Q1 2025 TG Therapeutics Inc Earnings Call
Joseph Mountain Kawasaki 50th Anniversary
[music].
Speaker Change: Greetings and welcome to TG Therapeutics first quarter conference call and webcast at this time all participants are in a listen only mode.
Speaker Change: A question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference. Please press star zero on your telephone keypad. As a reminder, this conference is being recorded it is now my pleasure to introduce your host Jenna Bosco Chief Communications Officer.
Speaker Change: Thank you you may begin.
Speaker Change: Thank you welcome everyone and thanks for joining us this morning, I'm, Jenna Bosco and with me today to discuss the first quarter 'twenty 25 financial results are Michael Weiss, Our chairman and Chief Executive Officer, Adam Waldman, Our Chief commercialization Officer, and Sean Power, our Chief Financial Officer.
Speaker Change: Following our safe Harbor statement, Mike will provide an overview of our recent corporate developments Adam will share an update on our commercialization efforts and Sean will give a summary of our financial results before turning the call over to the operator to begin the Q&A session.
Speaker Change: Before we begin I'd like to remind everyone that we will be making forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.
Speaker Change: Forward looking statements include statements about our anticipated future operating and financial performance, including sales performance projected milestones revenue guidance development plans and expectations for our marketed product TG cautions that these forward looking statements are subject to risks that may cause our actual results to differ materially from those indicated.
Speaker Change: Factors that may affect TG therapeutics operations include various risk factors that can be found in our SEC filings. In addition, any forward looking statements made on this call represent our views only as of today and should not be relied upon as representing our views as of any later date.
Speaker Change: Specifically disclaim any obligation to update or revise any forward looking statements.
Speaker Change: This conference call is being recorded for audio rebroadcast on Tg's website at Www Dot TG therapeutics Dot com, where it will be available for the next 30 days now.
Mike Weiss: Now I'd like to turn the call over to Mike Weiss our CEO.
Speaker Change: Yes.
Speaker Change: Thanks, Jennifer and good morning, everybody and thanks for joining us on today's call.
Speaker Change: It's a pleasure to be here with you Brian update on Tg's continued progress.
Speaker Change: Both in the successful launch of <unk> and in building a company committed to improving the lives of those living with multiple sclerosis.
Speaker Change: Okay.
Speaker Change: I'm excited to share that we kicked off 2025 with another strong quarter performance underscoring the sustained momentum behind the reality.
Speaker Change: As you may have seen in the press release. This morning from the U S. Net sales reached nearly $120 million in the first quarter once again exceeding our expectations.
Speaker Change: This growth reflects both the increasing adoption by health care providers, and a rising tide of patient interest and confidence in reality.
Speaker Change: Over the past months I spent a significant amount of time in the field meeting with prescribers and it's energizing to see firsthand how agree on these becoming the go to and stay tuned.
Speaker Change: 20 therapy for many of them.
Speaker Change: But what's even more gratifying is hearing directly from people living with M. S.
M S walk I spoke with two individuals who shared their experiences switching to Ramsey from another approved IV anti CD 20 therapy.
Speaker Change: They both described had they previously felt unwell for days or more after each infusion, but not with bringing on me.
Speaker Change: Their stories Echo findings from a recent paper in frontiers in immunology, which highlighted seven case reports of people with MS, who switched to <unk> from our prior anti CD 22, the issues like tolerability disease activity wearing off effects or incomplete b cell depletion.
Speaker Change: In each case, the unwanted effect, either resolved or did not recur with reality.
Speaker Change: These real world experiences support the idea that not all C D twenty's or the same and then switching within the class.
They make a difference.
Speaker Change: At this point.
Speaker Change: As reinforced by another recent publication in CNS drugs, which explores how structural and mechanistic differences amongst CD 20 therapies may drive variation in efficacy and Tolerability.
Speaker Change: Word of mouth within the M. S community is powerful and we believe these success stories are helping to drive continued growth and enthusiasm as I, often say the more people who start frenzy the more people will start ramping.
