入為 8,610 萬美元，即每股 4.75 美元。差異主要是因為我們去年在 Viking Therapeutics 的投資所獲得的收益與本季我們記錄的研發費用有關。以非公認會計準則計算，2025 年第一季核心調整後淨收入為 2,660 萬美元，即每股 1.33 美元。這一數字高於 2024 年第一季的 2,180 萬美元或每股 1.20 美元，主要受營收成長的推動。

Turning to the balance sheet, we ended the quarter with $209 million in cash and short-term investments, including $24 million of Viking stock. We believe this level of liquidity combined with our expected cash flow positions us well to fund our investment plans for the foreseeable future. Finally, we are reaffirming our full year 2025 financial guidance. We continue to expect royalty revenue between $135 million and $140 million.

談到資產負債表，我們在本季結束時擁有 2.09 億美元的現金和短期投資，其中包括價值 2,400 萬美元的維京股票。我們相信，這種流動性水準加上我們預期的現金流使我們能夠在可預見的未來為我們的投資計畫提供資金。最後，我們重申 2025 年全年財務指引。我們仍然預期特許權使用費收入將在 1.35 億美元至 1.4 億美元之間。

Captisol sales between $35 million and $40 million, contract revenue between $10 million and $20 million, total revenue between $180 million and $200 million, and core adjusted EPS between $6 and $6.25. We are, of course, continuing to monitor legislative and geopolitical developments. Based on what we know today, if tariffs were to be expanded more broadly into pharmaceutical products, we do not expect a material impact to our Captisol business or to Ligand more broadly.

Captisol 的銷售額預計在 3,500 萬至 4,000 萬美元之間，合約收入預計在 1,000 萬至 2,000 萬美元之間，總收入預計在 1.8 億至 2 億美元之間，核心調整後每股收益預計在 6 至 6.25 美元之間。當然，我們將繼續關注立法和地緣政治的發展。根據我們目前所知，如果關稅更廣泛地擴大到藥品領域，我們預計不會對我們的 Captisol 業務或更廣泛的 Ligand 業務產生重大影響。

That concludes my remarks. I’ll now turn the call back to Todd for closing comments.

我的發言到此結束。現在我將把電話轉回給托德，請他發表最後評論。

Thank you, Tavo. To sum up, we’re off to a great start in 2025 and we’re excited about the trajectory of the recently approved programs as well as our robust development stage pipeline. Additionally, our investment capabilities offer us the ability to materially grow our asset portfolio. Our diversified portfolio including our major commercial royalty generating programs and the late-stage pipeline form the foundation of our growing success.

謝謝你，塔沃。總而言之，我們在 2025 年取得了良好的開端，我們對最近批准的專案的發展軌跡以及我們強大的開發階段管道感到興奮。此外，我們的投資能力使我們能夠大幅增加資產組合。我們的多元化投資組合包括主要的商業特許權使用費產生計劃和後期管道，構成了我們不斷取得成功的基礎。

On its own, the commercial portfolio should drive growth in the mid-teens through the early 2030s. When you add in our development stage portfolio including but not limited to Palvella’s Qtorin MLM asset, Travere’s FSGS sNDA submission and our recent investment in D-Fi with Castle Creek, we continue to expect EPS growth of over 20%.

就其本身而言，商業投資組合應能推動 2030 年代中期至 2050 年代初期的成長。當您加入我們的開發階段投資組合（包括但不限於 Palvella 的 Qtorin MLM 資產、Travere 的 FSGS sNDA 提交以及我們最近與 Castle Creek 對 D-Fi 的投資）時，我們繼續預期 EPS 成長率將超過 20%。

Through investing, we will continue to add to our commercial and late-stage clinical assets as this portfolio provides us with substantial cash flow to reinvest in new high value enhancing royalty opportunities. We are well positioned to execute against our goals in 2025 and deliver attractive growth and shareholder returns over the long-term.

