Ligand Pharmaceuticals Inc (LGND) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to Ligand Third quarter 2025 earnings call. (Operator Instruction). I would now like to turn the conference over to Melanie Herman.

感謝您的耐心等待。歡迎參加 Ligand 2025 年第三季財報電話會議。（操作說明）現在我將把會議交給梅蘭妮·赫爾曼。

Good morning everyone and welcome to Ligand 's Third 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.

各位早安，歡迎參加 Ligand 2025 年第三季財報電話會議。在今天的電話會議上，我們將回顧今天早些時候發布的財務業績，並對我們的合作夥伴管道和業務發展活動進行評論，隨後進行問答環節。

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

在開始之前，我想指出，我們將討論非GAAP結果，其中不包括某些項目，例如股票選擇權費用、無形資產攤銷、金融資產攤銷或減損、衍生性資產損失以及出售Pelthos業務的收益等。我建議您查看這些非GAAP指標與其最直接可比較的GAAP指標的調節表，該調節表可在我們網站上今天發布的公告中找到。我們認為，這些調整後的指標能夠為我們過去和未來的核心經營績效提供有價值的參考。

Our earnings release and a link to today's webcast can be found in the investor relations section of our website at ligand.com.

您可以在我們網站 ligand.com 的投資者關係部分找到我們的收益報告和今天網絡直播的連結。

With me on the call today are Chief Executive Officer Todd Davis, Chief Financial Officer Tavo Espinoza, and Vice President of Strategic Planning and Investment Analytics Lauren Hayes.

今天與我一起參加電話會議的有執行長托德戴維斯、財務長塔沃埃斯皮諾薩以及策略規劃與投資分析副總裁勞倫海耶斯。

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. 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.

本次通話正在錄音，音訊部分將存檔於我們網站的投資者關係版塊。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。請注意與這些前瞻性陳述相關的安全港聲明，這些陳述存在風險和不確定性。我們提醒您，實際事件或結果可能與預測或討論的內容有重大差異，所有前瞻性陳述均基於目前可獲得的資訊。

Ligand assumes no obligation to update these statements.

配體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, or SEC, that can be found on Ligand's website at ligand.com or on the SEC's website at 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與預期結果有差異的風險和不確定性，我們建議您參閱 Ligand 向美國證券交易委員會（SEC）提交的文件，這些文件可在 Ligand 網站 ligand.com 或 SEC 網站 sec.gov 上找到。接下來，我將把電話交給 Todd。

Thank you, Melanie, and good morning everyone.

謝謝你，梅蘭妮，大家早安。

Thank you for joining us today to discuss another exciting quarter for ligand.

感謝各位今天與我們一起探討配體領域又一個令人興奮的季度。

This quarter was pivotal. Not only did we deliver another quarter of exceptional financial results, we also successfully completed a convertible debt financing, providing us with additional flexibility to pursue strategic opportunities that support our growth initiatives. We are raising our full year guidance for the second time this year.

本季度至關重要。我們不僅又取得了一季度優異的財務業績，而且還成功完成了可轉換債券融資，這為我們提供了更大的靈活性，可以尋求支持我們成長計劃的策略機會。今年我們將第二次上調全年業績預期。

This increase in guidance is a result of the strength of our commercial royalty portfolio, which has continued to outperform our expectations due to products like Merck, (Inaudible) and CapEx, as well as Travere Filspari.

此次業績指引的提高，得益於我們商業特許權使用費組合的強勁表現，該組合持續超出我們的預期，這主要歸功於 Merck、（聽不清楚）和 CapEx 以及 Travere Filspari 等產品。

Additionally, I'm proud of our deal team's ability to create superior risk adjusted returns through transactions such as the strategic merger of Pythos with Channel Therapeutics that has driven substantial value creation for our shareholders.

此外，我為我們的交易團隊感到自豪，他們透過諸如 Pythos 與 Channel Therapeutics 的策略合併等交易，創造了卓越的風險調整後回報，為我們的股東帶來了巨大的價值。

When we restructured Ligand in 2022 with the spin out of our antibody operations, we set a new strategic direction for Ligand, one grounded in focus and discipline. Since then, we've stayed true to that plan, scaling our deal team to accelerate growth in the late stage pipeline and build a diversified portfolio of high margin royalties designed to deliver superior returns. The strategy has played out exactly as envisioned, and I couldn't be more pleased with the progress we've made over the past few years.

2022 年，我們透過剝離抗體業務重組了 Ligand，並為 Ligand 制定了一個新的策略方向，以專注和紀律為基礎。從那時起，我們就一直堅持這項計劃，擴大交易團隊規模，以加速後期專案管線的成長，並建立多元化的高利潤特許權使用費組合，旨在帶來卓越的回報。該策略的實施完全符合預期，我對過去幾年我們所取得的進展感到無比滿意。

Royalty revenue grew 40% 47% over the same quarter last year, and adjusted EPS increased 68%, reflecting strong performance across our portfolio.

特許權使用費收入較去年同期成長 40% 至 47%，調整後每股盈餘成長 68%，反映出我們投資組合的強勁表現。

Key drivers contributing to the 47% growth in our royalty portfolio include the commercial launch of Zelsuvmi, strong launch of Merck's 02 and (Inaudible), growth of Recordati's Qarziba, and the continued ramp up of Filspari.

推動我們特許權使用費組合成長 47% 的關鍵因素包括 Zelsuvmi 的商業化推出、默克公司 O2 和（聽不清楚）的強勁推出、Recordati 公司的 Qarziba 的成長以及 Filspari 的持續成長。

We ended the quarter with a strong balance sheet including approximately $1 billion in deployable capital, factoring in our undrawn credit facility which will allow us to take advantage of our robust business development pipeline. There's been strong uptake of Zelsumi in the early launch phase, and we look forward to the continued momentum. The launch of Zelsumi is an exciting milestone for patients with molluscum. Who now have an at-home treatment option for this burdensome skin infection.

本季末，我們的資產負債表表現強勁，擁有約 10 億美元的可部署資本，其中包括我們尚未提取的信貸額度，這將使我們能夠利用我們強大的業務發展管道。Zelsumi 在早期發布階段獲得了強勁的市場反響，我們期待這種勢頭能夠繼續保持下去。Zelsumi 的上市對於傳染性軟疣患者來說是一個令人興奮的里程碑。現在，他們可以在家中治療這種令人煩惱的皮膚感染了。

We encourage our investors to listen in on the Pythos earnings call which will occur on November 13th. We expect a robust update on the launch performance.

我們鼓勵投資者收聽 Pythos 將於 11 月 13 日舉行的財報電話會議。我們期待獲得有關發布表現的可靠更新資訊。

Our deal team has been busy this quarter committing $35 million to orchestra bio for royalty interest in their AI therapy and virtue SAB.

本季度，我們的交易團隊一直忙於向 Orchestra Bio 和 Virtue SAB 投入 3,500 萬美元，以獲得其人工智慧療法和 Virtue SAB 的特許權使用費權益。

IGANN has also invested an additional $5 million to help catalyze their equity private placement, which successfully completed a total raise of $111 million including participation by Avim partner Medtronic.

IGANN 還額外投資了 500 萬美元，以幫助推動其股權私募融資，該融資已成功完成，總融資額達 1.11 億美元，其中包括 Avim 合作夥伴 Medtronic 的參與。

We also committed $11 million to AriCorps in exchange for royalty rights to AT220 and milestone and technology access fees for AT292, Sanofi's efdoralprin alfa Program.

我們也向 AriCorps 承諾支付 1,100 萬美元，以換取 AT220 的特許權使用費以及 AT292（賽諾菲的 efdoralprin alfa 計畫）的里程碑付款和技術使用費。

We are pleased to report that just one month after our investment, Sanofi announced positive phase 2 results from its trial demonstrating demonstrating all primary and key secondary endpoints were met in adults with alpha 1 a trypsin deficiency emphysema, a rare disease.

我們很高興地宣布，在我們投資後僅一個月，賽諾菲就宣布了其 2 期試驗的積極結果，證明在患有 α1a 胰蛋白酶缺乏性肺氣腫（一種罕見疾病）的成年人中，所有主要終點和關鍵次要終點均已達到。

Since restructuring in 2022, we've been executing on our current strategy and have seen significant growth across the core revenue as well as adjusted EPS. I'd like to point out that in 2024 there were 4 FDA approvals of assets in our pipeline.

自 2022 年重組以來，我們一直在執行目前的策略，核心收入和調整後每股盈餘都實現了顯著成長。我想指出，2024 年我們有 4 項在研產品獲得了 FDA 的批准。

Merck's cap backseat, Merck's 02 be, Pelthos ZELSUVMI, and the full approval of Travere FILSPARI.

默克的帽子後座，默克的 02 be，Pelthos ZELSUVMI，以及 Travere FILSPARI 的完全批准。

With these 4 products all in the early stages of their launch.

