Liquidia Corp (LQDA) 2025 Q3 法說會逐字稿

Good morning, and welcome to the Liquidia Corporation third quarter 2025 financial results and corporate update conference call. My name is Carmen, and I will be your operator today. (Operator Instructions) Please note that today's call is being recorded.

早安，歡迎參加 Liquidia 公司 2025 年第三季財務業績及公司最新動態電話會議。我叫卡門，今天由我來為您接聽電話。（操作員指示）請注意，今天的通話將會被錄音。

I now turn the call over to Jason Adair, Chief Business Officer.

現在我將電話轉交給商務長傑森·阿代爾。

Thank you, Carmen, and good morning, everyone. It's my pleasure to welcome you to Liquidia's third quarter 2025 financial results and corporate update conference call. Joining me today are Dr. Roger Jeffs, Chief Executive Officer; Michael Kaseta, Chief Operating Officer and Chief Financial Officer; Dr. Rajeev Saggar, Chief Medical Officer; Scott Moomaw, Chief Commercial Officer; and Rusty Schundler, General Counsel.

謝謝你，卡門，大家早安。歡迎各位參加 Liquidia 2025 年第三季財務業績及公司最新動態電話會議。今天與我一同出席的有：執行長羅傑·傑夫斯博士；首席營運官兼首席財務官邁克爾·卡塞塔；首席醫療官拉吉夫·薩加爾博士；首席商務官斯科特·穆馬；以及總法律顧問拉斯蒂·舒德勒。

Before we begin, please note that today's discussion will include forward-looking statements, including statements regarding future results, product performance and ongoing clinical or commercial activities. These statements are subject to risks and uncertainties that may cause actual results to differ materially. For further information, please refer to our filings with the SEC available on our website.

在開始之前，請注意，今天的討論將包含前瞻性陳述，包括有關未來業績、產品性能和正在進行的臨床或商業活動的陳述。這些聲明存在風險和不確定性，可能導致實際結果與聲明內容有重大差異。如需了解更多信息，請參閱我們網站上向美國證券交易委員會提交的文件。

Please note that our earnings release, our commentary and our slide deck accompanying this call include non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures can be found in our earnings release and the slide deck accompanying this call.

請注意，我們的獲利報告、評論以及本次電話會議的幻燈片均包含非GAAP財務指標。這些非GAAP財務指標與最可比較的GAAP指標的調節表可以在我們的獲利報告和本次電話會議的幻燈片中找到。

With that, I'll turn the call over to Roger Jeffs, our Chief Executive Officer. Roger?

接下來，我將把電話交給我們的執行長羅傑·傑夫斯。羅傑？

Thanks, Jason, and good morning, everyone. This morning, I want to begin by expressing just how proud we are in what Liquidia has accomplished in a remarkably short period of time. Over the last five months, we've not only brought a new and meaningful medicine in YUTREPIA to patients living with PAH and PH-ILD, but we've also begun to influence the way physicians consider how to best introduce a prostacyclin into various treatment regimens.

謝謝傑森，大家早安。今天早上，我想先表達我們對 Liquidia 在如此短的時間內所取得的成就感到多麼自豪。在過去的五個月裡，我們不僅為患有 PAH 和 PH-ILD 的患者帶來了新的、有意義的藥物 YUTREPIA，而且我們還開始影響醫生們思考如何最好地將前列環素引入各種治療方案的方式。

Every day, we hear stories from physicians and patients who are thankful to now have an inhaled prostacyclin that fits their lives, one that's simple and well tolerated. For too long, patients face limited and difficult choices. YUTREPIA is offering them an attractive alternative. The results speak for themselves. In the third quarter, YUTREPIA continued to exceed expectations on every front.

每天，我們都能聽到醫生和患者的故事，他們都很感激現在有了適合他們生活方式的吸入式前列環素，這種藥物使用簡單，耐受性良好。長期以來，患者面臨有限且艱難的選擇。YUTREPIA 為他們提供了一個極具吸引力的替代方案。結果不言而喻。第三季度，YUTREPIA 在各方面繼續超出預期。

As of October 30, we've received more than 2,000 unique prescriptions, initiated therapy for over 1,500 patients and have over 600 health care practitioners who have prescribed YUTREPIA across the US. In fact, October is our highest month yet for referrals.

截至 10 月 30 日，我們已收到 2000 多張獨特的處方，為 1500 多名患者開始了治療，並且在美國有 600 多名醫療保健從業人員開立了 YUTREPIA 處方。事實上，10 月是我們迄今為止推薦量最高的月份。

Through the third quarter, the vast majority of prescriptions are converting to active patient starts with the referral-to-start ratio hovering around 85%, an incredible figure for a new-to-market therapy and a true testament to the strength of our commercial and market access infrastructure.

第三季度，絕大多數處方都轉化為患者的積極治療，轉診到開始治療的比例徘徊在 85% 左右，對於一種新上市的療法來說，這是一個令人難以置信的數字，也真正證明了我們商業和市場准入基礎設施的實力。

We've seen broad application of YUTREPIA and I'd like to share some details on usage patterns. PAH has accounted for a majority of total prescriptions with the use in PH-ILD growing steadily. Approximately three out of four patients starting YUTREPIA are new to treprostinil, while about one in four are transitioning from other prostacyclin therapies typically inhaled.

我們已經看到 YUTREPIA 的廣泛應用，我想分享一些關於其使用模式的細節。PAH 佔處方總量的絕大部分，而 PH-ILD 的使用量也在穩定成長。大約四分之三開始接受 YUTREPIA 治療的患者是第一次使用曲前列尼爾，而大約四分之一的患者是從其他前列環素療法（通常是吸入式療法）過渡過來的。

Switches from Tyvaso products are similar for both indications at roughly 25% of prescriptions. Notably, around 10% of PAH prescriptions represent switches from oral therapies, a meaningful indicator that physicians may be starting to view YUTREPIA as a viable option to improve exposure and tolerability for patients who are struggling with systemic side effects from their oral prostacyclin therapy.