透過投資，我們將繼續增加我們的商業和後期臨床資產，因為該投資組合為我們提供了大量現金流，可以再投資於新的高價值提升特許權使用費機會。我們已做好準備，實現 2025 年的目標，並在長期內實現可觀的成長和股東回報。

Thank you everyone for joining us for today’s earnings call. I will now pass it back to the operator and open it up for questions.

感謝大家參加今天的收益電話會議。我現在將其交還給操作員並開始回答問題。

(Operator Instructions) Doug Miehm, RBC Capital Markets.

（操作員指示）Doug Miehm，RBC Capital Markets。

Thanks very much. My question has to do with the -- you touched on this, the current environment for the space and one might also -- almost say that you have an embarrassment of riches here in terms of identifying and potentially bringing in royalties to project financing or special situations. Would you say that you’re seeing even more special situations these days? And if so, what the implications for the company may be? Thank you.

非常感謝。我的問題與您剛才提到的這個領域當前的環境有關，人們可能也會說，在識別和可能為專案融資或特殊情況帶來特許權使用費方面，您擁有令人尷尬的財富。您是否認為最近看到了更多特殊情況？如果是這樣，這對公司可能意味著什麼？謝謝。

Thanks, Doug. That’s a good question. There is an increasing number of special situations. Much of that is driven by difficult financing markets for biotech companies. And I think the implications for this or -- for these companies and the industry in general is recaps, mergers, the sale of some of these companies.

謝謝，道格。這是個好問題。特殊情況越來越多。這在很大程度上是由於生技公司融資市場困難所致。我認為這對這些公司以及整個行業的影響是重組、合併以及其中一些公司的出售。

And it provides a good opportunity set for us too. I mean, a key core thesis of our strategy is that and this was part of the whole Novan and Zelsuvmi view is that sometimes really good assets get trapped in bad situations and that’s constantly what we’re scouring for. So for us that is a good event. But of course, overall, we need a healthy market for biotech going forward as does everybody else on both the finance and industry side.

這也為我們提供了一個很好的機會。我的意思是，我們策略的一個關鍵核心論點是，這也是整個 Novan 和 Zelsuvmi 觀點的一部分，即有時真正優質的資產會陷入困境，而這正是我們一直在尋找的。所以對我們來說這是一件好事。但當然，總的來說，我們需要一個健康的生物技術市場，就像金融和工業方面的其他人一樣。

But long-term, I think that we will have that, there’s going to be a lot of changes. We’re going through significant short-term disruption due to policy changes. But again, the orientation of this company -- of this administration, which views biotech as one of the strategic industries it’s supporting is to deregulate and try to get medicines, good medicines to patients more quickly if possible.

但從長遠來看，我認為我們將會實現這一點，並且會發生很多變化。由於政策變化，我們正在經歷重大的短期混亂。但是，這家公司——本屆政府將生物技術視為其支持的戰略產業之一——的方針是放鬆管制，並儘可能更快地將藥品、良藥送到患者手中。

So that probably bodes well for us. Ultimately, I think your best defence in all of these situations is to make sure that the medicines you’re focused on are really adding significant clinical value, especially if you’re investing at the development stage, because you don’t have a label yet, your forecasts obviously have more assumptions in them.

所以這對我們來說可能是一個好兆頭。最終，我認為在所有這些情況下，最好的防禦措施是確保您關注的藥物確實能夠增加顯著的臨床價值，特別是如果您在開發階段進行投資，因為您還沒有標籤，您的預測顯然包含更多假設。

And so you really have to be solving significant clinical problems. And then ultimately when and if you do get the approval, you’re going to have a much better conversation with both the payers and the regulators.

所以你確實必須解決重大的臨床問題。最終，如果您獲得批准，您將與付款人和監管機構進行更好的對話。

Excellent, thank you.

非常好，謝謝。

Matt Hewitt, Craig-Hallum.