這四款產品目前都處於上市初期階段。

With the potential for both indication expansion as well as geographic expansion, we expect this growth to continue in the coming years.

由於適應症和地理範圍都有可能擴大，我們預計這種成長勢頭將在未來幾年持續下去。

I would like to look ahead now to 2029 and discuss our 5 year royalty receipts outlook which we first presented at our investor day in December of 2024.

現在我想展望一下 2029 年，並討論我們 5 年的特許權使用費收入展望，我們最初在 2024 年 12 月的投資者日上提出了這一展望。

We believe our long-term royalty growth is on pace to meet or exceed the 22% compound annual growth rate we outlined at that time.

我們相信，我們的長期特許權使用費成長有望達到或超過我們當時提出的 22% 的複合年增長率。

The existing portfolio alone supports a royalty receipts gagger of 18%.

光是現有投資組合就能帶來 18% 的版稅收入成長。

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

未來的投資應該至少能在此基礎上增加 4%，並且在目前的預期基礎上還有潛在的上漲空間。

The strength of our existing portfolio is evident across both our commercial and development stage programs. However, we believe that what truly differentiates Ligand as a royalty aggregator is the expertise of our deal team in sourcing and executing high-quality investment opportunities and the ability to drive superior returns with our operating capabilities and our special situations initiatives.

我們現有產品組合的實力在商業化和開發階段的專案中都得到了充分體現。然而，我們認為，Ligand 作為特許權使用費聚合商的真正優勢在於，我們的交易團隊擁有豐富的專業知識，能夠尋找和執行高品質的投資機會，並憑藉我們的營運能力和特殊情況應對措施，推動獲得卓越的回報。

It is through the strength of this team that growth across the future investment segment of this chart has the potential to surpass expectations.

正是憑藉這支團隊的實力，該圖表中未來投資部分的成長有可能超乎預期。

Turning to the next slide, I'll highlight a few positive developments since our long-term outlook was presented last December.

接下來，我將在下一張幻燈片中重點介紹自去年 12 月我們發布長期展望以來取得的一些積極進展。

Each of which has the potential to meaningfully enhance our long-term royalty projections. 1st, 02 there is tracking well ahead of the initial forecast and continues to be the strongest launch in COPD history.

其中每一項都有可能大幅提升我們的長期特許權使用費預測。首先，02 的進展遠超預期，並且持續保持著 COPD 領域最強勁的上市勢頭。

Q3 sales grew 32% sequentially, and consensus forecasts now project $2 billion in sales by 2029, up from 1.2 billion previously.

第三季銷售額較上季成長 32%，市場普遍預測到 2029 年銷售額將達到 20 億美元，高於先前預測的 12 億美元。

As a 3% royalty holder, Ligand stands to benefit materially from this upside.

作為 3% 特許權使用費的持有者，Ligand 將從這筆收益中獲益匪淺。

Second, FILSPARI continues to perform well commercially in IgA nephropathy, with Q3 sales growing 26% over the prior quarter. Additionally, there's potential upside if approved in FSGS.

其次，FILSPARI 在 IgA 腎臟病領域持續保持良好的商業表現，第三季銷售額比上一季成長了 26%。此外，如果獲得 FSGS 的批准，還有潛在的收益。

If approved, the FSGS indication could significantly expand FILSPARI's market opportunity, potentially north of $1 billion in FSGS alone, according to sell side analysts.

如果獲得批准，FSGS適應症可能會大幅擴大FILSPARI的市場機會，據賣方分析師稱，僅FSGS一項就可能帶來超過10億美元的市場機會。

Turning to one of our development stage programs, let's look at Palvella QTORIN rapamycin programs. We'll hear updates on their phase 2 program in cutaneous venous malformations in the fourth quarter and their phase three program in microcystic lymphatic malformations in the first quarter of 2026.

接下來，讓我們來看看我們正在開發中的項目之一——Palvella QTORIN 雷帕黴素項目。我們將在第四季度聽到他們治療皮膚靜脈畸形的 2 期臨床試驗計畫的最新進展，並在 2026 年第一季度聽到他們治療微囊性淋巴管畸形的 3 期臨床試驗計畫的最新進展。

Analysts expect peak sales from these two indications could be $1 billion.

分析師預計，這兩種適應症的銷售高峰可能達到 10 億美元。

In 2025 we continue to execute our strategy of partnering.

2025年，我們將繼續執行合作策略。

With life sciences companies to provide innovative, non-diluted capital solutions. Since the beginning of the year, we've closed five new investments including the final 02 inventor monetization.

與生命科學公司合作，提供創新、非稀釋性資本解決方案。今年年初以來，我們完成了五項新的投資，包括最終的 02 發明變現。

Castle Creek Orchestra BioMed, the merger of Pythos Therapeutics with Channel Therapeutics, and our most recent investment in AeroCorp.

Castle Creek Orchestra BioMed、Pythos Therapeutics 與 Channel Therapeutics 的合併，以及我們最近對 AeroCorp 的投資。

These transactions reflect the unique flexibility of our investment strategy and are well diversified across our investment tactics, including royalty monetization, project financing, and special situations.

這些交易體現了我們投資策略的獨特靈活性，並充分體現了我們投資策略的多元化，包括特許權使用費貨幣化、專案融資和特殊情況。

Our investment to fund Castle Creek's phase 3 clinical study of Defi in patients with dystrophic epidermolysis bullosa is an exciting opportunity to advance an orphan drug designated gene modified cell therapy for a serious unmet clinical need.

我們投資資助 Castle Creek 公司針對營養不良性大皰性表皮鬆解症患者進行 Defi 的 3 期臨床研究，這是一個令人興奮的機會，可以推進一種被指定為孤兒藥的基因修飾細胞療法，以滿足嚴重的未滿足臨床需求。

This collaboration reflects our commitment to invest in groundbreaking de-risk treatments that have the potential to transform patients' lives, and it also strengthens our latest portfolio.

這項合作體現了我們致力於投資突破性降低風險療法的承諾，這些療法有可能改變患者的生活，同時也增強了我們最新的產品組合。

Our partnership with Orchestra BioMed also expands our pipeline of development stage partnerships with potential royalties on two late-stage partnered cardiology programs.

我們與 Orchestra BioMed 的合作也擴大了我們在開發階段的合作關係範圍，並有可能從兩個後期合作的心臟病學計畫中獲得特許權使用費。

Orchestra's Aid in Therapy, partnered with Medtronic and Virtue SAP has received FDA breakthrough device designations, and the products target high-risk patient populations with hypertension and arterial disease, two significant global health challenges.

Orchestra 與 Medtronic 和 Virtue SAP 合作開發的 Aid in Therapy 產品獲得了 FDA 突破性醫療器材認定，該產品針對高血壓和動脈疾病的高風險患者群體，這是全球面臨的兩大重大健康挑戰。

Next slide, we have seen record setting origination activity this year, reviewing more than 130 investment opportunities through the first three quarters of the year.

下一張投影片顯示，今年的投資活動創下歷史新高，今年前三個季度審查了超過 130 個投資機會。

We remain disciplined in our approach, prioritizing investments that offer compelling return potential and strategic alignment, while deprioritizing those that do not meet our long-term objectives.

我們始終堅持嚴謹的投資策略，優先考慮那些具有可觀回報潛力和策略契合度的投資，同時降低那些不符合我們長期目標的投資的優先順序。

At present we have approximately 32 active investment opportunities under review, representing a mix of accretive and pre-approval transactions.

目前我們正在審查約 32 個活躍的投資機會，其中包括增值交易和預審批交易。

I'd like to take this opportunity to remind everyone of our upcoming Investor Day, which will be held on December 9th in New York at the Harvard Club.

我想藉此機會提醒大家，我們即將舉辦投資者日活動，該活動將於 12 月 9 日在紐約哈佛俱樂部舉行。

The registration link can be found on our website.

註冊連結可在我們的網站上找到。

We'll be evaluating consensus updates and commercial progress, as well as clinical progress of our assets in our farm team, to share a refreshed view of this long-term outlook with you at that time, and we hope you can join us.

我們將評估共識更新和商業進展，以及我們農場團隊的資產臨床進展，屆時將與您分享對這一長期前景的最新看法，我們希望您能加入我們。

I'll turn it over now to Lauren for a portfolio update.

現在我將把發言權交給勞倫，讓她報告作品集的最新情況。

Thank you, Todd.

謝謝你，托德。

Turning to a portfolio review, I'd like to provide some important updates on Ligand's key portfolio assets. I will go into more details on Merck's 02 (Inaudible) programs on the subsequent slides, but I'd like to briefly discuss updates on two of our key pipeline assets, (Inaudible).