從泰維索產品轉換到其他產品的情況在兩種適應症中都類似，約佔總處方數的 25%。值得注意的是，約 10% 的 PAH 處方代表著從口服療法轉為口服療法，這是一個重要的指標，表明醫生可能開始將 YUTREPIA 視為一種可行的選擇，可以改善正在與口服前列環素療法的全身副作用作鬥爭的患者的藥物暴露量和耐受性。

This balance of naive and transition patients demonstrates the flexibility of YUTREPIA across real-world settings in specialized centers and community practices. The feedback we're hearing has been consistent. Many physicians find YUTREPIA easy to initiate, faster to titrate and better tolerated than other available options while patients appreciate the convenience and confidence that come with a palm-sized low-effort device.

這種既包含初治患者也包含過渡期患者的平衡，體現了 YUTREPIA 在專業中心和社區診所等真實世界環境中的靈活性。我們收到的回饋一直都很一致。許多醫生發現 YUTREPIA 易於啟動、滴定速度更快、耐受性比其他可用選項更好，而患者則欣賞這種掌上大小、無需費力的設備帶來的便利和信心。

YUTREPIA isn't just gaining traction. It's redefining expectations for inhaled delivery of treprostinil where exposure drives efficacy, tolerability drives durability and convenience drives compliance. We intend to translate this early commercial success into long-term sustainable growth.

YUTREPIA 不僅僅是逐漸獲得關注。它重新定義了吸入式曲前列尼爾的預期，其中暴露量決定療效，耐受性決定持久性，便利性決定依從性。我們計劃將這項早期商業成功轉化為長期可持續成長。

As Mike will explain, Liquidia achieved profitability in its first full quarter following launch, and we are well positioned to reinvest in innovation without compromising our financial discipline. Our clinical strategy in the near term intends to broaden YUTREPIA's clinical utility. We are actively planning niche open-label studies to further strengthen the product profile.

正如麥克將要解釋的那樣，Liquidia 在推出後的第一個完整季度就實現了盈利，我們有能力在不損害財務紀律的前提下，將資金再投資於創新。我們近期的臨床策略旨在擴大 YUTREPIA 的臨床應用範圍。我們正在積極規劃小眾開放標籤研究，以進一步加強產品優勢。

For example, to help inform what we are already seeing in the field, we will initiate a study in PAH patients transitioning from oral prostacyclins to YUTREPIA. And considering the recent interest in ILD indications, we are evaluating the feasibility of proof-of-concept studies with YUTREPIA in IPF and PPF.

例如，為了幫助我們更了解目前在現場觀察到的情況，我們將啟動一項針對 PAH 患者從口服前列環素過渡到 YUTREPIA 的研究。考慮到最近人們對 ILD 適應症的興趣，我們正在評估 YUTREPIA 在 IPF 和 PPF 中進行概念驗證研究的可行性。

We will also explore how YUTREPIA may be used to treat other diseases where patients have unmet needs and smart trial design can expand the value of well-tolerated inhaled treprostinil with opportunities in PH-COPD and Raynaud's phenomenon as examples. And as you heard during our R&D Day, we will further optimize inhaled treprostinil with L606, our sustained release formulation that is rapidly delivered twice daily with a palm-sized nebulizer.

我們還將探索 YUTREPIA 可用於治療其他疾病，以滿足患者未被滿足的需求，而巧妙的試驗設計可以擴大耐受性良好的吸入曲前列尼爾的價值，例如在肺動脈高壓-慢性阻塞性肺病和雷諾現象方面的機會。正如您在我們研發日上聽到的那樣，我們將使用 L606 進一步優化吸入曲前列尼爾，L606 是我們的緩釋製劑，可透過掌上大小的霧化器快速給藥，每天兩次。

We believe that the week 48 data from our US clinical study already demonstrates that L606 may be the most tolerable inhaled treprostinil developed with clear signals of efficacy in PAH and PH-ILD patients, whether transitioning from Tyvaso or naive to prostacyclin.

我們相信，來自美國臨床研究的第 48 週數據已經表明，L606 可能是耐受性最好的吸入曲前列尼爾，在 PAH 和 PH-ILD 患者中具有明顯的療效信號，無論患者是從 Tyvaso 過渡到前列環素治療還是從未接受過前列環素治療。

Our global pivotal study called RESPIRE will initiate later this year and planned enrollment to start in the first half of '26. Now let me hand the call over to Mike to explain how we can maintain our trajectory for increasing the overall value of the company. Mike?

我們名為 RESPIRE 的全球關鍵性研究將於今年稍後啟動，計劃於 2026 年上半年開始招募受試者。現在我把電話交給麥克，讓他解釋我們如何保持提升公司整體價值的發展動能。麥克風？

Thank you, Roger, and good morning, everyone. The third quarter of 2025 was truly a breakthrough quarter for Liquidia, both operationally and financially. During the quarter, our first full quarter of launch, we delivered $51.7 million in net product sales of YUTREPIA. We accomplished this while total R&D and SG&A expenses remained relatively flat compared to second quarter 2025.

謝謝你，羅傑，大家早安。2025 年第三季對於 Liquidia 而言，無論從營運還是財務方面來看，都是一個真正的突破性季度。在本季（即我們推出產品後的第一個完整季度），YUTREPIA 的淨產品銷售額為 5,170 萬美元。我們實現了這一目標，同時研發和銷售、管理及行政費用總額與 2025 年第二季相比保持相對穩定。

For the quarter, the company recorded a net loss of $3.6 million. However, when viewed on a non-GAAP basis, we generated positive adjusted EBITDA of $10.1 million in the first full quarter of YUTREPIA sales, much sooner than our previous guidance of profitability within three to four quarters post launch. Cash on hand at the end of the quarter totaled $157.5 million.