馬特休伊特、克雷格哈勒姆。

Good morning and congratulations on the strong start to the year. Maybe first up, there’s news that’s broken here over the last 24 hours. I realize it’s pretty recent. But with the potential for most favoured nation’s status for drug pricing, it sounds like it would just be -- this is uncertain Medicaid or Medicare. But are you -- what do you think that that would do to how your partners kind of look at where they launch, when they launch, those types of things? What would be the potential impact from that, if any?

早安，恭喜您今年取得了良好的開端。首先，讓我們來看看過去 24 小時內發生的新聞。我意識到這是最近發生的事情。但由於藥品定價可能享有最惠國待遇，這聽起來就像是——不確定是醫療補助還是醫療保險。但是您—您認為這會對您的合作夥伴如何看待他們在何處、何時推出這些事情產生什麼影響？如果有的話，這會產生什麼潛在影響？

Yeah. That’s a great question, Matt. And although, this news just broke this morning. There has been, I think, dislocation in the pricing markets based on different policies across the globe. And for a couple decades at least, if not more, the US has paid premiums for medicines compared to other countries. And as you know, this administration is also very focused on fair trade. And they also have a reputation for starting out with really big asks and then trying to get to some deal making resolution of some sort.

是的。這是一個很好的問題，馬特。儘管這個消息是今天早上才傳出來的。我認為，由於全球各地的政策不同，定價市場出現了混亂。至少在幾十年內，甚至更久以來，美國的藥品價格一直高於其他國家。如你們所知，本屆政府也非常注重公平貿易。他們也以一開始就提出很大的要求，然後試圖達成某種交易解決方案而聞名。

So I expect that that’s the direction that this announcement will go as well. And ultimately though, I think that the US is the main market. Most of the partners we are partnered with, not all because Qarziba is launched in Europe, obviously, and across the globe really, but not in the US, but most of our partners are focused first on the US market and then follow on in the other markets.

因此我預計此次聲明也將朝著這個方向發展。但最終我認為美國是主要市場。我們與大多數合作夥伴都有合作，但並非所有合作夥伴都是如此，因為 Qarziba 顯然是在歐洲推出的，而且實際上是在全球範圍內推出的，但不在美國，但我們的大多數合作夥伴都首先關注美國市場，然後再關注其他市場。

But I think in terms of expectations, there’s going to be a period of significant short-term disruption as this is sorted out and trade policies around pharmaceuticals are negotiated. But long-term, I think it’s probably a good thing.

但我認為，就預期而言，隨著這些問題的解決和藥品貿易政策的談判，將會出現一段嚴重的短期混亂時期。但從長遠來看，我認為這可能是一件好事。

That’s helpful. And then maybe as a follow-up question, given -- and you noted this at a couple different times in the prepared remarks even, but given some of the disruption that we’re seeing and the challenges that -- potential partners are having on the funding side.

這很有幫助。然後也許作為後續問題，考慮到——您甚至在準備好的發言中幾次提到了這一點，但考慮到我們看到的一些混亂以及潛在合作夥伴在資金方面面臨的挑戰。

As you look at your investment opportunities, has the sizing changed at all or are you still kind of looking kind of as -- those bite size $10 million, $20 million type investments and spreading your strong balance sheet over multiple shots on goal or would you consider something larger? Thank you.

當您考慮您的投資機會時，規模是否有所改變，或者您仍然在尋找那種規模為 1000 萬美元、2000 萬美元的投資，並將您強大的資產負債表分散到多個目標上，或者您是否會考慮更大的投資？謝謝。

Thanks, Matt. I think for the general audience here, I would just say that, we’re trying to create a very diversified portfolio. And so the general guidance that we’re following now at our current market cap and our current portfolio size is that we believe that $50 million is about the most we want to invest in a binary risk situation. And so that’s about the most we’re going to do in a binary situation. That was the size of our investment at Castle Creek.