接下來，我想對 Ligand 的主要投資組合資產進行一些重要的更新。我將在後續的幻燈片中詳細介紹默克公司的 O2（聽不清楚）項目，但我想先簡要討論我們兩個關鍵研發管線資產的最新進展。（聽不清楚）

In October, the FDA nominated T Yield as one of 9 products selected for the prestigious new Commissioner's National Priority voucher. These vouchers are designed to recognize and reward products with significant potential to address a major national priorities, such as meeting a large unmet medical need, reducing downstream healthcare utilization, or addressing a public health crisis.

10 月，FDA 將 T Yield 提名為 9 款入選享有盛譽的新任局長國家優先券的產品之一。這些代金券旨在表彰和獎勵那些具有重大潛力來解決國家重大優先事項的產品，例如滿足大量未滿足的醫療需求、減少下游醫療保健利用或解決公共衛生危機。

This overlaps perfectly with Ligand's mission, delivering high clinical value to patients impacted by serious disease.

這與 Ligand 的使命完美契合，即為受嚴重疾病影響的患者提供高臨床價值。

The new commissioner's voucher program aims to shorten the standard 10 to 12 month FDA review timeline to just 1 to 2 months, which is remarkable.

新任專員的代金券計畫旨在將標準的 10 至 12 個月的 FDA 審查時間縮短至 1 至 2 個月，這非常了不起。

While we have heard concerns surrounding volatility of FDA to date we have not seen any impact in terms of delays or other issues related to our key portfolio assets.

雖然我們聽到了一些關於FDA政策波動性的擔憂，但迄今為止，我們尚未看到對我們的主要投資組合資產造成任何延誤或其他方面的影響。

In addition, we have seen a new willingness by the agency to accelerate timelines and provide incentives that spur real innovation.

此外，我們還看到該機構表現出新的意願，願意加快進度並提供激勵措施，以促進真正的創新。

We believe this new FDA orientation is forward thinking and very good for patients.

我們認為FDA的這種新方向具有前瞻性，對患者非常有利。

As a result of receiving the commissioner's voucher, the supplemental BLA for T yield in individuals 8 years and older who have been recently diagnosed with stage 3 type 1 diabetes was accepted in October and will be reviewed expeditiously, which is welcome news for patients and their families.

由於收到了專員的憑證，針對 8 歲及以上近期被診斷患有 1 型糖尿病 3 期的個體的補充生物製品許可申請 (BLA) 已於 10 月被接受，並將得到迅速審查，這對患者及其家人來說是個好消息。

We are excited about TZel's recent recognition and the potential for a significantly expanded indication in the near term.

我們對 TZel 近期獲得的認可感到興奮，並期待其在短期內大幅擴大適應症。

We congratulate our partner, Sanofi, on this exceptional accomplishment.

我們祝賀我們的合作夥伴賽諾菲取得這項卓越成就。

Additionally, our partner Agencies plans to initiate a streamlined two-arm phase three trial of in patients with refractory, non-liver metastatic microsatellite stable colorectal cancer in the fourth quarter of 2025.

此外，我們的合作夥伴機構計劃於 2025 年第四季啟動一項針對難治性、非肝轉移性微衛星穩定型結直腸癌患者的精簡雙臂三期試驗。

The phase 2 data are highly encouraging, demonstrating deep and durable responses in this difficult to treat population, underscoring the meaningful benefit observed in patients who have failed standard therapies.

二期數據令人鼓舞，顯示該療法對這種難以治療的人群產生了深度和持久的療效，突顯了對接受過標準療法治療失敗的患者所觀察到的顯著益處。

Next, turning to Travere FILSPARI, in August, the (Inaudible) liver monitoring requirement was relaxed from monthly to quarterly for IG patients during the First year of treatment.

接下來，我們來看看 Travere FILSPARI，在 8 月份，IG 患者在治療第一年的肝臟監測要求從每月一次放寬到每季一次。

FILSPARI is becoming firmly entrenched as a foundational treatment for people living with IAN, and the approval of these streamlined monitoring requirements reflects the strong safety profile of FILSPARI, simplifying treatment initiation for patients.

FILSPARI 正在成為 IAN 患者的基礎治療藥物，而這些簡化的監測要求的批准反映了 FILSPARI 的良好安全性，簡化了患者的治療啟動。

In Japan, our partner (Inaudible) completed primary endpoint data collection in its phase 3 IgAN trial, and toppling results are expected in the fourth quarter of this year.

在日本，我們的合作夥伴（Inaudible）已完成其 3 期 IgAN 試驗的主要終點資料收集，預計將於今年第四季公佈令人振奮的結果。

In October, Chuai Pharmaceuticals announced plans to acquire Renalis. Chuai is recognized for its rare disease and nephrology expertise, and we believe they have the ability to accelerate access to FILSPARI for patients.

10月份，楚艾製藥宣布計畫收購雷納利斯製藥。Chuai 因其在罕見疾病和腎臟病方面的專業知識而聞名，我們相信他們有能力加快患者獲得 FILSPARI 的速度。

In FILSPARI's second indication, FSGS, the FDA has assigned a PUA date of January 13, 2026 and has informed Trevere that an advisory committee meeting is no longer required.

對於 FILSPARI 的第二個適應症 FSGS，FDA 已指定 PUA 日期為 2026 年 1 月 13 日，並已通知 Trevere 不再需要召開諮詢委員會會議。

If approved, Filspari would be the first and only FDA approved treatment option for FSGS, and Trevire believes the FSGS commercial opportunity could be an even larger one with more rapid uptake as it compared to IDA.

如果獲得批准，Filspari 將成為 FDA 批准的第一個也是唯一一個用於治療 FSGS 的藥物，Trevire 認為，與 IDA 相比，FSGS 的商業機會可能更大，接受度也會更高。

Moving on October 7th, Merck closed its acquisition of the O2V marketer, Verona Pharma for $10 billion. Our 3% O2vir royalty will now be assumed by the new marketer, Merck, who has significant geographic reach to expand the 02vir footprint globally, as well as robust clinical development infrastructure to accelerate development of O2vir and indications such as non-cystic fibrosis bronchiectasis.

10 月 7 日，默克以 100 億美元完成了對 O2V 行銷商 Verona Pharma 的收購。我們原有的 3% O2​​vir 專利使用費將由新的行銷商默克公司承擔。默克公司擁有廣泛的地域覆蓋，可以擴大 O2vir 在全球的市場份額，並且擁有強大的臨床開發基礎設施，可以加速 O2vir 的開發以及非囊性纖維化支氣管擴張等適應症的開發。

Moving on, we're very pleased with the commercial performance and clinical and regulatory updates provided by Merck on CAPVAXIVE this quarter. Merck expects that CAPVAXIVE will achieve majority market share in the adult setting in the pneumococcal vaccine category.

接下來，我們對默克公司本季提供的關於 CAPVAXIVE 的商業表現、臨床和監管方面的最新進展感到非常滿意。默克公司預計，CAPVAXIVE 將在成人肺炎球菌疫苗市場中佔多數市場。

Merck reported Third quarter sales of 244 million, representing a significant increase over the prior quarter as well as a beat to analyst consensus.

默克公佈第三季銷售額為 2.44 億美元，較上一季大幅成長，也超出分析師的預期。

CAPVAXIVE was approved to prevent pneumococcal disease in Japan in August, and additionally, the FDA accepted (Inaudible) for CAPVAXIVE in children and adolescents at an increased risk of pneumococcal disease with a PUFA date of June 18, 2026.

CAPVAXIVE 於 8 月在日本獲準用於預防肺炎球菌疾病，此外，FDA 也批准 CAPVAXIVE 用於肺炎球菌疾病風險增加的兒童和青少年，其 PUFA 日期為 2026 年 6 月 18 日。

Next slide, Palvella completed full enrollment ahead of schedule in their phase three trial in microcystic lymphatic malformations in June, with results anticipated in the first quarter of 2026. Additionally, phase two trials and cutaneous venous malformations are expected in December of this year.

下一張投影片顯示，Palvella 於 6 月提前完成了其治療微囊性淋巴管畸形的 III 期試驗的全部入組，預計將於 2026 年第一季度公佈結​​果。此外，第二期臨床試驗和皮膚靜脈畸形研究預計將於今年 12 月進行。

Palvella recently announced a third QTORIN™ rapamycin indication and clinically significant angiokeratoma.

Palvella 最近宣布 QTORIN™ 雷帕黴素的第三個適應症為具有臨床意義的血管角化瘤。

Calvella plans to meet with the FDA in the first half of 2026 to discuss this phase two trial design.

Calvella計劃在2026年上半年與FDA會面，討論這項二期試驗設計。

I'd also like to briefly discuss the commercial opportunities specific to (Inaudible) rapamycin for the treatment of microcystic lymphatic malformations.