Speaker Change: And even in a highly competitive market. Our team every one of these unique profile are rising to the challenge.
Speaker Change: I couldn't be more proud of how our team has executed our multi phased launch strategy and the strong start we've made in 2025 as we pursue our long term goal.
Speaker Change: M D.
Speaker Change: The number one prescribed anti CD 20, as measured by dynamic market share.
Speaker Change: In a moment, Adam Wallman, our chief commercialization officer.
Speaker Change: Walk you through the commercial performance in more detail as well as our investment priorities and updated guidance for Q2 and full year 2025.
Speaker Change: But first.
Speaker Change: I'd like to highlight our pipeline and efforts to enhance the experience.
Speaker Change: A core focus of our innovation strategy is simplifying the patient experience our enhanced clinical trial does.
Speaker Change: Trying to help us evaluate a number of these strategies and has already yielded some encouraging results.
Speaker Change: We previously presented data from this study demonstrated the safety and Tolerability of a 30 minute maintenance infusion.
Speaker Change: As well as initiating brea b treatment with a single full dose 450 milligram infusion for patients switching from another CD 20, well had low b cell counts.
Speaker Change: And most recently at AAN last month.
Speaker Change: We shared new data showing the safety and Tolerability, we're starting all patients on reality with a single 600 milligram dose on day one.
Speaker Change: Effectively eliminating the need for a gate 15 dose.
Speaker Change: Feedback on the streamline approach has been very positive. We believe patients will appreciate the simplicity of starting treatment with just one infusion visit.
Speaker Change: <unk> M B, a true twice a year of therapy from day. One we are now preparing to advance this regimen into a registration directed trial.
Speaker Change: Another exciting initiative is the development of the self administered subcutaneously.
Speaker Change: The vast majority of patients continue to prefer to receive their anti CD 20, as an IV infusion, there's a growing minority who are now choosing self administered subcutaneous option.
Speaker Change: There's only one available today.
Speaker Change: We see a clear opportunity to expand access and choice with your self administered subcutaneously.
Speaker Change: Our ongoing phase one safety and bio equivalent study is showing promising results.
Speaker Change: The sub Q injection appears to be well tolerated with bioavailability, but appears to support every other month or even potentially quarterly dosing.
Speaker Change: We're pleased with the progress so far and are on track to launch a pivotal trial this year.
Speaker Change: We also believe the sub Q formulation.
Speaker Change: May open new doors for us in new indications one area that we are currently exploring its potential for subcutaneous <unk> in.
Speaker Change: In myasthenia gravis, and we are evaluating potential additional indications as well.
Speaker Change: Finally on the pipeline front, we continue to be excited about as yourself or Allergan, a CD 19 car T cell therapy.
Speaker Change: It's early days for car Ts in autoimmune diseases, but we see great potential across multiple indications.
Speaker Change: We're excited to launch our phase ones for easier selling progressive forms of M. S.
Speaker Change: Segment of the MS population with limited treatment options and poor prognosis.
Speaker Change: In closing 2025 is off to a very strong start we're executing on our commercial strategy advancing our clinical programs and expanding our manufacturing capacity to meet the growing demand.
Speaker Change: I want to thank the entire T. G teams for their dedication and hard work.
Speaker Change: Their commitment to our mission that enables us to deliver meaningful progress for individuals with relapsing forms of M. S.
Speaker Change: And now I'll turn the call over to Adam Wallman, Our Chief Commercialization Officer, Adam go ahead.
Adam Wallman: Thanks, Mike and good morning, everyone I'm excited to share the details of another strong quarter commercial execution delivering meaningful.
Adam Wallman: Meaningful growth and further validating our belief in the long term potential of reality and the RMS market.
Adam Wallman: U S net sales for Breo and be in the first quarter of 2025 were approximately $119 7 million exceeding our internal expectations and reflecting a strong start to the year with 137% year over year growth.
Adam Wallman: And 16% sequential quarter over quarter growth.