謝謝，馬特。我想對於在座的各位觀眾來說，我只想說，我們正在努力創造一個非常多元的作品集。因此，根據我們目前的市值和目前的投資組合規模，我們現在遵循的一般指導是，我們認為 5000 萬美元是我們願意在二元風險情況下投資的最高金額。這就是我們在二元情況下所能做的最多的事情了。這就是我們在 Castle Creek 的投資規模。

We syndicated in the other $25 million for that reason. And that’s just a portfolio math. We’re trying to create a diversified portfolio, not everything will work. And we think that the math really works well at that size. Where we will upsize is in significantly derisk situation and the best recent example we have of that is Apeiron that was already a launched product that had been on the market in Europe and the rest of world for over three years had significantly entrenched become significantly entrenched in clinical practice. And the clinical safety and efficacy profile was very well known in a broad population with very high clinical need.

基於這個原因，我們聯合投資了另外 2500 萬美元。這只是一個投資組合數學。我們正在嘗試創建一個多元化的投資組合，但並非所有東西都會有效。我們認為，在這種規模下，數學確實很有效。我們將在風險大大降低的情況下擴大規模，最近我們最好的例子就是 Apeiron，它已經是一款已在歐洲和世界其他地區上市三年多的產品，並且在臨床實踐中已經根深蒂固。且其臨床安全性和有效性在廣大人口中非常知名，具有很高的臨床需求。

So really about as derisk as you can get, by the way, the marketer here is very good Recordati. So we felt really good about that. That was a $100 million deal. And so we will upsize on really derisked situations that do not have binary risk. And then long-term, as our portfolio grows proportionately, we will move up our diversification limits consistent with our view on the portfolio math.

因此，實際上您可以盡可能地降低風險，順便說一句，這裡的行銷人員非常優秀，Recordati。所以我們對此感到非常高興。那是一筆價值 1 億美元的交易。因此，我們將擴大不存在二元風險的真正低風險情況的規模。從長遠來看，隨著我們的投資組合按比例增長，我們將根據對投資組合數學的看法提高我們的多元化限額。

That’s very helpful, thank you.

這非常有幫助，謝謝。

Trevor Allred, Oppenheimer.

特雷弗·奧爾雷德，奧本海默。

Hey, good morning guys. Just had a couple quick questions. Is there anything you can say on Qarziba expectations? Any of the activities Recordati is doing there to expand use? And can you also talk to where these blossom continue? Some patients are most primarily seen, is it paediatric derms or is it paediatricians or what’s the, I guess, referral patterns that might happen there? Thanks.

嘿，大家早安。我只想問幾個簡單的問題。您對 Qarziba 的期望有什麼看法？Recordati 正在進行哪些活動來擴大用途？您能談談這些花會延伸到哪裡嗎？有些患者最主要的就診地點是兒科皮膚科還是兒科醫生，或者我猜，那裡可能發生的轉診模式是什麼？謝謝。

Thank you, Trevor. I’m going to ask Lauren Hay, who’s on the call with us to address the first question regarding Qarziba, as she’s tracking that from a portfolio management perspective. And then I’ll have Rich Baxter answer your question on Molluscum contagiosum. Lauren?

謝謝你，特雷弗。我將請與我們通話的 Lauren Hay 回答有關 Qarziba 的第一個問題，因為她是從投資組合管理的角度來追蹤這個問題的。然後我會讓 Rich Baxter 回答您關於傳染性軟疣的問題。勞倫？

Sure. Thanks for the question. So as you may be aware, Recordati has recently started disclosing Qarziba sales in their three-year projection presentation a couple weeks ago. That showed impressive growth of 23% between 2023 and 2024.

當然。謝謝你的提問。您可能知道，Recordati 最近在幾週前的三年預測報告中開始揭露 Qarziba 的銷售額。這顯示 2023 年至 2024 年間成長率將達到驚人的 23%。

And then they also increased the peak sales guidance for the oncology franchise. They bumped that up from EUR250 million to EUR300 million to EUR300 million to EUR350 million. They’re continuing to invest in geographic expansion which is driving that upsize peak year estimate. They launched in South Korea last year.