我還想簡單討論一下雷帕黴素在治療微囊性淋巴管畸形方面的商業機會。

Phase three results are expected in the first quarter of next year, and this promising product has the potential to be the first and only FDA approved treatment with strong prescriber interest.

第三階段試驗結果預計將於明年第一季公佈，這款前景廣闊的產品有可能成為首個也是唯一一個獲得 FDA 批准並受到醫生高度關注的治療藥物。

The therapy targets a concentrated population of over 30,000 diagnosed patients, primarily treated at 400 vascular anomaly centers, enabling a lean sales force strategy. Validated orphan pricing models and high unmet clinical needs suggest significant revenue potential in MLM.

該療法針對超過 30,000 名已確診患者的集中群體，這些患者主要在 400 個血管畸形中心接受治療，從而能夠採取精簡的銷售團隊策略。已驗證的孤兒藥定價模型和未被滿足的大量臨床需求表明，多層次行銷（MLM）具有巨大的收入潛力。

With ketorin rapamycin, Palvella is building a compelling pipeline in a product which could represent a sizable royalty opportunity for ligand. This franchise strategy outlines a phased approach targeting rare der dermatological conditions, starting with microcystic lymphatic malformations, followed by cutaneous venous malformations and clinically significant angiokeraomas.

憑藉酮雷帕黴素，Palvella 正在建立一個引人注目的產品線，該產品可能代表配體可觀的特許權使用費機會。該特許經營策略概述了一種分階段的方法，目標是罕見的皮膚病，首先是微囊性淋巴管畸形，然後是皮膚靜脈畸形和具有臨床意義的血管角化瘤。

Palvella's longer-term plans include expanding to potential future indications, which Palvella believes could potentially grow the addressable patients by a factor of 10x.

Palvella 的長期計劃包括擴展到未來潛在的適應症，Palvella 認為這可能會使目標患者群體擴大 10 倍。

This represents a significant opportunity for market growth and our 8% to 9.8% royalty extends across any and all approved (Inaudible) rapamycin indications. With that, I will turn the call over to Tavo.

這代表著市場成長的巨大機遇，我們 8% 至 9.8% 的特許權使用費涵蓋所有已批准的雷帕黴素適應症。接下來，我將把電話交給塔沃。

Thank you, Lauren.

謝謝你，勞倫。

Before getting into the broader overview, I want to start with the deconsolidation of PLTOs since it provides an important context for this quarter's results.

在進行更廣泛的概述之前，我想先談談PLTO的拆分，因為它為本季的業績提供了一個重要的背景。

The spin-out became effective on July 1, and from that date, Palvella has been deconsolidated from Ligand's financials. Historical operating costs through June 30th remain on Ligand's books, but beginning July 1st, Pelthos expenses are now reflected under the newly merged Pelthos Channel Therapeutics entity, operating independently as a publicly traded company under the ticker symbol PTHS with its own board and management team.

分拆於 7 月 1 日生效，自該日起，Palvella 已從 Ligand 的財務報表中剝離出來。截至 6 月 30 日的歷史營運成本仍保留在 Ligand 的帳簿上，但從 7 月 1 日起，Pelthos 的支出將反映在新合併的 Pelthos Channel Therapeutics 實體下，該實體作為一家上市公司獨立運營，股票代碼為 PTHS，擁有自己的董事會和管理團隊。

Similar to our equity interest in Viking and Pelthos Therapeutics, we hold an equity stake in Pelthos , approximately 50% of its outstanding shares.

與我們在 Viking 和 Pelthos Therapeutics 的股權類似，我們持有 Pelthos 的股權，約佔其已發行股份的 50%。

These are carried on our balance sheet as a long-term investment and remain restricted until the six month lockup period expires on December 30th, 2025.

這些資產作為長期投資列入我們的資產負債表，並將一直受到限制，直到 2025 年 12 月 30 日六個月的鎖定期結束。

The current estimated fair value of our holdings in Pelthos is about $180 million as of yesterday's close.

截至昨日收盤，我們持有的Pelthos股份的當前估計公允價值約為1.8億美元。

On July 1st, we recognized a $53 million gain related to the Pelthos transaction, reflecting the difference between the $62 million fair value of the consideration received and the $9 million of net assets sold.

7 月 1 日，我們確認了與 Pelthos 交易相關的 5,300 萬美元收益，這反映了收到的對價公允價值 6,200 萬美元與出售的淨資產價值 900 萬美元之間的差額。

As noted on our Q2 call, this gain included value associated with the sales of me out license, which we've now quantified at $24.5 million and retained in adjusted earnings.

正如我們在第二季電話會議上提到的，這項收益包括與出售我的許可證相關的價值，我們現在已經將其量化為 2450 萬美元，並保留在調整後的收益中。

While the out license itself is a one-time event, out licensing is core to our business strategy, and the Peltos equity we received represents tangible value.

雖然對外授權本身是一次性事件，但對外授權是我們業務策略的核心，我們獲得的 Peltos 股權代表了切實的價值。

For that reason, we included it in core revenue and adjusted EPS. The remaining $28.6 million of the gain along with the historical incubation costs have been excluded from non-GAAP results to maintain comparability with recurring operations. In addition to the gain on Pelthos, we recorded a $76 million unrealized gain tied to the increase in Pelthos share value from $52 million at issuance on July 1st to $138 million at quarter end.

因此，我們將其計入核心收入和調整後每股收益。為維持與經常性經營活動的可比性，剩餘的 2,860 萬美元收益以及歷史孵化成本已從非 GAAP 結果中剔除。除了 Pelthos 的收益外，我們還記錄了 7,600 萬美元的未實現收益，這與 Pelthos 股票價值從 7 月 1 日發行時的 5,200 萬美元增加到季度末的 1.38 億美元有關。

This appreciation underscores both market confidence in Pelthos and the strategic value of the transaction to Ligand.

這項估值提升凸顯了市場對Pelthos的信心，以及該交易對Ligand的戰略價值。

I'll walk through the financial implications of the Pelthos transaction in more detail on the next few slides.

接下來的幾張投影片，我將更詳細地講解 Pelthos 交易的財務影響。

Moving now into the quarter's financial highlights, this was an exceptional quarter for Ligand marked by record financial performance driven by the continued strength in several assets in our royalty portfolio and the recognition of the aforementioned Zel zooming out license component following the spin out and merger of the Pelthos business. We also capitalized on favorable favorable conditions in the convertible debt markets in August, securing a 5-year, $460 million convertible note which further strengthens our balance sheet. Total revenue and other income for Q3 2025 on a GAAP basis came in at $115.5 million up from $51.8 million in the same quarter last year. Of that, $53.1 million was tied to the Peltos transaction, including $24.5 million from the sales of me Out license and a $28.6 million gain on the sale of the business to Channel Therapeutics.

現在來看本季的財務亮點，對於 Ligand 來說，這是一個非凡的季度，其財務業績創下歷史新高，這得益於我們特許權使用費組合中幾項資產的持續強勁表現，以及在 Pelthos 業務分拆和擴大後，上述 Zel 合併許可部分的實現。8 月份，我們也利用可轉換債券市場的有利條件，獲得了一筆 5 年期 4.6 億美元的可轉換票據，這進一步加強了我們的資產負債表。2025 年第三季以美國通用會計準則計算的總收入和其他收入為 1.155 億美元，高於去年同期的 5,180 萬美元。其中，5,310萬美元與Peltos交易有關，包括出售me Out許可證所得的2,450萬美元，以及將業務出售給Channel Therapeutics所得的2,860萬美元收益。

As discussed earlier, we're including the $24.5 million representing the estimated stand-alone value of the (Inaudible) license as core revenue.

如前所述，我們將代表（聽不清楚）許可證估計獨立價值的 2,450 萬美元計入核心收入。

The $28.6 million gain on sale of the business has been excluded. Therefore, on an adjusted basis, core revenue for Q3 2025 grew 68% year over year to $86.9 million. Other financial highlights to note royalty revenue rose 47% year over year to $46.6 million reflecting strong launch trajectories and outperformance across several recently approved products in our portfolio. Adjusted EPS grew 68% from the same period last year to $3.09.

出售該業務所得的 2,860 萬美元收益已不計入。因此，經調整後，2025 年第三季核心營收年增 68%，達到 8,690 萬美元。其他值得注意的財務亮點包括：特許權使用費收入年增 47% 至 4,660 萬美元，這反映了我們產品組合中幾款近期獲批產品的強勁上市勢頭和優異表現。調整後每股收益較去年同期成長 68%，達到 3.09 美元。

Given this strong financial performance, we're raising full year 2025 guidance. We now expect core revenue of $225million to $235 million and adjusted earnings per share of $7.40 to $7.65 per share. We closed the quarter with $665 million in cash and investments. That brings total deployable capital to approximately $1 billion a strong position that continues to fuel a very active business development pipeline. The funnel remains robust at this point. We're not limited by dollars, we're limited by human capital, and we're planning to expand our business development and investment teams to meet the opportunity ahead.