Adam Wallman: Based on this performance and the strength of leading indicators, we are increasing our full year 2025, three out of the U S net revenue guidance.
Adam Wallman: Which I will detail at the end of my remarks.
Adam Wallman: We continue to see strength across our key performance drivers. The first three months of the year marked our highest months of total new patient enrollments since launch.
Adam Wallman: A clear indication of the demand continues to accelerate.
Adam Wallman: This is despite the headwinds typically seen in the first quarter and an ongoing competitive product launch.
Adam Wallman: Importantly March was also our highest months ever for repeat prescribers with physicians coming back to prescribing them be again, a strong signal a growing prescriber confidence and satisfaction.
Adam Wallman: Further we saw continued strength in the hospital setting, which contributed approximately 60% of enrollments in March.
Adam Wallman: The highest percent today, highlighting our deepening footprint among institutional accounts.
Adam Wallman: With this continued growth for the first time repeat prescriptions have now dropped now surpassed new prescriptions.
Adam Wallman: A key inflection point in <unk> lifecycle.
Adam Wallman: Demonstrating strong persistence trends at week 24 and week 48.
Adam Wallman: While we remain in a competitive marketplace gravity continues to stand out our five year data consistent real world safety and efficacy profile combined with our unique one hour twice a year infusion.
Adam Wallman: We remain highly compelling to both physicians and patients.
Adam Wallman: Poorly we're seeing both an expansion of the CD 20 market overall and continued dynamic market share gains for <unk> and the anti CD 20 IV segment.
Adam Wallman: Driven by both newly diagnosed patient starts.
Adam Wallman: And an increasing volume of switch patients.
Additionally from my point of view of the field team has executed with excellence, we've deepened our reach among high volume infusion centers community neurologist and leading academic institutions and we continue to receive positive feedback on our team from our customers.
Adam Wallman: As we look ahead to the remainder of 2025, we are focused on several key growth drivers.
Adam Wallman: <unk> continuing to accelerate uptake among community neurologists.
Academic and broader practice types.
Adam Wallman: Second we will be we will be launching our first ever direct to patient <unk> TV commercial campaign.
Adam Wallman: Including full digital surround sound strategy.
Adam Wallman: To educate inspire and activate eligible patients to seek out treatment.
Adam Wallman: Third our teams will continue to build and leverage of real world Real World evidence.
Adam Wallman: To support <unk> position as a differentiated and trusted anti CD 20 option.
Adam Wallman: And fourth we will start preparing for lifecycle innovations.
Adam Wallman: Including our subcutaneous formulation, which we believe represents a significant long term growth opportunity.
Adam Wallman: In summary, we are off to a strong start in 2025.
Adam Wallman: Our Q1 results reflect growing demand, increasing prescriber confidence growing patient awareness and broad commercial execution.
Adam Wallman: Looking ahead, we are optimistic about the continued growth and potential brown b as I mentioned based on current trends in both new patient accumulations and persistence.
Adam Wallman: We are raising our full year 2025 U S net revenue guidance for $525 million, which we highlighted at Jpmorgan in January.
Adam Wallman: To $560 million for the full year 2025.
Adam Wallman: Additionally, Q2 is already off to a strong start with April being another record month for enrollments into our hub.
And while we are still early into the quarter. We're currently targeting a $135 million for the second quarter.
Adam Wallman: With a robust foundation in place multiple catalysts on the horizon and a highly differentiated product. We believe we believe <unk> is well positioned to become a market leading therapy in Rms.
Adam Wallman: I want to thank our commercial team for their tireless commitment and drive your work is making a meaningful impact on the lives of people living with M. S. We're proud of the momentum we built.
Adam Wallman: And I'm more excited than ever about what lies ahead.
Shaun: And with that I'll turn the call over to Shaun to walk through our financials Chuck.
Shaun: Thank you Adam and good morning, everyone.
Earlier. This morning, we reported our detailed first quarter 2025 financial results in a press release, which is available on the investors and media section of our website.