然後他們還提高了腫瘤科特許經營的最高銷售指導。他們將這一數字從 2.5 億歐元提高到 3 億歐元，再提高到 3 億歐元和 3.5 億歐元。他們正在繼續投資於地域擴張，這推動了高峰年份估計值的上升。他們去年在韓國推出了該產品。

Latin American launches expected this year. And then as you’re probably aware, they are continuing to pursue approval in the US and the next planned FDA interaction on that front is mid-year. So we’ll be looking forward to an update there.

預計今年將在拉丁美洲推出該產品。然後，您可能已經知道，他們正在繼續尋求美國的批准，下一次與 FDA 的合作計劃是在年中。因此我們期待那裡的更新。

Those are some of the shorter-term growth drivers. And then in terms of medium to longer-term, they’re investing in expanding the use of Qarziba to induction therapy both in frontline and in the relapsed/refractory setting.

這些是一些短期成長動力。從中長期來看，他們正在投資擴大 Qarziba 的使用範圍，以用於第一線治療和復發/難治性治療中的誘導療法。

And then the longer-term, they’ve recently announced a program to expand the use of Qarziba to Ewing sarcoma patients, which would, if approved, provide pretty dramatic revenue upside in the longer-term. So I think we continue to be very optimistic about Qarziba and Recordati’s commercial success with this product.

從長遠來看，他們最近宣布了一項計劃，將 Qarziba 的使用範圍擴大到尤文氏肉瘤患者，如果獲得批准，該計劃將在長期內帶來相當可觀的收入成長。因此我認為我們仍然對 Qarziba 和 Recordati 憑藉這款產品取得的商業成功感到非常樂觀。

I’ll turn it to Rich for your second question.

我將把第二個問題交給 Rich 來回答。

Thanks, Lauren. Molluscum contagiosum is primarily seen initially by paediatricians. As the condition worsens, these -- they get referred to paediatric dermatologists for children and dermatologists for adults. So initially the target market is going to the sweet spot of the target market are paediatric dermatologists and dermatologists and paediatricians will be critical for the product going forward.

謝謝，勞倫。傳染性軟疣最初主要由兒科醫師發現。隨著病情惡化，他們會被轉診給兒童皮膚科醫生和成人皮膚科醫生。因此，最初的目標市場是兒科皮膚科醫生，而皮膚科醫生和兒科醫生對於產品的未來發展至關重要。

Great. Thanks.

偉大的。謝謝。

Annabel Samimy, Stifel.

安娜貝爾·薩米米（Annabel Samimy），Stifel。

My question -- congratulations on a good quarter. Just following on the biopharma environment and the number of opportunities that you have. I appreciate your desire to remain relatively diversified. Any thoughts as to the investment capacity you’re willing to put out every year?

我的問題是——祝賀本季業績良好。只是專注於生物製藥環境和您擁有的機會數量。我欣賞你保持相對多樣化的願望。您對於每年願意投入的投資能力有何想法？

I think you talked about 150 to 200 in total capital allocations for the year. Any thought to increasing that and taking advantage of the environment? So that’s the first question and the second is regarding NITRICIL. Now that you have Pelthos often Zelsuvmi about to launch, can you dive into how you might leverage the NITRICIL platform to new products or licensing and what are your next plans for that technology? Thanks.

我認為您談到了今年的總資本配置量為 150 到 200。有沒有想過增加這一點並利用環境？這是第一個問題，第二個問題涉及 NITRICIL。現在您即將推出 Pelthos Zelsuvmi，您能否深入了解如何利用 NITRICIL 平台推出新產品或授權，以及您對該技術的下一步計劃是什麼？謝謝。

Sure. Thanks, Annabel. Sure. On investment capacity, I think there’s probably a pretty good chance we invest at above our normal pace this year just given the environment. The number of good opportunities we’re seeing, as was mentioned in the earnings call, about half of what we’re looking at is currently commercial but still is offering significant returns above what we would consider normal market returns.