該季度，公司錄得淨虧損360萬美元。然而，從非GAAP角度來看，YUTREPIA銷售的第一個完整季度，我們實現了1010萬美元的正調整EBITDA，比我們之前預計的在上市後三到四個季度內實現盈利的時間要早得多。截至季末，公司現金餘額總計1.575億美元。

Of particular note, I'm especially pleased to say that September marked our first month of positive net cash flow, a major operational milestone that highlights both our rapid success and disciplined approach to cash management.

尤其值得一提的是，我很高興地宣布，9 月是我們首次實現正淨現金流，這是一個重要的營運里程碑，凸顯了我們快速取得的成功以及在現金管理方面採取的嚴謹方法。

During September, we added $5 million in net cash, and we've continued to build on that momentum with additional gains in October. Looking ahead, we expect this positive trend to extend into 2026 as we stay focused on driving profitability while reinvesting in R&D to support sustained long-term growth.

9 月份，我們淨現金增加了 500 萬美元，我們延續了這一勢頭，在 10 月份又獲得了更多收益。展望未來，我們預期這一正面趨勢將延續到 2026 年，我們將繼續專注於提高獲利能力，同時增加對研發的投入，以支持持續的長期成長。

Roger, back over to you.

羅傑，把機會交還給你。

Thanks, Mike. And as we close out this quarter, I want to emphasize the three key foundational elements that are truly defining the success of Liquidia both now and into the future. One, we have a product in YUTREPIA that is rapidly influencing the standard of care. Two, we have quickly established strong profitable operating foundation; and three, we have a disciplined growth strategy focused on expanding indications and value for YUTREPIA while also advancing our next-generation product, L606.

謝謝你，麥克。在本季即將結束之際，我想強調三個關鍵的基礎要素，它們真正決定了 Liquidia 現在和未來的成功。第一，我們的產品 YUTREPIA 正在迅速影響護理標準。第二，我們迅速建立了強大的獲利營運基礎；第三，我們制定了嚴格的成長策略，專注於擴大 YUTREPIA 的適應症和價值，同時推動我們的下一代產品 L606 的研發。

These pillars, innovation, execution and reinvestment are what will guide us as we end this year and enter 2026. Above all, I want to thank our team, our clinical partners and the patients who trust us. They are the reason we continue to deliver with both passion and precision.

創新、執行和再投資這三大支柱將引導我們完成今年的工作並邁入 2026 年。首先，我要感謝我們的團隊、我們的臨床合作夥伴以及信任我們的病人。正是因為他們，我們才能繼續以飽滿的熱情和精益求精的態度交付成果。

With that, operator, please open the line for questions.

接線員，請開啟提問頻道。

(Operator Instructions)

（操作說明）

Amy Li, Jefferies.

Amy Li，傑富瑞集團。

Hey, thanks so much for taking our questions, and congrats on the incredible launch. Based on our back-of-the-envelope math, we're getting to around 1,000 patient adds this quarter, which is doubling what Tyvaso, Tyvaso DPI reported in their 500 quarter-over-quarter adds earlier in their launch. Can you give us a sense of what's driving this uptake? And in particular, the breakdown between PAH and PH-ILD? And then finally, how are you thinking about the trajectory of patient adds going forward?

嘿，非常感謝您回答我們的問題，並祝賀你們取得如此巨大的成功。根據我們的粗略估算，本季度我們將新增約 1000 名患者，是 Tyvaso, Tyvaso DPI 在上市初期報告的季度環比新增 500 名患者的兩倍。您能否介紹一下推動這種成長的因素是什麼？特別是，PAH 和 PH-ILD 之間的差異是什麼？最後，您如何看待未來患者數量的成長軌跡？

Hi, Amy, thanks for the question. So again, we won't really comment more specifically than what we already have in the earnings release on numbers. But I think what you're seeing is very strong demand in the first five months of launch, completely driven by the product profile of YUTREPIA, which is unique and certainly is well on its way to becoming the established prostacyclin of first choice not only in the inhaled market, but as we alluded to, we're starting to see oral transition so we can offset some of the GI toxicities with the oral.

嗨，艾米，謝謝你的提問。所以，我們再次重申，對於獲利報告中已經公佈的數字，我們不會做更多具體的評論。但我認為，你現在看到的是上市前五個月非常強勁的需求，這完全是由 YUTREPIA 的產品特性所驅動的，它獨一無二，並且肯定正在成為首選的前列環素，不僅在吸入市場，而且正如我們提到的，我們開始看到口服的轉變，這樣我們就可以用口服來抵消一些胃腸道毒性。

And then what we're also seeing somewhat is in the patients that have added sotatercept and maybe "normalizing" as they deescalate the parenteral therapy, they're replacing that with YUTREPIA so that they can keep the prostacyclin pathway addressed.

我們還看到，有些患者在接受索他西普治療後，隨著腸外治療的逐步減少，病情可能正在“恢復正常”，他們用尤特瑞皮亞（YUTREPIA）替代索他西普，以便繼續治療前列環素通路。

So there's a lot of, I would say, growing opportunity. I think if you look at the first five months, we've obviously seen very strong demand based on the profile. October, as we said, has had a slight uptick versus the previous month. So we're still on an attractive runway.

所以，我認為，這裡有很多發展機會。我認為，如果你看一下前五個月的情況，很明顯，根據用戶畫像，我們已經看到了非常強勁的需求。正如我們所說，10 月比上個月略有上升。所以我們仍然處於有利地位。

And while we can't predict growth in the future, and certainly, there will be some seasonality and I think some ordering choppiness at the early phase of launch, I think we'll continue to execute well, and we feel very good about our future prospects. Maybe, Scott, if I could ask you to maybe highlight some of the things that you think as Chief Commercial Officer that have highlighted the quarter and address more specifically some of Amy's questions.