Speaker Change: I'd like to start today with a quick overview of our first quarter revenue something Adam and Mike both already touched on briefly.
Speaker Change: We're very pleased to report U S net product revenue of $119 7 million for the first quarter of 2025.
Speaker Change: This reflects 107 hundred 37% growth compared to the same period last year, and a 16% increase over the fourth quarter of 2024.
Speaker Change: This continued momentum underscores the strong demand that we're seeing for <unk>.
Speaker Change: Turning to operating expenses, excluding non cash items are.
Speaker Change: Total opex for the quarter, which includes both R&D and SG&A expenses came in at approximately $82 million for the quarter.
Speaker Change: That's tracking slightly ahead of our full year guidance of approximately $300 million.
Speaker Change: This increase during the quarter was primarily driven by about $20 million manufacturing investments for subcutaneous reality.
Speaker Change: We expect these costs charged to R&D to fluctuate from quarter to quarter.
Speaker Change: And importantly, we remain confident in our full year opex guidance of approximately $300 million.
Speaker Change: On the bottom line. Thanks to the continued strong performance of <unk>, We reported GAAP net income of approximately $5 million or three cents per diluted share for the quarter ended March 31 2025.
Speaker Change: And finally, a quick note on our balance sheet, we closed the quarter with $276 million in cash cash equivalents and investment securities.
Speaker Change: We believe this puts us in a strong financial position to continue executing our commercial strategy advancing our pipeline and supporting our operations for the foreseeable future.
Speaker Change: Okay.
Speaker Change: Before concluding I'd like to offer some initial perspectives on the recent discussions regarding potential tariffs.
Speaker Change: As you May know Brie Onvia is currently manufactured in South Korea.
Speaker Change: Given our relatively low cost of goods, we do not anticipate that the currently proposed tariffs will have a material impact on our gross margins or overall financial performance.
Speaker Change: Nonetheless, we were actively monitoring developments and evaluating all of our options.
Speaker Change: With that I will now turn the call over to the conference operator to begin the Q&A.
Speaker Change: Thank you the floor is now open for questions. If you would like to ask a question. Please press star one on your telephone keypad at this time a confirmation tone will indicate your line is in the question queue. You May press star two if he would like to remove your question from the queue for participants using speaker equipment. It may be now.
Speaker Change: Necessary to pick up the handset before pressing the star Keys again, Thats Star One to register a question at this time.
Speaker Change: Today's first question is coming from Tara Bancroft of TD Cowen. Please go ahead.
Tara Bancroft: Hi, good morning, and thanks for taking the question. So I was hoping maybe you could provide a little bit more color on competitive dynamics, especially with Oh, Corvus de Novo and I'm like what are you seeing with.
Tara Bancroft: New patient share there I asked because you know Roche had a small but meaningful miss this quarter. So I'm wondering if what you're hearing if anything on preferred.
Tara Bancroft: Take a free M b and new patients versus other treatments. Thanks, so much.
Tara Bancroft: Adam you want to go ahead and take that one.
Adam Wallman: Yes sure.
Tara Bancroft: What I think.
Tara Bancroft: Mentioned in my commentary that we saw the highest three months ever on patient enrollments, we saw really strong months in April.
Tara Bancroft: So we believe we're continuing to.
Tara Bancroft: Drive drive market share gains we set back at Jpmorgan, We think we're getting about 25% of the IV segment, we assume that's up from from there and we continue to see good traction in the marketplace. So we're really encouraged by what we're seeing.
Tara Bancroft: On the question on de Novo.
Tara Bancroft: From what we can tell we've we've seen zero impact of ramping.
Speaker Change: Great. Thank you so much.
Tara Bancroft: Thank you.
Speaker Change: Thank you. The next question is coming from Michael before <unk> of Evercore ISI. Please go ahead.
Michael Weiss: Hey, guys. Thanks for taking my question just two from me just any update on gross to net trends this quarter.
Michael Weiss: How the part D redesign it may have affected this and any comments on how this may affect gross net to the balance of the year.