鑑於強勁的財務表現，我們上調了2025年全年業績預期。我們現在預計核心收入為 2.25 億美元至 2.35 億美元，調整後每股收益為 7.40 美元至 7.65 美元。本季末，我們擁有6.65億美元的現金和投資。這使得可部署資本總額達到約 10 億美元，這一強勁的局面將繼續推動非常活躍的業務發展管道。目前漏斗模型依然穩健。我們不受資金限制，只受人力資本限制，我們計劃擴大業務發展和投資團隊，以抓住未來的機會。

In August we executed it on a $460 million convertible debt transaction. We were very pleased with the pricing terms and secured a 75 basis point coupon rate and a 32.5% conversion premium.

8 月份，我們完成了一筆 4.6 億美元的可轉換債券交易。我們對定價條款非常滿意，並獲得了 75 個基點的票面利率和 32.5% 的轉換溢價。

We also structured the transaction to be net share settlement to further reduce dilution.

我們也安排了淨股份結算方式進行交易，以進一步減少股權稀釋。

In conjunction with the notes, we executed an up 100% call spread which will result in no dilution to our stock up to a price of $294 per share. The net proceeds not only bolster our balance sheet but are accreted to earnings and allow us to take advantage of our robust business development pipeline.

結合這些票據，我們執行了一項上漲 100% 的看漲期權價差交易，這將導致我們的股票價格在每股 294 美元以內不會被稀釋。淨收益不僅能增強我們的資產負債表，還能增加獲利，並使我們能夠利用我們強大的業務發展管道。

Moving on to the next slide, let me expand on our capital deployment capacity. We continue to generate robust annual operating cash flow now exceeding $150 million on an annualized basis, and our current investment pace ranges between $150million to $250 million. Against this backdrop, our decision to pursue a convertible debt financing was strategic, driven in large part by favorable favorable conditions in the convertible debt markets. As of September 30th, 2025, we held $665 million in cash and short-term investments and maintained access to a $200 million credit facility, bringing our total financial capacity to roughly $1 billion inclusive of our holdings in PLOS.

接下來，我將在下一張投影片中詳細介紹我們的資本部署能力。我們持續產生強勁的年度經營現金流，目前已超過 1.5 億美元（按年計算），我們目前的投資速度在 1.5 億美元至 2.5 億美元之間。在此背景下，我們決定尋求可轉換債券融資是出於策略性考慮，很大程度上是由於可轉換債券市場有利的條件所致。截至 2025 年 9 月 30 日，我們持有 6.65 億美元的現金和短期投資，並維持 2 億美元的信貸額度，使我們的總財務能力達到約 10 億美元，其中包括我們在 PLOS 的持股。

We own approximately 50% of Pelto's outstanding shares carried on our balance sheet as a long-term investment with an estimated fair value of $138 million at quarter end, which we view as another potential liquidity lever.

我們持有 Pelto 約 50% 的流通股，這些股份在我們的資產負債表上作為一項長期投資列示，截至季度末估計公允價值為 1.38 億美元，我們認為這是另一個潛在的流動性槓桿。

Looking ahead, given the robustness of our business development funnel and the ongoing expansion of our business development function, we may look to incrementally increase our capital deployment pace.

展望未來，鑑於我們業務發展管道的穩健性和業務發展職能的不斷擴展，我們可能會考慮逐步加快資本部署速度。

We believe our bolstered balance sheet positions us well to pursue high-quality opportunities that align with our strategic financial and financial objectives.

我們相信，我們增強的資產負債表使我們能夠更好地掌握符合我們策略財務和財務目標的高品質機會。

Moving on to the next slide, key drivers of royalty revenue growth this quarter include strong performance from (Inaudible).

接下來看下一張投影片，本季特許權使用費收入成長的關鍵驅動因素包括強勁的業績表現（聽不清楚）

Expanding briefly on a few of these, starting with (Inaudible) reported third quarter sales of $90.9 million a 26% sequential and 155% year over year increase.

簡要地展開說說其中的一些例子，首先是（聽不清楚）公佈的第三季銷售額為 9,090 萬美元，季增 26%，較去年同期成長 155%。

They also received 731 new patient start forms during the quarter showing continued adoption among both new and repeat prescribers.

本季他們還收到了 731 份新患者開始表格，這表明新醫生和重複處方醫生都在繼續採用該方案。

That momentum underscores the expanding use of FILSPARI's in IGA nephropathy. As a reminder, LIAT earns a 9% royalty on sales, translating to nearly $9 million in royalty revenue this quarter, including our internal estimate of $7 million from sales generated by (Inaudible) in Europe.

這一勢頭凸顯了 FILSPARI 在 IGA 腎病變中日益廣泛的應用。提醒一下，LIAT 從銷售額中獲得 9% 的版稅，這意味著本季版稅收入將接近 900 萬美元，其中包括我們內部估計的來自歐洲（聽不清楚）銷售額的 700 萬美元。

We're pleased to share that FILSPARI's has now become our largest royalty generating asset on an annualized run rate basis.

我們很高興地宣布，FILSPARI 現已成為我們按年化運行率計算收益最高的特許權使用費資產。

Turning to Otu, we continue to see strong commercial momentum.

再來看 Otu，我們繼續看到強勁的商業發展動能。

Verona reported $136 million of Auver sales, a 32% sequential increase over the prior quarter.

Verona 報告稱 Auver 的銷售額為 1.36 億美元，比上一季成長了 32%。

O2 sales have been have beaten consensus in every quarter of 2025, and we anticipate a strong launch trajectory to continue.

O2 的銷售額在 2025 年的每個季度都超過了預期，我們預計強勁的銷售勢頭將繼續保持。

We are excited to see potential acceleration with this program now benefiting from Merck's broader commercial organization.

我們很高興看到，隨著默克公司更廣泛的商業組織的支持，該計畫有望加速發展。

Merck's cap vaccine also grew significantly this quarter, reinforcing Merck's competitiveness in the pneumococcal vaccine space.

本季默克的疫苗銷售也大幅成長，鞏固了默克在肺炎鏈球菌疫苗領域的競爭力。

Captive generated $244 million in sales, an 89% sequential increase.

專屬業務創造了 2.44 億美元的銷售額，環比成長 89%。

And a 46% increase over consensus.

比預期高出 46%。

On Captasol, we recorded $10.7 million in material sales this quarter compared to $6.3 million in the third quarter of 2024.

Captasol 本季材料銷售額為 1,070 萬美元，而 2024 年第三季為 630 萬美元。

The increase was driven primarily by the timing of customer orders.

成長的主要原因是客戶訂單的時間表。

We recorded $58.2 million in contract revenue this quarter, up significantly from the $13.8 million in the prior year period.

本季我們錄得合約營收 5,820 萬美元，較上年同期的 1,380 萬美元大幅成長。

This includes the previously mentioned $28.6 million gain on the sale of the Telto's business and the $24.5 million Sozuiia license.

這包括前面提到的出售 Telto 業務所得的 2,860 萬美元收益和 2,450 萬美元的 Sozuiia 許可證收益。

Turning to operating expenses, For Q3 2025, G&A expenses were $28.4 million up from $24.5 million in the prior year quarter, primarily due to recognition of transaction costs related to the PLOS transaction.

再來看營運費用，2025 年第三季一般及行政費用為 2,840 萬美元，高於去年同期的 2,450 萬美元，主要原因是確認了與 PLOS 交易相關的交易成本。

R&D expenses rose $21 million from 5.7 million in the prior year period, driven by a $17.8 million one-time charge tied to our investment in Orchestra BioMed.

研發費用從去年同期的 570 萬美元增加到 2,100 萬美元，主要原因是與我們對 Orchestra BioMed 的投資相關的 1,780 萬美元一次性費用。

This funding supports late stage partner cardiology programs and is accounted for as an R&D funding arrangement fully expense in the period of investment.

該資金用於支持後期合作心臟病學項目，並作為研發資金安排在投資期間全額計入費用。

Other income for the for the quarter totaled $86.2 million compared to other expense of $9.5 million in Q3 2024. This year over year swing was primarily driven by unrealized gains from the increase in value of our equity holdings in Peltos and Palvela.

本季其他收入總計 8,620 萬美元，而 2024 年第三季其他支出為 950 萬美元。與去年同期相比，此次波動主要由我們在 Peltos 和 Palvela 的股權價值成長所帶來的未實現收益所驅動。

And higher interest income reflecting the impact of our strengthened cash position following the convertible note transaction.

利息收入增加，反映了可轉換債券交易後我們現金狀況的改善。

GAAP net income for Q3 2025 was $117.3 million or $5.68 per share compared to GAAP net loss of $7.2 million or $0.39 per share in Q3 2024.