雖然我們無法預測未來的成長，而且肯定會有一些季節性因素，我認為在產品推出初期訂單也會有些波動，但我認為我們將繼續保持良好的執行力，我們對未來的前景感到非常樂觀。史考特，或許我可以邀請你作為首席商務官，重點談談你認為本季有哪些亮點，並更具體地回答艾米的一些問題。

Yeah. Thanks. Good morning. I think that the things that we're focused on right now is, one is we're continuing to increase breadth. So we're still in launch phase. We're still out there getting awareness and trial. We feel like we have an amazing opportunity still to drive to new prescribers.

是的。謝謝。早安.我認為我們目前關注的重點是，我們將繼續擴大業務範圍。所以我們目前仍處於產品發布階段。我們仍在努力提高公眾意識並進行試驗。我們感覺我們仍然有絕佳的機會去爭取新的處方醫生。

At the same time, we're still looking at depth from the current prescribers. We have -- each day, we have new prescribers that are over the five prescription mark, which shows, I think, an amazing amount of investment at those centers.

同時，我們仍在檢視現有處方者的用藥深度。每天都有新的處方醫生開出的處方超過五張，我認為這表明這些中心投入了驚人的資金。

So we think there's a lot of opportunity left out there. I think, Amy, I think you asked about the PAH, PH-ILD split. One thing we will comment on there is we have seen that PAH is a majority of the prescriptions. However, PH-ILD is definitely growing steadily, which is kind of what you would expect. I think PAH was probably a little bit more the, if you will, the lower-hanging fruit and PH-ILD is a growing market, as we all know, and the sky is the limit as far as that goes.

所以我們認為還有很多機會尚未出現。艾米，我想你問的是 PAH 和 PH-ILD 的區別。我們想指出的一點是，我們發現 PAH 佔處方藥的大多數。然而，PH-ILD 的發生率確實在穩定成長，這也在意料之中。我認為 PAH 可能算是比較容易實現的目標，而 PH-ILD 則是不斷成長的市場，我們都知道，它的發展潛力是無限的。

Thank you so much.

太感謝了。

Cory Jubinville, LifeSci Capital.

Cory Jubinville，LifeSci Capital。

Hey, good morning. Thanks for taking our questions and congrats on this really exciting update. I guess, can you just speak to what percentage of revenues might be associated with contracted versus noncontracted reimbursement?

嘿，早安。感謝您回答我們的問題，並祝賀您發布瞭如此令人興奮的更新。我想請您說明一下，合約內報銷和合約外報銷分別佔總收入的百分比是多少？

I mean, at this point, are you on the formularies for the three major PBMs? I'd say the script volume and the prescriber count is strong, of course. But I think the revenues being recognized to this magnitude this early definitely far exceeds expectations. So just trying to get a sense of what some of those key drivers were in order for you to convert volume to revenues this quickly. Thank you.

我的意思是，目前你們的產品是否已列入三大藥品福利管理機構（PBM）的藥品目錄？當然，我認為處方量和開處方醫生數量都很強。但我認為，這麼早就確認如此龐大的收入，絕對遠遠超出了預期。所以，我只是想了解一下，是什麼關鍵因素促使你們如此迅速地將銷售轉化為收入。謝謝。

Good morning, Cory. Great question. And we've certainly spent a lot of effort and energy on the market access initiatives. Mike, if I could ask you to comment on the specific question.

早上好，科里。問得好。我們確實在市場准入措施上投入了大量的精力和努力。麥克，請問您能否就這個具體問題發表一下看法？

Yeah. Thanks, Roger, and thanks for your question, Cory. Specifically around payers, I think it is also a testament of where we are right now on our pull-through. And as we said, we've pulled through approximately 85% of referrals have converted into a script. And that's a testament to the -- what we had talked about the launch of building these patient support services that will enable that smooth transition, and we're very proud of what we've done there.

是的。謝謝羅傑，也謝謝你的提問，科里。就支付方而言，我認為這也證明了我們目前在拉動方面所處的位置。正如我們所說，我們已經取得了大約 85% 的轉診轉換成了處方。這證明了我們之前討論的關於建立這些患者支持服務的啟動工作取得了成功，這將實現平穩過渡，我們為我們在這方面所做的工作感到非常自豪。

Now as it relates to payers, as we've previously stated, we signed contracts with the three major commercial payers. We are -- the new-to-market blocks that we referred to previously have or will be removed here in the coming weeks. So as it relates to what is contracted and what is not contracted, to date, as you know, there is no contracting in Medicare Part D. So we are even footing there.

至於付款方方面，正如我們之前所說，我們已經與三大商業付款方簽訂了合約。我們之前提到的新上市模組已經或將在未來幾週內從這裡移除。所以，就哪些內容已簽訂合約、哪些內容未簽訂合約而言，正如您所知，迄今為止，聯邦醫療保險D部分沒有任何合約條款。因此，我們在這方面處於平等地位。

In commercial, we are -- have started -- have contracted and started to receive -- start to pay rebates there. But as we move forward, as we've always said, we wanted to make sure that patients had an ability to make a choice, and we feel that we have achieved that now and look forward to the future where if a patient wants to choose YUTREPIA that they will not be blocked by virtue of a contracting issue.

在商業領域，我們已經開始——已經簽訂合約並開始收到——開始支付回扣。但正如我們一直所說，我們向前邁進，希望確保患者能夠做出選擇，我們覺得我們現在已經實現了這一點，並期待著未來，如果患者想要選擇 YUTREPIA，他們不會因為合約問題而受到阻礙。

Very helpful. Thanks. Congrats, again.

很有幫助。謝謝。再次恭喜。

Julian Harrison, BTIG.

Julian Harrison，BTIG。

Hi, good morning. Congrats on the quarter, and thank you for taking the questions. Of the 1,500 patients on YUTREPIA at end of last week, are you able to say how many were in the 28-day voucher period at that time? And also average time from prescription written to YUTREPIA being shipped to a patient, what is that currently looking like?