Michael Weiss: And also with regards to gross margin and when can we expect you to fully deplete I guess the pre launch.
Michael Weiss: There is.
Michael Weiss: In gross margin and perhaps when could we expect maybe a kind of a decrease.
Michael Weiss: Thank you.
Speaker Change: Sure Adam let's take the G T N and maybe Sean gross margin.
Speaker Change: Sure on the gross to net gross to net question.
Speaker Change: No no material change in gross to net in the quarter.
Speaker Change: Part B part D redesign.
Speaker Change: Not really relevant for for our drug which looks like part b drugs.
Speaker Change: Oh.
Speaker Change: Sure.
Speaker Change: Yeah sure. Thanks, Mike, So where where we fully depleted that pre that pre commercial inventory reserve that I can speak out so.
Speaker Change: You know the margins Youre seeing this quarter and going forward should be.
So being a fully baked number and inconsistent quarter to quarter.
Speaker Change: Thanks.
Michael Weiss: Thanks, Michael.
Speaker Change: Thank you. The next question is coming from Roger song of Jefferies. Please go ahead.
Michael Weiss: Great.
Michael Weiss: And then thank you for taking my questions. So maybe the question rich the sub Q of reality.
Michael Weiss: Say you will start it.
Pivotal is.
Michael Weiss: This year, so just curious.
Michael Weiss: What's the current thinking about how many doses you will move forward and then when we will start to see that be a that PK data second half. Thank you.
Roger Song: Sure. Thanks Roger.
Michael Weiss: Right.
Michael Weiss: Yeah, I mean, we're a worse still leaning toward.
Michael Weiss: Having to.
Michael Weiss: Dosing regimens and their sudden every other month and quarterly as part of the pivotal obviously got a little time to make a final decision.
Michael Weiss: But that's definitely where we're at today.
Michael Weiss: And in terms of PK data coming out probably later this year, we just haven't been that focus and we continue to collect more data that's out there.
I think we're continuing to work on that study.
Michael Weiss: Lead us right into the trial, then we'll figure out a win.
Michael Weiss: We are presenting some data, but again I think we're being super conservative and having to.
Michael Weiss: Dosing regiments in the pivotal trial, if we do that and if we don't do that just because we're so confident in one or the other.
Michael Weiss: Thank you.
Roger Song: Thanks Roger.
Speaker Change: Thank you. The next question is coming from a man mentality of B Riley Securities. Please go ahead.
Hi, yes, good morning, Thanks for taking our questions and congrats on the quarter.
Speaker Change: The 30 minute infusion data.
Speaker Change: So we saw it in an update.
Speaker Change: Mike could you touch on the physician feedback and.
Speaker Change: Also how idea of DW tracking in the bleeding depleted and Undertreated patients as you obviously try to understand the switch profile and enhance and broadly about your phase III trial.
Speaker Change: Our scale and scope if you could comment on that that'd be helpful.
Speaker Change: Yeah.
Speaker Change: Sure. So you know what.
Speaker Change: We expect a 30 minute fusion.
Speaker Change: The feedback.
Speaker Change: <unk> has been positive actually maybe Adam you've been you've talked to lots of folks about that as well.
Speaker Change: To touch on on a fair amount of fusion and your thoughts there.
Speaker Change: Yeah.
Speaker Change: Yeah, I think I think there has been very very positive feedback on the 30 minute infusion.
Speaker Change: Physicians think of the convenience for their busy infusion centers patients think you'd see a much more convenient.
Speaker Change: Option.
Speaker Change: And the data so far is showing that it's well tolerated. So it's been it's been a very positive and physicians have encouraged us to continue to develop.
Adam Wallman: Thanks, Adam Yeah. So.
Speaker Change: I'm, sorry, I cut you off and then I'll go ahead.
Adam Wallman: And on Phase III.
Adam Wallman: And my question. The second part was actually around the R&D spend also which seems like it's tracking higher.
So yes, if you could factor in the phase III comments that if that.
Adam Wallman: I would start this year for example, and then also a new title kind of commented on the SG&A spend.