2025 年第三季 GAAP 淨收入為 1.173 億美元，即每股 5.68 美元，而 2024 年第三季 GAAP 淨虧損為 720 萬美元，即每股 0.39 美元。

On a non-GAAP basis, adjusted net income was $63.8 million or $3.09 per share, up from $35.3 million or $1.84 per share in the prior year period.

以非GAAP準則計算，調整後淨收入為6,380萬美元，即每股3.09美元，高於去年同期的3,530萬美元，即每股1.84美元。

The 68% increase in adjusted EPS was primarily driven by the $14.9 million increase in royalty revenue and the $24.5 million sales smoothing out license component.

調整後每股收益成長 68%，主要得益於特許權使用費收入增加 1,490 萬美元，以及銷售平滑許可部分增加 2,450 萬美元。

Turning to guidance, as mentioned, we are raising total core revenue forecasts to a range of $225million to $235 million and adjusted earnings per share is now expected to be between $7.40 and $7.65.

關於業績指引，如同前面提到的，我們將核心總收入預測上調至 2.25 億美元至 2.35 億美元，調整後每股盈餘預計在 7.40 美元至 7.65 美元之間。

A roughly 30% increase over last year's EPS of $5.74.

與去年每股收益 5.74 美元相比，成長約 30%。

With that context, here's how our revised full year 2025 guidance is shaping up. Royalty revenue is now expected to be between $147 and $157 million up from the prior range of $140million to $150 million.

基於上述背景，以下是我們修訂後的 2025 年全年業績指引的概況。預計版稅收入將從先前的 1.4 億美元至 1.5 億美元區間上調至 1.47 億美元至 1.57 億美元區間。

Capitol sales are expected to come in at $40 million.

預計資本銷售收入將達到 4,000 萬美元。

Contract revenue, which is where where we captured the value of the sell zooming out license component, has increased to $38 million up from $25million to $35 million.

合約收入（也就是我們從銷售許可部分中獲取價值的地方）已從 2500 萬美元至 3500 萬美元增加到 3800 萬美元。

Again, to reiterate, total core revenue is now expected to be in the range of $225million to $235 million up from $200million to $225 million and we're raising core adjusted EPS to $7.40 to $7.65 compared to the previous range of $670 to $7.

再次重申，目前預計核心總收入將在 2.25 億美元至 2.25 億美元之間，高於先前的 2 億美元至 2.25 億美元，我們將核心調整後每股收益預期從先前的 6.70 美元至 7 美元上調至 7.40 美元至 7.65 美元。

These updates reflect not only the impact of the Peltos transaction, but also strong underlying growth and increased visibility into our royalty streams, particularly from (Inaudible).

這些更新不僅反映了Peltos交易的影響，也反映了強勁的潛在成長以及我們特許權使用費收入流的日益清晰，尤其是在以下方面：（聽不清楚）

That concludes my remarks. I'll now turn the call back over 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，請他做總結發言。

Thank you, Tavo.

謝謝你，塔沃。

We are very pleased with the strong launch momentum across multiple products including (Inaudible)and believe there are significant opportunities for both indication expansion as well as geographic expansion for these products which represent further upside from IGAD.

我們對包括（聽不清楚）在內的多款產品的強勁上市勢頭感到非常滿意，並相信這些產品在適應症擴展和地理擴展方面都有很大的機會，這代表著IGAD的進一步增長潛力。

We believe that Merck's global reach will accelerate (Inaudible) rollout, and their plans to invest in the (Inaudible) pipeline programs will maximize its potential.

我們相信默克的全球影響力將加速（聽不清楚）產品的推廣，而他們對（聽不清楚）研發管線專案的投資計畫將最大限度地發揮其潛力。

Additionally, we're encouraged by the great progress the Pelthos team is making in (inaudible) and look forward to watching the continued launch momentum in the coming months.

此外，我們對Pelthos團隊在（聽不清楚）方面取得的巨大進展感到鼓舞，並期待在接下來的幾個月裡繼續看到其發布勢頭。

With a solid base of royalty generating assets and late stage pipeline, we are well positioned to deliver sustained compounding growth and long-term value for shareholders.

憑藉穩固的特許權使用費產生資產基礎和後期研發管線，我們有能力為股東帶來持續的複合成長和長期價值。

Additionally, our strong origination capabilities, our investment team, and our robust investment process is driving meaningful portfolio growth. Our deal team's ability to identify, access, and execute high-quality investments sets L Yan apart.

此外，我們強大的專案開發能力、投資團隊和穩健的投資流程正在推動投資組合實現顯著成長。L Yan 之所以脫穎而出，是因為我們的交易團隊能夠識別、獲取和執行高品質的投資項目。

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.

感謝各位參加今日的財報電話會議。現在我將把問題交還給接線員，並開放提問環節。

(Operator Instruction) Trevor Allred, Oppenheimer.

（操作說明）特雷弗·奧爾雷德，奧本海默。

Hey, good morning. Thanks for taking my questions. I've got a few. First, we've seen both Pelhos and Palvela generate enormous value over the past year. Is there anything you can share on the available opportunities and special situations?

嘿，早安。謝謝您回答我的問題。我有一些。首先，我們看到 Pelhos 和 Palvela 在過去一年中都創造了巨大的價值。您能否分享一下目前有哪些機會和特殊情況？

Thank you, Trevor. This is Todd, and I think the, opportunity set there is quite robust. Just to kind of frame this, the special opportunities, is when one of the kind of the value components is missing and we need to be more active in the investment in terms of adding team members, restructuring, and things of this nature. When we look at any investment, we're looking at kind of those three components company's financial strength or access to capital, and if that's all they need, then we're usually looking at a royalty investment, a royalty monetization, or simply providing capital.

謝謝你，特雷弗。這是托德，我認為那裡的機會非常多。簡單來說，特殊機會是指當某個價值要素缺失時，我們需要在增加團隊成員、重組等方面進行更積極的投資。當我們檢視任何投資時，我們都會關注這三個要素：公司的財務實力或獲得資金的途徑。如果這就是他們所需要的全部，那麼我們通常會考慮特許權使用費投資、特許權使用費貨幣化，或直接提供資金。

The other thing is strong management teams, we really need strong counterparties.

另一方面，我們需要強大的管理團隊，我們真的需要強大的合作夥伴。

Because, we want to have as much operating leverage as possible, so we're partnering with people that have, clinical development capabilities and infrastructure, sales and marketing capabilities and infrastructure, manufacturing capabilities and infrastructure.

因為我們希望盡可能地利用營運槓桿，所以我們與那些擁有臨床開發能力和基礎設施、銷售和行銷能力和基礎設施、製造能力和基礎設施的人合作。

When those, when that portion of the component breaks down, then we have to get more involved in just providing capital and we'll bring other. Complementary management, into the mix, and those are restructurings. So there are many opportunities like that out there. And the last component is just general financial strength aside from our financing because we need companies that have strong access to capital and we have to exist in this ecosystem and equity is a very important component of what we do. Royalty capital needs to be a portion. Of the company's capital structure, but certainly can't rely solely on it or even predominantly on it.

當這些部件的這一部分出現故障時，我們必須更多地參與進來，提供資金，並引入其他部件。補充管理也納入其中，這些都是重組措施。所以像這樣的機會還有很多。最後一個組成部分是除融資之外的整體財務實力，因為我們需要能夠獲得充足資金的公司，我們必須在這個生態系統中生存，而股權是我們業務中非常重要的組成部分。特許權使用費資本需要佔一部分。公司的資本結構固然重要，但當然不能完全依賴它，甚至不能主要依賴它。

So, when these situations arise, if they just need capital, it's usually not a special situations.

所以，當這種情況出現時，如果他們只是需要資金，這通常不屬於特殊情況。

The Novan situation where we picked up Zel Submi and the nitric oxide platform is a good example. There, you had a very good technical team which we still work with today. We brought them into a subsidiary, at LIGAD, and they have what we believed was a great asset. And so we brought that into the subsidiary as well, restructured it, and eventually, we reset the marketing plan for Zels me once we got that approved. And then relaunched a new company in the form of Pelthos. That's a situation where the company's access to capital had broken down and they needed a more, sales and marketing oriented management team. So that's where we will get involved in these special situations. There are a lot of those out there. We're typically doing those in cooperation with the counterparties though where they know those components are missing.