您好，早安。恭喜你本季取得好成績，謝謝你回答問題。上週末，YUTREPIA 共有 1500 名患者，請問當時有多少患者處於 28 天的代金券使用期內？從開立處方到 YUTREPIA 出貨給病患的平均時間目前是多少？

Yeah. Hi, Julian, it was good to see you last week at the R&D Day. Mike, if you could answer the question, please?

是的。嗨，朱利安，很高興上週在研發日上見到你。麥克，你能回答一下這個問題嗎？

Yeah. So thanks, Julian. In terms of average time from time prescription is written to when it's filled, what we're seeing is it's usually within a few weeks, which is pretty customary for SPs. We have a cross-functional focus on pulling through every prescription from market access to field reimbursement managers with the SPs, which is in constant coordination with the HCP office.

是的。謝謝你，朱利安。從開處方到取藥的平均時間來看，我們看到的通常是幾週之內，這對於SP來說相當正常。我們採取跨職能的策略，從市場准入到現場報銷經理，與服務提供者 (SP) 一起推進每一項處方，並與醫療保健專業人員辦公室保持持續協調。

Now as it relates to our voucher program, again, the voucher program that we offer patients to give them an opportunity to try YUTREPIA with a free 28-day first shipment. That has ticked up a bit. We are now a bit over 50% of our new patients are using the voucher program, which was slightly higher from where we were when we had our call in August. But we feel it's a great opportunity for patients and doctors to trial YUTREPIA. And if it works for them, -- then that they can continue on their journey. But for now, the expectation and where we are is slightly over 50% are using the voucher program.

現在來說說我們的代金券計劃，我們向患者提供代金券計劃，讓他們有機會免費試用 YUTREPIA 28 天的首批產品。這個數字略有上升。現在，超過 50% 的新患者都在使用代金券計劃，這比我們在 8 月進行電話會議時的情況略高一些。但我們認為這對患者和醫生來說是一個試用 YUTREPIA 的絕佳機會。如果這對他們有效，那麼他們就可以繼續他們的旅程。但就目前而言，預計使用代金券方案的用戶將略超過 50%。

Excellent. Thank you, Mike. And just to clarify, 50% have utilized the voucher program or were using it as of the end of last week.

出色的。謝謝你，麥克。需要澄清的是，截至上週末，50% 的人已經使用過或正在使用代金券計劃。

So from launch to date, we were slightly over 50%. Yeah.

所以從發布至今，我們的完成率略高於 50%。是的。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Ryan Deschner, Raymond James.

Ryan Deschner，Raymond James。

Thanks and congrats on the quarter. In second quarter, you reported an elevated level of channel loading and I just wanted to ask how this metric is trending in third quarter and into October. And then I may have missed it at the beginning, if you could comment again on naive versus treprostinil experienced patients. Thanks.

謝謝，也恭喜你本季取得佳績。第二季度，你們報告頻道負載水準較高，我想問第三季以及10月份這個指標的趨勢如何。如果是我一開始沒注意到，能否再談談初次使用曲前列尼爾的患者和有使用經驗的患者之間的差異？謝謝。

Yeah. Hi, Ryan, good morning. So I'm not sure specifically what you're asking about channel loading because I don't think we commented on that specifically in the prior quarter. In terms of naive versus transition patients, it's been about 75% have been new to prostacyclin therapies and 25% have been transitions typically from inhaled, although you can see in PAH, where the orals are only approved and not in PH-ILD, we are seeing 10% transitions there.

是的。嗨，瑞恩，早安。所以我不太確定您具體想問的是關於頻道加載的問題，因為我認為我們在上個季度並沒有專門討論過這個問題。就初治患者與過渡患者而言，約 75% 的患者是首次接受前列環素治療，25% 的患者通常是從吸入療法過渡而來。不過，在 PAH 中，口服藥物僅獲批，而在 PH-ILD 中尚未獲批，因此我們看到 10% 的患者是從吸入療法過渡而來。

I think one thing that question is related is kind of are we growing the market versus just taking share. And I think the correct answer is, yes, we are -- I think the market is growing now with a second company in there driving awareness.

我認為這個問題與一個方面有關，那就是我們是在拓展市場還是只是在搶佔市場份額。我認為正確的答案是，是的，我們正在——我認為隨著第二家公司的加入，市場正在成長，提高了人們的認知度。

And I think -- but when you look at things sequentially, I'd say, quarter -- second quarter to third quarter, I think we're capturing the lion's share of this new opportunity. For example, I think it was reported last week that Tyvaso increased in aggregate across the nebulized and Tyvaso DPI franchise, $14.8 million, whereas we're now from Q2 to Q3, we've grown by $45.2 million. So that represents the revenue growth. And of that revenue growth, we've captured 75% of that, which we're very, very pleased about.

而且我認為——但如果你按順序來看，例如從第二季度到第三季度，我認為我們正在抓住這個新機會的大部分。例如，我記得上週有報導稱，Tyvaso 霧化吸入劑和 Tyvaso DPI 系列產品的總銷售額增長了 1480 萬美元，而現在從第二季度到第三季度，我們的銷售額增長了 4520 萬美元。這代表了收入成長。在這些收入成長中，我們已經獲得了 75%，對此我們非常非常滿意。

So a lot of opportunity here to grow the market. And I think with the product profile, the commercial acumen and the ability that we've had to drive immediate awareness around the value of YUTREPIA, you're seeing that the uptake is leaning in a one-sided manner towards YUTREPIA. So again, I don't think we've commented on channel loading, but we can get back to you on that later, if that's helpful.

所以這裡有很多拓展市場的機會。我認為憑藉產品特性、商業敏銳度和我們能夠迅速提升人們對 YUTREPIA 價值的認知的能力，你可以看到 YUTREPIA 的市場接受度正在單方面地增長。所以，我再次強調，我們還沒有就頻道加載問題發表過評論，但如果這有幫助的話，我們可以稍後回复您。

Got it. Thanks, Roger.

知道了。謝謝，羅傑。

Serge Belanger, Needham.