當然。謝謝，安娜貝爾。當然。關於投資能力，我認為考慮到當前的環境，我們今年的投資很有可能高於正常水平。正如在收益電話會議中所提到的，我們看到的良好機會數量大約有一半目前是商業性的，但仍然提供高於我們認為的正常市場回報的顯著回報。

So those we are interested in as well and that could result in a higher deployment level. That said, we’re going to observe our diversification limits on the deal size and it takes just as much work to do a $5 million deal as it does a $75 million deal and get it right. So we have certain bandwidth restrictions as does any investment team. And we’re going to go at the pace that we’re capable of. But everybody here is working pretty hard given the opportunity set right now.

因此，我們也對這些感興趣，這可能會帶來更高的部署水準。也就是說，我們將遵守交易規模的多元化限制，完成一筆 500 萬美元的交易和完成一筆 7,500 萬美元的交易需要做同樣多的工作才能做好。因此，我們和任何投資團隊一樣，都有一定的頻寬限制。我們將按照我們能力所能及的速度前進。但鑑於目前的機會，這裡的每個人都在努力工作。

So that’s what I’d expect on the investment pace. And in terms of the NITRICIL platform, that’s a great question. I think that I would just comment that this is a special situation. Sometimes the special situations require more work and therefore consumes more bandwidth. And therefore, there can be more opportunity costs with them. And that’s the case with Novan. So the reason that you do that is because of potential outsized returns.

這就是我對投資速度的預期。就 NITRICIL 平台而言，這是一個很好的問題。我想我只想評論一下，這是一種特殊情況。有時特殊情況需要更多的工作，因此會消耗更多的頻寬。因此，它們可能會有更多的機會成本。Novan 的情況就是這樣。所以你這樣做的原因是為了獲得潛在的超額報酬。

And on the single lead asset Zelsuvmi, which is now approved on the overall investment there, we’re going to make, I think very nice equity like returns on a single asset. But we do own the intellectual property across the Board in multiple potential therapies. And we’ve got about three different therapies that the team is looking at now. Dr. Karen Reeves is looking at that with her team and analyzing what we think will be the best opportunities.

對於單一主要資產 Zelsuvmi，目前已獲得整體投資批准，我認為我們將獲得非常好的股權回報，就像單一資產的回報一樣。但我們確實擁有多種潛在療法的全面智慧財產權。目前我們的團隊正在研究三種不同的療法。Karen Reeves 博士正在與她的團隊一起研究這個問題，並分析我們認為最好的機會。

I suspect what we will do there is look for partners to develop those as well. And I think it’s early, but the opportunity set there is pretty robust, I expect -- my expectation is we’ll end up with at least two commercial products out of this, but hopefully three or four.

我認為我們將會尋找合作夥伴來開發這些產品。我認為現在還為時過早，但我預計那裡的機會相當強勁——我的預期是，我們最終將推出至少兩種商業產品，但希望是三到四種。

Great. Thank you.

偉大的。謝謝。

John Vandermosten, Zacks.

約翰·范德莫斯滕，Zacks。

Great. Thank you. And another question on Pelthos. Is the initial launch time for Zelsuvmi dependent on when the deal is able to close the channel or is it independent of that?

偉大的。謝謝。還有一個關於 Pelthos 的問題。Zelsuvmi 的首次發佈時間是否取決於交易何時能夠關閉頻道，還是與之無關？

It’s fairly independent at this point, but I think the Venn diagram overlaps pretty nicely there. We’re expecting, as Rich said, to close -- the merger to close at least the two standard deviation normal ranges between June 30 and August 30.

此時它們是相當獨立的，但我認為維恩圖在那裡重疊得很好。正如里奇所說，我們預計合併將在 6 月 30 日至 8 月 30 日之間完成，至少達到兩個標準差的正常範圍。

And we already have the skeleton of the team. We even have some regional sales managers in place. They’re all preparing for the launch. The manufacturing team has been in place and is manufacturing commercial supplies.