Novan 的情況，我們收購了 Zel Submi 和一氧化氮平台，就是一個很好的例子。當時你們擁有一支非常優秀的技術團隊，我們至今仍與他們保持合作。我們把他們納入了 LIGAD 的子公司，他們認為他們擁有龐大的資產。因此，我們也把這個理念引入了子公司，進行了重組，最終，在獲得批准後，我們重新制定了 Zels me 的行銷計劃。然後，他以Pelthos的名義重新創立了一家新公司。當時的情況是，公司獲取資金的管道出現了問題，他們需要一個更注重銷售和行銷的管理團隊。所以，這就是我們會介入這些特殊情況的地方。這樣的例子很多。我們通常會與交易對手合作完成這些工作，因為他們知道缺少這些組件。

And the one other consideration on those is that they are quite consuming. They take a deal team. It takes a lot of attention, and so you really have to go after deep value and significant returns, which we believe we will achieve in the Pelto situation and in others like that that we've taken on. But there's, let me put it this way, there's way more of those to do than we can do, and that's why we are adding a little bit to our management and deal team, including the operating components that we have which help us manage through these situations.

另一個需要考慮的因素是，它們非常耗費精力。他們會組成一個交易團隊。這需要投入大量精力，因此你必須真正追求深層價值和顯著回報，我們相信在 Pelto 以及我們接手的其他類似項目中，我們將實現這一點。但是，這麼說吧，這類事情太多了，我們根本做不了那麼多，所以我們正在擴充管理和交易團隊，包括我們現有的營運部門，以幫助我們應對這些情況。

Got it. Thanks, Scott. It's helpful. And then my second question is a bit of a two-parter. Can you comment on how the number of investment opportunities has shifted over the past year? Are you seeing accelerating capital demands? And then can you also comment on how your new cash balance changes either the scope or the size of how you're approaching deal making, if at all?

知道了。謝謝你，斯科特。這很有幫助。我的第二個問題其實包含兩個部分。您能否談談過去一年投資機會的數量發生了哪些變化？您是否觀察到資本需求加速成長？那麼，您能否也談談，新的現金餘額是否會改變您進行交易的範圍或規模？

Sure, yeah, so taking the latter first, I think that, our diversification strategy right now has us pegged it about as we've been saying, we don't want to put any more than $50 million into a binary risk situation. And we're seeking out things that have, significant evidence of safety and efficacy and on a relative basis or de-risk, but still we are buying risk and we don't want to put more than 50 right now into a potential binary risk situation.

當然，是的，所以先說後者，我認為，我們目前的多元化策略已經把我們控制在了我們一直所說的範圍內，我們不想把超過 5000 萬美元投入到二元風險情境中。我們正在尋找那些具有顯著安全性和有效性證據的產品，並且相對而言可以降低風險，但我們仍然在承擔風險，目前我們不想將超過 50% 的資金投入潛在的二元風險情境中。

That said, we view diversification by asset. So in multiple asset situations we can size up the deals, very significantly, and we also, as we will use equity as a tool here and this makes us a very good partner. I think the orchestra example which Paul led for us is a good one. We got what we think is a very good royalty investment in two great product development programs there.

也就是說，我們認為多元化投資應以資產類別進行。因此，在擁有多項資產的情況下，我們可以非常顯著地評估交易規模，而且，我們將使用股權作為工具，這使我們成為一個非常好的合作夥伴。我認為保羅為我們舉的管弦樂團的例子就很好。我們認為，我們在兩個優秀的產品開發項目中獲得了非常可觀的專利費投資。

But we were also able to facilitate or catalyze, if you will, a broader equity round and get the company into a much greater position overall of financial strength, so that we are in fact coexisting with significant amounts of equity in that situation at this point, and we believe the company has a great management team and has now much better access to capital in the long-term as well. So, we can be very good partners because we are able to support, companies kind of throughout their capital structure. Getting to the overall kind of deal types and demand, I would just say that, royalty capital for lack of a better term, is really 5% or less of the market and I would say on the development side significantly less, and that's where capital is most needed.

但是，我們也能夠促成或催化更廣泛的股權融資，使公司整體財務實力大大增強，因此，目前我們實際上擁有大量的股權，我們相信公司擁有一支優秀的管理團隊，並且從長遠來看，現在也更容易獲得資金。因此，我們可以成為非常好的合作夥伴，因為我們能夠為公司提供全方位的資本結構支援。就整體交易類型和需求而言，我想說的是，如果非要用一個詞來形容的話，特許權使用費資本實際上只佔市場份額的 5% 或更少，而且在開發方面，我認為這個比例還要更低，而這恰恰是資金最需要的地方。

So I think there's a huge opportunity there. There's way more to do than we can do, so the deal flow does move around a little bit, mostly in style, not in amount. As the capital markets change, for example, when an IPO market opens up, a lot of the late stage private companies want to get public, so they're more inclined to do that so they can provide liquidity for their equity investors. But still, even in those cases with very strong companies and strong equity syndicates, as was the case with Castle Creek, they want, and there's a rationale for having royalty capital be a component. Of your total capital structure.

所以我認為這裡蘊藏著巨大的機會。要做的事情遠遠超過我們能做的事情，所以交易流程會略有變化，主要是在形式上，而不是金額。隨著資本市場的變化，例如，當 IPO 市場開放時，許多後期私人公司都想上市，因此它們更傾向於這樣做，以便為股權投資者提供流動性。但是，即使在像 Castle Creek 這樣擁有實力雄厚的公司和強大的股權投資集團的情況下，他們仍然希望，也有理由將特許權使用費資本作為組成部分。佔您總資本結構的一部分。

Sounds great, thanks for taking the questions.

聽起來不錯，謝謝你回答這些問題。

(Operator Instruction) (Inaudible).

（操作說明）（聽不清楚）。

Hello and congrats on the quarter. This is (Inaudible). So last week the FDA announced it wants to speed up the process of personalized gene therapy. How should we think about the Castle Creek investment and general opportunities in gene therapies going forward?

您好，並祝賀您本季取得佳績。這是（聽不清楚）因此，美國食品藥物管理局（FDA）上周宣布，希望能加速個人化基因療法的進程。我們該如何看待 Castle Creek 的投資以及未來基因療法領域的整體機會？

Thank you.

謝謝。

Yeah, I think that's one of the points that Lauren was making earlier in the call here is that there's some concerns around some volatility and changes at the FDA but we're focused, as we've said many times on high value assets targeted towards severe clinical need that can be really impactful. And that's kind of the FDA's core reorientation strategy as well. So we think there's great overlap between just our investment strategy in general, investing in products that will make the most amount of difference for patients and what the FDA is, orienting around in that regard. And so I can't say that it will have a specific impact on.

是的，我認為勞倫在之前的電話會議中提到的一點是，人們對FDA的一些波動和變化感到擔憂，但正如我們多次說過的那樣，我們專注於針對嚴重臨床需求的高價值資產，這些資產可能會產生真正的影響。這也算是FDA的核心轉型策略吧。因此，我們認為，我們整體上的投資策略（投資於能為患者帶來最大改變的產品）與 FDA 在這方面所採取的方針有很大的重疊之處。因此，我無法斷言它會產生具體的影響。

Any individual asset or company, although we know that the OT zie has already benefited from that, but there clearly is an effort to be more pragmatic in severe diseases where there are certainly where there are currently no treatments, but also where there's, adequate marginally adequate types of treatments available. And I think that that's a sensible, strategy, and it's, they're talking about shortening the review timelines from 12 months to a couple to a few months, and you know that's very positive for us.

任何個人資產或公司，雖然我們知道 OT zie 已經從中受益，但顯然，在嚴重疾病方面，人們正在努力更加務實，因為有些疾病目前確實沒有治療方法，而有些疾病則只有勉強夠用的治療方法。我認為這是一個明智的策略，他們正在討論將審查時間從 12 個月縮短到幾個月，你知道這對我們來說是非常積極的。

As our general strategy also is to invest in assets that are within, at least three or four years of a potential approval.

我們的整體策略也是投資於至少在三到四年內可能獲得批准的資產。

And we sometimes will invest in phase 2. That's where we originally invested at Palavela.

我們有時也會投資第二階段。我們最初就是在Palavela進行投資的。

And in those situations we rely heavily on third-party data, for example, off-label use of rapamycin in some of the conditions. That Paulde is currently exploiting had existed prior to that investment. So there's real world evidence of efficacy and safety, even though it was for us an earlier stage asset. So we viewed that as de-risk, but it still had the full timeline to march through. Now on top of being able to take advantage of those types of repurposed and de-risked assets, we also potentially in general can be looking at shorter timelines for approval and review.

在這些情況下，我們會大量依賴第三方數據，例如，雷帕黴素在某些疾病中的標籤外使用。Paulde 目前所利用的資源，在那筆投資之前就已經存在了。因此，儘管對我們來說，它只是一個早期階段的資產，但它的有效性和安全性已經有了現實世界的證據。所以我們認為這降低了風險，但它仍然需要按原計劃完整地進行下去。現在，除了能夠利用這些類型的重新利用和降低風險的資產之外，我們通常也有可能看到審批和審查的時間線縮短。

Appreciate it thank.

非常感謝。

You.

你。

(Operator Instruction) (Inaudible).

（操作說明）（聽不清楚）。

Hey, this is (Inaudible). Congrats on the strong quarter. I do have two questions.