Serge Belanger，尼德姆。

Hi, good morning and congrats on the first quarter of launch. First question regarding payer coverage. Can you kind of give us an update on now on when you expect to be at a steady state of coverage? And I believe your competitor had entered some contracts with some commercial plans. Just curious if that has led to some headwinds for coverage of YUTREPIA. And then lastly, maybe just expand a little bit on your plans to explore YUTREPIA usage in IPF and PPF. Thanks.

您好，早安，恭喜您產品上線第一季圓滿成功。第一個問題是關於支付方承保範圍的。您能否告知我們預計何時才能恢復穩定的訊號覆蓋狀態？我相信你的競爭對手已經簽訂了一些商業計劃合約。只是好奇這是否為 YUTREPIA 的報告帶來了一些不利影響。最後，或許可以稍微詳細介紹一下您探索在 IPF 和 PPF 中使用 YUTREPIA 的計畫。謝謝。

Great. Mike handles payer access question. you'll handle the first question. And then, Rajeev, if you wouldn't mind speaking to our explorations in IPF.

偉大的。Mike負責處理支付方准入問題。你將負責第一個問題。然後，拉吉夫，如果你不介意的話，能否談談我們在IPF方面的探索？

Yeah, Serge, great to hear from you, and thanks for the question. As it relates to payers, and you referenced United's comments that they had contracted in the commercial space, which we've spoken previously about that they contracted at a parity level.

是的，Serge，很高興收到你的來信，謝謝你的提問。關於付款方，您提到了美聯航的評論，他們已在商業領域簽訂了合同，我們之前也討論過，他們簽訂的合同水平與市場水平相當。

As I said earlier, we have signed commercial contracts with the three largest payers. New-to-market blocks have been removed or in the process of being removed. So as a result of that, we feel that we will be on equal footing with United as it relates to that. So we feel very confident in our strategy, very confident in where we sit right now that will enable us to have future growth.

正如我之前所說，我們已經與三大付款方簽訂了商業合約。新上市的模組已被移除或正在移除過程中。因此，我們認為在這方面，我們將與曼聯處於同等地位。因此，我們對我們的策略非常有信心，對我們目前所處的地位非常有信心，這將使我們能夠實現未來的成長。

One other point I just want to go back to is around the channel loading. Obviously, at launch, the channel loading prior to launch, SPs are making an assumption of what's needed. What I would say is we have settled into where I believe is a normal level of inventory.

我還要再提一點關於頻道載入的問題。顯然，在上線之前，服務提供者 (SP) 會在頻道載入時對所需內容做出假設。我認為，我們目前的庫存水準已經穩定在正常範圍內。

If you want to say that SPs hold somewhere between three and four weeks of inventory. We have leveled off there. We have great relationships with the SPs to understand where ordering patterns are. So we're very confident in -- as we move forward that can be managed appropriately and feel that we are in line with what our expectations would be.

如果你想說SP持有的庫存量大約在三到四週之間。我們那邊的情況已經趨於穩定了。我們與服務提供者建立了良好的關係，以便了解訂單模式在哪裡。因此我們非常有信心——隨著我們不斷推進，這件事能夠得到妥善處理，我們感覺一切都符合預期。

Great. Rajeev, if you'll speak to the clinical question.

偉大的。拉吉夫，請你談談這個臨床問題。

Yeah. Thanks, Serge, for the question. So I think there's a few lessons coming out of TETON-2 that highlight that inhaled treprostinil appears to slow the progression of forced vital capacity in patients with -- specifically with IPF over a course of 52 weeks.

是的。謝謝你的提問，Serge。所以我認為 TETON-2 研究得出了一些結論，表明吸入曲前列尼爾似乎可以減緩特發性肺纖維化 (IPF) 患者在 52 週內的用力肺活量進展。

I think the other thing that continues to be something that we, as a company and with YUTREPIA are in full agreement is that dose matters. And once again, that will [be on] hold, it strongly suggests in TETON-2 that if you can dose the patient as high as up to 12 breaths, these patients did much better than if you cannot -- the patient cannot get to at least a minimum of 9 breaths.

我認為我們公司和 YUTREPIA 都完全認同的另一點是，劑量很重要。而且，TETON-2 研究再次表明，如果能給患者吸入高達 12 次的氣體，那麼這些患者的治療效果會比不能吸入至少 9 次氣體時好得多。

I think, obviously, our ASCENT study strongly suggests that if we can even dose even higher to that, we actually and earlier, we potentially can even improve overall patients in regards to exercise capacity at least in PH-ILD.

我認為，很顯然，我們的 ASCENT 研究強烈表明，如果我們能夠給予更高的劑量，我們實際上可以更早地改善患者的整體運動能力，至少在 PH-ILD 患者中是如此。

So if you take the entirety of that situation, and of course, the PPF study is not read out yet, but this suggests that I think YUTREPIA has a very strong product profile that may have some significant advantages over nebulized Tyvaso in regards to potentially ease of use, dosing and titratability and overall tolerability effect. So I think as an organization, we're extremely interested in evaluating and considering this pathway as we move forward.

因此，綜合考慮所有情況，當然，PPF 研究尚未公佈結果，但這表明，我認為 YUTREPIA 具有非常強大的產品特性，在易用性、劑量和滴定性以及整體耐受性方面，可能比霧化 Tyvaso 具有一些顯著優勢。因此，我認為作為一個組織，我們非常有興趣評估和考慮這條發展路徑。

Yeah, thank you, Rajeev. As you stated, this is a real period of renaissance for inhaled treprostinil. And I think the value that YUTREPIA brings and the market opportunity expansion is immense. And that with L606, we have a next-generation opportunity to really complete this paradigm shift over time.

是的，謝謝你，拉吉夫。正如你所說，這是吸入型曲前列尼爾的真正復興時期。我認為 YUTREPIA 帶來的價值和市場機會拓展是巨大的。而有了 L606，我們就有了一個下一代的機會，可以隨著時間的推移真正完成這種典範轉移。

Thank you.