Adam Wallman: For the second half given the DTC spend commitment if you could comment on how youre thinking about profitability going forward.
Mike Weiss: Yeah, Mike you got a lot in there so I'll try to I'll try to take you through a few steps and you cannot you can follow up it seems like.
Adam Wallman: But.
Adam Wallman: Just in terms of the pivotal program. So I'll just be clear there. There's there's two pivotal programs that we're planning one is for the.
Adam Wallman: Combined they wanted <unk> dose.
Adam Wallman: That study again should simplify the onboarding of patients. So we're.
Adam Wallman: We're looking at that 600 milligram.
Adam Wallman: Excuse me 600 milligram.
Adam Wallman: Dose on day, one and <unk> 15.
Adam Wallman: And that study should start hopefully in the next 123 months. The latest so that's ongoing 30 minute infusion is properly.
Adam Wallman: Something we're gonna look at getting going later in the year early next year.
Adam Wallman: There's a little more logistics involved in that program.
And then the 600 milligrams.
Sean Power: In terms of the R&D spend that Sean mentioned.
Sean Power: Again, I think the only delta is just the materials that we have to produce.
Sean Power: To make the sub Q that that hit the R&D line instead of the CMC and manufacturing lines. So I think in terms of our overall R&D spend that were right on target.
Sean Power: So it would be.
Sean Power: And in terms of profitability and I'll, let Sean discussed here and things like that but I don't think we're highly focused on profitability. This year.
Sean Power: In terms of the way we view the world, we're not we're not using cash.
Sean Power: We should be driving cash through the business.
Sean Power: But I don't think we're prepared to.
Sean Power:
Sean Power: To start targeting.
Sean Power: Our profitability and earnings per share on an ongoing basis, I think we'll stick to our revenue guidance for now and some opex guidance that we do have.
Sean Power: [laughter] plans to cannot it's not used cash turns and of course that's for sure.
Sean Power: Is there something else I missed in their mind a few points.
Sean Power: This covenant all day, Thank you, Mike and lastly on have to have to ask a question.
Sean Power: How far along is the North Carolina plant and being able to produce commercial scale.
Speaker Change: Manufacturing if you can just update on that and thanks for taking the questions.
Sean Power: Yeah, you got it.
Speaker Change: Yes so.
Speaker Change: Moving manufacturing is not an easy task.
Speaker Change: And so I.
Speaker Change: I think we've said it will be several years before we'd be able to manufacture.
Speaker Change: And of that North Carolina facility.
Speaker Change: So for the moment I don't think it's a near term event.
Speaker Change: It'll take several years and I know the group is working on our processes to get there, including potentially then starting out in Europe protective mother actually working on the facility here. So it's a long term process. It was never really meant.
Speaker Change: Is that all occurred as everyone may remember before any of this tariff talk there was not a design program for avoiding tariffs. It was signed programs like backup manufacturing.
Speaker Change: So we're working on it as quickly as we can.
Speaker Change: But again as Sean mentioned and I don't think we feel that we're going to be.
Speaker Change: Impact of too much from the tower stuff may not know what the final outcome.
Speaker Change: Understood Thanks for that.
Eric Joseph: Thank you. The next question is coming from Eric Joseph of Jpmorgan. Please go ahead.
Eric Joseph: Hi, guys. This is Ryan on for Eric Ah Congrats on the quarter and just wanted to ask I believe you'd probably see sided expectations of about 20% product adherence between biannual infusions do you have a sense of that metric in Q1, and any anticipated fluctuations going forward.
Eric Joseph: Thanks.
Eric Joseph: Sure Adam or grab that one.
Eric Joseph: Yeah sure can you just clarify the question I didn't care you said did you what was the percentage you said.
Speaker Change: 70% adherence between a biannual infusions.
Speaker Change: Yes, I don't remember, saying that but what I would say is the persistence trends as I said in my remarks remain.
Speaker Change: Very much very positive.
Speaker Change: And.