嘿，這是（聽不清楚）恭喜你們本季業績出色。我有兩個問題。

One, is there any additional color you can provide for the adults to be launched? I know you talked about it a bit, but is there, what do you expect, going forward for the next couple of quarters? And then my second question is, if there's any other details you could provide for the Aoror transaction.

第一，你們能否為即將登月的成年人提供其他顏色？我知道您之前也談過這個問題，但是對於接下來的幾個季度，您有什麼預期呢？我的第二個問題是，您能否提供有關 Aoror 交易的任何其他細節。

Typically for AT 292 that's being developed by Santasy, what does the royalty rate look like, any details that would be helpful.

通常情況下，由 Santasy 開發的 AT 292 的版稅率是多少？能否提供一些詳細資訊？

Thank you.

謝謝。

Sure, I'll cover, the, they'll Sume launch and you'll be disappointed with the additional information I can't share because I can't share, much more. And then I'll have, Lauren discuss AT292 and our arrangements there. In terms of the Zel Sumi launch, they're reporting, I think on the 13th where you will get a lot more information. We just followed a general script data and I can tell you it's from our perspective that's encouraging that's something that, analysts and everybody else has access to as well.

當然，我會報道，他們會推出Sume產品，但你會對我無法分享的額外資訊感到失望，因為我不能分享更多資訊。然後，我會和勞倫討論 AT292 以及我們在那裡的安排。關於 Zel Sumi 的發布，他們計劃在 13 號發布消息，屆時您將獲得更多資訊。我們只是遵循了一般的腳本數據，我可以告訴你，從我們的角度來看，這令人鼓舞，分析師和其他所有人都可以獲得這些資訊。

But they haven't changed their guidance yet going forward. I think that they're, the general guidance they've, they, they've offered at this point, which is sensible early in a launch because launches are very hard, is peak sales of 175million or 175 million. And, in general, I think that's conservative. The management team there's appropriately conservative.

但他們尚未改變未來的指導方針。我認為他們目前給出的整體指導意見是合理的，因為產品上市初期非常困難，所以這個指導意見是合理的，那就是峰值銷售額為 1.75 億或 1.75 億。總的來說，我認為這是保守的。那裡的管理團隊風格保守得恰到好處。

At this point in the launch, but there will be a lot more specifics available for that on the 13th when they have their earnings call, and with that I'll hand it off to Lauren just to discuss.

目前產品發布還處於這個階段，但13號他們召開財報電話會議時會有更多細節公佈，到時候我會把話題交給勞倫來討論。

The Air Corps and AT292.

空軍和 AT292。

Great. Thanks, Todd. So sure, thanks for the question. On AT292, oral print alpha, we're really excited about that asset. We view it as being highly differentiated versus the standard of care. This is a treatment that is designed for patients with alpha-1 antitrypsin deficiency. It was licensed to Inhibrix and then acquired by Sanofi in 2024 for 1.7 billion. So clearly they have a lot of conviction around the asset as well.

偉大的。謝謝你，托德。當然可以，謝謝你的提問。對於 AT292 的口頭印刷 alpha 版本，我們真的非常興奮。我們認為它與標準治療方案有很大的不同。這是為α-1抗胰蛋白酶缺乏症患者設計的治療方法。該技術被授權給 Inhibrix 公司，然後在 2024 年被賽諾菲以 17 億美元收購。顯然，他們對這項資產也充滿信心。

What's differentiated about it is that we're seeing a potential movement from plasma drive to recombinant treatments and also a much more convenient dosing regimen for patients, and then as Todd mentioned in his remarks, we were really encouraged to see the phase two, potentially pivotal data released by Sanofi which was very positive, just last month, so. You know we're really encouraged by the the progress of this asset in the very short time since we've closed this transaction and then with regards to you know the the royalty exposure here, these are actually technology access fees, and that's what we're we're able to disclose in terms of what we will receive on this asset so thanks for the question.

它的獨特之處在於，我們看到了一種從血漿療法轉向重組療法的潛在轉變，以及對患者來說更方便的給藥方案。正如 Todd 在演講中提到的，我們非常高興地看到賽諾菲上個月發布的二期關鍵性數據，這些數據非常積極。你知道，自從我們完成這筆交易以來，這項資產在很短的時間內取得瞭如此大的進展，這真的讓我們很受鼓舞。至於你提到的特許權使用費，這些實際上是技術使用費，這是我們能夠披露的關於我們將從這項資產中獲得的收入。謝謝你的提問。

Well, thank you for the answers.

謝謝你的解答。

(Operator Instruction) Sahil Dhingra, RBC.

（操作員說明）Sahil Dhingra，RBC。

Hi, this is Sahil Dhingra.

大家好，我是Sahil Dhingra。

Thank you for taking a question. My first question is related to the competition. Have you seen any changes in the competitive landscape, for royalty asset as it relates to either, on the market products or products that are in clinical stage?

感謝您回答問題。我的第一個問題與比賽有關。您是否觀察到與已上市產品或處於臨床階段的產品相關的特許權使用費資產的競爭格局發生了任何變化？

And then I have a follow-up.

然後我還有一個後續問題。

Sure, yeah. Just in, not yet. I think there will be people interested in this space, because it makes so much sense. I think that this is a very logical place for royalty capital to, focus on, and I've thought that for a long time. But there was a lot of inertia around, the initial funds because they were funded mostly by large debt allocators like pension funds. That we're following debt metrics and wanted debt levels of risk, so you really couldn't go into the development side. So I think that will change over time. Our view is that there will be competition. We haven't seen any yet, frankly, we haven't been competitive in very many deals at all. Most of the folks that do development stage clinical investing are much larger than we are. That's one component of it. And then the other component is that, in excess of $12 billion of royalty capital that is available, the very significant majority of that is focused on commercial stage assets.

當然，是的。剛收到，還沒到。我認為會有人對這個領域感興趣，因為它很有道理。我認為這是版稅資本應該重點關注的一個非常合乎邏輯的地方，而且我一直以來都是這麼認為的。但當時存在著許多慣性，最初的資金主要來自於退休基金等大型債務分配機構。我們一直在關注債務指標和所需的債務風險水平，所以你真的無法深入了解開發方面的情況。所以我認為這種情況會隨著時間推移而改變。我們認為競爭是必然存在的。坦白說，我們還沒有看到任何競爭，我們在很多交易中根本沒有競爭力。大多數從事臨床研發階段投資的公司規模都比我們大得多。這是其中的一個組成部分。另一方面，超過 120 億美元的可用特許權使用費資本中，絕大部分都集中在商業階段的資產。

As opposed to development stage assets.

與開發階段資產相對。

Yeah, thanks. That is helpful. And then my follow-up question is related to the recent approval of Lasix on you, the product where you have royalties, how do you see that product versus the existing products in the market, specifically Fioro 6, that is marketed by the Pharma, which was recently acquired by another company, Mankind, and we also saw a recent approval of a nasal spray in the same category. So could you speak to what are your thoughts on the product and peak sales potential for that product?

嗯，謝謝。那很有幫助。那麼我的後續問題與您最近獲批的 Lasix 產品有關，該產品您有專利使用費，您如何看待該產品與市場上現有產品，特別是 Fioro 6（由製藥公司銷售，該公司最近被另一家公司 Mankind 收購）相比，我們還看到近期同一類別的鼻噴霧劑也獲得了批准。那麼，您能否談談您對該產品的看法以及該產品的銷售高峰潛力？

Thank you.

謝謝。

Sure, thanks for the question. Yeah, we were really encouraged to see the full approval for our partner SQ Innovation and you know I think the existing product, kind of has validated the the potential for, moving the treatment from the inpatient setting to the outpatient setting and you know there's a lot of kind of macro momentum around trying to to get patients out of the hospital more quickly.

當然，謝謝你的提問。是的，我們非常高興地看到我們的合作夥伴 SQ Innovation 獲得了全面批准。你知道，我認為現有產品已經驗證了將治療從住院環境轉移到門診環境的潛力，而且你知道，目前有許多宏觀趨勢都在努力讓病人更快出院。

Kind of across, the healthcare spectrum and so we're really encouraged to see patients have, another treatment option, and we believe that it's differentiated in several ways including the size of the device and just sort of the convenience for patients and the commercial rollout strategy. So we'll look forward to seeing more, at this point there's no information regarding guidance or anything like that, but we view this product as a very positive introduction into the marketplace.

幾乎涵蓋了整個醫療保健領域，因此我們非常高興地看到患者有了另一種治療選擇，我們相信它在幾個方面都與眾不同，包括設備的大小、為患者帶來的便利性以及商業推廣策略。所以，我們期待看到更多，目前還沒有關於指導或其他類似方面的信息，但我們認為這款產品是對市場的一次非常積極的引入。

(Operator Instruction).

（操作說明）