謝謝。

Andrew Fein, H.C. Wainwright.

安德魯費恩，H.C. 溫賴特。

Hi. Good morning, everyone. Congratulations. I guess, the strong sales are always a great thing and patient demand is always a great thing. Maybe you can speak to the heightened importance of it in the context of the ongoing litigation with United Therapeutics and the read-through of the strength of sales and strength of patient demand and clear perceived differentiation in the products as we think --

你好。各位早安。恭喜。我想，強勁的銷售業績總是好事，耐心等待的需求總是好事。或許您可以談談在與聯合治療公司（United Therapeutics）的持續訴訟背景下，這一點的重要性為何如此凸顯，以及銷售強勁、患者需求旺盛和產品差異化優勢如何體現出這一點——正如我們所認為的那樣。--

Yeah, Andrew, it was a little bit difficult to hear the question specifically. I could hear that you were asking about the litigation and how that's --

是的，安德魯，我有點難以聽清楚你的問題。我聽得出你在問關於訴訟的事，以及訴訟進展如何。--

Read to the robust commercial environment to the litigation.

從強勁的商業環境到訴訟，都值得關注。

Yeah. I think the simple answer to that is physicians and prescribers in general don't -- aren't that aware of the litigation. And their only concern is patient benefit. So I think when our goal has been to expose the centers to the value of YUTREPIA, get them to try it, particularly within the centers of excellence and then drive further demand.

是的。我認為對此的簡單回答是，醫生和處方者通常並不了解這些訴訟。他們唯一關心的是病人的利益。所以我認為，我們的目標是讓各個中心了解 YUTREPIA 的價值，讓他們嘗試一下，尤其是在卓越中心，然後推動進一步的需求。

I think that's their concern. What happens in a court of law is outside of their jurisdiction, so they don't technically pay any attention to it. So to me, there's not a lot of read-through in terms of how that litigation has impacted the uptake. And as you can see, we have been robust --

我認為那是他們所擔心的。法庭上發生的事情不屬於他們的管轄範圍，所以嚴格來說，他們不會對此予以關注。所以在我看來，從訴訟對市場接受度的影響來看，並沒有太多值得深入解讀的資訊。正如你所看到的，我們一直表現強勁。--

Great. How does it impact the landscape of thought processes Judge Young might go through in deciding is outcome of the litigation. So more of the commercial impact that Judge Young --

偉大的。這會如何影響楊法官在決定訴訟結果時的思考過程？因此，楊法官的商業影響更為顯著。--

Yeah. Yeah. Understood. Okay. Maybe, Rusty, you can count on the sort of balance of equities and harm.

是的。是的。明白了。好的。或許，拉斯蒂，你可以指望利益與傷害之間的平衡。

Yeah. So we don't -- again, it's hard to predict how a judge is going to consider or even whether he consider commercial results, if that's the question. I think the judge is going to be thorough in thinking through the evidence that was presented to him and evaluate and come up with a decision. So again, I don't think he's going to be taking into account what's happening in the marketplace sort of post trial and coming up with his decision. That was the question.

是的。所以我們無法——再說一遍，很難預測法官會如何考慮，甚至是否會考慮商業結果，如果這是個問題的話。我認為法官會認真仔細地考慮呈堂證據，進行評估並作出裁決。所以，我認為他不會考慮審判後市場的情況來做決定。這就是問題所在。

That's helpful. Thank you.

那很有幫助。謝謝。

Yeah. I would maybe just take this opportunity to just remind listeners today that the value of the opportunity in PAH alone. I think the oral therapies are doing around $2 billion currently. The inhaled -- if you just split the Tyvaso revenue in half, you'd say it's close to $1 billion and then orals are around -- I mean, parenterals is around $500 million. So you can easily get to a $3.5 billion current day revenue opportunity with -- in PAH alone.

是的。我或許想藉此機會提醒今天的聽眾，PAH 本身就蘊含著巨大的價值。我認為目前口服療法的市場規模約為20億美元。吸入劑——如果你把泰瓦索的收入分成兩半，你會說它接近 10 億美元，然後口服劑——我的意思是，注射劑大約是 5 億美元。因此，僅 PAH 一項，您就可以輕鬆獲得 35 億美元的當前收入機會。

And as you can see, we think the attractiveness that YUTREPIA offers can lead to a leading position across all three of those segments, the oral inhaled and the steel of parenteral share. So again, I know there's some concern around what may or may not happen with 327, but I think even if you took it in isolation, this is a tremendous opportunity that we have in front of us.

正如您所看到的，我們認為 YUTREPIA 的吸引力使其能夠在口服吸入、注射和腸外給藥這三個細分市場中都佔據領先地位。所以，我知道大家對 327 的未來走向有些擔憂，但我認為即使單獨來看，這也是我們面前一個巨大的機會。

Ben Burnett, Wells Fargo.

本·伯內特，富國銀行。

Hey, thank you very much and congrats on the quarter. I just want to follow up on that last question. I guess I think we were maybe anticipating an update from a legal update. I'm just curious if the timing from what you're hearing on your end is any change?

嘿，非常感謝，也恭喜你本季取得好成績。我只想就最後一個問題做個後續說明。我想我們可能是在期待法律上的更新。我只是好奇，根據你那邊的消息，時間安排是否有任何變化？

And I guess maybe could you also just remind us as to what exactly we'll get? Like should we get an understanding of any sort of ramifications? Or is this just purely a decision around this patent that you mentioned? Thank you.

我想您或許還可以提醒我們一下，我們究竟會得到什麼？我們是否應該了解一下可能產生的各種後果？或者這只是圍繞著您提到的那項專利做出的決定？謝謝。

Yeah. Thanks, Ben. Rusty?

是的。謝謝你，本。生鏽了？

Yeah. Thanks, Ben. So I mean, as far as timing goes, let me address that first. Obviously, there's no deadline for judges to rule in cases. I think the judge -- the case load in Delaware is pretty high. I think the judge is going to be thorough in his opinion, but we don't have visibility as to when that decision will come.