Speaker Change: Persistence remains strong and above our expectations.
Speaker Change: Thank you guys.
Speaker Change: Thank you. The next question is coming from per car Adderall of Cantor Fitzgerald. Please go ahead.
Speaker Change: Hi, Thank you for taking my questions and congrats on the quarter. So firstly on <unk>, whereas the <unk> pivotal trial expected to start.
Speaker Change: Previously you had mentioned targeting mid year of 2025 us the timeline is that still on track.
Speaker Change: And secondly, a question on really outside of this what do you need to see Florida.
Speaker Change: Your risk profile in indications like myasthenia gravis to make the decision to invest further, especially given you have seen some interesting data from the CD 19 drugs in this space, especially amgen's.
Speaker Change: Yeah. Thanks Parker.
Speaker Change: In terms of sub scale, yet still on track as we said in the prepared remarks still on track with the sub to timelines.
Speaker Change: And in terms of N G.
Speaker Change: Data.
Speaker Change: Yeah, Matt.
Speaker Change: We're definitely moving cautiously forward.
Speaker Change: In that area.
Speaker Change: Speaking to lots of Kols.
Speaker Change: We keep reviewing the data will get a chance to see you know.
Speaker Change: How the CD 19 is received in the marketplace. So I think we're not prepared to go.
Speaker Change: Diving into the pool, just yet, but we've got more than a toe in and where we're continuing to evaluate that I I don't I don't think it's one piece of information I think there's an aggregated information.
Speaker Change: And I don't think I don't think most of that information isn't necessarily related to our drug on the performance you are right I think it's.
Speaker Change: One related to the marketplace and how things evolved so we're gonna stay on top of it we're going to keep pushing forward.
Speaker Change: And then moderate pace.
Speaker Change: There's an ability to accelerated at any moment.
Speaker Change: Right.
Speaker Change: Got it and maybe just one last question what percentage of patients right. Now are switches from OCA was and is this a trend that youre seeing more of an inflection this year and if so why is that the case.
Speaker Change: Okay.
Speaker Change: I didn't want to go ahead.
Speaker Change: Yeah, we haven't seen.
Speaker Change: You know I wouldn't say, we've seen material changes in the percents wishes, we still see a healthy amount of switches from all of us.
Speaker Change: And all.
Speaker Change: That trend has stayed consistent since launch.
Speaker Change: So no material change in and.
Speaker Change: I'm, sorry, I don't remember the second part of the question.
Speaker Change: I was there a second.
Speaker Change: Okay. Thanks.
Speaker Change: Thank you at this time I would like to turn the floor back over to Mr. Weiss for closing comments.
Speaker Change: Okay.
Speaker Change: Great. Thank you operator, and not everyone. Thanks for joining us.
Speaker Change: As you can see we are off to a very strong start in 2025.
Speaker Change: And we're looking forward to keeping that momentum positive going forward into the rest of the year. We've got a number of key objectives that we're still looking to achieve and discussed on today's call of course meeting our revenue targets that we've set.
Speaker Change: Commencing pivotal trials for the simplified starting dose for IV Rumsey after subsea brandy.
Speaker Change: As well as executing on our phase one trials for <unk> in patients with.
Speaker Change: Myasthenia gravis and for Asia saw in patients with progressive forms of them that's.
Speaker Change: Beyond that we continue to evaluate opportunities to extend our portfolio of product opportunities across autoimmune and inflammatory diseases and we will continue our share buyback program.
Speaker Change: <unk> one extend a heartfelt. Thank you to all the individuals living with MS and health care providers, who place their trust in TGE Embryopathy, It's your courage and inspires everything that.
Speaker Change: That we do here at T. G. So we really do.
Speaker Change: I appreciate it.
Speaker Change: And again, thanks, everyone for joining us today and have a nice day.
Speaker Change: Ladies and gentlemen. This concludes today's event you may disconnect. Your lines are back off the webcast at this time and enjoy the rest of your day.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Yeah.
Speaker Change: [music].
Speaker Change: Okay.