我們已經有了團隊的骨架。我們甚至還任命了一些區域銷售經理。他們都在為發射做準備。製造團隊已經到位並正在製造商業供應品。

So the next step will be to hire sales reps. We’re going to have significant feedback from the SEC in the next two to three weeks, I think after our initial submission, that’s going to tell us a lot about the length of the pathway and we’ll probably dial-in a little bit, our rate of hiring on the sales reps as we get that information.

因此下一步將是聘請銷售代表。我們將在未來兩到三週內收到來自美國證券交易委員會的重要反饋，我認為在我們首次提交後，這將告訴我們很多有關路徑長度的信息，並且我們可能會在獲得這些信息後稍微調整一下銷售代表的招聘率。

So that’s the plan currently, John I think the financing is secured, the merger target along with the required number of votes is secured. So really, for the most part, this is a matter of timing, which we don’t totally control with the SEC.

這就是目前的計劃，約翰，我認為融資是有保障的，合併目標以及所需的投票數也是有保障的。所以實際上，在很大程度上，這是一個時間問題，我們無法完全控制證券交易委員會。

Okay. And then looking at Filspari, you had mentioned that it had shifted from conditional marketing approval to standard of marketing approval in Europe. And does that change any reimbursement or access for the product?

好的。然後看看 Filspari，您提到它已經從有條件的行銷批准轉變為歐洲的行銷批准標準。這會改變產品的報銷或訪問嗎？

I’ll let Lauren Hay comment on that.

我會讓勞倫·海伊 (Lauren Hay) 對此發表評論。

Yes, I think, John, it’s a great question. I think we’re expecting to see kind of continued momentum from Travere’s partner CSL Vifor. I think probably doesn’t dramatically change the trajectory. They’re continuing to secure country by country reimbursement approvals and further invest in the launch.

是的，約翰，我認為這是一個很好的問題。我認為我們期待看到 Travere 的合作夥伴 CSL Vifor 繼續保持強勁勢頭。我認為可能不會顯著改變軌跡。他們正在繼續爭取各國的報銷批准，並進一步投資於該產品的推出。

So we’ll continue to see, I think, growth in the coming quarters from them. And certainly an encouraging development for CSL Vifor and Travere as well.

因此，我認為，我們將繼續看到他們在未來幾季實現成長。這對 CSL Vifor 和 Travere 來說無疑也是一個令人鼓舞的發展。

Okay. And last one for Tavo on revenue trends for the year. Should we expect to see something similar to last year where a little bit lower in the first quarter and then a jump in the second quarter and kind of slowly trend up. And I know contract revenue played somewhat of a role there, but ignoring that line, how do we think it’s going to, I guess that cadence, so to speak, of revenues for this year -- for the rest of this year?

好的。最後，Tavo 談到了今年的營收趨勢。我們是否應該期待看到與去年類似的情況，即第一季略低，然後第二季躍升，並呈現緩慢上升趨勢。我知道合約收入在其中發揮了一定作用，但忽略這條線，我們認為今年剩餘時間的收入節奏會如何？

Yeah, pretty -- thanks, John. Yeah, pretty balanced cadence on the Captisol. You -- I mean, you see that we’re reiterating guidance. So you can do the math pretty straight line from here on to the end of the year on Captisol and then just given the nature of some of the royalty arrangements with the tiered royalty rates with Kyprolis and a couple of the others, you should expect to see kind of a gradual uptrend as is typical on the royalty line.

是的，非常謝謝，約翰。是的，Captisol 的節奏相當平衡。您——我的意思是，您看到我們正在重申指導。因此，從現在到年底，您可以對 Captisol 進行相當直線的計算，然後考慮到一些特許權使用費安排的性質以及 Kyprolis 和其他一些公司的分級特許權使用費率，您應該會看到一種逐漸上升的趨勢，這在特許權使用費線上是典型的。

Great. Thank you.

偉大的。謝謝。

Ladies and gentlemen, that concludes today’s call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。