是的。謝謝你，本。所以，關於時間安排，我先來談談這一點。顯然，法官對案件作出裁決沒有時間限制。我認為法官——特拉華州的案件量相當大。我認為法官會做出非常全面的判決，但我們無法預測判決何時出爐。

I think if you look at the time it took him to render a decision in the first Hatch-Waxman case a few years ago, I'd say we're in the window of when we'd expect an opinion, but the window is a pretty wide window. I think any time between now and sometime in the first quarter even wouldn't be unexpected.

我認為，如果你看看幾年前他在第一個 Hatch-Waxman 案件中做出裁決所花費的時間，我會說我們現在正處於預期會得到意見的時間範圍內，但這個時間範圍相當寬。我認為從現在到第一季內的任何時間發生這種情況都不會出乎意料。

Then as far as sort of what we would hear from the judge, I think, again, if you look at the last case as a proxy, I think what we expect here first is just a decision essentially as to who won. And then typically, there's then a second step where the parties then put in front of the judge what they propose the consequence of that decision is one way or the other.

至於我們會從法官那裡聽到什麼，我認為，如果你把上一個案例作為參考，我認為我們首先期待的基本上就是法官對誰勝訴的裁決。然後通常情況下，接下來會有第二步，雙方當事人會向法官陳述他們提出的關於該決定可能帶來的後果的方案。

And then if there's a disagreement between the parties, there's potentially additional hearings or whatever the judge wants to do to work through that. So at least as far as the initial step is, our expectation is just going to be an opinion as to who won, who lost.

如果雙方仍有分歧，則可能會舉行額外的聽證會，或者法官會採取任何他認為合適的方式來解決問題。所以至少就初步階段而言，我們的預期只會是就誰贏誰輸發表個人意見。

Okay. Thank you.

好的。謝謝。

Jason Gerberry, Bank of America.

傑森‧格伯里，美國銀行。

Great. Good moring, guys. Thanks for taking my questions. One litigation follow-up. Do you have a sense whether a royalty is a possible remedy depending on outcomes of the case as opposed to -- I think there's a lot of, I guess, thought that perhaps like an outcome if there was patent infringement would just be removing ILD from the label.

偉大的。各位早安。謝謝您回答我的問題。一項訴訟後續工作。您是否認為，根據案件結果，支付版稅是否是一種可能的補救措施，而不是——我想很多人認為，如果存在專利侵權，結果可能只是從標籤中刪除 ILD。

So I just kind of would love to get your perspective on that. And then as we look to 2026, why wouldn't it be reasonable to assume there's at least 2,000 patients on paid drug next year, just given the trends and what we're seeing? Just love to get your perspective on that. Thanks.

所以我很想聽聽你的看法。展望 2026 年，鑑於目前的趨勢和我們所看到的情況，為什麼不合理地假設明年至少有 2000 名患者使用付費藥物？很想聽聽你的看法。謝謝。

Yeah. Rusty, you'll answer the litigation question, please.

是的。Rusty，請你回答一下訴訟方面的問題。

Yeah. Jason, thanks for the question. I think there's a wide range of possible remedies here. It just is very dependent on exactly what the judge rules. I think the decides to put in arguments the consequence ranges from YUTREPIA being removed from the market to a royalty and those are all in sort of the downside scenarios. So again, it's just highly dependent on exactly how the judge rules.

是的。傑森，謝謝你的提問。我認為這裡有很多可能的解決方法。這完全取決於法官的判決。我認為，如果提出論點，後果可能包括 YUTREPIA 被逐出市場，甚至需要支付版稅，而這些都屬於比較不利的情況。所以，這很大程度取決於法官的判決。

I think depending on which claims he finds are infringed the basis for the infringement, the consequences could be different. So I think it's hard to comment on that now. I mean, obviously, once we have the opinion, we'll have a more informed take on what we think the likely outcomes are. But at this point, I think as we've said consistently in our 10-Qs and other releases, I think we have a wide range of potential outcomes. We're just waiting to see what the judge says.

我認為，根據他認定哪些權利主張受到侵犯，以及侵權的依據是什麼，後果可能會有所不同。所以我覺得現在很難對此發表評論。我的意思是，很顯然，一旦我們有了意見，我們就能更清楚地了解可能的結果。但就目前而言，我認為正如我們在 10-Q 報告和其他公告中一直強調的那樣，我們面臨著多種可能的結果。我們正在等待法官的判決。

Great. And on the last question, obviously, we're not going to forecast patient numbers. I think what we have highlighted is that we've driven brand awareness very quickly. There's been significant uptake of YUTREPIA in our early launch phase and that our pull-through rate is very, very high at 85%. And we don't see any further impediments to that.

偉大的。至於最後一個問題，顯然我們不會預測患者人數。我認為我們已經強調了一點，那就是我們迅速提升了品牌知名度。YUTREPIA 在早期上市階段獲得了顯著的認可，我們的銷售轉換率非常非常高，達到了 85%。我們認為這方面不會有其他障礙。

So we're going to continue to try to position YUTREPIA as the best-in-class and first in choice prostacyclin and do what we need to do to benefit every patient that we can possibly benefit. So with that, I think we'll end the call. I'd like to thank everyone for joining us today. We're really proud of the progress we've made in just a few short months and even more excited about what lies ahead. I hope everyone has a great day. Thank you.

因此，我們將繼續努力，將 YUTREPIA 定位為同類最佳、首選的前列環素，並盡我們所能，讓每位患者都能從中受益。那麼，我想我們通話就到此為止吧。感謝各位今天蒞臨現場。我們為短短幾個月內的進展感到非常自豪，也對未來充滿期待。祝大家今天過得愉快。謝謝。

Thank you for participating in today's conference. You may now disconnect.

感謝您參加今天的會議。您現在可以斷開連線了。